VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2012) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) announced that the Company has received the following update regarding exploration progress on the Company's Northshore Property from GTA Resources and Mining Inc. ("GTA"). GTA is currently funding exploration on the Northshore Property.
Phase 2 Drilling Completed
The Phase 2
Diamond drilling program, which consisted of eight drill holes (WB-12-13 to WB-12-20) totalling 2,431 metres has now been completed. Drilling focussed on demonstrating continuity and expanding the known extent of gold mineralization associated with the broad Afric Zone and further testing the continuity to depth of the high-grade Audney and Caly vein systems which form part of Afric Gold Zone.
On April 18, 2012 Balmoral and GTA announced assay results from holes WB-12-13 and WB-12-14 (see Balmoral news release NR12-11). Results were highlighted by:
-- Hole WB-12-14 which returned an Afric Zone intercept of 240.00 metres
grading 1.41 g/t gold (uncapped; 0.99 g/t gold capped);
-- A high-grade intercept through the Caly Vein System in the same hole of
7.82 g/t gold over a core length of 12.00 metres; and
-- The extension of the Afric Zone to over 200 metres along strike and to a
vertical depth of 190 metres, the Zone remaining open in all directions.
GTA has indicated that assay results from holes WB-12-15 to WB-12-20 remain pending and will be provided to the Company as they become available.
Mapping and Prospecting
A surface mapping and prospecting program is currently underway on the Property in advance of the planned Phase 3 drill program which is anticipated to commence mid-summer 2012. The surface work program will target expansions to the known high-grade vein systems on the Property and relating the abundant gold mineralization located outside the area of current and historic drilling to the Afric Gold Zone.
The Company has also been advised that it can expect receipt of a new NI43-101 technical report on the Northshore Property from GTA in the near future. Once the report has been received it will be posted on the Company's website and filed, along with the rest of the Company's corporate disclosure materials, at
www.sedar.com.
GTA is currently in the first year of an Option Earn-in Agreement with Balmoral whereby GTA can earn an initial 51% interest in the Northshore Property by funding $2,500,000 in exploration, issuing to Balmoral 2,500,000 common shares and making cash payments of $50,000 over three years. Balmoral currently controls 1,550,000 common shares and 225,000 share purchase warrants in the common stock of GTA and is scheduled to receive, at GTA's option, an additional 500,000 common shares and $15,000 on September 27, 2012 - the first anniversary of the Option Agreement.
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 reviewed the work completed by GTA Resources and Mining on the Northshore Property, visited the Property on several occasions, examined the drill core and analytical data for the drill holes for which results are reported herein and reviewed the related quality control and assurance data.
About Balmoral Resources Ltd. -
www.balmoralresources.comBalmoral is a Canadian precious metal exploration company focused on district scale gold opportunities in the highly productive gold belts of Canadian Shield. With a philosophy of creating value through the drill bit and a district scale focus on proven productive precious metal belts in Canada, Balmoral is following an established formula with a goal of maximizing shareholder value through 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 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.