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VANCOUVER, BC --(Marketwired - March 23, 2016) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR)(OTCQX: BALMF) reported today that drilling and geophysical work has resumed on the Company's wholly owned Martiniere Gold Property, part of the Detour Trend Project, in Quebec. Initial drilling will focus on the delineation and expansion of the sparsely tested southern two-thirds of the Bug Lake Gold Trend and, weather conditions permitting, will also look to expand on other recent gold discoveries within the broader Martiniere gold system.
An extensive I.P. (Induced Polarization) survey is also underway targeting the recently discovered, gold-bearing, Lac du Doigt ("LD") fault zone. This is the first ground geophysical work focused on the LD fault where reconnaissance drilling in 2015 successfully traced three sub-parallel gold zones for approximately 180 metres along strike (see Figure 1). All three zones remain open in all directions. The I.P. survey will cover a 5,000 metre long segment of the LD fault, as well as several other potential structural zones in the area. The goal is to provide targets for summer drill testing. The LD fault parallel's the Sunday Lake Deformation Zone which hosts the Detour Lake Gold Mine 45 kilometres to the west. It represents a new environment for gold mineralization on the Martiniere Property and across the broader land package held by Balmoral.
"As always, it is an exciting time for our shareholders when we have drills turning on the Martiniere Property, and in particular in the Bug Lake area which has produced some of the highest grade gold intercepts to date from the entire Detour Trend," said Darin Wagner, President and CEO of Balmoral Resources. "We continue to expand both the known zones of gold mineralization on the Property and, with discoveries like those along the LD fault, the overall size of the gold mineralized system in the Martiniere area."
Bug Lake Gold Trend and Martiniere Gold System
Drilling to date has traced the Bug Lake Gold Trend south from where it intersects the LD fault for over 1,800 metres. North of the LD fault it remains open and untested, as it does to the south toward the Sunday Lake deformation zone. Gold mineralization within the Bug Lake Trend is centered around a quartz porphyry filled fault corridor with high-grade (+3 g/t, with individual intercepts to over 9,000 g/t) gold mineralization occurring in several sub-parallel zones within, and in both the hanging wall and footwall to, the fault corridor. These high-grade zones are typically surrounded by broader haloes of anomalous to low-grade gold mineralization which can range from 10's to over 130 metres in width.
Drilling to date along the Bug Lake Trend has intersected gold mineralization to vertical depths of approximately 400 metres. 97% of the drilling to date has focused on the shallow portion of the Trend, between surface and 250 vertical metres. The known gold mineralization remains open to depth on all sections.
In addition to Bug Lake, the Martiniere Property hosts the 1,000 metre long Martiniere West Gold Trend. This trend features multiple zones and occurrences of gold mineralization located along a northwest oriented shear corridor centered approximately 600 metres west of the heart of the Bug Lake Trend. High-grade gold mineralization within the Martiniere West Zone has been traced from surface to 325 vertical metres. It, and several sub-parallel gold zones along the trend, remain open for expansion.
The Martiniere East area, 300 to 500 metres east of the Bug Lake Trend, also hosts a number of high-grade, vein style gold occurrences. For further maps and information on the Martiniere gold system and the individual mineralized zones please visit our website at www.balmoralresources.com.
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person who has reviewed and approved the scientific and technical information contained in this news release. Mr. Wagner has supervised the work programs on the Martiniere Property, visited the property on multiple occasions, 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 well-funded, Canadian-based company actively delineating and expanding both high-grade gold and nickel-copper-PGE discoveries on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. Employing an award winning exploration team, Balmoral has a philosophy of creating value through the drill bit. By focusing our efforts in proven productive precious/base metal belts in one of the world's pre-eminent mining jurisdictions, 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
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 programs and expenditures, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, the prospective nature of the Company's land holdings, the nature and style of the mineralization discussed and its interpreted continuity, interest of investors in the results generated by the Company's exploration activities 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 uncertain nature and interpretation of geological and geophysical models, 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 of the potential production from, or cost or economics of, any future mining of, or production from, and of 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.
For further information contact:
Vice-President, Corporate Development
Tel: (604) 638-5815
Toll Free: (877) 838-3664