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| TSX: BAR / OTCQX: BALMF |
Monday, July 06, 2015 |
| News Release |
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Balmoral Rolls Out 3 Drills on Detour Trend Project, Quebec
.. 2 Drills Currently Focused on Expansion and Confirmation of H3 Nickel Zone
.. Third Drill to Continue Expansion and Infill Drilling of Martiniere Gold System
(Vancouver, July 6, 2015) Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR; OTCQX: BALMF) advised today that the summer/fall 2015 drill program on the Company's Detour Trend Project in Quebec is underway with several holes already completed. Three drills are now active on the Project and will remain so throughout the summer and fall. The focus of the summer/fall program will be to expand and delineate Balmoral's discoveries along the Grasset Nickel Trend and throughout the Martiniere Gold System. In total the Company anticipates completing approximately 20,000 metres of diamond drilling during the summer/fall program. The Grasset and Martiniere Properties form part of Balmoral's 700+ square kilometre Detour Trend Project located in west-central Quebec.
H3 Nickel-Copper-PGE Zone and GUC Exploration Drilling -- Grasset Nickel Trend
On the Grasset Property infill and expansion drilling is now underway with two drills targeting the H3 nickel-copper-PGE Zone. Fourteen drill holes (2 designated as infill and 12 as expansion holes), totaling approximately 6,000 metres, are currently planned. Additional drilling may be added should these holes prove successful in further expanding the high-grade core of the H3 Zone. Upon completion of this phase of the program, modelling of the maiden H3 Zone resource will be initiated with a goal of delivering the resource during Q4, 2015. Metallurgical work on the H3 Zone is currently underway with initial results anticipated in the third quarter of 2015. Balmoral's H3 Zone represents the first significant Ni-Cu-PGE sulphide discovery in the northern Abitibi in over a decade. Additional recent discoveries of Ni-Cu-PGE mineralization by the Company in the immediate Grasset area indicate emerging district scale discovery potential.
In that vein, following completion of the H3 expansion and infill program, both drills will commence testing of additional targets located along the projected trend of the Grasset Ultramafic Complex ("GUC"). Winter 2015 drilling by Balmoral, and recent re-logging of historic drill holes located along the southern 8.0 kilometres of the GUC, has identified numerous occurrences of Ni-Cu-PGE bearing sulphides indicating potential for additional H3 style Ni-Cu-PGE discoveries on a district scale. Ground geophysical work completed following the winter drill program has outlined a number of targets for immediate follow-up, including several associated with known occurrences of Ni-Cu-PGE mineralization. It is anticipated that up to 20 individual targets could be tested during the summer/fall program.
Bug Lake Gold Trend -- Martiniere Gold System
A third drill has recently been mobilized and is set to commence drilling targets along the Bug Lake Gold Trend and throughout the broader Martiniere Gold System. Approximately 5,000 metres of drilling is planned for the Martiniere system this summer/fall. Along the Bug Lake Gold Trend the focus will remain on the infill and expansion of the shallow (sub 250 vertical metre) portion of the four principal sub-parallel high grade zones which comprise the Bug Lake Gold Trend. These zones continued to produce very strong results, including intercepts of 19.55 g/t gold over 44.45 metres and 7.01 g/t gold over 22.48 metres (see NR15-05, Apr. 20, 2015), from the recent winter 2015 infill program, further confirming the robust nature of the Martiniere system.
Outside the Bug Lake Trend the Company will target several geophysical targets which share similarities with the Bug Lake Zones and the nearby Detour Gold deposit. Included in this will be follow-up testing of a new gold discovery made by the Company in the fall of 2014 located 2.0 kilometres northwest of the Bug Lake Trend. Balmoral's strong cash position will continue to allow it to accelerate or expand the current program as warranted by early results.
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 and Grasset Properties, visited the properties on multiple occasions, examined the drill core and/or photographs 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.
About Balmoral Resources Ltd. -- www.balmoralresources.com
Balmoral is a Canadian-based discovery company focused on the delineation of high-grade gold and nickel-copper-PGE 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 base metal and gold assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
"Darin Wagner"
President and CEO
For further information contact:
John Foulkes, Vice-President, Corporate Development
Tel: (604) 638-5815 / Toll Free: (877) 838-3664
E-mail: jfoulkes@balmoralresources..com
Cautionary Note Regarding Forward-Looking Statements
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, the potential to expand the high-grade core of the Martiniere gold system 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.
Caution Regarding Adjacent or Similar Mineral Properties
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties, and any production therefrom or economics with respect thereto, are not indicative of mineral deposits on the Company's properties or the potential production from, or cost or economics of, any future mining of any of 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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- Associated File: http://www.balmoralresources.com/i/pdf/news/2015-07-06_NR_5Pjn1an.pdf
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