Balmoral Resources Intersects 4.24 g/t Gold Over 22.59 m at Martiniere West-Expands High Grade Zone to Over 380 m Along Strike
30.11.2011 | Marketwire
- Broadest Intercept to Date Returns 164.00 Metres @ 0.84 g/t Gold- West Zone Remains Open in All Directions
- New Gold Bearing Structure + Potential Extension of Deep Footwall Zone Intersected
VANCOUVER, Nov. 30, 2011 - Balmoral Resources Ltd. (TSX VENTURE: BAR) ("Balmoral" or the "Company") today reported additional results from the Company's Martiniere West Gold Zone fall 2011 expansion drilling program. Results were highlighted by hole MDW-11-41 which returned a high-grade core intercept of 4.24 g/t gold over 22.59 metres including a Main sub-zone intercept of 29.02 g/t gold over 1.39 metres. This high-grade core is located within a broadly mineralized zone which returned 0.84 g/t gold over 164.00 metres - the broadest gold mineralized intercept to date from the West Zone.
Drilling has now extended the Martiniere West Zone to 380 metres along strike and the Zone remains open in all directions beyond the extent of current and historic drilling. The 2012 winter drill program, anticipated to commence in January, will focus on expanding the near surface and depth extent of the West Zone with a goal of completing an initial resource estimate for the high-grade West Zone in mid-2012.
Drilling has also intersected a previously unrecognized, relatively shallow dipping, gold-bearing structure - the Cross sub-zone - which appears to cross-cut the West Zone in the vicinity of holes MDW-11-41/41a. The intersection of these two structures appears to have resulted in a significant increase in the thickness of the high-grade core of the Zone in this area and indicates potential for a broader, high-grade plunging chute along the plane of intersection of these two structures. Drilling has also identified, in hole MDW-11-38, the deepest of the holes reported, a potential extension of the Deep Footwall Zone initially intersected in hole MDW-11-29 (see NR11-28, Nov. 21, 2011). A revised long section and plan map of the West Zone has been posted on the Company's website at www.balmoralresources.com.
Hole From To Interval* Gold Zone
Number (Metres) (Metres) (Metres) (g/t)
MDW-11-38 37.80 59.00 21.20 1.25
including 43.50 44.00 0.65 14.65 HW1
and including 53.30 54.40 1.10 8.81 Main
and including 58.00 59.00 1.00 4.88 FW1
85.95 99.00 13.05 0.93
including 89.25 92.00 2.75 3.25 FW2
160.00 194.00 34.00 0.34 Deep FW
including 170.00 170.77 0.77 6.25
223.20 255.96 23.96 0.30 ?
MDW-11-39 34.71 35.15 0.44 6.04 HW1
43.44 179.33 135.89 0.34
including 45.11 47.50 2.39 2.43 Main
and including 55.63 57.21 1.58 2.37 FW1
MDW-11-40 38.4 39.37 0.97 4.4 HW2
51.83 89.50 37.67 0.24
including 85.00 86.00 1.00 1.61 Main
132.49 132.92 0.43 3.01 FW2
MDW-11-41 12.30 45.11 (EOH) 32.81 1.12
including 36.00 37.93 1.93 5.19 HW2
Hole Lost Above Main Zone
MDW-11-41a 13.00 177.00 (EOH) 164.00 0.84
including 59.82 81.93 22.59 4.24
which includes 62.98 66.21 3.23 9.48 HW1
and 72.84 73.98 1.14 4.91
and 80.54 81.93 1.39 29.02 Main
and including 148.50 150.00 1.50 4.66 FW2
MDW-11-42 10.00 45.27 35.27 0.35
including 10.00 11.50 1.50 3.88 HW3
59.86 81.12 21.26 0.84 Cross
including 73.69 74.10 0.41 21.00
119.73 145.3 25.57 0.87
including 121.23 121.85 0.62 4.56 HW1
and including 140.01 144.17 4.16 3.17 Main
which includes 141.81 142.61 0.80 9.30
MDW-11-43 64.63 85.00 20.37 0.55 Cross
Hole Lost Above Main Zone
* West Zone Intercepts highlighted; insufficient drilling has been completed to date to determine the true thickness of the mineralized zones - reported intercepts are interpreted to represent 60-90% of true thickness.
Balmoral's Martiniere Property is part of the Company's Detour Gold Trend Project, which extends for 82 kilometres along the Detour-Sunday Lake Deformation Zone in central Quebec. In addition to the Martiniere gold discoveries, the Project includes the near-surface Lynx and Rambo Gold Zones on the Detour East Property, the high-grade Fenelon Gold Zone and the recent Grasset Gold Discovery. Drilling was recently completed on the Detour East Property which is located adjacent to the Detour Gold mine development project in neighboring Ontario.
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 from a number of the holes summarized in this release and reviewed the 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 securely stored on-site at the Company's Fenelon camp in central Quebec. Drill core samples are transported in sealed bags to ALS-Chemex's 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 analysis fire assay 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 to insure the accurate representation of mineralized zones. ALS-Chemex is an ISO 9001-200 and ISO 17025 certified laboratory.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in North America. 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.
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.
Contact Information
Balmoral Resources Ltd.
John Toporowski, Manager, Corporate Development
(604) 638-5815 or Toll Free: (877) 838-3664
jtoporowski@balmoralresources.com
www.balmoralresources.com