VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2013) -
-- Highlights Include 11.74 g/t Gold Over 8.90 Metres; 7.64 g/t Gold Over
7.85 Metres and 7.66 g/t Gold Over 7.05 Metres
-- Identifies Fault Repeat and Possible Depth Extension of Footwall Zone
Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) today reported additional high-grade gold results from drill testing of multiple shallow zones situated along the Bug Lake Fault System on its wholly owned Martiniere Property in Quebec. Drilling continued to expand and delineate the Hanging Wall, Footwall and Bug Lake Zones, with most holes successfully intersecting multiple zones of gold mineralization.
Results from the final 11 holes of the fall 2012 drill program indicate the presence of a fault repeat of the Footwall Zone, potential for expanding the Footwall Zone to depth and provide further evidence for the local development of a fourth, near surface high-grade zone located between the Bug Lake and Hanging Wall Zones. Drilling continues on the Martiniere Property with 2 rigs currently on site.
"Today's results continue to demonstrate the continuity and growth potential of the multiple zones in the Bug Lake area of the Martiniere Property and they set the stage for an exciting 2013 drill campaign," said Darin Wagner, President and CEO of Balmoral Resources.
Gold Results
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Hole From To Interval(i) Gold Zone
Number (Metres) (Metres) (Metres) (g/t)
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MDE-12-73 41.85 44.04 2.19 8.63 Hanging Wall
including 41.85 42.39 0.54 32.20 "
102.23 126.09 23.86 0.69 Bug Lake
including 103.00 106.56 3.56 3.78 "
which includes 105.75 106.56 0.81 11.00 "
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MDE-12-74 61.58 68.63 7.05 7.66 Hanging Wall
including 61.58 62.77 1.19 42.25 "
and 68.18 68.63 0.45 7.05 "
108.10 139.36 31.26 1.98 Bug Lake
including 111.87 120.91 9.04 3.15 "
and 128.75 135.37 6.62 3.10 "
which includes 132.86 135.37 2.51 6.97 "
212.00 213.66 1.66 8.07 Footwall
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MDE-12-75 150.45 215.00(ii) 64.55 0.49 Bug Lake
including 150.45 170.63 20.18 0.80 "
which includes 150.45 152.53 2.08 2.70 "
and including 194.00 194.76 0.76 10.90 "
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MDE-12-76 27.60(iii) 100.71 73.11 0.54 Bug Lake+FW
including 27.60 45.90 18.30 0.49 Bug Lake
including 45.90 55.51 9.61 1.10 Footwall
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MDE-12-77 27.02 65.52 38.50 0.45 Bug Lake
65.52 73.37 7.85 7.64 Footwall
including 65.94 66.95 1.01 47.06 "
73.37 82.99 9.62 0.90
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MDE-12-78 31.42 106.04 74.62 0.75 Bug Lake+FW
including 31.42 79.15 47.73 0.80 Bug Lake
which includes 70.13 74.46 4.33 3.20 "
which includes 73.50 74.46 0.96 11.15 "
and including 79.15 93.45 14.30 1.09 Footwall
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MDE-12-79 39.19 49.02 9.83 1.07 Bug Lake
including 46.93 49.02 2.09 4.09 "
64.55 65.08 0.53 22.00 Footwall
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MDE-12-80 44.43 54.86 10.43 2.27 Bug Lake
including 48.72 50.53 1.81 9.56 "
64.46 66.78 2.32 9.66 Footwall
including 66.25 66.78 0.53 38.70 "
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MDE-12-81 135.46 175.10 39.64 0.53 Bug Lake
including 140.78 155.02 14.24 1.09 "
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MDE-12-82 48.88 90.11 41.23 0.87 Bug Lake + FW
including 48.88 71.57 22.69 0.36 Bug Lake
and 71.57 84.94 13.37 1.90 Footwall
which includes 73.61 75.00 1.39 4.14 "
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MDE-12-83 18.09(iii) 26.99 8.90 11.74 Upper Porphyry
including 18.84 21.14 2.30 41.06 "
which includes 18.84 20.00 1.16 58.80 "
59.86 98.04 38.18 0.53 Bug Lake + FW
including 59.86 87.93 28.07 0.37 Bug Lake
and 87.93 89.35 1.42 5.36 Footwall
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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.
(ii) Terminated in mineralized zone
(iii) Collared into mineralized zone
Geological Interpretation
The Footwall Zone has now been traced down-plunge for 150 metres from the bedrock surface. Increased drill density indicates the presence of a fault repeat of the Footwall Zone. Re-interpretation of the Zone places the fault repeated section between the main Footwall Zone and the Bug Lake Zone in the vicinity of previously reported hole MDE-12-72, which returned 23.82 g/t gold over 6.73 metres from what is now regarded to be a Footwall Zone intercept. This fault offset section can be traced for approximately 75 metres down plunge. In addition, an intercept of 8.07 g/t gold over 1.66 metres in hole MDE-12-74 may represent the depth extension of the Footwall Zone at roughly 180 metres vertical depth, below which the footwall area remains untested. A revised long section for the Footwall Zone is available on the Company's website at
www.balmoralresources.com.
A deeper intercept of 16.53 g/t gold over 6.21 metres from hole MDE-12-72, along with three other intercepts, may indicate the presence of another high-grade occurrence to the west of the Footwall Zone in an area of limited testing.
The Bug Lake Zone continues to demonstrate broad zones of anomalous gold mineralization with higher grade sub-zones. Locally, the anomalous gold mineralization associated with the Bug Lake Zone merges with the zone of anomalous gold mineralization which typically surrounds the high-grade core of the Footwall Zone. Where there is no discernible break in the anomalous (greater than 100 ppb Au) gold zone, the two zones have been reported together and the individual zones have also been reported separately in keeping with previous releases.
On-going testing has also indicated the localized presence of high-grade gold mineralization located at the upper (eastern) contact of a porphyry dyke which runs parallel to the Bug Lake Fault between the Bug Lake and Hanging Wall Zones. The western contact of this same dyke often forms the up-dip margin of the Bug Lake Zone. Several high-grade intercepts are present along the Upper Porphyry contact and it may represent another target for potential future resource definition.
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 and 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 Vancouver-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.