VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 3, 2012) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) today reported results from 9 drill holes which extend the strike length of the Bug Lake Zone to 400 metres and confirm the presence of significant high-grade gold mineralization along the length of the Bug Lake structure. The Zone remains open in all directions with additional drill results pending. The Martiniere Property forms part of the Company's Detour Gold Trend Project which spans over 82 kilometres along the Sunday Lake Deformation Zone in Quebec. Balmoral's holdings adjoin those of Detour Gold who are in the final phases of construction of what will be, according to Detour's commentary, Canada's largest gold mine.
Drill results were highlighted by drill hole MDE-12-46, which returned an intercept of 15.09 g/t gold over 5.18 metres including, 1.58 metres grading 44.27 g/t gold (see Table below) from the central portion of the Bug Lake Zone. Hole MDE-12-46 was drilled 61 metres up-dip of hole MDE-11-14 which returned an intercept of 3.60 g/t gold over 7.25 metres (see NR11-31; Dec. 5, 2011). Six of the nine holes included in today's release returned at least one assay result greater than 20 g/t gold.
Hole MDE-12-39 intersected a bonanza grade structure, which returned an intercept of 195.50 g/t gold over 0.97 metres, in the hanging wall above the Bug Lake Zone at less than 30 metres vertical depth. This structure may be similar to the recent announced bonanza grade Footwall discovery (which returned 273 g/t gold over 3.88 metres; see NR12-19; Aug. 16, 2012). Additional drilling will be necessary to determine the continuity of this new structure.
"Our understanding of the Bug Lake Gold Zone continues to evolve as we expand this new, open-ended gold discovery to the north, to the south and to depth," said Darin Wagner, President and CEO of Balmoral Resources. "We are obviously pleased to see a number of high to bonanza grade gold intercepts from the Zone which suggests potential similar to that observed in the nearby West Zone and Footwall discovery."
Gold Results
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Hole From To Interval(i) Gold
Number (Metres) (Metres) (Metres) (g/t) Sub-Zone
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MDE-12-31 20.00 36.04 16.04 0.30 Upper Bug
74.68 92.16 17.48 0.19 Lower Bug
109.00 119.80 10.80 0.84 Lower Bug
including 111.27 113.00 1.73 3.29 "
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MDE-12-32 23.00 43.00 20.00 1.24 Upper Bug
including 39.34 40.00 0.66 25.70 "
61.00 69.50 8.50 0.18 Lower Bug
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MDE-12-33 27.75 39.56 11.81 0.22 Upper Bug
62.87 77.00 14.13 0.51 Lower Bug
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MDE-12-39 35.56 36.53 0.97 195.50 Hanging Wall
50.36 60.00 9.64 1.59 Upper Bug
including 56.82 58.00 1.18 6.60 "
72.00 86.10 14.10 0.87 Upper Bug
including 75.30 76.30 1.00 6.36 "
104.02 153.37 49.35 1.08 Lower Bug/Gabbro
including 106.18 106.61 0.43 27.50 "
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MDE-12-40 68.00 85.60 17.60 0.48 Upper Bug
including 80.57 81.55 0.98 5.09 "
138.70 170.15 31.45 0.32 Lower Bug
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MDE-12-41 117.00 136.21 19.21 1.32 Lower Bug
including 123.75 124.50 0.75 25.70 "
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MDE-12-42 88.60 107.03 18.43 0.24 Upper Bug
139.85 141.98 2.13 18.93 Lower Bug
including 139.85 140.70 0.85 40.20 "
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MDE-12-43 66.04 87.40 21.36 1.18 Upper Bug
including 68.00 68.80 0.80 20.05 "
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Additional Sampling on-going for Lower Bug sub-zone
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MDE-12-46 133.10 146.67 13.57 5.93 Lower Bug
including 133.10 138.28 5.18 15.09 "
which
includes 134.00 135.58 1.58 44.27 "
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(i) Reported drill intercepts are not true widths. At this time there is
insufficient data with respect to the shape of the mineralization to
calculate true orientations in space.
Details
The Bug Lake Zone is roughly 350 degree striking, 30 to 70 metre wide zone of faulting, silica-sulphide alteration and quartz-carbonate veining which cross-cuts the principal northeast-trending Martiniere mineralized shear system (see Figure 1 below). The Bug Lake Zone dips to the east and appears to exhibit a sigmoidal dip surface. Initial interpretation suggests that increasing widths of anomalous gold mineralization are related to steeper dipping sections of Zone. These broader gold mineralized intervals appear to demonstrate a shallow southerly plunge. Several previously reported "Martiniere East" intercepts appear to lie along down-dip projects of the Bug Lake Zone or in immediately adjacent structures. On-going interpretation of results from recently completed drilling along the Bug Lake Zone will be incorporated in future releases and on sections/plans on the Company's website (
www.balmoralresources.com) as they become available.
Guidance
Analytical results from an additional 24 drill holes completed on the Martiniere Property remain pending at this time. These include additional results from the Bug Lake Zone as well as holes testing the high-grade ME-16 and ME-23 discoveries and a series of holes testing the recent bonanza grade Footwall discovery.
Drilling is now anticipated to resume at Martiniere within the next 3-5 days with initial testing focused on expansion of the Bug Lake, new Hanging Wall and Footwall discoveries. Drilling will continue into the fall as conditions permit before a brief hiatus during freeze-up.
Drilling continues on the Company's Northshore Property near Schreiber, Ontario with 14 holes now completed during the current program being conducted on the Property by funding partner GTA Resources and Mining.
Quality Control
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 photographs of the drill core from the holes summarized in this release, reviewed the results with the on-site project geologists and reviewed the available analytical and quality control results.
Balmoral has implemented a quality control program for all of its drill programs, to ensure best practice in the sampling and analysis of the drill core, which includes the insertion of blind blanks, duplicates and certified standards into sample stream. NQ sized drill core is saw cut with half of the drill core sampled at intervals based on geological criteria including lithology, visual mineralization and alteration. The remaining half of the core is stored on-site at the Company's Martiniere field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals Val d'Or, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30 g aliquots. For samples returning greater than 5.00 g/t gold follow-up fire assay analysis with a gravimetric finish is completed. The Company has also requested that any samples returning greater than 10.00 g/t gold undergo screen metallic fire assay. Following receipt of assays visual analysis of mineralized intercepts is conducted and additional analysis may be requested to ensure the accurate representation of mineralized zones. ALS Minerals is ISO 9001:2008 certified and the Val d'Or facilities are ISO 17025 certified for gold analysis.
About Balmoral Resources Ltd. -
www.balmoralresources.comBalmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in North America. 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.
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 are not indicative of mineral deposits on 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.
To view Figure 1, click on the following link:
http://media3.marketwire.com/docs/b103m.pdf