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VANCOUVER, BRITISH
COLUMBIA--(Marketwire - June 1, 2011) - Balmoral Resources Ltd. ("Balmoral"
or the "Company") (TSX VENTURE:BAR) announced today
additional results from the in-fill and expansion drill program on the
Company's Fenelon Gold Project located along the Detour Gold Trend in
central Quebec. The recently completed Phase 1 drill program returned
multiple high grade, shallow gold intercepts
from the Fenelon Gold Zone. Highlights include intercepts of 11.37 g/t
gold over 3.65 metres and 5.46 g/t gold over
5.00 metres from the D Vein and 6.46 g/t gold
over 5.26 metres and 7.23 g/t gold over 2.77 metres from the C Vein. Results from an additional
seven expansion holes and nine exploration holes drilled to test other
discrete targets on the Fenelon Property completed as part of the Phase
1 2011 program remain pending.
The high-grade Fenelon Gold Zone is comprised of a series of
sub-vertically oriented gold-bearing shear veins (A to F) hosted within
or adjacent to a mafic-ultramafic intrusion.
Located 29 kilometres east of, and now
contiguous with, Balmoral's Martiniere Gold Project where initial drill results
indicate the discovery of high-grade gold mineralization at Martiniere West, the Fenelon Gold Zone is road
accessible. The Fenelon Gold Zone has been the subject of historic
metallurgical, economic and engineering studies including the
development of underground ramp access.
--------------------------------------------------------------------------- From To Interval Gold Hole No. Section Vein Type Metres Metres Metres g/t --------------------------------------------------------------------------- FAB-11-12 1040 E In-Fill 102.00 102.75 0.75 5.27 D 107.00 109.00 2.00 0.28 Int. 1+C 124.24 129.50 5.26 6.46 including Int. 1 124.24 125.45 1.21 21.10 and including C 127.50 127.98 0.48 16.35 --------------------------------------------------------------------------- FAB-11-14 1010 D Expand 83.08 86.60 3.52 2.07 including 86.17 86.60 0.43 6.53 --------------------------------------------------------------------------- FAB-11-15 1010 D+C Expand 85.24 93.70 8.46 4.37 including D 85.24 86.35 1.11 8.02 and including C 90.00 91.32 1.32 19.23 --------------------------------------------------------------------------- FAB-11-16 1010 C Expand 118.00 119.02 1.02 72.80 --------------------------------------------------------------------------- FAB-11-17 1090 D Expand 76.00 81.00 5.00 5.46 --------------------------------------------------------------------------- FAB-11-18 1090 D Expand 101.23 102.50 1.27 2.12 C 127.00 129.77 2.77 7.23 --------------------------------------------------------------------------- FAB-11-19 1090 D Expand 128.50 129.00 0.50 3.01 --------------------------------------------------------------------------- FAB-11-20 1090 C Expand 205.00 207.12 2.12 2.73 --------------------------------------------------------------------------- FAB-11-21 1100 D Expand 84.87 85.75 0.88 1.89 C Expand 98.00 102.50 4.75 0.65 --------------------------------------------------------------------------- FAB-11-23 1110 D Expand 141.00 151.00 10.00 0.18 --------------------------------------------------------------------------- FAB-11-24 1120 C Expand 175.00 182.00 3.50 1.08 --------------------------------------------------------------------------- FAB-11-25 1140 D Expand 98.00 101.65 3.65 11.37 including 101.35 101.65 0.30 85.50 --------------------------------------------------------------------------- FAB-11-26 1140 D Expand 115.50 117.00 1.50 0.18 --------------------------------------------------------------------------- FAB-11-27 1140 D Expand 164.00 164.48 0.48 0.10 --------------------------------------------------------------------------- (i) Reported intercepts are interpreted to represent 80 to 95% of true thickness; planned holes FAB-11-13 and FAB-11-22 were not completed due to unstable ice conditions.
The current drill program has now intersected
the principal C and D veins for 110 and 130 metres
along strike, at shallow depths, with the veins remaining open to depth
on all sections. Three dimensional modeling of the results are underway
in an effort to better understand and target the high-grade gold
mineralization at Fenelon. Cross-sections from the holes reported today
will be made available shortly on the Balmoral
website at www.balmoralresources.com.
The Fenelon Property forms part of Balmoral's
district scale Detour Gold Trend Project. The Project extends for 70 kilometres along the regional gold-bearing
Detour-Sunday Lake Deformation Zone, which hosts the multi-million
ounce Detour Gold deposit in Ontario. Balmoral's
Detour Gold Trend Project features the Martiniere
West, Central and East Gold Zones, the high-grade Fenelon Zone, and the
Lynx and Rambo prospects on the Detour East Property. By systematically
employing modern exploration technologies and models to the least
explored of the major gold trends in the Abitibi Greenstone Belt Balmoral is looking to build on its initial
successes and create shareholder value through resource expansion and
discovery.
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 initial work programs on the property, visited the
property on multiple occasions, examined the drill core from some of
the holes summarized in this release and reviewed the analytical and
quality control results.
About Balmoral Resources Ltd.
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 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
securely stored on-site at the Company's Fenelon camp in Central
Quebec. Drill core samples are transported in sealed bags to ALS-Chemex's Val d'Or, Quebec analytical facilities.
Gold analyses are obtained via industry standard fire assay with atomic
absorption finish using 50 g aliquots. For samples returning greater
than 1.0 g/t gold the sample is re-analyzed via fire assay with a
gravimetric finish. The Company has also requested that any samples
returning greater than 8.0 g/t gold undergo screen metallic assay.
Following receipt of assays, visual analysis of mineralized intercepts
is conducted and additional geochemical analysis may be requested to
insure the accurate representation of mineralized zones. ALS Chemex is an ISO 9001-200 and ISO 17025 certified
laboratory.
Balmoral is a Vancouver-based precious metal
exploration and development company focused on district scale gold
opportunities in politically favourable
jurisdictions 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
resource expansion and 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.
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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