Mr. Darin Wagner reports
BALMORAL INTERSECTS 11.66 METRES GRADING 6.25 G/T GOLD, INCLUDING 5.47 METRES GRADING 12.48 G/T GOLD, IN FOURTH NEW DISCOVERY OF FALL 2016 PROGRAM, MARTINIERE PROPERTY, QUEBEC
Balmoral Resources Ltd. has discovered a new near-surface zone of high-grade gold mineralization, the fourth new discovery from the summer/fall 2016 drill program, on its Martiniere property in Quebec. The new discovery returned an intercept of 11.66 metres grading 6.25 grams per tonne gold. This includes a higher-grade core of 5.47 metres grading 12.48 g/t gold. The new discovery is located 250 to 300 metres east of the projection of the main Bug Lake gold trend in a largely untested area of the property.
The company also announced a number of new intercepts from the Bug Lower Steep gold deposit. These results are highlighted by intercepts of:
-
8.22 metres grading 4.13 g/t gold, including 2.02 metres grading 15.28 g/t gold;
-
43.61 metres grading 1.93 g/t, including 17.68 metres grading 3.49 g/t gold;
-
51.28 m at 1.19 g/t gold, including 1.17 metres grading 7.52 g/t gold;
- 28.44 metres grading 1.08 g/t gold, including 0.76 metre grading 30.20 g/t gold.
The four holes reported from testing of the Lower Steep deposit span approximately 200 metres of down-plunge and 150 metres of vertical extent. They further demonstrate the continuity of the gold-mineralized zones which comprise the Lower Steep deposit. The Lower Steep is the least tested of the four principal gold deposits on the property. Gold mineralization has been intersected along the Lower Steep for 850 metres down plunge from the bedrock surface in 32 broadly spaced drill holes.
"This new discovery further broadens the footprint of the Martiniere gold system and opens up exciting new opportunities on the exploration/growth front proximal to the expanding deposits along the Bug Lake gold trend," said Darin Wagner, president and chief executive officer of Balmoral. "Along with continued strong results from the Bug South deposit (see news release dated Jan. 23, 2017) and today's positive results from the Bug Lower Steep deposit the scale and scope of the opportunity at Martiniere has taken some major steps forward over the last few months. We are excited to be rolling the drills back out imminently."
BUG SOUTHEAST
Hole From To Interval* Gold
No. (metres) (metres) (metres) (g/t)
MDE-16-237 97.15 108.81 11.66 6.25
including 98.24 103.71 5.47 12.48
* 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.
Drill hole MDE-16-237 targeted the extension of the Bug Southeast gold zone. A new zone of breccia/vein-hosted gold mineralization was intersected at a vertical depth of approximately 70 metres. MDE-16-237 did not intersect the Bug Lake porphyry suggesting that the porphyry, and associated gold-mineralized trend, occurs west of the termination of the hole.
This new zone of high-grade gold mineralization is located approximately 1,000 metres south of the recently reported discovery of near-surface, high-grade mineralization -- 5.80 metres grading 10.51 g/t gold -- in hole BLD-16-03 (see news release dated Jan. 11, 2017). Both discoveries are located a similar distance east of the main Bug Lake gold trend. Large, untested areas are present between these two discoveries.
Follow-up testing of both new discoveries and testing to the west of MDE-16-237 to intersect the main Bug Lake gold trend are planned as part of the imminent winter drill program set to commence in the next seven days.
BUG LOWER STEEP DEPOSIT
Hole From To Interval* Gold
No. (metres) (metres) (metres) (g/t)
MDE-16-238 26.23** 54.67 28.44 1.08
including 37.36 42.70 5.34 4.95
which includes 38.54 39.30 0.76 30.20
148.30 149.30 1.00 3.06
217.74 269.02 51.28 1.19
including 228.82 238.24 9.42 2.99
252.03 253.20 1.17 7.52
293.43 305.83 12.40 0.27
MDE-16-239 30.86 47.70 16.84 0.12
169.84 170.42 0.58 7.12
299.80 308.02 8.22 4.13
including 301.95 303.97 2.02 15.28
330.76 358.35 27.59 1.00
including 354.31 358.35 4.04 2.91
381.33 397.72 16.39 0.86
including 382.52 383.39 0.87 3.17
and 390.33 391.07 0.74 4.37
and 396.73 397.72 0.99 4.16
MDE-16-241 39.16 50.82 11.66 1.49
including 46.37 49.43 3.06 3.66
239.23 246.20 6.97 1.50
including 240.91 243.95 3.04 2.93
286.40 345.83 59.43 0.54
including 304.77 306.10 1.33 3.10
and 329.01 329.72 0.71 10.50
370.27 399.71 29.44 1.14
including 370.27 375.55 5.28 3.36
and 380.81 383.39 2.58 3.07
MDE-16-256 90.70 91.88 1.18 3.06
98.55 130.91 32.36 0.96
including 119.61 120.73 1.12 3.75
and 127.30 128.20 0.90 9.75
235.33 242.82 7.49 1.04
296.97 340.58 43.61 1.93
including 322.90 340.58 17.68 3.49
which includes 322.90 324.34 1.44 10.10
and 335.96 337.40 1.44 20.80
and 339.34 340.58 1.24 10.90
354.69 370.51 15.82 1.69
including 363.42 366.51 3.09 3.88
which includes 363.42 364.16 0.74 8.28
399.90 418.95 19.05 1.39
including 402.66 407.39 4.73 4.27
which includes 406.48 407.39 0.91 9.32
455.62 456.63 1.01 3.55
* 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.
** Collared into gold-mineralized zone.
Four holes tested the Bug Lower Steep gold deposit at vertical depths of between 150 and 300 metres and across 200 metres of down-plunge extent, successfully intersecting the deposit in all holes. As is typical of the northern portion of the trend, the most extensive gold mineralization is present along the western (lower) margin of the Bug Lake porphyry.
Additional results from the fall drill program on the Martiniere property, and on Balmoral's Detour East property, remain pending. Work on the winter road into the Martiniere camp has been slowed due to unusually warm winter conditions; however, drilling is still expected to commence within the next seven days.
Quality control
Darin 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 Quebec-based work programs on the Martiniere property since inception, visited the property on multiple occasions, examined the drill core 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 include 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.
About Balmoral Resources Ltd.
Balmoral is a well-financed, Canadian-based company actively delineating and expanding a series of high-grade gold deposits on its Martiniere property located within the prolific Abitibi greenstone belts in Quebec, Canada. The Martiniere property is just one of several large, highly prospective properties comprising the company's wholly owned, 1,000-square-kilometre Detour Trend project.
Employing an aggressive, drill-focused exploration style in one of the world's pre-eminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold and base metal assets.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.