VANCOUVER, BC--(Marketwired - May 26, 2015) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) reports results from six exploration holes drilled along the Grasset Trend on its wholly owned Fenelon and Jeremie Properties in Quebec. Two of three holes drilled to test geophysical anomalies along the southern segment of the Grasset Ultramafic Complex ("GUC"), host to Balmoral's Horizon 3 Ni-Cu-PGE discovery, successful intersected nickel-copper-PGE bearing sulphide mineralization. The new discoveries are located 3.3 and 4.6 kilometres northwest of the Horizon 3 discovery (see Figure 1) and southeast of the two Ni-Cu-PGE discoveries announced on April 9, 2015 (see NR15-04).
In addition hole FAB-15-50 intersected 216 g/t (6.30 oz/t) gold over 0.76 metres in a newly discovered shear zone. The shear zone appears to be later than and cuts through a nickel-copper-PGE mineralized interval located at the base of the ultramafic sequence in this hole. The mineralized structure hosts abundant visible gold mineralization over a 10-15 centimetre downhole interval. It occurs in a setting similar to the nearby high-grade Fenelon gold zone which is also owned by the Company.
Balmoral also completed two drill holes on the Jeremie Property which is located at the northern end of the Grasset Trend. Both holes tested airborne electromagnetic ("EM") anomalies associated with secondary magnetic highs outside the principal trend of the GUC. Hole JER-15-02 intersected two intervals of anomalous base metal (copper, zinc, lead) mineralization of potential VMS affinity within a sequence of volcanic and sedimentary lithologies. The host sequence is characterized by stacked sulphide-bearing horizons which are located toward the northern end of a 1,300 metre long, multi-component EM conductor which had not been previously tested. These intercepts, and similar results from historic drilling to the south, continue to suggest potential for VMS base metal mineralization within the host sequence to the Grasset Ultramafic Complex.
"Drilling continues to confirm the presence of nickel sulphide mineralization and significant volumes of prospective ultramafic host rocks throughout the Grasset Ultramafic Complex, supporting the potential for the discovery of additional Horizon 3 type mineralized zones," said Darin Wagner, President and CEO of Balmoral. "The discovery of bonanza gold grades in a new shear structure proximal to the known gold mineralization at Fenelon is an exciting development. It further demonstrates the prolific nature of the belt and the still largely untapped potential of the Detour Trend Project."
Final results from expansion drilling on the Horizon 3 discovery, and from three holes drilled for metallurgical purposes, are anticipated within the next several days. Field work on the Detour Trend Project is anticipated to resume this coming week in preparation for the resumption of drilling in June.
QP and Quality Control
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 and Fenelon Properties, visited the properties on multiple occasions, examined the drill core from the holes summarized in this release, reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results.
Balmoral employs a quality control program for all of its drill programs, to ensure best practices in the sampling and analysis of drill core. This includes the insertion of blind blanks, duplicates and certified standards into the 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 Fenelon field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals Val d'Or, Quebec analytical facilities.
Base metal analyses were initially obtained via ICP-AES with both Aqua Regia and 4 Acid digestion employed. The two digestion methods show good correlation. Nickel values in excess of 10,000 ppm are reanalyzed using a sodium peroxide fusion followed by ICP-AES finish. PGE values were obtained via industry standard fire assay with ICP-AES finish using 30 g aliquots. 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. The Company has contracted an independent quality control expert to supervise its QA/QC program.
About Balmoral Resources Ltd. -- www.balmoralresources.com
Balmoral is a 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 and expenditures, 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 interpreted continuity, 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 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 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.
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