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Balmoral Resources Ltd
Symbol BAR
Shares Issued 125,499,167
Close 2017-06-27 C$ 0.69
Market Cap C$ 86,594,425
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Balmoral starts 20,000 m drill program at Detour

2017-06-27 07:38 ET - News Release

Mr. Darin Wagner reports

BALMORAL COMMENCES 20,000 METRE SUMMER/FALL 2017 DETOUR GOLD TREND DRILL PROGRAM

Drilling has resumed on Balmoral Resources Ltd.'s Detour gold trend project in Quebec. Current plans call for a minimum of 20,000 metres of drilling during the summer/fall program, bringing the 2017 drill program to 35,000 metres. The summer/fall program will continue to focus on the expansion and delineation of the Bug Lake gold deposits and on the further evaluation of several recent near-surface gold discoveries within the broader Martiniere gold system.

It will also see Balmoral, for the first time since the discovery of the Bug Lake gold deposits and Grasset Ni-Cu-Co-PGE (nickel-copper-cobalt-platinum-group-element) deposit in 2014, undertake a significant exploration drill program on gold targets outside of the main Martiniere system. Several gold targets on the Detour East, broader Martiniere and adjacent properties have been selected for first pass drill testing this summer/fall.

"With delineation and expansion drilling progressing to deeper levels of the Bug Lake gold deposits this summer we are provided with the opportunity, for the first time in nearly three years, to get back to the discovery process on our broader landholdings along the Detour gold trend," said Darin Wagner, president and chief executive officer of Balmoral. "We plan to test 15 new gold-focused targets during the summer/fall program which, given our success to date on the exploration front, is an exciting prospect for our technical staff and our shareholders."

Balmoral's Detour gold trend project

Balmoral's Detour gold trend project extends for over 100 kilometres along the Sunday Lake and Lower Detour deformation zones -- two regional gold-bearing faults similar to those associated with the vast majority of historic gold production throughout the Abitibi region. The company is the largest landholder and most active explorer in the Sunday Lake region which, despite hosting one of Canada's largest gold mines, remains the least explored portion of the world's second-most-prolific high-grade gold belt.

Several significant gold deposits, including the nearby Detour Lake gold mine, Balmoral's Martiniere West and Bug Lake gold deposits, and the Fenelon gold deposit (where the company holds a royalty interest), occur proximal to the Sunday Lake deformation zone. Large segments of this highly prospective fault system remain untested on the company's extensive holdings.

Historic and recent work by the company on the Detour East property has outlined a 13-kilometre-long trend of gold occurrences along the Lower Detour deformation zone which lies to the south of, and runs parallel to, the Sunday Lake deformation zone. Recent work along this same structural corridor on the Ontario side of the provincial border has highlighted the discovery potential of this less-understood fault system. Both deformation zones will be targeted for drill testing this summer.

Martiniere gold system

The winter/spring drill program at Martiniere successfully expanded each of the Bug South, Bug North and Bug Lower Steep gold deposits. Each of these south-southeast-plunging deposits has been successfully traced from the bedrock interface to vertical depths of 350, 350 and 550 metres, respectively, and each remains open for further expansion down plunge. The majority of drilling during late 2016 and early 2017 targeted the rapidly expanding Bug South gold deposit, with over 95 per cent of the holes successfully intersecting the gold mineralized zones forming the deposit. Some of the recent drilling highlights from the Bug South and Bug North gold deposits are featured in the associated table.

      BUG SOUTH AND NORTH DEPOSITS -- RECENT HIGHLIGHTS**

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

Bug South
deposit
MDE-16-214           161.96      165.60        3.64       22.20
including            163.10      164.64        1.54       51.34
MDE-16-216           206.40      238.69       32.29        3.39
including            206.40      224.66       18.26        5.41
and                  216.17      224.66        8.49        9.34
MDE-16-218            74.05      189.50      115.45        1.40
and including        177.25      188.00       10.75        3.73
MDE-16-221           110.90      137.80       26.90        4.51
including            112.20      115.00        2.80       15.89
and                  122.20      129.00        6.80       10.89
MDE-16-233           193.15      256.59       63.44        1.58
including            195.38      196.00        0.62       11.20
and                  232.03      241.92        9.89        4.50
which includes       239.26      240.22        0.96       23.20
MDE-16-234           272.23      307.39       35.16        2.16
including            289.15      290.65        1.50        5.53
and                  298.31      307.39        9.08        7.10
which includes       304.29      307.39        3.10       18.80
                     368.82      375.57        6.75       11.29
including            368.82      369.90        1.08       64.20
MDE-16-242           162.20      240.37       78.17        1.65
including            163.84      170.47        6.63        2.20
and                  220.00      237.00       17.00        4.50
which includes       234.50      237.00        2.50       16.34
MDE-17-271           119.74      174.63       54.89        2.29
including            119.74      133.42       13.68        6.87
which includes       119.74      125.30        5.56       15.72
and including        170.92      174.63        3.71        5.80
which includes       173.85      174.63        0.78       21.50
Bug North
deposit
MDE-16-236           322.33      334.04       11.71        6.06
including            329.30      331.62        2.32       27.74
MDE-16-239           299.80      308.02        8.22        4.13
including            301.95      303.97        2.02       15.28
MDE-16-256           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

* 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 are
uncapped.
** All results previously released, please see Balmoral 
press releases 16-19 to 17-09 -- September, 2016, to 
June, 2017, at the company's website for additional 
details and assay results.
 
 

The fall 2016 and winter 2017 programs also produced the highest-grade results to date from the Bug Southeast gold zone. This zone has been traced for over 750 metres along strike but only intermittently tested to date. As well, Balmoral reported several new gold discoveries proximal to the Bug Lake deposits including the Horsefly, 237 and deep footwall zones. Highlights from these discoveries are summarized in the associated table. Each will be targeted for further expansion/evaluation during the summer/fall program.

                 ADDITIONAL HIGHLIGHTS FROM RECENT DRILLING 
                     WITHIN THE MARTINIERE GOLD SYSTEM**

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

Bug Southeast
zone
MDE-17-274                 146.70        152.75          6.05          6.23
including                  149.94        150.68          0.74         46.60
Deep footwall
zone -- new
discovery
BLD-16-01                  707.30        755.85         48.55          1.07
including                  716.28        717.85          1.57          6.66
and                        744.00        750.43          6.43          4.36
which includes             744.00        745.50          1.50         10.75
Horsefly zone
New discovery
BLD-16-03                  138.79        156.85         18.06          3.84
including                  140.20        146.00          5.80         10.51
which includes             144.71        146.00          1.29         39.87
MDE-17-78                  133.87        156.02         22.15          2.04
including                  146.51        154.89          8.38          4.79
which includes             146.51        148.67          2.16          9.91
237 -- new
discovery
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 are
uncapped.
** All results previously released, please see Balmoral press releases 
16-19 to 17-10 -- September, 2016, to June, 2017, at 
the company's website for additional details and assay results.

Final results from the winter/spring 2017 program are anticipated within the next two to three weeks.

Darin Wagner (PGeo, British Columbia, Ontario, res. permit Quebec), 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 property since inception, visited the property on multiple occasions, discussed and reviewed the results with senior on-site geological staff, reviewed the drill core from this holes contained in today's release, and reviewed the available analytical and quality control results. All results contained in today's release have been previously released by the company.

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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