VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 30, 2013) – Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX:BAR)(OTCQX:BALMF) reported initial results from the summer/fall drill program on its wholly owned Martiniere Property. Highlights included extending the Bug Lake Gold Trend to over 1,000 metres along strike with a higher grade intercept of 19.05 g/t gold over 1.16 metres in the southern-most hole to date (MDE-13-113), a bonanza grade intercept of 99.80 g/t gold over 0.48 metres in down-dip testing of the main Bug Lake Gold Zone and a high-grade intercept of 5.59 g/t gold over 2.30 metres from a new discovery located 250 metres east of any previous gold intercepts on the Property. The Martiniere Property forms part of the Company’s 600+ square kilometre Detour Gold Trend Project in Quebec.
Bug Lake Expansion Drilling
Three holes, MDE-13-116 to -118, collared 300 metres south along strike of the southern-most historic Bug Lake Gold Trend intercept, successfully extended the Trend to over 1,000 metres. The Trend remains open to the south towards the regional scale Sunday Lake Deformation Zone. Hole MDE-13-117 returned an intercept of 7.44 metres grading 3.34 g/t gold including 1.16 metres grading 19.05 g/t gold (see table below). This hole also collared into a new, broad zone of anomalous gold mineralization which returned 13.07 metres grading 0.31 g/t gold from the bedrock collar.
Holes MDE-13-107 to MDE-13-114 tested the Bug Lake Zone at vertical levels between 150 (MDE-13-107) and 350 metres (MDE-13-113 – the deepest Bug Lake intercept to date). Drilling continues to confirm the presence of a second, sub-vertical “steep” section of the Bug Lake Zone at depth (MDE-13-113) with the steeper sections typically exhibiting greater widths and higher overall gold grades. Drilling also intersected high-grade veins style mineralization peripheral to the ME-23 and ME-16 discoveries, indicating potential to further expand these high-grade, near surface occurrences.
|MDE-13-107a||0+15 N||165 W||-45||87.26||92.90||5.64||1.66|
|162.74||163.65||0.91||4.24||Upper Bug Lake|
|177.44||192.22||14.78||0.22||Bug Lake (faulted)|
|MDE-13-108||0+15 N||165 W||-60||149.63||156.60||6.97||1.49||Hanging Wall|
|MDE-13-109||0+85 N||40 E||-45||93.60||93.96||0.36||10.10||ME-23|
|243.48||249.10||5.62||0.63||Upper Bug Lake|
|MDE-13-110||0+85 N||40 E||-60||113.30||117.96||4.66||0.80||ME-23|
|Terminated Above Bug Lake Zone|
|MDE-13-111||1+35 N||140 W||-45||93.24||93.59||0.35||10.71|
|MDE-13-112||1+05 N||20 W||-45||35.00||35.82||0.82||4.85||ME-16|
|MDE-13-113||1+05 N||20 W||-70||356.69||390.25||33.56||1.01||Bug Lake|
|MDE-13-114||0+70 N||20 E||-45||30.50||31.00||0.5||3.59|
|MDE-13-115||5+10 N||400 W||-45||No Significant Results|
|MDE-13-116||6+00 S||125 W||-45||155.00||161.00||6.00||0.51||Bug Lake|
|MDE-13-117||6+00 S||125 W||-50||45.25**||58.32||13.07||0.31||New|
|MDE-13-118||6+00 S||125 W||-60||58.80||59.46||0.66||3.20|
* 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.
** Collared into mineralized zone
Drill hole MDX-13-26, the first exploration hole of the program, tested a chargeability anomaly generated by the summer I.P. survey on the Martiniere Property and intersected a new zone of near surface, high-grade gold mineralization returning 5.59 g/t gold over 2.30 metres between down-hole depths 63.93 and 66.70 metres. The gold mineralization occurs at the sheared contact between a quartz porphyry intrusion and mafic volcanic rocks. This new discovery is located along the eastern flank of a large area of anomalous chargeability responses centered east and south of the heart of the Bug Lake Zone (see NR13-21, Sept. 5, 2013).
To view the location of this new discovery and the holes from the Bug Lake Gold Trend discussed above go to www.balmoralresources.com. Drilling on the Detour Trend Gold Project has now been suspended for freeze-up and is anticipated to resume in January. Additional drill results from the Martiniere and Doigt Properties will be released as they become available.
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner has supervised the work programs on the Martiniere Property, visited the property on multiple occasions, examined the drill core and/or photographs from the holes summarized in this release, discussed, reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results.
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 Martiniere field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals Val d’Or, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30 g aliquots. For samples returning greater than 5.00 g/t 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. – 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.
President and CEO
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
(604) 638-5815 / Toll Free: (877) 838-3664