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Balmoral Resources Ltd
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Close 2019-02-06 C$ 0.155
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Balmoral drills 92.57 m of 0.77% Ni at Grasset

2019-02-06 07:40 ET - News Release

Mr. Darin Wagner reports


Balmoral Resources Ltd.'s first expansion drilling on the Grasset nickel-copper-cobalt-PGE (platinum group elements) deposit since 2015 has both expanded the H3 zone of the deposit with broad mineralized intercepts and successfully intersected the lower H1 zone of the deposit at a vertical depth of approximately 775 metres. This latter intercept adds over 230 metres to the known vertical extent of high-grade and disseminated nickel sulphide mineralization at Grasset. The late 2018 drill program also extended both zones of the deposit by approximately 100 metres to the northwest. The deposit continues to remain open to depth and along strike to the northwest.

Drilling expanded the known extent of one of the broadest portions of the deposit, located near the base of the currently delineated resource. The high-grade core of the Grasset deposit currently hosts an indicated resource estimated at 3.45 million tonnes grading 1.56 per cent nickel, 0.17 per cent copper, 0.03 per cent cobalt, 0.34 gram per tonne platinum and 0.85 g/t palladium to a vertical depth of just under 500 metres (see full disclosure regarding this resource estimate in news release dated March 7, 2016).

Drill holes GR-18-90D and GR-18-107 both returned nickel-sulphide-mineralized intercepts of over 90 metres in downhole width. Both holes contain a high-grade core which returned 23.03 metres grading 1.08 per cent nickel, 0.12 per cent copper, 0.03 per cent cobalt, 0.20 g/t platinum and 0.51 g/t palladium in hole 90D, and 53.50 metres grading 1.11 per cent nickel, 0.12 per cent copper, 0.03 per cent cobalt, 0.22 g/t platinum** and 0.55 g/t palladium** in hole 107.

Additional drilling to further expand the H3 and H1 zones of the deposit, via wedging from a pilot hole completed during this program (see below), is planned to commence later in the first quarter.

Hole                 From        To Interval*    Nickel    Copper    Cobalt        Pt        Pd
No.              (metres)  (metres)  (metres)       (%)       (%)       (%)       g/t       g/t

GR-18-90C          236.94    243.51      6.57      0.82      0.24      0.02      0.28      0.71
including          237.40    238.43      1.03      2.66      0.95      0.04      0.80      1.19
GR-18-90D          237.94    246.01      8.07      1.06      0.15      0.02      0.38      0.92
including          237.94    240.62      2.68      2.14      0.28      0.03      0.80      1.98
                   480.23    577.82     97.59      0.53      0.05      0.02      0.09      0.21
including          537.77    560.80     23.03      1.08      0.12      0.03      0.20      0.51
and                570.52    576.54      6.02      0.90      0.08      0.02      0.19      0.46
GR-18-102A         751.30    752.08      0.78      0.51     0.002      0.02      0.07      0.17
                   941.96    956.11     14.15      0.41      0.04      0.01      0.07      0.15
including          955.60    956.11      0.51      2.76      0.15      0.05      0.40      0.98
GR-18-103          688.49    692.80      4.31      0.55      0.17      0.02      0.21      0.50
including          691.52    691.95      0.43      2.24      1.27      0.04      1.16      2.84
                   793.46    816.01     22.55      0.40      0.05      0.01             pending
including          813.66    814.78      1.12      2.24      0.24      0.04      0.54      1.32
GR-18-104                                                                    lost in overburden
GR-18-105          213.80    224.60     10.80      0.35      0.02      0.01             pending
                   314.94    321.92      6.98      0.90      0.12      0.02      0.31      0.50
including          318.82    321.92      3.10      1.49      0.21      0.04      0.55      0.83
which includes     321.45    321.92      0.47      2.69      0.47      0.10      0.90      1.26
GR-18-106                                                                    lost in overburden
GR-18-107          410.57    420.91     10.34      0.29      0.02      0.01             pending
                   454.12    546.69     92.57      0.77      0.08      0.02    0.20**     0.51*
including          455.47    508.97     53.50      1.11      0.12      0.03    0.22**     0.55*

* Reported drill intercepts are downhole widths, not true widths. At this time there are 
insufficient data with respect to the shape of the mineralized zones for the majority of the 
intercepts to calculate true width orientations in space. Where a greater density of data is 
available true widths are estimated to range between 70 and 82 per cent of reported widths. 
** Pt and Pd analysis for subintervals 454.12 to 460.48 and 514.00 to 546.69 metres in hole 
GR-18-107 remain pending. These intervals have been assigned zero values in calculating the 
values reported. Thus Pt and Pd values reported are anticipated to increase once PGE 
(platinum group element) analysis are available.

Drill hole GR-18-102A, the pilot hole for planned expansion drilling of the H3 zone of the deposit between 500 and 700 metres vertical depth, successfully intersected the lower, H1 zone of the Grasset deposit within less than 25 metres of its predicted location. This intercept is over 375 metres deeper than any previous intercepts of the H1 zone and 230 metres deeper than any previous intercept of the deposit. The lower margin of the host ultramafic unit, and the H1 zone located along this lower contact, continue without significant interruption to at least 775 vertical metres. The H1 intercept in hole 102A returned a high-grade intercept of 2.76 per cent nickel, 0.15 per cent copper, 0.05 per cent cobalt, 0.40 g/t platinum and 0.98 g/t palladium over 0.51 metre at the base of a broader 17.79-metre-wide nickel sulphide zone.

Hole 102A intersected a broad quartz porphyry unit along the projection of the H3 zone, which is typically weakly developed along its southeastern margin at depth. A narrow nickel sulphide intercept along the lower contact of the dike indicates that the H3 zone is present at a vertical depth of 620 metres, but disrupted by the dike in this hole.

Both the H1 and H3 zones were also intersected in hole GR-18-105, the most northwesterly hole to test the deposit to date. Hole 105 returned a 3.10-metre intercept with grades almost identical to the current resource grade of the deposit from the H1 zone, indicating potential to further expand the high-grade portion of the deposit to the northwest. The H1 zone of the Grasset deposit has now been intersected for 1,140 metres along strike and from the bedrock surface to a vertical depth of 775 metres, while the broader H3 zone has now been intersected for 700 metres along strike and to a vertical depth of approximately 620 metres. Both zones of the deposit remain open along strike to the northwest and to depth.


Drilling has expanded the Grasset deposit by as much as 230 metres vertically to a depth of 775 metres, and by 100 metres along strike to over 1,100 metres with the deposit remaining open in both directions.

Broad intercepts of nickel-copper-cobalt-PGE-bearing sulphides continue to expand the core of the deposit near the base of the currently delineated resource where it remains open.

The H1 zone of the deposit exhibits no significant disruption to the deepest level tested (775 vertical metres) and shows increased grade and thickness to the northwest, enhancing the potential for resource growth.

The pilot hole for deep testing of the H3 zone has been completed and drilling is currently anticipated to resume later in the first quarter.

Qualified persons

Michael Tucker, PGeo, B.C., Ontario and temporary permit, Quebec, project geologist for the company, is the non-independent qualified person for the technical disclosure concerning the Fenelon property in this release. Mr. Tucker supervised the fall 2018 drill program described herein and has worked on the Grasset and Fenelon properties since 2014. Mr. Wagner is the non-independent qualified person for the balance of the technical disclosure contained in this news release. Mr. Wagner has supervised the company's exploration activities since inception. Both individuals have reviewed the technical content of this release.

About Balmoral Resources Ltd.

Balmoral is a multiaward-winning Canada-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The company's flagship, 1,000-square-kilometre Detour gold trend project hosts the resource stage Bug and Martiniere West gold deposits and the Grasset nickel-copper-cobalt-PGE deposit. 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 the discovery and definition of high-grade, Canadian gold and base metal assets.

We seek Safe Harbor.

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