VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 18, 2013) – Balmoral Resources Ltd. (“Balmoral” or the “Company“) (TSX VENTURE:BAR)(OTCQX:BALMF) today reported that the latest round of drill testing on the Company’s Northshore Property in Ontario has intersected a new high-grade gold bearing vein system in hole WB-13-47, the final hole of the current program, returning an intercept of 5.23 g/t gold over 6.00 metres at a vertical depth of less than 15 metres, including 19.20 g/t gold over 1.50 metres.
This shallow, high-grade intercept is located in an area of sparse testing between the Afric Gold Zone and the former producing high-grade Northshore mine on the Property. GTA Resources and Mining Inc. (“GTA”), the operator of the current exploration program on the Northshore Property, interprets this upper intercept, and a second high-grade intercept of 8.85 g/t gold over 1.00 metre located lower in the same hole, as trending parallel to the Northshore vein system and open for lateral and vertical expansion.
“We are very encouraged to see new, shallow, high-grade gold opportunities opening up at Northshore, as well as further progress in defining the broader elements of the gold system on the Property,” said Darin Wagner, President and CEO of Balmoral Resources.
* Reported drill intercepts are not true widths. At this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space. None of the reported broader intercepts require capping based on the previous established capping parameters for the Northshore Property
Hole WB-13-45 tested the western extension of the Afric Zone and returned a best intersection of 4.07 g/t gold over 1.50 metres interpreted to correlate with the high-grade Audney vein.
Hole WB-13-46 tested the Northeast extension of the Afric Zone intersecting the Zone between 137.00 metres and ended within the zone of anomalous gold mineralization at 200.00. This interval assayed 0.59 g/t gold over 63.00 metres, including 7.45 g/t gold over 1.50 metres near the end of the hole between 197.00 and 198.50 metres.
An updated plan map showing all new collar locations and drill hole traces can be viewed on the Company’s website atwww.balmoralresources.com.
Located immediately south of the town of Schreiber, Ontario within the Hemlo-Schreiber greenstone belt, 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 8.0% of the issued and outstanding shares of GTA and holds the shares for investment purposes.
QUALITY ASSURANCE/QUALITY CONTROL
The planning, execution and monitoring of the 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.
GTA has implemented a quality control program for the drill programs on the Northshore Property to ensure best practice in sampling and analysis. GTA 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, Ontario 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.
About Balmoral Resources Ltd. – www.balmoralresources.com.
Balmoral is a Canadian-based precious metal exploration and development company focused on high-grade gold discoveries along the Detour Gold Trend 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 discovery and definition of high-grade, Canadian gold assets.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company’s expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company’s projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company’s ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company’s ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company’s mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Manager, Corporate Development
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