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Balmoral Resources Ltd
Symbol C : BAR
Shares Issued 151,001,811
Close 2019-06-11 C$ 0.115
Recent Sedar Documents

Balmoral Resources begins exploration at Detour, RUM

2019-06-11 09:07 ET - News Release

Mr. Darin Wagner reports

BALMORAL COMMENCES SUMMER 2019 EXPLORATION ACTIVITIES ON MULTIPLE FRONTS

Balmoral Resources Ltd. has begun its 2019 summer field programs, with crews recently mobilized to both the company's Detour gold trend project and to the RUM nickel properties.

RUM nickel properties

As announced on April 25, 2019, the recently completed high-resolution airborne magnetic/electromagnetic (EM) survey of the RUM nickel properties has outlined a number of coincident magnetic/EM targets, prospective for mafic/ultramafic nickel-copper-cobalt-PGE (platinum group element) discoveries. Prospecting, mapping and geochemical sampling are under way to follow up on the targets identified by the airborne survey and to determine if additional ground-based geophysical surveys are warranted prior to drill testing.

Exploration at RUM will target the discovery of high-grade, near-surface nickel-copper-cobalt-PGE mineralization, similar to that at the nearby Lac Rocher nickel deposit. Geological models developed from the Lac Rocher and Lynn Lake nickel-copper-cobalt deposits in Canada, as well as insights from recent nickel sulphide discoveries in the Lapland belt of Finland, have focused the company's attention on this underexplored region of Quebec. The goal is to have individual targets ready for drill testing by the fall of 2019.

Detour gold trend -- new target delineation

Balmoral has outlined a prospect new gold target located along the Sunday Lake deformation zone (SLDZ) on its Detour gold trend project. The SLDZ is the regional-scale fault system which controlled the emplacement of the nearby Detour Lake gold deposit (proven and probable reserves of 498.4 million tonnes at 0.96 gram per tonne (g/t) gold for 15.4 million ounces at a cut-off grade of 0.50 g/t).

This new target is focused on a previously untested, 3.5-kilometre-long segment of the SLDZ. It is centred on the intersection of the SLDZ and a recently identified, gold-bearing secondary fault zone. This structural/geological setting is analogous to that of the Detour Lake area. The Detour Lake gold deposit extends along the SLDZ for a similar distance, with the historic high-grade underground portion of the deposit centred at/very near a similar structural intersection.

Line cutting has recently been completed over the target area and ground geophysical work is scheduled to commence on or around June 15. Survey results will be available to the company very shortly thereafter.

Balmoral continues to control the largest land position along the SLDZ, which stretches along the SLDZ for over 100 kilometres. The SLDZ and similar, dominantly east-west-trending deformation zones are the primary structural controls on the major gold deposits located throughout Canada's Abitibi region.

Grasset and Grasset Central nickel deposits

The next phase of nickel-focused exploration within the Grasset ultramafic complex (GUC) will occur later this summer. Geophysical surveys to provide additional targeting information for follow-up testing of the two new nickel sulphide systems discovered in the Grasset Central area are tentatively planned for July/August. The surveys will aim to outline potential extensions to both the recently discovered Type 1 high-grade nickel-cobalt sulphide zones and the very broad, near-surface disseminated nickel deposit, which has begun to emerge from recently drill testing. The latter bares similarities to Balmoral's Grasset nickel-copper-cobalt-PGE deposit, located along trend, seven kilometres to the southeast.

With respect to the Grasset deposit itself, further expansion drilling is planned for the winter of 2019 to 2020 when ground conditions are optimal for the expansion of the deposit to depth.

3G (Gargoyle, Ghost and Goblin) nickel properties

Preliminary results from the recently completed airborne survey of the 3G nickel properties, located near Atikokan, Ont., have been received and provide significant support for the company's exploration model. Numerous, extensive EM conductors have been delineated within, or proximal to, mapped ultramafic flows and sills on the properties. These include two EM anomalies, each stretching for several hundred metres, and track a series of recently discovered nickel sulphide occurrences in the Gargoyle Lake area of the Gargoyle property.

Follow-up surface exploration on the 3G properties is planned for July/August to both further evaluate the recent nickel sulphide discoveries and the numerous anomalies from the airborne survey prior to initial drill testing.

Martiniere, Detour East, N2, Hwy 810 and Northshore projects

The company continues to review and evaluate opportunities to advance a number of other properties in its portfolio through third party participation. Each of the properties provides drill-ready gold -- and in the case of Hwy 810, gold and base metal -- targets, which range from resource expansion to discovery stage in their level of advancement.

Qualified person

Darin Wagner, master of science, professional geoscientist, 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 reviewed and approved of the technical information contained within this release.

About Balmoral Resources Ltd.

Balmoral is a multiaward-winning Canadian-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.

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