02:49:10 EDT Fri 29 Mar 2024
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Balmoral Resources Ltd
Symbol BAR
Shares Issued 125,499,167
Close 2017-04-07 C$ 0.78
Market Cap C$ 97,889,350
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Balmoral drills 75.45 m of 1.11 g/t Au at Martiniere

2017-04-10 07:45 ET - News Release

Mr. Darin Wagner reports

BALMORAL CONTINUES TO INTERSECT BROAD ZONES OF NEAR SURFACE GOLD MINERALIZATION AT BUG SOUTH

Shallow drilling has continued to confirm broad zones of gold mineralization from the bedrock surface down to the central plunge line of the Bug South gold deposit on the Martiniere property in Quebec. Results from seven shallow drill holes, completed at the start of the winter 2017 program, include 75.45 metres grading 1.11 grams per tonne gold, 53.80 metres grading 1.12 g/t gold, 50.21 metres grading 1.08 g/t gold and 46.89 metres grading 1.26 g/t gold. The latter intercept, in hole MDE-17-262, collared into the deposit at less than 20 m vertical depth.

Drilling also extended the core of the Bug South deposit to shallower depths on several sections, including an intercept of 4.04 g/t gold over 8.59 metres in hole MDE-17-264 which brings the high-grade core of the deposit to within 75 metres of surface.

"These results are a solid start to the winter program, with the initial holes successfully confirming broad near-surface gold mineralization above the central core of the Bug South deposit and increasing the size of the central high-grade core," said Darin Wagner, president and chief executive officer of Balmoral Resources. "Drilling has now moved on to testing the down-plunge extensions of the Bug South and Bug North deposits, as well as our recent high-grade gold discoveries located proximal to the Bug Lake gold trend. Each of these target areas represent near-term growth opportunities for the expanding gold inventory at Martiniere."


Hole                      From             To            Interval*           Gold  
No.                        (m)            (m)                  (m)          (g/t)

MDE-17-258               40.34          68.45                28.11           0.53
                         99.53         109.00                 9.47           2.34
including                99.89         103.10                 3.21           6.16
MDE-17-259               44.79          73.99                29.20           0.42
including                49.91          50.60                 0.69           4.00
MDE-17-260               72.41          83.67                11.26           0.83
                        104.24         133.72                29.48           1.41
including               120.23         120.86                 0.63           6.47
and                     127.64         132.24                 4.60           2.54
MDE-17-261               48.99          56.44                 7.45           0.31
                        123.74         173.95                50.21           1.08
including               129.39         130.85                 1.46           2.78
and                     160.80         161.63                 0.83           3.76
and                     169.91         173.95                 4.04           3.60
                        203.46         225.23                21.77           0.64
MDE-17-262             25.06**          71.95                46.89           1.26
including                35.94          39.30                 3.36           2.78
and                      64.05          64.75                 0.70           3.32
                        104.11         105.00                 0.89           2.33
MDE-17-264               36.70          37.89                 1.19           8.57
                         52.52          55.33                 2.81           0.45
                         64.20         118.00                53.80           1.12
including                99.82         108.41                 8.59           4.04
which includes          106.68         107.51                 0.83          13.00
                        148.31         166.23                17.92           0.38
MDE-17-265              103.16         178.61                75.45           1.11
including               139.10         144.85                 5.75           2.65
and                     174.26         178.61                 4.35           3.30
                        192.40         195.43                 3.03           1.36

* 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.
** Hole collared into gold mineralized zone.

The first several holes of the winter program tested the Bug South deposit above the south-southeast-trending plunge line of the core of the deposit. Results demonstrate that gold mineralization can be successfully traced over significant widths to the bedrock surface and that the broad near-surface zones of gold mineralization exhibit excellent continuity with a significant increase in grade and thickness to depth toward the core of the deposit. Updated cross-sections for the Bug South deposit and a plan map showing the location of the holes from today's release are available at the company's website.

Drilling continues on the Martiniere property with the winter program having been expanded from the planned 7,000 to 8,000 metres to over 10,000 metres, weather conditions permitting. To date over 8,500 metres of drilling have been completed over 25 holes testing the Bug South and Bug North deposits, as well as recent near-surface high-grade gold discoveries located to the northeast and southeast of the deposits.

Quality control

Mr. Wagner 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 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.

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.

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