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Balmoral Resources Ltd
Symbol BAR
Shares Issued 117,629,167
Close 2016-05-11 C$ 0.73
Market Cap C$ 85,869,292
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Balmoral drills 12.56 m of 14.08 g/t Au at Detour

2016-05-11 08:25 ET - News Release

Mr. Darin Wagner reports

BALMORAL INTERSECTS 14.08 G/T GOLD OVER 12.56 METRES (INCL. 199.00 G/T GOLD OVER 0.85 METRES), SOUTHERN BUG LAKE GOLD TREND

Balmoral Resources Ltd. has released the initial results from the winter 2016 drill program on the company's Detour trend project in Quebec. Results were highlighted by intercepts of 14.08 grams per tonne gold over 12.56 metres including 199.00 g/t gold over 0.85 metre, 11.55 g/t gold over 4.47 metres and 3.31 g/t gold over 15.42 metres, including a higher-grade core of 6.08 g/t over 5.30 metres, from the first three holes testing the southern portion of the Bug Lake gold trend on the company's Martiniere property.

"This is a strong first set of results from our winter drilling along the southern portion of the Bug Lake gold trend. All three holes confirm and expand on a series of high-grade gold intercepts from our initial, widely spaced drilling along this portion of the trend," said Darin Wagner, president and chief executive officer of Balmoral. "Continued expansion and delineation work along the Bug Lake gold trend, and throughout the broader Martiniere gold system, will be our primary focus throughout 2016."

Martiniere property

The first three holes of the winter drill program at Martiniere successfully extend and support the continuity of the high-grade gold zones encountered during initial testing of the southern segment of the Bug Lake gold trend completed in 2014. Reported holes MDE-16-203 and MDE-16-204 were both drilled on the same section line (see the associated table). MDE-16-204 was drilled shallow, intersecting the Upper Bug Lake zone, which returned an intercept of 3.31 g/t gold over 15.42 metres, including a higher-grade core of 6.08 g/t gold over 5.30 metres, at a vertical depth of only 45 metres below surface.

Hole MDE-16-203 was drilled approximately 135 metres downdip and intersected three zones of anomalous gold mineralization, including a hangingwall zone intercept of 11.55 g/t gold over 4.47 metres.

Hole MDE-16-205 was designed to test multiple high-grade gold targets -- the hangingwall 2, hangingwall porphyry (which is interpreted to merge with the hangingwall zone in this area) and Upper Bug Lake zones -- to determine their continuity. It succeeded on all three fronts including returning one of the strongest intercepts to date from the southern portion of the Bug Lake gold trend. All mineralized zones remain open to depth.

Today's results support and expand on a series of high-grade gold intercepts, including 12.05 g/t gold over 7.99 metres, 9.35 g/t gold over 5.17 metres, 4.32 g/t gold over 5.11 metres, 10.32 over 2.66 metres and 15.55 g/t over 1.01 metres, from 2014 drilling of the Upper Bug Lake and hangingwall zones along this segment of the southern Bug Lake gold trend (see news releases dated May 12, 2014, and Oct. 8, 2014).

       SOUTHERN BUG LAKE GOLD TREND, MARTINIERE PROPERTY
 
Hole                 From           To    Interval*         Gold
No.              (metres)     (metres)     (metres)        (g/t)

MDE-16-203         139.01       150.78        11.77         0.02
                   174.89       179.36         4.47        11.55
including          177.29       177.93         0.64        72.40
                   218.00       244.44        26.44         0.75
including          243.08       244.44         1.36         3.10
                   272.70       274.08         1.38         0.46
MDE-16-204          59.37        74.79        15.42         3.31
including           61.00        66.30         5.30         6.08
and                 72.78        73.72         0.94         5.06
MDE-16-205          99.54       117.02        17.48         1.54
including          111.96       115.74         3.78         6.32
                   165.08       172.09         7.01         3.24
including          166.14       166.94         0.80        25.30
                   192.92       205.48        12.56        14.08
including          202.19       204.50         2.31        75.44
which
includes           202.88       203.73         0.85       199.00
                   320.52       322.70         2.18         1.07

Note
* Reported drill intercepts are not true widths. At this time 
there are insufficient data with respect to the shape of the 
mineralization to calculate true orientations in space. All 
values presented uncapped. 
 

The winter drill program has been completed and all samples have been submitted for analysis. Results from eight additional holes drilled along the Bug Lake gold trend remain pending. The fully financed, summer/fall $4.0-million, plus-20,000-metre diamond drill program is anticipated to commence within the next 30 to 40 days.

Grasset property

Winter drilling on the Grasset property tested two gold targets. Holes GR-16-100 and GR-16-101 were drilled to confirm the presence of a new gold-bearing shear zone in the hangingwall to the Grasset nickel deposit. Both holes successfully intersected a sequence of strongly deformed, sericite-altered and variably quartz-carbonate-veined volcanic rocks returning anomalous gold mineralization over greater than six-metre widths. These two holes were drilled lateral to, and above, discovery hole GR-15-89 which returned 10.04 g/t gold over 3.80 metres from the same target (see news release dated Sept. 8, 2015).

"We are also pleased to see additional evidence of gold mineralization on the Grasset property, which adds to a growing list of gold opportunities for the company throughout the 700-plus-square-kilometre Detour trend project," said Mr. Wagner.

 
                 GRASSET PROPERTY GOLD TARGETS
 
Hole                 From          To    Interval*      Gold
No.              (metres)    (metres)     (metres)       g/t

Grasset HW
gold zone
GR-15-89**         149.20      153.00         3.80     10.04
GR-16-100          148.43      155.11         6.68      0.22
GR-16-101          123.00      129.12         6.12      0.68
Exploration
series
GRX-16-23          301.26      305.31         4.05      0.37

Notes
* Reported drill intercepts are not true widths. At this 
time there are insufficient data with respect to the 
shape of the mineralization to calculate true orientations 
in space.
** Previously reported -- news release dated Sept. 8, 2015.
 

Hole GRX-16-23 was drilled 1,700 metres east of the Grasset nickel deposit, along the projected strike of the Sunday Lake deformation zone (SLDZ). The multimillion-ounce Detour gold deposit is hosted within the SLDZ 80 kilometres to the west in the province of Ontario. The hole successfully intersected the northern contact of the SLDZ returning anomalous gold mineralization within a deformed porphyry intrusion. There is no drill testing of the SLDZ for several kilometres to the east within the confines of the Grasset property.

Quality control

Mr. Wagner, PGeo, president and chief executive officer of the company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner has supervised the work programs on the Martiniere and Grasset properties, visited the properties on multiple occasions, examined the drill core and/or photographs from the holes summarized in this release, discussed, reviewed the results with senior on-site geological staff, and reviewed the available analytical and quality control results.

Balmoral has implemented a quality control program for all of its drill programs, to ensure best practice in the sampling and analysis of the drill core, which includes the insertion of blind blanks, duplicates and certified standards into sample stream. NQ-sized drill core is saw cut with half of the drill core sampled at intervals based on geological criteria including lithology, visual mineralization and alteration. The remaining half of the core is stored on-site at the company's Martiniere field camp in central Quebec. Drill core samples are transported in sealed bags to ALS Minerals' Val d'Or, Que., analytical facilities. Gold analyses are obtained via industry-standard fire assay with atomic absorption finish using 30-gram aliquots. For samples returning greater than five g/t gold follow-up fire assay analysis with a gravimetric finish is completed. The company has also requested that any samples returning greater than 10 g/t gold undergo screen metallic fire assay. Following receipt of assays, visual analysis of mineralized intercepts is conducted and additional analysis may be requested. ALS Minerals is ISO 9001:2008 certified and the Val d'Or facilities are ISO 17025 certified for gold analysis. In addition all results are subjected to independent, third party quality assurance/quality control review prior to publication.

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