VANCOUVER, BC--(Marketwired - December 11, 2014) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (BAR.TO)(BALMF) reported today that over 50 discrete electromagnetic ("EM")conductors have been outlined along the interpreted trend on the Grasset Ultramafic Complex (the "GUC"), which hosts the Company's recent Grasset nickel-copper-PGE discovery. Of the 50+ conductors outlined over half are spatially associated with strongly magnetic rocks -- a setting analogous to the Grasset discovery located at the extreme southeastern end of the GUC.
The airborne survey was completed by Geotech Ltd. utilizing their "VTEM Plus" low level, high resolution, helicopter-borne magnetic and electromagnetic system. In addition to the Grasset Trend a number of other areas of the Detour Gold Trend Project were surveyed. Standard line spacing for the survey was 100 metres, with the Grasset discovery area flown at 50 metre line spacing to allow better characterization of the known mineralization. Over 1,250 anomalous EM responses (or "picks") were identified by the survey with each anomaly typically comprised of several picks. The EM anomalies outlined along the Grasset Trend display a wide range of intensities and extend from approximately 100 to over 2,000 metres in strike length.
In the discovery area an isolated, moderate strength EM anomaly, associated with the magnetic high marking the GUC, was outlined over the massive nickel sulphide interval reported previously from hole GR-14-17. However, as anticipated from surface surveys and geophysical tests performed on the drill core, no EM response was evident over the bulk of the Grasset Ni-Cu-PGE zone which is comprised dominantly of net-textured to heavily disseminated nickel sulphide mineralization. Other semi-massive to massive sulphide and graphite bearing units in the footwall to the GUC produced weaker EM anomalies. Massive to semi-massive nickel sulphide mineralization typically produces a moderate to very strong EM response, while disseminated sulphide mineralization, where the sulphide grains are not physically connected to each other, do not typically produce an EM response, consistent with the results for the survey.
"Our summer airborne survey has confirmed a very target rich geological environment, for over 20 kilometres, along the projected strike extent of the GUC" said Darin Wagner, President and CEO of Balmoral. "Individual targets are currently being evaluated and will be prioritized for drill testing. We anticipate resumption of drilling on the Grasset Ni-Cu-PGE discovery in mid-January and initial testing of priority targets generated by the airborne survey to follow and form part of the winter 2015 Grasset program."
In addition to Ni-Cu-PGE mineralization, the airborne data will assist the Company in evaluating the potential for zinc-copper-silver-gold VMS mineralization similar to the deposits in the nearby Selbaie and Mattagami districts. These deposits are typically associated with weak to moderate, short strike length conductors, with or without associated magnetic anomalies. As well, it will assist the Company's on-going gold exploration activities. Both of the Company's Fenelon and Martiniere gold zones, and the large Detour Gold deposit located to the west, were discovered while testing airborne EM anomalies.
Final results from the summer-fall Grasset (8 holes) and Lac Hugo (6 holes) drill programs are expected prior to year end and drilling will resume on the Detour Trend Project in early 2015.
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person who has approved the scientific and technical information contained in this news release. Mr. Wagner has supervised the work programs on the Grasset Property, visited the property on multiple occasions, has reviewed the airborne geophysical results presented to the Company by Geotech Ltd. and the initial geological and geophysical interpretations of the data prepared by the Company's in-house team and external consultants.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a well-funded, 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.
"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 programs, 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 geophysical properties, 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 and their similarities to deposits on other 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.comand 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.