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Balmoral Resources Ltd
Symbol BAR
Shares Issued 177,973,783
Close 2020-01-15 C$ 0.375
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Balmoral to drill Fenelon property in February

2020-01-16 08:44 ET - News Release

Mr. Darin Wagner reports


Balmoral Resources Ltd.'s previously announced ground geophysical survey targeting the Area 51 gold system (see news release 19-27; Dec. 16, 2019) and related gold discoveries on its wholly owned Fenelon property in Quebec are continuing and on track to be completed later this month. Drill site permitting has already begun for those portions of the survey area completed to date, and drilling is anticipated to commence in February. The Fenelon property forms part of the company's district-scale Detour gold trend project located in west-central Quebec.

"We are very pleased with the early results from the extensive geophysical program being completed at Fenelon, and are in the process of permitting several additional drill sites targeting gold mineralization in Area 52, Area 51 West and along the Ripley/Sunday Lake gold trends," said Darin Wagner, president and chief executive officer of Balmoral. "The positive results from our fall Area 52 and Ripley drill programs are aiding in the evaluation of the ongoing geophysical work and allowing us to move rapidly from receipt of survey results to targeting and drill permitting."

It is currently anticipated that a minimum 5,000-metre diamond drill program will be conducted on several targets throughout the surveyed area during the current winter season. The focus will be on targeting extensions of the Area 51 gold system and on high-grade gold targets along and proximal to the Sunday Lake deformation zone which also transects the property.

2019 highlights

Between late October and the end of 2019 the company closed two private placements for gross proceeds totalling approximately $8.05-million, and received a Quebec exploration tax credit of slightly over $1.0-million, to enter 2020 in the strongest financial position it has been in since early 2017.

During 2019 new gold discoveries in Area 52, including the high-grade Ripley discovery, and the continuing growth of the Area 51 gold system, provided exciting new paths to growth and discovery in the Grasset-Fenelon-Area 51 (GFA) camp which will remain a focal point in 2020. This success built on an inventory of drill-ready gold discoveries and targets throughout the Detour gold trend project and new drill-ready nickel discoveries made earlier in the year at RUM, Gargoyle and in the central portion of the Grasset ultramafic complex. As a result Balmoral ended 2019 as one of the strongest performing mining equities -- year over year -- on the Toronto Stock Exchange.

The pending completion of the acquisition of Detour Gold Corp. by fellow Canadian gold producer Kirkland Lake Gold Ltd. promises to further highlight the potential of -- and increase the activity level along -- the Detour gold trend, where the company remains the dominant landholder.

With financing in place, an improved share price and the significantly increased level of activity in the region, Balmoral is well positioned as it enters 2020 to work toward repeating the success of 2019. In the near term, exciting discovery drill programs in the GFA area are set to get under way and as the year progresses the company will be in a position to resume the expansion of the already substantial, shallow high-grade gold resource on the nearby Martiniere property -- which was calculated at $1,300 (U.S.) per ounce gold -- and to advance a number of other gold discoveries and discovery opportunities it currently controls along the Detour gold trend.

Upcoming conference schedule

Balmoral will be exhibiting and presenting at both the Vancouver Resource Investment Conference (Jan. 19 to Jan. 20, 2020) and the AME Roundup (Jan. 20 to Jan. 23, 2020) this coming week in Vancouver. You can find representatives of the company at booth 501 at the VRIC (Vancouver Convention Centre West) and Mr. Wagner will be given a brief corporate presentation at 11:20 a.m. on Jan. 19 in workshop No. 6. Balmoral was invited to display the drill core from its high-grade GUC Central nickel discovery in the Core Shack at the Roundup (Vancouver Convention Centre East) on Jan. 22 and Jan. 23. Michael Tucker, exploration manager for the company, will give a technical presentation on the recent discoveries and exploration potential of the Grasset ultramafic complex in the base metal exploration session at 1:20 p.m. on Jan. 22.

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.

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 completed. 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, 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 and the Grasset nickel-copper-cobalt-PGE (platinum group element) deposit. Employing a 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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