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Balmoral Resources Ltd
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Balmoral Resources begins drilling at Fenelon

2019-07-18 09:20 ET - News Release

Mr. Darin Wagner reports


Balmoral Resources Ltd. has commenced drilling of the Area 52 gold target on its Fenelon property, part of the company's larger Detour gold trend project, in Quebec. Area 52 covers a previously untested four-kilometre-long segment of the Sunday Lake deformation zone, the southern extension of the recently identified Area 51 corridor and the intersection of these two gold-bearing structural zones. The Sunday Lake deformation zone is the crustal-scale, east-west-trending fault system which controlled the emplacement of the nearby, over-20-million-ounce Detour Lake gold deposit.

Balmoral recently completed ground geophysical surveys which confirm the continuity of the geophysical features which demarcate the Area 51 corridor south onto Balmoral's Fenelon property, which surrounds the Fenelon mine property. Drill results released to date have traced the Area 51 discovery to within approximately 300 metres of the Fenelon property boundary, where it remains open.

The Area 51 mineralized corridor occurs along the eastern margin of a recently identified intermediate (monzodiorite) intrusive body. This contact can be easily traced across the properties as it is marked by a mid-level magnetic high. This magnetic high tracks both northwest and southeast onto Balmoral's holdings. To the south and southeast -- on Balmoral's Fenelon property -- it can be followed across a series of east-west-oriented secondary faults for approximately 800 metres before intersecting the Sunday Lake deformation zone.

Available results from the Area 51 corridor suggest a tendency for both wider gold intercepts and a greater frequency of high-grade gold intercepts, proximal to where the corridor intersects east-west-trending fault zones. Thus, the confluence of the Area 51 corridor with the Sunday Lake deformation zone, the largest of these east-west-trending faults and with a number of east-west-trending secondary faults in Area 52 provide Balmoral with a series of high-priority gold targets, which the company has now begun drill testing.

The majority of the large gold deposits in the Abitibi region occur in very close proximity to, and trend along, regional scale fault systems -- like the Sunday Lake deformation zone. This includes the Detour Lake gold deposit which is located immediately north of the northern contact of the Sunday Lake deformation zone 80 kilometres west of Area 52. Gold mineralization at Detour occurs mainly along east-west-oriented faults located proximal to the northern contact of the Sunday Lake deformation zone and within splays which emanate from the deformation zone, similar to the interpreted origin to the Area 51 corridor.

"Area 52 is a very intriguing gold target," said Darin Wagner, president and chief excutive officer of Balmoral. "With two gold-bearing structural zones and several east-west-trending secondary faults, all colliding in proximity to an intrusive host rock which has been shown to be receptive to gold emplacement, we have a fairly unique set of favourable geological factors for gold mineralization in a large area of the project which has remained untested until now."

The initial phase of drilling in Area 52 is set for 1,200 metres and can be increased quickly with available financing and permits for 21 drill sites already in hand.

In addition to the main Area 52 target area discussed above, there is potential for the Area 51 corridor to continue onto Balmoral's holdings to the northwest and west (Area 50 and Area 51 West targets) and for the discovery of additional gold mineralized secondary features on Balmoral-controlled ground along the untested western margin of the same intrusion. Balmoral continues to control over 700 square kilometres of mineral rights along the length of the Sunday Lake deformation zone in Quebec, vast stretches of which remain untested.

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 (platinum group element) 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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