VANCOUVER, BC
-- (Marketwired)
-- 05/13/15
Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) today reported results for 11 holes from the recently completed winter 2015 drill program on the Company's wholly owned Martiniere Property. Results were highlighted by intercepts of 9.30 g/t gold over 15.75 metres, including 18.11 g/t gold over 7.51 metres, from the Footwall Zone in hole MDE-15-175A (See Figures 1 and 2).
Hole MDE-15-175A intersected the Footwall Zone approximately 12 metres below MDE-15-166, which returned an intercept 19.55 g/t gold over 44.45 metres, including 34.84 g/t gold over 24.14 metres (see NR15-05, Apr. 20, 2015). Results suggest a possible local fault repeat of the Footwall Zone in the vicinity of hole MDE-15-166. Today's results continue to demonstrate the very high grade nature of the Footwall Zone beneath this local fault offset and expand the footprint of the Footwall Zone down-plunge from MDE-15-166.
"The winter 2015 program has thus far allowed us to expand and better constrain the multiple gold mineralized zones that are contained within the Bug Lake Trend," said Darin Wagner, President and CEO of Balmoral. "The shallow and very high-grade nature of the Footwall Zone within the upper steep section of the Bug Lake Trend makes it an obvious initial focus. However we are also pleased to see the continuation of broad zones of gold mineralization through the 'flatter' northern section of the Bug Lake Trend which bodes well for the continuation of gold mineralization to depth along the second steep."
Bug Lake Gold Trend
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Hole Northing Easting Dip
Number
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MDE-15-174 1+00 N 2+30 W -64
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MDE-15-175 1+00N 2+30 W -50
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MDE-15-175A 1+00N 2+30 W -52
including
including
including
which includes
which includes
---------------------------------------------
MDE-15-176 2+00 N 4+00 W -45
including
and
and
---------------------------------------------
MDE-15-177 1+75 N 3+75 W -45
including
---------------------------------------------
MDE-15-178 1+75 N 3+75 W -56
including
and
---------------------------------------------
MDE-15-179 1+50 N 2+05 W -47
including
including
---------------------------------------------
MDE-15-180 2+10 N 3+80 W -45
including
and
and
---------------------------------------------
MDE-15-181 2+10 N 3+80 W -53
---------------------------------------------
MDE-15-182 2+35 N 3+00 W -45
---------------------------------------------
MDE-15-183 2+50 N 3+10 W -45
including
---------------------------------------------
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Hole From To Interval* Gold Zone
Number (Metres) (Metres) (Metres) (g/t)
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MDE-15-174 Terminated at Bedrock Interface
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MDE-15-175 Terminated at Bedrock Interface
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MDE-15-175A 53.56 55.97 2.41 3.37 HW2
60.75 72.38 11.63 0.53 HW
86.53 93.32 6.79 9.71 U Bug Lake
including 87.99 90.32 2.33 27.86 "
103.28 134.87 31.59 0.88 L Bug Lake
including 103.28 107.10 3.82 2.93 "
171.99 187.74 15.75 9.30 Footwall
including 171.99 179.50 7.51 18.11 "
which includes 176.81 178.97 2.16 56.45 "
which includes 178.50 178.97 0.47 210.00 "
--------------------------------------------------------------------
MDE-15-176 55.08 154.38 99.30 0.63 L Bug Lk+FW
including 84.06 85.11 1.05 3.15 FW B
and 92.68 93.35 0.67 8.03 FW B
and 139.25 140.05 0.80 4.71 L Bug Lk
--------------------------------------------------------------------
MDE-15-177 48.20 89.00 40.80 0.73 L Bug Lake
including 77.00 78.00 1.00 4.24 "
115.00 152.00 37.00 0.51 U Bug Lake
--------------------------------------------------------------------
MDE-15-178 51.50 119.50 68.00 0.96 L Bug Lk+FW
including 53.29 53.67 0.38 8.82 FW B
and 106.00 108.07 2.07 3.80 L Bug Lake
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MDE-15-179 80.58 84.22 3.64 3.31 HW
including 81.47 82.30 0.83 10.35 "
148.90 176.00 27.10 0.69 L Bug Lake
including 155.18 155.95 0.77 3.04 "
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MDE-15-180 22.10 90.80 68.70 0.68 L Bug Lk+FW
including 33.43 34.25 0.82 9.06 FW B
and 83.00 83.55 0.55 9.77 L Bug Lake
and 87.40 88.00 0.60 4.93 "
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MDE-15-181 26.04 91.75 65.71 0.41 L Bug Lk+FW
--------------------------------------------------------------------
MDE-15-182 52.96 81.00 28.04 0.24 L Bug Lake
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MDE-15-183 28.00 63.88 35.88 0.36 L Bug Lake
including 33.87 36.30 2.43 2.49 "
--------------------------------------------------------------------
* Reported drill intercepts are not true widths. At this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space.
U Bug Lake = Upper Bug Lake; L Bug Lake = Lower Bug Lake; FW = Footwall, HW = Hanging Wall; ? = Unassigned, vein style mineralization
The Bug Lake Trend is a 1,200 metre long by 60 to 120 metre wide, roughly north-south fault striking corridor. This fault corridor hosts a number of sub-parallel, steeply dipping and moderately south-plunging gold zones which have been intersected to vertical depths of approximately 400 metres and which remain open. These include the very high-grade Footwall Zone, the Upper and Lower Bug Lake Zones and the Hanging Wall Zone. The Bug Lake Trend cross-cuts local, north-northeast striking moderately south-dipping volcanic stratigraphy (host to the Martiniere East VMS occurrence) at a high angle (75 to 85 degrees).
The Bug Lake Trend is sub-divided into a northern and a southern segment roughly half way through its known strike length by a late, northwest directed fault which offsets the trend by approximately 75 metres (See Figure 1). The northern segment of the Bug Lake Trend currently being tested, exhibits open "S" type geometry. Near surface, over the southern half of the "northern segment", the fault system exhibits near vertical geometry with south-plunging gold zones developed within vertically dipping structural zones. At depths of 150 to 250 vertical metres the fault zone begins to flatten to a shallower (20-45 degree) dip, before again steepening to near vertical or overturned. This flat section also exhibits a southern plunge coming to surface in the northern portion of the area currently being tested (holes MDE-15-180 to -183; See Figure 3). The "flats" are typically characterized by broad zones of gold mineralization but weaker development of the higher grade structural zones which characterize the "steeps".
Results from an additional 9 holes completed during the winter program remain pending. Additional testing along the Bug Lake Gold Trend will resume in the second or third quarter of 2015, as will testing of additional gold and VMS targets throughout the Martiniere Property. The Martiniere Property forms part of the Company's 700+ square kilometre Detour Trend Project and is located approximately 40 km west of the Company's Grasset Ni-Cu-PGE discovery.
Quality Control
Mr. Darin Wagner (P.Geo.), President and CEO 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, visited the property on multiple occasions, examined the drill core and/or photographs from the holes summarized in this release, discussed and 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, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30 g aliquots. For samples returning greater than 5.00 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 10.00 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. - www.balmoralresources.com
Balmoral is a Canadian-based discovery company focused on high-grade nickel and gold discoveries on its wholly owned, 700+ square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian base metal and gold assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
"Darin Wagner"
President and CEO
This press release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, business and financing plans and trends, the potentially open nature of the mineralized zones on the property, and the potential for future discoveries of additional mineralization on the property are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company's expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company's projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company's ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company's ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company's ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company's public disclosure filings may be accessed via www.sedar.comand readers are urged to review these materials, including the latest technical reports filed with respect to the Company's mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
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For further information contact:
John Foulkes
Vice-President, Corporate Development
Tel: (604) 638-5815
Toll Free: (877) 838-3664
E-mail: jfoulkes@balmoralresources.com
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