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Balmoral Resources Ltd
Symbol BAR
Shares Issued 151,001,811
Close 2019-07-29 C$ 0.205
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Balmoral outlines new zone at RUM North

2019-07-30 09:04 ET - News Release

Mr. Darin Wagner reports

BALMORAL DISCOVERS PRECIOUS METAL RICH NICKEL SULPHIDE ZONE AT RUM

Balmoral Resources Ltd. has discovered a new zone of nickel-copper-cobalt-gold-platinum-palladium mineralization during its first (and so far only) day of mapping and prospecting on its recently acquired RUM North property in central Quebec.

This new discovery -- the Bluenose zone -- is characterized by a high 3E (gold plus platinum plus palladium) to nickel plus copper ratio, with gold and PGE values significantly exceeding those of the nearby Lac Rocher nickel deposit. The mineralized samples (see attached table) were collected from outcrop within a previously undiscovered ultramafic intrusion on the RUM North property. Balmoral has increased the size of the RUM North property to cover potential extensions of this discovery.

Prior to the commencement of the current Area 52 drill program, Balmoral's crews conducted a short, first-pass mapping and prospecting program on the RUM properties which the company staked in 2018. The RUM project is located in the Lac Rocher nickel district of central Quebec.

The field program was very successful. It identified four new ultramafic intrusions in outcrop on the properties as well as the Bluenose nickel sulphide zone. The latter was discovered using historic airborne geophysical coverage and Balmoral's new geological model for the Lac Rocher district.

Two representative hand samples were collected from a small, low-lying outcrop on the southern part of the RUM North property. Both samples returned strongly elevated nickel, copper, cobalt, gold, platinum and palladium values, which are particularly significant given the relatively low sulphide contents observed in the hand samples.

  Table 1 
 
           % Ni   % Cu   % Co   g/t Au   g/t Pd   g/t Pt    % S   3E/Cu+Ni ratio
Sample 1   0.54   0.19   0.02     0.32     0.73     0.57   1.56              2.2      
Sample 2   0.42   0.17   0.02     0.25     0.56     0.56   1.17              2.3      

The samples were collected within an ovoid-shaped magnetic anomaly, which is now known to be an ultramafic (pyroxenite) intrusion. This pyroxenite intrusion appears to have been emplaced along a trend of conductive (sulphide bearing) country rocks. There are significant conductivity responses on both the eastern and western edges of the magnetic high correlating to the newly discovered pyroxenite body, potentially indicative of massive sulphide development on either flank of the intrusion in areas of overburden cover.

Balmoral's crews were also able to confirm the presence of a similar ultramafic intrusive body to the northeast in isolated outcrops which is associated with a larger magnetic anomaly. None of the airborne electromagnetic anomalies inspected by the crew across the project area occur in outcrop, likely as a consequence of selective erosion of sulphide-rich material during glaciation.

"The discovery of the Bluenose zone at RUM North and its proximity to significant EM conductors is an exciting start to our exploration of the RUM project," said Darin Wagner, president and chief executive officer of Balmoral Resources. "This short program has not only confirmed our geological model for the Lac Rocher district with the discovery of precious-metal-rich nickel sulphide mineralization, but has also served to highlight the potential of this underexplored nickel sulphide camp."

Upon completion of the current phase of drilling in Area 52 Balmoral's exploration crew will return to the RUM North property to further evaluate this new discovery and determine what additional work is necessary prior to initial drill testing.

Qualified person

Michael Tucker (MSc, PGeo, British Columbia, Ontario, temp. permit, Quebec), is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Tucker supervised the RUM field program, is currently supervising the Area 52 drill program and has 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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