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Balmoral Resources Ltd
Symbol BAR
Shares Issued 138,570,776
Close 2018-09-06 C$ 0.15
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Balmoral increases Gargoyle by 1,600% through staking

2018-09-06 08:12 ET - News Release

Mr. Darin Wagner reports


Balmoral Resources Ltd. has staked an additional 697 claim units in the Lumby Lake greenstone belt in Ontario. The newly acquired claims increase Balmoral's holdings in the belt by more than 16 times, making it the dominant land holder. The staking includes the acquisition of two new properties -- Goblin and Ghost. The expanded land position covers all or portions of at least 21 mapped and interpreted ultramafic volcanic and intrusive bodies, only one of which has ever been drill tested.

"The recent discovery of magmatic nickel-copper-cobalt sulphide mineralization on the Gargoyle property enhances the potential for the extensive suite of ultramafic rocks in the Lumby Lake belt to source additional nickel sulphide discoveries. This in an area with obvious logistical advantages to most of the current nickel sulphide focused exploration efforts globally," said Darin Wagner, president and chief executive officer of Balmoral Resources. "We are very excited to be the first mover in this belt following the discoveries and to have secured the vast majority of the prospective ultramafic sequence."

A figure available on-line shows the expanded Gargoyle property land position, the recent nickel-copper-cobalt sulphide discoveries, airborne geophysical anomalies based on available government airborne data and the known extent of ultramafic rocks in this segment of the Lumby Lake belt. Several of the ultramafic units are spatially associated with airborne EM conductors which have not been drill tested, including a series of strong EM anomalies immediately west of the recent discoveries on the original Gargoyle property (see Balmoral news release 18-10, dated Aug. 27, 2018).

The Goblin property, located 11 kilometres west of the Gargoyle property, covers an ultramafic intrusion in an area which was not covered by the aforementioned government airborne survey. The two properties are separated by a large felsic intrusion and appear to represent similar stratigraphic levels within the Lumby Lake belt. Similarly the Ghost property to the south covers an untested mafic/ultramafic intrusion.

The Lumby Lake belt is one of the oldest known, and most primitive, volcanic sequences in the Superior province. It is similar in age range to the Kambalda nickel camp in Australia which hosts numerous active and historic nickel sulphide mines. Like the Kambalda camp, the Lumby Lake belt features numerous komatiitic volcanic and intrusive sequences intimately intermixed with sulphide-bearing exhalative sedimentary units, which provide an ideal sulphur source for the formation of nickel sulphide mineralization. As with the company's Grasset deposit and the nickel sulphide deposits in similar host rocks in the Timmins, Ont., region, these primitive ultramafic sequences have the potential to host both high-grade underground and larger tonnage, open-pit nickel sulphide deposits with associated copper, cobalt, platinum, palladium, gold and silver.

Exploration plans

Balmoral has contracted Geotech Ltd. of Aurora, Ont., to conduct a detailed airborne magnetic and electromagnetic survey of the Gargoyle and Goblin properties with its latest generation VTEM Plus system. The survey is anticipated to commence in October. Following completion of the survey and weather permitting, the company will begin a program of prospecting and detailed mapping targeting the ultramafic units within the sequence this fall. This will be followed by ground-based geophysical work during the winter of 2018 to 2019 in preparation for initial drill testing.

Darin Wagner (MSc, PGeo, British Columbia, Ontario), the 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 reviewed and approved of the technical information contained within this.

About Balmoral Resources Ltd.

Balmoral is a well-financed, multiple award-winning, Canadian-focused exploration company currently focused on the identification, exploration and evaluation of nickel and gold opportunities in the prolific greenstone sequences of Ontario and Quebec. Balmoral controls the largest nickel sulphide deposit in the Abitibi greenstone belt -- the Grasset nickel-copper-cobalt PGE (platinum group element) system -- which remains open for expansion. As well, Balmoral controls over 750 square kilometres of the Detour gold trend, adjacent to the multimillion-ounce Detour Lake gold deposit. Employing a drill-focused exploration style in two of the world's pre-eminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade, Canadian mineral assets.

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