Balmoral Completes Winter Drill Program at Martiniere
- Identifies New Area of Anomalous Gold Mineralization
- Files Updated NI43-101 Technical Report for Martiniere Property
VANCOUVER, BRITISH COLUMBIA--(April 5, 2013) - Balmoral Resources Ltd.. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) announced today that it has completed the winter 2013 drill program on its Detour Trend Gold Project in Quebec. Drilling was focused in and around the high-grade Martiniere West Zone and Bug Lake area gold discoveries and on exploration targets on the broader Martiniere Property. The expansion and exploration drill program was completed on time and on budget.
In total, approximately 13,600 metres of drilling were completed in 50 Diamond drill holes. Twenty four holes focused on lateral and depth extensions of the Bug Lake and associated zones of gold mineralization (results pending), nine holes on vertical and lateral extensions of the West Zone at depths below 150 metres (results pending) and eighteen first pass exploration holes which were completed outside the areas of previous testing on the Property (results of sixteen holes (MDX-13-08 to -23) have now been received and reported).
Results received to date (see NR13-06; Mar. 4, 2013) have indicated that high-grade gold mineralization can now be traced for over 850 metres along the trend of the Martiniere West Zone, more than doubling the previously known length of this trend and extending to over 2,000 metres the northeast-southwest strike extent of the Martiniere gold system. As well, recently received results indicate the discovery of a new area of anomalous gold mineralization located approximately 500 metres northeast of the Bug Lake Zone in an area of the property which had not been previously. Hole MDX-13-20 intersected a number of intervals of anomalous gold mineralization (ranging from 0.96 g/t gold to 2.67 g/t gold) over drill indicated intervals of 0.32 to 3.03 metres. The anomalous gold mineralization occurs within a zone of increased pyrite content and quartz-carbonate veining between 82.83 and 114.25 metres down hole. This new discovery and the others announced earlier continue to demonstrate the highly prospective nature of the Company's extensive land holdings along the Detour Gold Trend, adjacent Canada's newest gold producer.
Updated Martiniere Technical Report Filed
Balmoral also announced that it has now filed, under the Company's profile on Sedar (www.sedar.com), an updated NI43-101 technical report for the Martiniere Property in Quebec. The report updates and replaces a previous report filed in early 2012. The current report incorporates all work completed by Balmoral on the Property up and to the end of 2012. The report was prepared for the Company on an independent basis by Equity Exploration Consultants Ltd. of Vancouver and will also be made available via the Company's website at www.balmoralresources.com. The Company further advises that drilling continues on its Northshore Property in Ontario as announced March 19, 2013 (see NR13-07).
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 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 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. |
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Balmoral Resources Ltd.
Suite 2300 - 1177 W Hastings St
Vancouver, BC Canada V6E 2K3
Toll Free: 1-877-838-3664
Contact Information
as of 11:45am EST March 3, 2013
Recent Press Releases
From Balmoral Resources:
BRITISH COLUMBIA--(arch 19, 2013) - Balmoral Resources Ltd. 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. [...]
RITISH COLUMBIA--(March 4, 2013) - Balmoral Resources Ltd. today reported that initial results from the on-going Winter 2013 drill program on its Martiniere Property in Quebec have confirmed a major expansion of the Martiniere Gold System. The Martiniere Property forms part of the Company's wholly owned 82 kilometre long Detour Gold Trend Project in Quebec. | |