VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 18, 2013) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX:BAR)(OTCQX:BALMF) today reported the highest grade gold intercept to date from the Martiniere West Gold Zone on its wholly owned Detour Gold Trend Project in Quebec. Hole MDW-13-88, testing a revised geological model at shallow depths within the central portion of the Martiniere West Zone, returned an intercept of 10.62 g/t gold over 21.44 metres, including a bonanza grade core intercept of 108.00 g/t gold over 1.95 metres. This intercept is nearly double the grade of the highest grade intercept from previous drilling testing the West Zone (67.76 g/t gold over 1.36 metres). The bonanza grade intercept is surrounded by a broad mantle of pyrite-sericite alteration, silica flooding and anomalous gold mineralization over a down-hole width of 21.44 metres in keeping with the majority of Martiniere West Zone intercepts.
The Company also reported results from 5 holes drilled along the SW Extension of the Martiniere West Zone which further confirm the presence of multiple zones/occurrences of high-grade gold mineralization within the Martiniere gabbro complex. Highlights include intercepts of 5.01 g/t gold over 3.57 metres and 8.44 g/t gold over 1.82 metres along with the identification of new gold bearing structures (see Table 2 below).
"While the price of gold may have retreated from historic highs, intercepts of high-grade gold mineralization like today's result from MDW-13-88 don't demonstrate a great deal of "price sensitivity" but do continue to demonstrate the potential of the gold system at Martiniere," said Darin Wagner, President and CEO of Balmoral. "The emergence of new shallow high-grade gold targets along the Southwest Extension provides additional opportunities for growth as we head into 2014."
Table #1 - Martiniere West Zone Intercepts
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Hole Azimuth Dip From To Interval(i) Gold Zone
Number (Metres) (Metres) (Metres) (g/t)
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MDW-13-74 115 -45 71.33 115.28 43.95 0.32
including 93.20 99.85 6.65 1.19
189.97 190.93 0.96 3.08 HW3
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MDW-13-75 113 -45 21.69 35.00 13.31 0.34 Main
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MDW-13-76 113 -63 13.14 33.21 20.07 0.40 Main
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MDW-13-83 119 -78 179.62 203.95 24.33 0.28
including 201.36 202.20 0.84 3.86
329.85 349.36 19.51 0.31 Main?
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MDW-13-84 118 -63 57.06 60.31 3.25 1.46
153.98 162.80 8.82 1.29 HW3
including 158.43 159.16 0.73 13.50 "
217.33 220.85 3.52 1.05
275.86 276.37 0.51 15.95 HW2
442.98 444.47 1.49 8.08 HW1
541.02 563.60 22.58 0.44 Main
including 558.09 561.87 3.78 1.57 "
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MDW-13-86 113 -45 30.00 58.24 28.24 0.29 HW2
including 40.70 41.25 0.55 3.75 "
89.29 92.55 3.26 0.51 Main
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MDW-13-87 113 -51 42.69 52.70 10.01 0.84 HW2
including 48.85 49.57 0.72 3.43 "
94.70 97.22 2.52 0.19 Main
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MDW-13-88 113 -56 29.09 49.61 20.52 1.55 HW2
including 47.28 48.69 1.41 17.15 "
101.90 123.34 21.44 10.62 Main
including 101.90 103.85 1.95 108.00 "
which includes 103.35 103.85 0.50 388.00 "
and including 110.61 111.21 0.60 4.33 "
and 155.88 156.76 0.88 9.58 "
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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.
Interpretation
Drill holes MDW-13-75 and 76 tested the near surface, up-plunge northeast extension of the Martiniere West Zone intersecting broad zones of anomalous gold mineralization which typically flank the high-grade core of the Zone. The high-grade core may have been eroded in this area consistent with previous interpretations.
MDW-13-83 and 84 tested for depth extensions of the Zone. Hole 83 intersected an unmineralized felsic dyke (quartz porphyry) at the West Main Zone target depth after intersecting anomalous gold mineralization over a down hole interval of 19.51 metres. Hole MDW-13-84 tested the down-plunge extension of the Zone approximately 75 metres vertically beneath holes MDW-13-67 and -68. It is interpreted to have intersected the West Main Zone at a vertical depth of approximately 375 metres returning a broadly anomalous interval of gold mineralization typically associated with the outer margins of the Zone. The West Zone is therefore interpreted to remain open at depth beneath the limit of current drilling.
Holes MDW-13-86 to MDW-13-88 were collared from the same location within the central part of the West Zone. On-going interpretation of results, suggested the presence of a minor fold or fault internal to the Zone in this area and additional information was needed to assist with future resource evaluation. Holes 86 and 87 intersected marginal phases of the West Main Zone, while hole 88 returned the highest grade intercept from the Zone to date confirming the presence of minor folding or faulting in this area and suggesting potential for increased grade proximal to this internal structure within the core of the West Zone.
Southwest Extension
Five holes were collared approximately 225 metres southwest of the currently interpreted southwestern limit of the West Zone. These holes follow-up on the discovery of high-grade gold mineralization - 6.71 g/t gold over 7.40 metres - in hole MDX-13-13 earlier this year (see NR13-04; March 4, 2013). Four of the five holes successfully intersected the MX-13 target and returned gold mineralized intercepts ranging from 5.01 g/t gold over 3.57 metres to 2.74 g/t gold over 1.48 metres. In addition, a number of new broad intervals of anomalous gold mineralization and discrete high-grade gold mineralized structures were intersected further emphasizing the potential for new discoveries throughout the host Martiniere gabbro complex. There is potential to project the MX-13 target for several hundred metres into the West Zone area and to the southwest through areas of limited drill testing.
Table 2: Southwest Extension Holes
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Hole Azimuth Dip From To Interval(i) Gold Zone
Number (Metres) (Metres) (Metres) (g/t)
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MDW-13-79 111 -54 24.94 41.05 16.11 0.27 New
including 64.54 65.50 0.96 7.14 New
197.61 220.68 23.07 0.22 MX13
including 210.48 211.96 1.48 2.74 "
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MDW-13-80 111 -58 56.25 66.46 10.21 0.21 New
167.95 168.38 0.43 3.08 New
191.56 209.79 18.23 0.68 New
including 191.56 191.96 0.40 18.70 "
and 204.53 205.21 0.68 3.25 "
238.96 248.68 9.72 1.91 MX13
including 239.52 243.09 3.57 5.01 "
which includes 241.92 242.54 0.62 14.85 "
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MDW-13-81 112 -54 146.60 158.60 12.00 0.19 New
211.29 218.20 6.91 1.36 MX13
including 215.44 215.97 0.53 10.75 "
and 217.84 218.20 0.36 4.47 "
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MDW-13-82 112 -58 174.60 177.48 2.88 3.92 New
including 176.60 177.48 0.88 12.55 "
201.02 214.60 13.58 1.55 MX13
including 205.02 211.42 6.40 3.22 "
which includes 205.02 206.84 1.82 8.44 "
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MDW-13-85 288 -45 178.73 179.41 0.68 4.60 New
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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.
Drill hole MDW-13-85 was drilled at 180 degrees to the first four holes of this program to better understand the strike, dip and plunge of the MX-13 target and appears to have been passed above (up-dip and up-plunge) of the target.
Central Zone
Two holes were collared to test for southwest plunging high-grade gold structures in the Central Zone area located between the Martiniere West and Bug Lake Gold Zones. Hole MDW-13-77 tested the southern of two targets and intersected an upper mineralized structure grading 4.48 g/t gold over 0.59 m (128.12-128.71 down hole), a second mineralized structure grading 1.15 g/t gold over 2.74 m (164.05-166.79) and a lower mineralized structure grading 7.92 g/t gold over 0.46 metres (181.18-181.64).
Hole MDW-13-78 was collared 150 metres to the north to test a second target in the Central Zone area. This hole collared into anomalous gold mineralization and intersected 4.89 g/t gold over 1.09 metres (22.23-23.32 metres down hole). It also intersected a lower mineralized structure zone which returned anomalous gold mineralization over a down hole width of 30.31 metres - the broadest zone of anomalous gold mineralization observed to date in the Central Zone area (0.10 g/t gold over 30.31 metres between 159.09 and 189.40 metres).
To view the location of the holes reported in today's release go to
www.balmoralresources.com. Drilling on the Detour Gold Trend Project has now been suspended for freeze-up and is anticipated to resume in January. Additional drill results from the Bug Lake area of the Martiniere Property and results from a series of exploration holes located on the Martiniere and Doigt Properties are anticipated to be ready for release over the next 2-4 weeks.
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.
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. 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 Canadian-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 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 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.