VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 19, 2013) – Balmoral Resources Ltd. (“Balmoral”or the “Company”) (TSX VENTURE:BAR)(OTCQX:BALMF) has been advised by GTA Resources and Mining Inc. (“GTA”) that drilling has resumed on the Company’s Northshore Property located near Schreiber, Ontario. The Northshore Property hosts the Afric Gold Zone, a broad at/near surface gold zone which has, to date, been outlined over an area of 500 x 350 metres and intersected to a vertical depth of 350 metres. Several high-grade vein structures have been identified within the broader Afric Zone and these, along with extensions of the Afric Zone, will be the focus of the planned drill program. GTA has indicated that they plan to complete 2,500 metres of drilling during the current program.
Gold mineralization on the Northshore Property is hosted within a sequence of felsic intrusive and lesser volcanic rocks. The Afric Zone is characterized by strong fracturing, moderate to locally strong alteration, disseminated sulphide mineralization and locally abundant visible gold. The mineralization is most similar to that associated with porphyry-style gold deposits and remains open in several directions. High-grade mineralization typically occurs in quartz veins and veinlets hosted by north-northeast trending fracture sets within the broader Afric Zone. Additional high-grade vein systems on the property, including the one associated with the former producing Northshore Mine, also remain to be evaluated.
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).
Martiniere Drilling Update
Drilling continues on Balmoral’s flagship Detour Gold Trend Project, with two drills active on the Martiniere Property. Drilling is currently focused on the expansion of the Martiniere West and Bug Lake gold zones. To date, a total of 20 holes have been completed along the Bug Lake Fault Zone and 8 holes in the Martiniere West area. In addition, 15 exploration holes (MDX series) were completed at the start of the winter drill campaign.
As previously announced (see NR13-06, March 4, 2013), the initial results from the winter program more than doubled the known extent of the Martiniere West gold bearing structure, with high-grade gold mineralization now having been intersected over 850 metres along strike in the Martiniere West area and remaining open in all directions.
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.
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.
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 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.
Balmoral Resources Ltd.
Manager, Corporate Development
(604) 638-5815 or Toll Free: (877) 838-3664
(604) 648-8809 (FAX)