Balmoral's string of assay results released over the last few weeks
includes new discoveries as well as extensions of high-grade zones on its
Quebec properties.
Balmoral
Resources Ltd. (BAR:TSX; BALMF:OTCQX) announced on Feb. 15 that drilling has extended the Bug South gold deposit on the
Martiniere Property in Quebec to a depth of 350 vertical meters and it
"remains open down-plunge below this level." The company also
announced the best intercept to date at the Detour East Property, 40 miles to
the west.
Prior to that, Balmoral reported the discovery of a new, near-surface zone of
high-grade mineralization on its Martiniere Property, the "fourth new
discovery from the summer/fall 2016 drill program." The intercept
returned 11.66 meters grading 6.25 g/t gold. According to the company, the
"new discovery is located 250 to 300 metres east of the projection of
the main Bug Lake Gold Trend in a largely untested area of the property."
The company also announced the commencement of a 25,000-meter drill
program for 2017, focusing on the "continued expansion and delineation
of the Bug Lake gold deposits and other recent high-grade, near surface gold
discoveries on its Martiniere Property."
Darin Wagner, president and CEO of Balmoral, noted, "Our summer/fall
2016 drill program more than doubled the known footprint of the Bug South and
Bug Lower Steep gold deposits and continued to extend the Bug North deposit
down-plunge. Those results included some of the broadest gold mineralized
intercepts from the property to date from our expansion drilling of the Bug
South deposit, which is the initial focus of drilling this winter."
The new results have caught the attention of analysts and experts. Analyst
Philip Ker of PI Financial noted that Balmoral "continues to hit these
high-grade zones while continuing to step-out and better define known
mineralized systems at Martiniere." With the discovery, "Balmoral
is expanding its mineralized footprint across the property and provides
future upside as exploration efforts continue to home in and define the
extensive gold system."
Gary Baschuk of PearTree Securities wrote that "the discovery of the
new zone we believe is significant and illustrates the potential for
additional discoveries between the Sunday Lake Deformation Zone and the Lac
du Doigt Fault." Looking ahead, Baschuk stated, "We expect Balmoral
to have another year of hits and discoveries as the company gains further
insight into the regional and local structural controls and more importantly
the subtle controls of the gold mineralization."
Byron King writing in Gold Speculator stated, "Balmoral
released more drilling results from the summer/fall exploration program,
revealing more gold discoveries at sites named Bug Lake and Detour. The
grades are solid and quite commercial. There's definitely mineable ore; it's
a question of determining how large the ore body is and then moving to
calculate a current resource estimate."
He noted that "Balmoral's steady, focused approach to exploration has
yielded a steady stream of news, supporting strong prospects of
mineralization for gold, copper, nickel and other valuable elements. .
.Looking ahead, Balmoral is cashed up and moving ahead with its winter
drilling program. . .Balmoral is an attractive joint venture or takeover
target for larger companies that must�sooner or later�add to their resource
base."
