Balmoral Resources (BAR.T) is out with some more impressive assay results from the the Grasset Ni-Cu-PGE discovery in Quebec. The highest grade hole to date was intercepted with hole GR-14-57 returning 57.88 metres of 1.85% nickel, 0.21% copper,0.40 g/t platinum, and .97 g.t palladium.
Balmoral holds a large land position in the area and believes the Ni-Cu-PGE mineralization occurs in an ultramafic intrusion that the team has traced for 16 kilometres.
Very few nickel deposits have been found in the last several years and this is an exciting early stage discovery for the company.
Assays from the twelve holes released today show that:
- Broad intervals of nickel sulphide mineralization continue to be made in the discovery area
- The Horizon 3 sulphide zone extends to a depth of 350 vertical meters and for a similar distance along strike
- Reported intercepts are also beginning to demonstrate the continuation of high-grade nickel sulphide mineralization to the northwest of the previously intersected fault/disruption corridor
Results from the eight holes that remain in the assay lab and are expected to be released in the next four weeks.
Drilling at the Grasset project will resume in early 2015 with a focus on delineating the Horizon 3 area and testing other areas of the Grasset ultramafic complex (GUC).
Balmoral has a strong treasury of ~$17.7 million after closing a $10 million dollar financing on November 3rd. Funds will be used for exploration at the Grasset project as well as the high grade gold Martiniere project.
“Today’s results continue to demonstrate the broad widths and very high nickel-PGE tenure of the Horizon 3 sulphide zone and expand the discovery to depth were it remains open” said Darin Wagner, President and CEO of Balmoral. “Results from an additional 8 holes are expected before year end and we look forward to an exciting year ahead as we continue the delineation of the Horizon 3 discovery and begin the process of evaluating the balance of the Grasset Ultramafic Complex (“GUC”) for additional zones of nickel-copper-PGE mineralization.”