Balmoral drills 0.5 m of 66.5 g/t Au at Northshore

Balmoral Resources Ltd. has released results from eight holes completed on the company’s Northshore property in Ontario. The intercepts reported today expand the Afric gold zone along strike to the northeast and to depth. Results continue to point to the presence of several high-grade gold-bearing structures within a very broad corridor of anomalous gold mineralization. Exploration on the Northshore property is being financed and operated by GTA Resources and Mining Inc. under a previously announced option agreement between the companies.

Highlights from today’s release include:

  • Hole WB-12-29 returned two broad intercepts of anomalous gold mineralization including two new high-grade discoveries (9.15 grams per tonne (g/t) gold over three metres and 9.78 g/t gold over five metres), expanding the Afric zone to the northeast into an area of limited historic drilling.
  • Hole WB-12-33 returned an average grade of 1.37 g/t gold over 68 metres (including 12.16 g/t gold over four metres), representing one of the deepest intersections on the property to date and indicating the Afric zone remains open at depth.
  • Several bonanza-grade intersections include: 66.50 g/t gold over 0.50 metre (WB-12-33), 50.90 g/t gold over 0.50 metre and a second deeper intercept of 50.90 g/t gold over 0.50 metre (WB-12-29), and 20.10 g/t gold over one metre (WB-12-29).
  • The gold mineralization hosted within the Afric intrusive complex has been partially defined over an area exceeding 450 metres in strike length and to depths in excess of 390 vertical metres.

All recent holes intersected significant gold mineralization hosted within a strongly altered felsic porphyry package termed the Afric intrusive complex. Multiple occurrences of visible gold mineralization were observed in several holes. An updated plan map showing collar locations for the holes announced today is available on the Northshore property page of the company’s website.

                             PHASE 3 DRILL RESULTS                                              

Hole                       Hole depth       From          To    Interval      Grade
No.                          (metres)   (metres)    (metres)    (metres)   g/t gold

WB-12-28                       287.00      24.00       41.00       17.00       0.32
including                                  24.00       25.00        1.00       1.82
WB-12-29                       350.00       9.20       84.00       74.80       1.12
including                                  28.00       56.00       28.00       2.00
which includes                             42.00       42.50        0.50      25.30
                                          229.00      287.00       58.00       1.54
including                                 236.00      239.00        3.00       9.15
which includes                            237.50      238.00        0.50      50.90
including                                 268.00      285.00       17.00       3.25
which includes                            270.00      275.00        5.00       9.78
and which includes                        270.00      270.50        0.50      50.90
and                                       274.00      275.00        1.00      20.10
WB-12-30                       326.00       5.00       48.00       43.00       1.02
including                                  12.00       20.00        8.00       4.58
                                          176.00      181.00        5.00       1.93
                                          275.00      276.00        1.00      14.50
WB-12-31                       344.00     143.00      198.00       55.00       0.83
including                                 143.00      157.00       14.00       1.32
which includes                            146.50      147.00        0.50      20.60
including                                 197.00      198.00        1.00      15.80
WB-12-32                       444.00     231.00      244.00       13.00       1.00
                                          337.00      348.50       11.50       1.26
                                          368.00      369.00        1.00       9.91
                                          419.80      432.00       12.20       1.02
WB-12-33                       563.00     421.00      489.00       68.00       1.37
including                                 421.00      430.00        9.00       5.94
which includes                            421.00      425.00        4.00      12.16
and                                       423.50      424.00        0.50      66.50
WB-12-34                       215.00      61.10       83.00       21.90       0.96
including                                  74.00       83.00        9.00       2.01
which includes                             74.00       76.00        2.00       6.96
WB-12-35                       449.00      62.00       63.00        1.00       4.11
                                          413.00      429.00       16.00       1.06
including                                 414.00      416.00        2.00       2.76

Additional information

Holes WB-12-32 and WB-12-33, the deepest holes ever drilled on the Northshore property, undercut the Afric zone at depth with both holes intersecting significant gold values. The intersection in WB-12-33 (1.37 g/t gold over 68 metres, including 12.16 g/t gold over four metres) represents one of the deepest gold intersections ever encountered on the property, at approximately 390 metres vertically below surface. Hole WB-12-33 was terminated within a zone of anomalous gold mineralization at 563 metres indicating that the Afric zone remains open at depth.

Holes WB-12-29, WB-12-30 and WB-12-35 were drilled to further evaluate the northeast extension of the Afric zone and all three holes encountered significant gold mineralization. WB-12-29 returned an intercept of 1.95 g/t gold over 44.50 metres (including 9.78 g/t over five metres) at approximately 200 metres vertically below surface and hole WB-12-35, the most northeasterly hole of the current program, intersected 1.06 g/t gold over 16 metres. These intercepts indicate that the system remains open for expansion to the northeast beyond the limits of current drilling.

To date, GTA has completed a total of 35 drill holes (8,224 metres) on the Northshore property and anomalous gold mineralization has been intersected over a surface extent exceeding 450 metres by 350 metres and to a vertical depth of over 350 metres. Drill results to date confirm the presence of a large, porphyry-style gold-mineralized system at Northshore which hosts several discrete higher-grade gold vein systems.

GTA has indicated that, based on the results reported today, that it expects to commence a fourth phase of drilling in February, 2013.

QA/QC (quality assurance/quality control)

The planning, execution and monitoring of GTA’s exploration programs on the Northshore property are under the supervision of Robert (Bob) Duess, PGeo (Ontario), vice-president, 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.

GTA has advised the company that it has implemented a quality control program for the drill programs on the Northshore property to ensure best practice in sampling and analysis. GTA stated that it maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by AGAT Laboratories Ltd. of Sudbury, Ont., with ISO 17025 accreditation. Samples are transported in security-sealed bags to AGAT and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30-gram fire assay with an ICP and/or gravimetric finish. In some cases, due to the high-grade nature and the abundance of visible gold mineralization, a screen pulp and metallic analysis was performed.