Balmoral Extends Bug Lake Gold Zone by 350 Metres-Doubles Strike Extent, Martiniere Property, Quebec
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/13/13 -- Balmoral Resources Ltd. (TSX VENTURE: BAR)(OTCQX: BALMF) -
-- Continues to Intersect High Grade Gold Mineralization in Hanging Wall
and Footwall including 10.65 g/t gold over 3.34 metres
-- Bug Lake Zone Remains Open in All Directions
Balmoral Resources Ltd. ("Balmoral" or the "Company") today reported that widely spaced drilling has successfully extended the Bug Lake Gold Zone by 350 metres to the south, effectively doubling the known strike extent of the Zone. With the southern-most hole of the current program returning some of the strongest intercepts reported today the Zone remains open to the south and to depth on all sections. The Bug Lake Trend, which includes the Bug Lake, BL Hanging Wall and BL Footwall Zones, is one of two prominent gold bearing trends located on Balmoral's Martiniere Property. The Martiniere Property forms part of the Company's wholly owned 82 kilometre long Detour Gold Trend Project in Quebec.
"Our winter program focused on expanding the scale of the Martiniere Gold system, and has now successfully doubled the known extent of both the Martiniere West and Bug Lake Gold Trends, with both remaining open for additional expansion," said Darin Wagner, President and CEO of Balmoral Resources. "Our planned summer diamond drill program, which is fully funded, will work to quantify the potential economic impact of the recent expansions and further delineate the extensive zones of gold mineralization located along both trends and elsewhere within the expanding Martiniere Gold System."
Broad zones of anomalous gold mineralization, ranging from 8.84 to 68.63 metres in down-hole width, were intersected in each of the eleven holes which traced the southern continuation of the Bug Lake Gold Zone. Ten of eleven reported holes returned individual intercepts of greater than 3.00 g/t gold (see Table 1 below). Highlighted intercepts include 10.65 g/t gold over 3.34 metres in hole MDE-13-94, 10.38 g/t gold over 2.66 metres in Hole MDE-13-104 at the southern end of the trend and a bonanza grade intercept of 129.00 g/t gold over 0.43 metres in hole MDE-13-92. Closer spaced drilling will be required to determine the extent/orientation of the higher grade sub-zone intercepts and their relationship to similar high-grade zones located to the north. The southern segment of the Bug Lake Gold Zone is offset approximately 75 metres to the northwest (and an as yet undetermined vertical amount) from the previously drilled, and open ended northern segment of the Zone. See revised plan map of the Bug Lake Zone located on the Company's website at www.balmoralresources.com.
In addition high-grade gold intercepts in the footwall to the Bug Lake Gold Zone, of 25.20 g/t gold over 1.00 metre in hole MDE-13-91 and 21.06 g/t over 0.45 metres in hole MDE-13-104 (the two most southerly holes of the program collared approximately 95 metres apart), may indicate the discovery of another zone of mineralization similar to the high grade Footwall Zone located to the north.
Table 1 - Holes MDE-13-85a to MDE-13-94,104 listed in north to south order
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Interval
Hole Dip From To (i) Gold
Number Section Collar Angle (Metres) (Metres) (Metres) (g/t) Zone
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MDE-13-87 75 S 310 W -45 105.50 120.56 15.06 0.68 Bug Lake
including 110.53 110.99 0.46 3.36 "
including 118.55 118.93 0.38 5.59 "
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MDE-13-88 75 S 310 W -60 95.00 106.15 11.15 0.35 Upper Bug
Lake
128.23 155.61 27.38 0.85 Bug Lake
including 144.12 144.96 0.84 5.75 "
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MDE-13-93 75 S 340 W -45 25.58 33.29 7.71 1.22 Upper Bug
Lake
75.21 84.05 8.84 0.61 Bug Lake
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MDE-13-94 75 S 340 W -51 36.72 103.25 66.53 0.96 Bug Lake
including 37.67 39.74 2.07 3.42 "
and 80.43 84.41 3.98 2.37 "
and 99.05 102.39 3.34 10.65 "
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MDE-13-85a 125 S 360 W -45 29.17 58.04 28.87 0.90 Bug Lake
(ii)
including 30.55 33.90 3.35 2.65 "
and 56.06 58.04 1.98 4.79 "
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MDE-13-86 125 S 360 W -74 49.72 83.77 34.05 1.93 Bug Lake
(ii)
including 49.72 74.18 24.46 2.51 "
and 54.10 66.87 12.77 3.28 "
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MDE-13-89 175 S 310 W -45 56.97 68.63 11.66 0.86 Upper Bug
Lake
including 61.52 62.22 0.70 3.08 "
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MDE-13-90 175S 310 W -60 77.44 92.78 15.34 0.69 Upper Bug
Lake
120.93 128.15 7.22 0.73 Bug Lake
including 121.32 121.80 0.48 4.51 "
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MDE-13-91 235 S 315 W -45 63.55 78.51 14.96 0.89 Upper Bug
Lake
including 75.70 78.51 2.81 2.87 "
178.02 179.02 1.00 25.20 Footwall?
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MDE-13-92 235 S 315 W -60 44.76 89.91 45.15 1.88 Upper Bug
Lake
including 51.58 52.01 0.43 129.00 Hanging
Wall?
and 85.99 88.39 2.40 2.31
113.95 115.05 1.10 3.93 Bug Lake
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MDE-13-104 330 S 300 W -45 74.90 77.56 2.66 10.38 Hanging
Wall?
89.85 114.73 24.88 1.50 Upper Bug
Lake
including 97.25 103.00 5.75 2.88 "
150.58 151.03 0.45 21.60 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) Collared into porphyry and did not test Upper Bug target.
Geological Interpretation
Drilling was completed on sections located between 50 and 95 metres apart in an attempt to locate and trace the southern continuation of the Bug Lake Gold Zone. A northwest-trending fault offsets the southern continuation of the Bug Lake fault system and related gold mineralization by approximately 75 metres to the northwest from the previously tested area to the north. At this point the vertical offset along this structure remains undetermined.
Along the previously discovered northern segment of the Bug Lake Trend the broad zone of anomalous gold mineralization which marks the Bug Lake Gold Zone is typically located west of a prominent, trend/zone parallel quartz porphyry dyke, between the dyke and the base of the Bug Lake Fault located further west. To the south of the offset the principal zone of anomalous gold mineralization gradually migrates to the east or upper side of the quartz porphyry dyke (Upper Bug Lake Gold Zone) and the dyke itself may mark the base of the Bug Lake Fault. Mineralization remains similar and is characterized by broad zones of silicification, quartz+/-carbonate veining, localized shearing and 1-15% fine grained disseminated pyrite hosted mainly in mafic volcanic and lesser sedimentary rocks. Higher gold grades are typically associated with increases in pyrite content and/or quartz-vein hosted, visible gold mineralization.
Drill results from holes MDE-13-95 to MDE-13-103 and MDE-13-105 106, drilled to test the northern and depth extensions of the Bug Lake Gold Zone remain pending, as well as holes MDW-13-65 to MDW-13-73 drilled to test for lateral extensions of the Martiniere West Zone.
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, 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.com
Balmoral 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
Balmoral Resources Ltd.
John Toporowski
Manager, Corporate Development
604-638-5815 or Toll Free: 1-877-838-3664
604-648-8809 (FAX)
jtoporowski@balmoralresources.com
www.balmoralresources.com