VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 4, 2013) –
- Extends High-Grade Gold System by Over 500 Metres
- System Remains Open in All Directions for Further Expansion
Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX VENTURE:BAR)(OTCQX:BALMF) today reported that initial results from the on-going Winter 2013 drill program on its Martiniere Property in Quebec have confirmed a major expansion of the Martiniere Gold System. The Martiniere Property forms part of the Company’s wholly owned 82 kilometre long Detour Gold Trend Project in Quebec.
Results from four widely spaced holes drilled to the southwest along projected strike from the high-grade Martiniere West Zone, encountered similar high-grade gold mineralization up to 510 metres along strike from the previously known southwest margin of the West Zone. High-grade gold intercepts have now been reported for over 850 metres along this structural trend, from the northeastern margin of the West Zone to the southwestern-most hole drilled to date (MDX-13-17a). These results also increase the known extent of the Martiniere gold system, which includes the West, Central, ME-16 and Bug Lake area Zones, to approximately 2,000 metres in a northeast-southwest direction (See Figure below) and it remains open-ended. Results were highlighted by an intercept of 6.71 g/t gold over 7.40 metres (including 12.28 g/t gold over 2.45 metres) in hole MDX-13-13, and hole MDX-13-17a which returned two separate high grade intercepts of 10.67 g/t gold over 2.45 metres and 8.19 g/t gold over 2.22 metres.
“More than doubling the known extent of West Zone style mineralization and having a very high rate of success with such widely spaced, first pass drill holes in this type of high-grade gold system further reinforces the scale and upside potential at Martiniere” said Darin Wagner, President and CEO of Balmoral Resources. “While it’s too early to suggest continuity of these new intercepts with the more extensively drilled West Zone it’s clear that the gold-bearing system remains strong well outside our previous drilling and that there is now potential to develop near surface, high-grade gold resources over a significantly expanded strike length.”
* 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.
To view the Schematic Long Section Figure, please visit the following link: http://media3.marketwire.com/docs/BAR0303.pdf
The high-grade gold intercepts in holes MDX-13-11, 13, 15 and 17 all occur along the projected strike of the West Zone. The gold mineralization in each hole is hosted within zones of weak to moderate shearing located within the same gabbroic intrusion as the West Zone. Anomalous to high-grade gold values within the sheared gabbro occur in association with moderate to strong silica flooding, quartz +/- carbonate veining and areas of increased (3-10%) sulphide (primarily pyrite) mineralization. All of these characteristics are in keeping with the known mineralization in the West Zone. The host gabbro body can be traced in geophysical data for an additional 500 metres to the southwest were it is anticipated to intersect the regional scale Sunday Lake Deformation Zone which hosts the multi-million ounce Detour Gold deposit 45 kilometres to the west. This area remains untested.
Four additional holes, MDX-13-8 to 10 and 12, tested a geochemical anomaly 300+ metres west of the holes reported above, on the west side of the Martiniere gabbro complex. These holes intersected a number of zones of alteration and veining but no significant gold mineralization. Hole MDX-13-14 tested an isolated geochemical anomaly located east of the projected strike of the West Zone trend and north of the Sunday Lake Deformation Zone intersecting weakly anomalous gold mineralization over narrow intervals associated with quartz-carbonate veining. Final results from holes MDX-13-16 and MDX-13-18, which tested a geochemical anomaly located two kilometres to the southwest along the Sunday Lake Deformation Zone remain pending.
Drilling continues with two drills on site at Martiniere. One is currently conducting expansion drilling in the immediate vicinity of the West Zone and the second is testing for shallow, along strike extensions of the Bug Lake Zone. Additional drilling in the area of the discoveries reported today is currently being planned. To date 30 drillholes, totaling 7,700 metres, have been completed since the Winter 2013 program was initiated in January. The Winter 2013 and planned Summer 2013 drill programs on the Detour Gold Trend project are fully funded.
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 Vancouver-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 news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s 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.
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.
John Toporowski, Manager
(604) 638-5815 / Toll Free: (877) 838-3664