Balmoral Resumes Drilling of Grasset Nickel-Copper-PGE Discovery, Quebec
VANCOUVER, BC–(Marketwired – June 18, 2014) – Balmoral Resources Ltd. (TSX: BAR) (OTCQX: BALMF) (“Balmoral” or the “Company“) announced today that drilling to follow up the recent discovery of high-grade nickel-copper-PGE mineralization on the Company’s wholly owned Grasset Property in Central Quebec has resumed. Drilling will initially focus on the further delineation of Horizon 3 which returned a high grade intercept of 1.79% Ni, 0.19% Cu, 0.42 g/t Pt and 1.04 g/t Pd over 45.28 metres starting at less than 100 metres vertical depth in hole GR-14-25 (see NR14-11; May 20, 2014). A series of 8-10 holes will test for lateral and vertical extensions of this near surface high-grade sulphide zone prior to additional testing of Horizons 1 and 2. All Zones remain open in all directions for near term expansion. It is anticipated that this phase of the Grasset program will take 3-4 weeks to complete.
In addition the Company has plans to significantly expand its ground and airborne geophysical coverage along the entirety of the 16 kilometre long Grasset Ultramafic Complex over the summer months to examine the potential for additional nickel-copper-PGE mineralization along this largely untested trend.
“We are very excited to have drilling underway at Grasset as we begin to build on the impressive results from the winter drill program,” said Darin Wagner, President and CEO of Balmoral. “The Grasset Ni-Cu-PGE discovery presents our shareholders with an exciting opportunity at a time when the nickel market is very strong and demand for new projects in the nickel space is high.”
The Company also announced that all matters presented for approval at the Company’s Annual General Meeting of shareholders, held on June 13, 2014, have been duly authorized and approved, as follows:
(i) setting the number of directors at five and election of Balmoral’s nominees to the board of directors of the Company; and
(ii) appointment of Smythe Ratcliffe LLP as auditors of the Company for the ensuing year and authorization of the directors to fix their remuneration.
Detailed voting results for the election of directors (based on proxy returns) were as follows:
|Name||Shares Voted For||Shares Withheld|
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a Canadian-based discovery company focused on high-grade gold and nickel discoveries on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold and base metal assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
President and CEO