VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 5, 2013) – Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX:BAR)(OTCQX:BALMF) today reported that it has outlined a large, ovoid shaped, chargeability anomaly extending for over 1,800 metres in a NW-SE direction on its wholly owned Martiniere Property in Quebec (See Figure 1 below or visit www.balmoralresources.com). Known gold mineralized zones on the property, including the Bug Lake Gold Zones and the numerous high-grade intercepts in the Martiniere East area, are associated with, or flank, this large anomaly. The majority of the newly defined anomaly remains to be drill tested, suggesting potential for a significant expansion of the mineralized system in the Martiniere East/Bug Lake area.
Chargeability anomalies such as the one discussed above are typically associated with either disseminated or semi-massive sulphide mineralization. Throughout the Martiniere Property there is a strong correlation between gold mineralization and sulphide minerals.
In addition to the large anomaly in the Martiniere East area a new anomaly was identified in the NW corner of the survey area. This opened-ended anomaly is located along the flanks of a prominent magnetic high and sits immediately south of a series of airborne geophysical conductors which will also be examined by the current geophysical program.
A second large geophysical grid, covering the Martiniere West Gold Zone and West Zone Extensions identified by the winter 2013 drill program, is currently being surveyed. Additional surveying is also planned to test a portion of the Sunday Lake Deformation Zone, which hosts the Detour Gold deposit 45 kilometres to the east. The Martiniere Property forms part of the Company’s wholly owned 600+ square kilometre Detour Gold Trend Project in Quebec.
Revisions to the current drill plan are currently underway to incorporate testing of the Martiniere East anomaly and potential extensions of the Bug Lake and related gold zones identified by the survey.
Balmoral also announced that it has identified a large geophysical anomaly on its wholly owned Doigt property which is located approximately 7 kilometres to the northwest of the Bug Lake area. On the Doigt Property, the Company has outlined a 600 metre long, open-ended chargeability anomaly, associated with a distinct resistivity high, which flanks a gabbro body identified in the area by mapping. A small, isolated EM conductor also correlates with the chargeability anomaly. There is no known historic drilling on the Doigt Property.
This association of a gabbro body with distinct EM and I.P. anomalies flanking it, in less magnetic rocks, is nearly identical to the signature of the known gold mineralized zones at Martiniere West and the Company’s Fenelon Property to the east. Both gold systems, and the Detour Gold deposit to the west, were discovered by testing isolated EM anomalies associated with the transition from strong to weak magnetic rocks making the Doigt target a high-priority for drill testing.
Located 40 kilometres east of Martiniere, the Grasset Property stretches for 20 kilometres along the Sunday Lake Deformation Zone and has seen very limited historic exploration. Grasset hosts recent gold and base metal discoveries and geophysical work is now underway on the property to refine drill targeting for follow-up of both the Grasset gold and nickel-PGE discoveries, and to examine other select areas on the property. Follow-up testing of these anomalies will be scheduled once the geophysical results have been received and evaluated.
Drilling Update – Martiniere Property
Diamond drilling continues on the Martiniere Property with approximately 5,000 metres of a planned 10,000 metres completed to-date in 18 holes. Initial drill results remain pending and will be released as they become available. As noted above the summer/fall drill program will be modified to incorporate testing of the recently defined geophysical anomalies.
The fully funded 2013 summer/fall exploration program on the Detour Gold Trend Project remains on budget.
Mr. Darin Wagner (P.Geo.), is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner is the President and CEO of the Company. He has supervised the exploration activities described here in, reviewed and helped to evaluate the data, examined the diamond drill core from the holes discussed and visited the project site on multiple occasions.
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 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, and any production therefrom or economics with respect thereto, are not indicative of mineral deposits on the Company’s properties or the potential production from, or cost or economics of, any future mining of any of 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.
To view “Figure 1: Plan view 100m depth slice of inverted induced polarization chargeability results. Units are mv/V, gold histograms shown on drill hole traces“, please visit the following link: http://media3.marketwire.com/docs/BAR-0905-fig1.pdf.
Manager, Corporate Development
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