VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 30, 2013) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR) (OTCQX:BALMF) today reported the remaining drill results from the winter 2013 drill program which further expand the Bug Lake Gold Zone, further delineate the Martiniere West Zone, provide indications of continuity for a previously intersected high-grade gold-silver discovery in the Martiniere East area and suggests the presence of another Bug Lake parallel (north-south trending) gold bearing structure on the Property. The Martiniere Property forms part of the Company's wholly owned 600+ square kilometre Detour Gold Trend Project in Quebec.
Bug Lake Expansion Drilling
All eleven holes testing the northern extension of the Bug Lake Gold Zone successfully intersected broad intervals of anomalous gold mineralization associated with the Bug Lake fault zone, extending the zone by approximately 115 metres to the north and to a vertical depth of 285 metres. The results also confirm the extension of the Bug Lake Gold Zone beneath a previously outlined "flat" feature/fault. As with previous drilling a number of high-grade gold bearing vein/structures were intersected both within the Bug Lake Gold Zone and in the hanging wall/footwall to the Zone. The Bug Lake Gold Zone now extends for over 725 metres along strike, to a vertical depth of 285 metres and remains open in all directions for further expansion.
Drill hole MDE-13-103, the deepest hole testing the Bug Lake Gold Zone to-date, intersected several mineralized intervals including the Upper Bug (16.40 metres grading 0.73 g/t gold) and Bug Lake Gold Zones (46.79 metres grading 1.10 g/t gold, including a high grade interval grading 11.25 g/t gold over 0.93 metres) as well as a high-grade Hanging Wall structure which returned 26.70 g/t gold over 0.41 metres). This hole extends the Bug Lake Gold Zone to approximately 285 metres vertical depth, approximately 60 metres deeper than the previously reported deepest intercept in the Zone.
Drilling also returned an intercept of 7.00 g/t gold and 55.26 g/t silver over 1.52 metres in hole MDE-13-98 (see table below). This intercept may represent the western, up-dip extension of a similar high-grade gold/silver intercept previously reported in hole MDE-11-09 (see NR 11-31, Dec. 5, 2011), which returned 76.40 g/t gold and 1,390 g/t silver over 0.50 metres, in a similar stratigraphic position 100 metres to the east. As in hole MDE-11-09 the intercept in MDE-13-98 is anomalous in cadmium, copper, molybdenum, tungsten and zinc, as well as gold and silver. The unusually high silver grade of this mineralization and associated suite of trace metals marks this discovery as unique from the style of mineralization currently being delineated along the Martiniere West and Bug Lake Trends. To-date the Company has not actively targeted this style of mineralization which may be related to the volcanogenic massive sulphide system located east of the Bug Lake Fault (Martiniere East area).
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Hole Section Collar Dip From
Number Angle (Metres)
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MDE-13-95 300 N 200 W -45 69.30
84.41
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MDE-13-96 300 N 200 W -64 65.53
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MDE-13-97 300 N 200 W -80 140.88
including 160.25
which includes 166.13
182.60
including 191.48
213.14
including 213.14
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MDE-13-98 235 N 50 W -45 153.69
including 154.04
199.76
223.94
including 227.37
and 230.15
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MDE-13-99 240 N 50 W -55 76.74
238.07
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MDE-13-100 285 N 105 W -59 123.91
131.90
213.30
including 233.00
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MDE-13-101 290 N 95 W -49 125.16
142.07
166.40
including 166.40
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MDE-13-102 185 N 20 W -50 247.53
including 255.13
which includes 256.70
and 262.32
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MDE-13-103 185 N 20 W -62 127.30
241.20
including 249.29
306.20
including 315.00
and 320.61
368.72
394.56
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MDE-13-105 365 N 185 W -45 100.15
including 107.14
and 116.85
160.37
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MDE-13-106 370 N 225 W -45 48.39
including 59.11
which includes 61.00
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Hole To Interval(i) Gold Zone
Number (Metres) (Metres) (g/t)
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MDE-13-95 70.39 1.09 3.48 Bug Lake
96.90 12.49 0.32
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MDE-13-96 101.84 36.31 0.35 Bug Lake
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MDE-13-97 172.51 31.63 0.59 Bug Lake
including 167.88 7.63 1.73
which includes 166.92 0.79 4.89
193.99 11.39 0.43
including 192.31 0.83 3.24
229.04 15.90 0.65
including 214.94 1.80 3.81
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55.26 g/t
MDE-13-98 155.21 1.52 7.00 Ag
76.70 g/t
including 154.45 0.41 14.85 Ag
Upper Bug
207.82 8.06 0.42 Lk
233.56 9.62 1.41 Bug Lake
including 228.32 0.95 4.94 "
and 231.26 1.11 3.46 "
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MDE-13-99 77.31 0.57 8.72
Upper Bug
267.90 29.83 0.37 Lk
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MDE-13-100 124.48 0.57 16.05
Upper Bug
148.61 16.71 0.46 Lk
240.40 27.10 1.17 Bug Lake
including 235.00 2.00 7.71 "
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MDE-13-101 126.00 0.84 4.06
Upper Bug
157.93 15.86 0.56 Lk
182.00 15.60 0.35 Bug Lake
including 167.00 0.60 3.05 "
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MDE-13-102 287.39 39.86 1.07 Bug Lake
including 265.16 10.03 3.60 "
which includes 257.75 1.05 7.88 "
and 265.16 2.84 6.61 "
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MDE-13-103 127.71 0.41 26.70
Upper Bug
257.60 16.40 0.73 Lk
including 250.20 0.91 3.16 "
352.99 46.79 1.10 Bug Lake
including 315.48 0.48 3.30 "
and 321.38 0.77 3.86 "
369.65 0.93 11.25
399.86 5.30 1.03
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Upper Bug
MDE-13-105 128.11 27.96 0.54 Lk
including 117.79 10.65 0.86 "
and 117.28 0.43 3.08 "
178.39 18.02 0.50 Bug Lake
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Upper Bug
MDE-13-106 75.48 27.09 0.95 Lk
including 65.00 5.89 2.95 "
which includes 62.84 1.84 5.36 "
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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.
Martiniere West Zone
The winter drill program focused on testing for lateral extensions of the Martiniere West Zone, principally outside the established plunge line of the high-grade core of the Zone, at depths dominantly below the 150 vertical metre level. Drilling continued to intersect multiple zones of high-grade gold mineralization within a broader gold mineralized corridor. Highlights include intercepts of 25.65 g/t gold over 1.64 metres, 10.31 g/t gold over 1.16 metres, 30.10 g/t gold over 0.61 metres and 7.01 over 1.60 metres (see Table below).
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Hole From To Interval(i) Gold Zone
Number (Metres) (Metres) (Metres) (g/t)
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MDW-13-65 341.30 375.70 34.40 0.41 Main
including 359.50 360.14 0.64 3.57 "
416.51 447.43 30.92 0.62 FW2
including 423.55 423.96 0.41 5.95 "
and 432.67 433.41 0.74 4.52 "
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MDW-13-66 400.46 411.36 10.90 1.70 Main
including 404.83 405.23 0.40 4.86 "
and 410.20 411.36 1.16 10.31 "
421.08 479.00 57.92 0.44 FW2
including 431.32 432.00 0.68 5.37 "
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MDW-13-67 282.92 291.46 8.54 0.56 HW2
including 282.92 283.50 0.58 3.57 "
347.00 347.61 0.61 30.10 HW
486.95 488.65 1.70 6.80 FW2
including 487.61 488.21 0.60 17.50 "
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MDW-13-68 248.50 277.07 28.57 0.35 HW2
including 262.24 262.78 0.54 9.81 "
487.64 500.93 13.29 0.53 FW2
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MDW-13-69 382.45 391.92 9.47 0.61 HW2?
including 388.51 389.45 0.94 3.17 "
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MDW-13-70 197.00 217.48 20.48 1.29 Main
including 200.49 201.23 0.74 6.65 "
and 210.27 210.97 0.70 4.56 "
and 215.23 216.83 1.60 7.01 "
237.49 238.00 0.51 3.40 FW
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MDW-13-71 76.20 83.50 7.30 1.35 HW2
including 77.39 78.00 0.61 9.09 "
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MDW-13-72 92.57 93.06 0.49 6.50 HW3
191.03 197.99 6.10 1.65 HW2
including 194.11 195.11 1.00 9.00
231.05 232.03 0.98 5.29 HW
306.19 321.30 15.11 0.33 FW2?
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MDW-13-73 269.07 297.45 28.38 1.69 HW2
including 273.88 275.52 1.64 25.65 "
305.00 312.16 7.16 1.02 Main
including 305.51 306.25 0.74 7.08 "
338.17 375.45 37.28 0.30 FW2
including 341.72 342.30 0.58 6.76 "
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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 holes MDW-13-67 and -68, while intersecting high-grade gold mineralization in both the hanging wall and footwall, intersected a pyroxene bearing mafic intrusive unit at the projected intercept point of the West Zone rather than the typical host quartz-gabbro. High grade gold mineralization is present both above and below this pyroxene phyric unit within the quartz-gabbro indicating this feature represents a relatively narrow, cross-cutting dyke which may have a dip similar to that of holes MDW-13-67 and 68.
Drill hole MDW-13-69, designed to test the down-plunge extent of the West Zone below the 325 metre level, deviated significantly to the northeast ending more than 150 metres off, and well outside, the projected plunge line of the core of the West Zone.
The results reported today continue to confirm the southwest plunge of the West Zone. As with previous drilling, the winter program intersected numerous high-grade gold bearing structures in the hanging wall and footwall to the West Zone within the broader Martiniere West Gold Trend which as announced previously (see NR-13-06, March 4, 2013) has now been extended to over 800 metres in strike length.
Exploration Holes
MDX-13-24 was drilled east of the Martiniere West Zone, and south-southwest of the Central Zone, to follow-up on the discovery of anomalous gold mineralization in hole MDX-12-01 which returned 0.57 g/t gold over 81.00 metres (see NR-12-21, August 29, 2012). It intersected several narrow intervals of anomalous gold mineralization including an interval of 8.24 metres grading 0.24 g/t gold between 258.09 and 266.33 metres and a separate high-grade interval of 9.77 g/t gold over 0.88 metres between 286.12 and 287.00 metres. The results suggest that the gold mineralization intersected in hole MDX-12-01 occurs along a previously unrecognized, roughly north-south trending (Bug Lake parallel) structure located between the Martiniere West and Central Zones in an area of very limited testing.
Exploration hole MDX-13-25, collared 800 metres northwest of the Martiniere West area to test a multi-element soil geochemical anomaly associated with the marginal phase of magnetic high intersected magnetite bearing volcanic rocks but did not intersect any significant mineralization.
Quality Control
Mr. Neil Perk (P.Geo.), is the independent qualified person for the technical disclosure contained in this news release. Mr. Perk, a principal of Equity Exploration Consultants Ltd., acted as Senior Project Geologist for the winter 2013 drill program on the Martiniere Property, visited the property on multiple occasions, has 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.