Balmoral Drills 41m of Semi-Massive Sulphide at Grasset
VANCOUVER, BC–(Marketwired – April 30, 2014) – BALMORAL Resources Ltd. (TSX: BAR) (OTCQX: BALMF)
- Multiple “stacked” mineralized zones identified
- Mineralized sequence extended to 840 metres along strike
- GR-14-16 yields anomalous nickel-copper-platinum group element mineralization over 65.15 metres
Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR) (OTCQX: BALMF) reported that the latest hole to test the Company’s Grasset Ni-Cu-PGE discovery, hole GR-14-25, has intersected 41.00 metres of heavily disseminated to semi-massive “net-textured” sulphide mineralization, including a 1.09 metre massive sulphide interval, at shallow depths (97.9 – 138.9 metres downhole). The net-textured sulphide zone is comprised primarily of pyrrhotite, with lesser pentlandite (nickel sulphide), chalcopyrite (copper sulphide) and minor pyrite, surrounding host silicate minerals, consistent with previously reported Ni-Cu-PGE mineralized intervals from the property. Hole GR-14-25 tested down-dip and along strike of an extensive Ni-Cu-PGE mineralized zone in hole GR-14-16 (see below). Photographs of selected sections from the net textured sulphide zone in hole GR-14-25 are now available on the Company’s website at www.balmoralresources.com. Assay results from GR-14-25, and recently completed holes GR-14-22, 23 and 24, are anticipated within the next 2-4 weeks.
The net-textured sulphide zone in hole GR-14-25 is the shallowest of three sulphide mineralized intercepts observed in this hole. Holes GR-14-22 and GR-14-23, collared 260 metres northwest of GR-14- 25, each cut two intervals of disseminated to “blebby” pyrrhotite-pentlandite-chalcopyrite mineralization. The Company currently interprets these observations to indicate the presence of multiple, “stacked,” sulphide mineralized horizons within the host Grasset ultramafic complex. The upper sulphide zone in hole GR-14-25 hosts the most intense sulphide mineralization observed to date. Holes GR-14-22 and GR-14-23 extend the strike extent of the mineralized system to 840 metres. It remains open along strike to the northwest, to depth in all directions and potentially to the southwest (see Figure 1 and Figure 2 ).
Holes GR-14-16, 22, 23 and 25 exhibit relatively undeformed, primary magmatic sulphide textures typical of Ni-Cu-PGE mineralized systems (see “Nickel Deposits” on the Grasset page of the Company’s website).
Results Holes GR-14-16 to 21
The Company has received final assay results from holes GR-14-16 to GR-14-21, completed during the first phase of 2014 winter drilling program at Grasset. Hole GR-14-16 intersected a very broad Ni-Cu-PGE mineralized zone, returning 0.38% nickel, 0.03% copper, 0.06 g/t platinum and 0.13 g/t palladium over 65.15 metres. This includes a previously reported, higher grade basal intercept of 16.27 metres grading 0.55% nickel, 0.06% copper, 0.10 g/t platinum and 0.23 g/t palladium (see NR14-07; March 5, 2014). This intercept is related to 1 to 5% fine-grained, disseminated pyrrhotite-pentlandite-chalcopyrite mineralization. By comparison the net textured sulphide interval in hole GR-14-25 ranges from 3% to 100% sulphide. Readers are cautioned that it remains too early to draw correlations between the percentage of sulphide in the Grasset system, the percentage of sulphide minerals in previously completed holes and the grades of nickel, copper, platinum and palladium reported to date. Multiple factors, aside from sulphide percentages, can have a significant impact on final assay grades. The receipt of final assays also extends the mineralized halo around the high-grade massive sulphide intercept in hole GR-14-17 to 15.17 metres from 11.47 metres as previously reported (see Table 1, below).
Table 1: Ni-Cu-PGE Intercepts
| Hole | North | West | Dip | From | To | Interval* | Nickel | Copper | Platinum | Palladium | |||||
| Number | (m) | (m) | (m) | (%) | (%) | g/t | g/t | ||||||||
| GR-14-16 | 025S | 400 E | -55 | 130.80 | 195.92 | 65.12 | 0.38 | 0.03 | 0.06 | 0.13 | |||||
| including** | 170.17 | 186.44 | 16.27 | 0.55 | 0.06 | 0.10 | 0.23 | ||||||||
| GR-14-17 | 085 S | 700 E | -55 | 126.00 | 134.30 | 8.30 | 0.30 | 0.03 | 0.05 | 0.12 | |||||
| 154.20 | 157.61 | 3.41 | 0.29 | 0.08 | 0.10 | 0.15 | |||||||||
| 161.06 | 176.23 | 15.17 | 0.82 | 0.09 | 0.15 | 0.34 | |||||||||
| including** | 169.26 | 170.72 | 1.46 | 3.69 | 0.23 | 0.53 | 1.23 | ||||||||
| GR-14-18 | 085 S | 700 E | -59 | 213.23 | 213.87 | 0.64 | 0.85 | 0.23 | 0.24 | 0.51 | |||||
| GR-14-19 | 085 S | 700 E | -71 | 102.25 | 112.00 | 9.75 | 0.33 | 0.03 | Pending | ||||||
| GR-14-20 | 080 S | 630 E | -54 | 223.58 | 234.98 | 11.40 | 0.31 | 0.04 | 0.07 | 0.17 | |||||
| including | 234.60 | 234.98 | 0.38 | 1.27 | 0.08 | 0.51 | 1.17 | ||||||||
* All intercepts reported are down hole lengths, not true thicknesses. Insufficient drilling has been completed to date to define the orientation of the mineralized zone in space
** previously released – see NR14-07, March 5, 2014
Holes GR-14-17, 18, 19 and 24 are drilled on section, in and around the previously reported massive sulphide intercept in GR-14-17. All four holes intersected anomalous Ni-Cu-PGE mineralization and show evidence of local faulting/deformation and some evidence of local sulphide remobilization not seen in the intercepts to the northwest (holes GR-14-16, 22, 23 and 25).
Gold Discovery
Drill hole GR-14-18 discovered a new zone of anomalous gold mineralization, returning 0.64 g/t gold over 21.09 metres. This broad new gold zone is hosted by an extensive network of quartz-pyrite veining, within sedimentary lithologies, located stratigraphically beneath the Grasset ultramafic complex. Anomalous zones of gold mineralization were also intersected in hole GR-14-21 which tested the Sunday Lake deformation zone proximal to the Grasset gold discovery southwest of the Grasset Ni-Cu-PGE discovery (see Figure 1 and Table 2 below).
Table 2: Gold Intercepts
| Hole | North | West | Dip | From | To | Interval* | Gold | |||
| Number | (Metres) | (Metres) | (Metres) | g/t | ||||||
| GR-14-18 | 085 S | 500 E | -59 | 344.69 | 365.78 | 21.09 | 0.64 | |||
| including | 353.14 | 360.60 | 7.46 | 1.03 | ||||||
| GR-14-21 | NA** | NA** | -55 | 254.52 | 257.71 | 3.19 | 0.71 | |||
| 317.69 | 328.70 | 11.01 | 0.79 | |||||||
| including | 317.69 | 318.50 | 0.81 | 5.47 | ||||||
| 358.55 | 360.69 | 2.14 | 4.38 | |||||||
| including | 359.80 | 360.69 | 0.89 | 9.47 |
* All intercepts reported are down hole lengths, not true thicknesses. Insufficient drilling has been completed to date to define the orientation of the mineralized zone in space
** Collared outside Grasset grid to test Grasset Gold Zone
Drilling at Grasset has been suspended for break-up and is due to re-commence, as ground conditions permit, once assay and follow-up geophysical results have been received. Balmoral is also in the process of finalizing plans to complete detailed airborne geophysical testing of the entire 16 kilometre length of the Grasset ultramafic complex controlled by the Company. This will include surveying an area of known nickel-copper-PGE occurrences located within the complex 8 kilometres northwest of the Grasset discovery.
QP and Quality Control
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person who has approved the scientific and technical information contained in this news release. Mr. Wagner has supervised the work programs on the Grasset Property, visited the property on multiple occasions, has examined the drill core from the holes summarized in this release, reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results.
Balmoral employs a quality control program for all of its drill programs, to ensure best practice in the sampling and analysis of drill core. This includes the insertion of blind blanks, duplicates and certified standards into the 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 Fenelon field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals Val d’Or, Quebec analytical facilities. Base metal analysis were initially obtained via ICP-AES with both Aqua Regia and 4 Acid digestion employed. The two digestion methods show good correlation. Nickel values in excess of 10,000 ppm are reanalyzed using a sodium peroxide fusion followed by ICP-AES finish. PGE values were obtained via industry standard fire assay with ICP-AES finish using 30 g aliquots. Following receipt of assays, visual analysis of mineralized intercepts is conducted and additional analysis may be requested. ALS Minerals is ISO 9001:2008 certified.
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 |
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 uncertain nature and interpretation of geophysical models, 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.
