Balmoral Reports 9.47 g/t Gold Over 9.00 Metres From Northshore Property, Ontario
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Dec. 10, 2013) – Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX:BAR)(OTCQX:BALMF) has been advised by GTA Resources and Mining Inc. (“GTA”) (TSX VENTURE:GTA) that recently completed drill testing on the Company’s Northshore Property in Ontario has returned high-grade gold intercepts from both the Afric Gold Zone and the recently identified Gino Vein. Results from two holes testing the eastern portion of the Afric Gold Zone were highlighted by a high-grade interval of 9.47 g/t gold over 9.00 metres hosted within a 201 metre wide zone of anomalous gold mineralization which returned a length weighted, uncut, average grade of 0.73 g/t gold in drill hole WB-13-51.
Three holes tested the recently identified (see NR13-16, July 18, 2013) high-grade, near surface Gino vein. All three holes successfully cut the targeted steeply dipping, east-west trending quartz-carbonate vein system returning high-grade gold intercepts of 46.40 g/t gold over 1.00 metre, 41.60 g/t gold over 1.00 metre and 6.38 g/t gold over 2.00 metres from the Gino Vein. All three intercepts occur at vertical depths of less than 125 metres. The Gino Vein system is interpreted to parallel the trend of the former producing, high-grade North Shore Gold mine also located on the property.
“We continue to be impressed with the scale of the Afric Gold Zone and the potential to develop a high-grade core within a very broad halo of anomalous gold mineralization,” said Darin Wagner, President and CEO of Balmoral Resources. “The successful follow-up to the Gino Vein system discovery adds another significant high-grade gold bearing element to the property, in particular when viewed in the context of the former producing North Shore Mine located immediately to the north.”
| Hole | Depth | Azimuth | Dip | From | To | Interval * |
Gold ** |
Target |
| Number | (metres) | (metres) | (metres) | (metres) | (g/t) | |||
| WB-13-48 | 125 | 345 | -45 | 101.00 | 104.00 | 3.00 | 15.97 | Gino Vein |
| including | 101.00 | 102.00 | 1.00 | 46.40 | “ | |||
| WB-13-49 | 140 | 30 | -45 | 110.00 | 111.00 | 1.00 | 41.60 | Gino Vein |
| 125.00 | 126.50 | 1.50 | 2.69 | |||||
| 137.00 | 138.50 | 1.50 | 7.05 | |||||
| WB-13-50 | 152 | 10 | -55 | 15.00 | 17.00 | 2.00 | 2.79 | |
| 146.00 | 148.00 | 2.00 | 6.38 | Gino Vein | ||||
| WB-13-51 | 244 | 315 | -50 | 23.00 | 224.00 | 201.00 | 0.73 | Afric Zone |
| including | 134.00 | 224.00 | 90.00 | 1.41 | “ | |||
| including | 159.50 | 203.00 | 43.50 | 2.51 | “ | |||
| including | 159.50 | 168.50 | 9.00 | 9.47 | “ | |||
| WB-13-52 | 212 | 315 | -50 | 20.00 | 212.00 | 192.00 | 0.54 | Afric Zone |
| including | 81.00 | 86.00 | 5.00 | 3.80 | “ | |||
| and | 128.00 | 180.50 | 52.50 | 1.26 | “ | |||
| which includes | 171.50 | 180.50 | 9.00 | 3.53 | “ | |||
| which includes | 179.00 | 180.50 | 1.50 | 16.80 | “ |
| * | Reported drill intercepts are core lengths and not true widths. At this time there is insufficient data to calculate true orientations. |
| ** | None of the reported broader intercepts required capping based on the previously established capping parameters for the Northshore Property. |
Located immediately south of the town of Schreiber, Ontario, the Northshore Property is currently 100% owned by Balmoral and under option to GTA. GTA can earn an initial 51% interest in the Property under the terms of an option agreement between the companies (see News Release NR11-17; July 27, 2011). Balmoral currently controls approximately 11.4% of the issued and outstanding common shares of GTA.
Quality Control and Assurance
The planning, execution and monitoring of GTA’s exploration programs on the Northshore Property are under the supervision of Mr. Robert (Bob) Duess, P. Geo. (Ontario), VP Exploration of GTA. Mr. Duess is a qualified person as defined by National Instrument 43-101 and is also the Qualified Person for this release. Mr. Duess has supervised the work programs on the Northshore Property, supervised the collection of the samples and drill core described herein and reviewed the assays and QA/QC data. Mr. Duess has also reviewed and approved this release.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a Vancouver-based precious metal exploration and development company focused on delineation of a series of high-grade gold discoveries on its wholly owned Detour Gold Trend Project located in Quebec, Canada. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade gold assets.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
