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Balmoral stakes three nickel-sulphide targets in Quebec

2019-08-26 10:19 ET - News Release

Mr. Darin Wagner reports


Balmoral Resources Ltd., following the recent discovery of precious metal-rich nickel-sulphide mineralization on its Rum North property (see news release, July 30, 2019), has acquired by staking three new nickel-sulphide targets similar to the intrusion hosting the Bluenose discovery. The company now controls 15 individual ultramafic intrusive targets, covered by six separate properties, in the Lac Rocher nickel district in central Quebec.

Based on analysis of the geophysical signature of the intrusion hosting the nickel-copper-gold-platinum-palladium mineralization at Bluenose, Balmoral has staked two new properties, Rum Northwest and West, and further expanded the Rum North property to acquire control of three similar geophysical anomalies outside its existing property holdings. Time and weather permitting, the company plans to conduct preliminary field examinations of each of these new targets this fall as well as further follow-up work on the Bluenose discovery.

Bluenose zone follow-up

Balmoral's exploration team has also recently collected a series of additional samples from the sulphide mineralized outcrop at the Bluenose discovery. Hand stripping and mapping have successfully extended the sulphide mineralized zone across the available outcrop exposure, a distance of approximately 10 metres across interpreted strike. The mineralized outcrop then descends into more heavily overburden-covered areas which may, at least in part, be amenable to mechanical stripping. Samples have been submitted for assay and results are anticipated in the next four to six weeks.

Area 52 gold target drill program, Detour gold trend project, Quebec

Balmoral also advises that it has now completed the first phase of drilling of the Area 52 gold target, and has already received board approval and contracted with its service providers for a resumption of drilling in early September. In total, four drills holes were completed totalling 2,148 metres, along the projected extension of the Area 51 gold corridor and the regional-scale Sunday Lake deformation zone.

Mineralized zones (shear-zone related, vein-hosted quartz/sulphide mineralization) were observed in all four holes over widths varying from one to tens of metres. In three of the four holes, the observed mineralized zones correlate well with the geological setting of the Area 51 gold mineralization recently discovered on the adjacent Fenelon mine property. The fourth hole tested a separate target located along the Sunday Lake deformation zone which was identified by the company's recent geophysical work. In total, over 1,400 samples have been submitted for assaying. Results will be released once the results from all four holes have been received and reviewed.

The Area 52 target is located on the company's Fenelon property, part of its regional-scale Detour gold trend project in west-central Quebec. Area 52 represents a previously untested gold target centred on the intersection of the regional-scale Sunday Lake deformation zone -- host to the multimillion-ounce Detour Lake gold mine -- and the recently discovered Area 51 gold corridor. See the company's website for additional details on the Area 52 gold target and the Detour gold trend project.

Gargoyle nickel project, Ontario

Balmoral has opted to make the second option payment under the Gargoyle property agreement (see news release dated Aug. 27, 2018) by which it can earn a 100-per-cent interest in the Gargoyle nickel property located near Atikokan, Ont. The company's airborne geophysical work at Gargoyle has provided significant encouragement, with numerous moderate to strong conductors being defined proximal to the recently discovered nickel-sulphide mineralization at Gargoyle.

Ground follow-up at Gargoyle has been delayed as a result of the recent discovery of nickel sulphide mineralization at Rum North and the high priority placed on the Area 52 drill program. The company will still attempt to get crews on the ground at Gargoyle before the end of the fall season.

Qualified person

Michael Tucker (MSc, PGeo B.C., 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 and the Area 52 drill program on behalf of the company, 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 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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