06:38:17 EDT Tue 29 Sep 2020
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or Name

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Balmoral Resources Ltd
Symbol BAR
Shares Issued 151,192,922
Close 2019-11-26 C$ 0.295
Recent Sedar Documents

Balmoral stakes 62 claims at Detour East

2019-11-27 07:36 ET - News Release

Mr. Darin Wagner reports


Balmoral Resources Ltd. has acquired by staking 62 mineral claims located adjacent to its existing Detour East property in Quebec. The Detour East property and the claims staked form part of the company's Detour gold trend project and are located along and proximal to the Ontario-Quebec border where they adjoin the holdings of Detour Gold Corp. On Nov. 25, 2019, Detour Gold announced that it had entered into a definitive agreement to sell the corporation, subject to shareholder approval, in a deal with a preannouncement implied equity valuation of approximately $4.9-billion.

The potential acquisition of Detour Gold, combined with recent exploration success by the company and Wallbridge Mining in the GFA (Grasset-Fenelon-Area 51) district 80 kilometres to the east and the known resource and exploration potential of the company's Martiniere gold system (located 45 kilometres to the east), highlights the future growth potential of the Detour Gold trend. Balmoral remains the dominant landholder in the region controlling approximately 75 per cent of the known extent of the trend.

Area 52 drill results

The company currently anticipates that the final results for the nine drill holes recently completed in Area 52 testing the high-grade gold discovery announced by the company on Sept. 16, 2019, will be available within the next seven to 10 days following the receipt of outstanding assay results.

Qualified person and quality control

Michael Tucker (PGeo, B.C., Ontario, and temporary permit, Quebec), exploration manager for the company, is the non-independent qualified person for the technical disclosure contained within this release. Mr. Tucker supervised the Area 52 drill program described herein and has worked on the Fenelon property since 2014. Mr. Tucker has reviewed the drill core and analytical and quality control results described herein and has approved of the technical information contained within this release.

Balmoral has implemented a quality control program for all of its drill programs, to ensure best practice in the sampling and analysis of the drill core, which includes the insertion of blind blanks, duplicates and certified standards into sample stream. NQ-sized drill core is saw cut with half of the drill core sampled at intervals based on geological criteria including lithology, visual mineralization and alteration. The remaining half of the core is stored on site at the company's Val d'Or field office in Quebec. Drill core samples are transported in sealed bags to ALS Minerals' Val d'Or, Que., analytical facilities. Gold analyses are obtained via industry-standard fire assay with atomic absorption finish using 30-gram aliquots. For samples returning greater than 5.00 grams per tonne gold follow-up fire assay analysis with a gravimetric finish is complete. The company has also requested that any samples returning greater than 10.00 g/t gold undergo screen metallic fire assay. Following receipt of assays, quality assurance/quality control results are reviewed, visual analysis of mineralized intercepts is conducted and additional analysis may be requested. ALS Minerals is ISO 9001:2008 certified and the Val d'Or facilities are ISO 17025 certified for gold analysis.

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, recent gold discoveries in the GFA district, and the Grasset nickel-copper-cobalt-PGE (platinum group elements) deposit.

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