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Balmoral Resources Ltd
Symbol BAR
Shares Issued 151,192,922
Close 2019-12-13 C$ 0.325
Recent Sedar Documents

Balmoral begins geophysical survey at Fenelon

2019-12-16 09:06 ET - News Release

Mr. Darin Wagner reports

BALMORAL'S AREA 51 GOLD SYSTEM I.P. PROGRAM COMMENCES, DETOUR GOLD TREND PROJECT, QUEBEC

Balmoral Resources Ltd. has commenced its largest ground geophysical survey in over four years, targeting the Area 51 gold system on its wholly owned Fenelon property in Quebec. The Fenelon property forms part of the company's district-scale Detour gold trend project in Quebec.

Balmoral's Detour gold trend project adjoins the holdings of Detour Gold Corp. -- the subject of a pending over $4.5-billion takeover offer -- on its western end, controls the largely untested extensions of the rapidly expanding Area 51 gold system, and features Balmoral's wholly owned, resource-stage Martiniere gold and Grasset nickel deposits.

Area 51 -- Fenelon induced polarity survey

The IP survey currently under way on Balmoral's Fenelon property will provide first-pass coverage of the untested Area 50 and Area 51 West exploration targets. It will also add to the existing IP coverage of the Area 52 target. The latter target area has been confirmed to host both the southern continuation of the Area 51 gold system (see news release dated Sept. 16, 2019) and Balmoral's recent high-grade Ripley zone gold discovery (see news release dated Dec. 4, 2019).

In total, Balmoral plans to complete a minimum of 46 line kilometres of surveying. Results from the initial phase of IP work in Area 52 proved effective for targeting both A51 style sulphide-rich and more classic shear zone hosted gold mineralization, as evidenced by the Ripley discovery.

Several IP targets remain untested from the first-pass survey at Area 52 and these have been permitted for drilling. Permitting will continue as results are received from the current program with the goal of having drill targets permitted and prioritized shortly after the surveying is completed. Commencement of drill testing would then be planned for early in the first quarter of 2020 and would carry on through the winter months with the full extent of the drill program to be determined by results.

To date, well over 500 drill holes have been drilled testing the Fenelon-Area 51 gold system on the adjacent Fenelon mine property. Only 16 drill holes have tested the three target areas on Balmoral's much larger Fenelon property, with 14 of the 16 holes having returned gold mineralization.

"We have only just begun to scratch the surface on the potential of the Area 51 gold system at Fenelon," said Darin Wagner, president and chief executive officer of Balmoral Resources. "With geophysical surveying under way, data arriving daily, funds in place and drilling set to commence in the next few weeks, we are looking to continue to build on the positive momentum along the Detour gold trend."

Qualified person and quality control

Michael Tucker (PGeo, British Columbia, 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 recent Area 52 drill program described herein and has worked on the Fenelon property since 2014. Mr. Tucker 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 elements) deposit.

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