Balmoral Resources Ltd. Intersects 12.93 g/t Gold Over 9.33 m from One of Four New Discoveries at Martiniere East
05.12.2011 | Marketwire
- 4 New Gold Bearing Zones Identified- Martiniere East Zone Returns 9.43 g/t Gold over 7.19 Metres
- High Grade Gold-Silver Breccia - 76.40 g/t Gold, 1,390 g/t Silver Intersected Over 0.50 Metres Adjacent to Martiniere VMS System
VANCOUVER, Dec. 5, 2011 - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE: BAR) today reported drill results from 9 holes collared on the eastern portion of the Company's Martiniere Property, part of the Company's Detour Gold Trend Project in Central Quebec. The Martiniere gold system, which has now been traced for over 1,400 metres, hosts the high-grade Martiniere West Gold Zone and several additional new gold discoveries including four new zones identified by the current drill program in the Martiniere East area. A new map detailing the known extent of the Martiniere Gold System is available at www.balmoralresources.com.
Today's results include the ME-16 Discovery which returned 5.76 g/t gold over 22.50 metres including a high-grade core of 9.33 metres grading 12.93 g/t gold, one of the best intercepts from the Martiniere Property to date. This new discovery is located south of all previous drilling in the area with gold mineralization intersected at vertical depth of less than 30 metres (see table below) and open in all directions. Additional high grade gold results included 9.43 g/t gold over 7.19 metres in hole MDE-11-11 from the Martiniere East Zone and 18.72 g/t over 2.10 metres from another new discovery in hole MDE-11-14.
Drilling also intersected, in the immediate footwall to the Martiniere VMS system, a bonanza grade, polymetallic breccia which returned 76.40 g/t gold and 1,390 g/t silver along with anomalous base metals over 0.50 metres (see details below) in hole MDE-11-09. This style of mineralization has not been previously observed on the property.
"Our Phase 2 drill program at Martiniere East was tremendously successful with every hole intersecting significant gold mineralization," said Darin Wagner, President and CEO of Balmoral Resources Ltd. "The overall size of the Martiniere Gold System continues to expand with multiple new discoveries, further emphasizing the potential of this system. Our discoveries at Martiniere indicate the potential for resource development on multiple fronts and continue to demonstrate the prolific and high-grade nature of the major fault systems in the Abitibi - North America's most prolific gold belt. The best news for our shareholders may be that all of these discoveries have been made on less than 2% of our overall land position along the Detour Gold Trend."
Hole From To Interval* Gold Zone
Number (Metres) (Metres) (Metres) (g/t)
MDE-11-01** 57.00 185.50 128.50 1.63 East
including 69.00 75.60 6.60 13.29***
and including 88.70 90.00 1.30 6.02
and including 109.00 111.00 2.00 3.35
and including 147.48 161.00 13.52 2.53
which includes 160.42 161.00 0.58 20.90
and including 181.99 182.50 0.51 4.99
MDE-11-09 76.50 93.80 17.30 0.63 East
206.80 233.40 20.15 2.29 MVMS
including 231.90 232.40 0.50 76.40
MDE-11-10 114.07 130.00 15.93 1.06 East
including 127.00 128.08 1.08 7.78
162.35 162.70 0.35 24.90
MDE-11-11 92.08 108.00 15.92 4.83 East
including 97.01 104.20 7.19 9.43
which includes 97.01 101.00 3.99 15.82
MDE-11-12 86.00 110.00 24.00 0.96 ME-13
including 90.00 91.00 1.00 4.94
and including 105.00 107.00 2.00 4.46
MDE-11-13 83.80 108.00 24.70 0.98 ME-13
including 91.70 92.70 1.00 3.18
189.20 190.10 0.90 13.30
MDE-11-14 120.00 141.86 21.86 2.47 East
including 132.00 134.10 2.10 18.72
and including 141.00 141.86 0.86 13.96
168.10 224.00 55.90 1.06 ME-14
including 168.90 169.70 0.80 9.89
and including 187.50 194.75 7.25 3.60
MDE-11-15 292.60 301.50 8.90 1.37 ME-15
including 293.56 294.20 0.64 8.41
and including 300.80 301.50 0.70 6.75
MDE-11-16 32.50 55.00 22.50 5.72 ME-16
including 44.57 53.90 9.33 12.93
which includes 53.00 53.90 0.90 98.90
* Insufficient drilling has been completed to date to determine the true thickness of the mineralized zones.
** Initial results from MDE-11-01 previously reported (see NR11-12, June 15, 2011), results reported today include extended sampling above the previously reported intervals and include results from screen metallic assay results.
*** Intercept included within an interval of very poor core recovery averaging less than 20% across this interval, interpreted to represent a mineralized fault zone.
Geology and Mineralization
The mineralized intercepts in holes MDE-11-01, MDE-11-10, MDE-11-11 and the upper intercepts in holes MDE-11-09 and MDE-11-14 form part of a broad zone of gold mineralization - the East Zone - characterized by moderate strength deformation and alteration trending in an east-northeast direction. This broad zone of lower-grade gold mineralization hosts higher-grade shear-vein related gold mineralization and is located proximal to, or locally overprinting, the Martiniere VMS system. The East Zone remains open to depth and to the east.
The extremely high-grade gold-silver breccia intersected in hole MDE-11-09 sits in the immediate footwall to the massive sulphide portion of the Martiniere VMS system in this hole. The intercept is anomalous in a wide range of metals (see below) and is of a style has not previously been observed. It is believed to be related to the VMS system and is potential high-value target for additional testing.
Hole From To Interval* Gold Silver Copper Cadmium Molybdenum Tungsten Zinc
metres metres Metres g/t g/t % ppm ppm ppm %
MDE-11-09 231.90 232.40 0.50 76.40 1,390.00 0.72 155 86 1850 0.74
* Insufficient drilling has been completed to date to determine the true thickness of the mineralized zones.
Drilling has now traced the Martiniere VMS system for approximately 150 metres along strike and has also intersected zones of massive pyrite mineralization of possible VMS affinity in two other areas of the property. In the Martiniere East area the VMS zone is underlain by a pyritic stringer zone which locally reaches 80 metres in thickness. No significant base metal values have been observed to date but the VMS system remains open to the east and to depth. The Company is awaiting final results from the recently completed airborne EM/Magnetic survey which covered the entirety of the Martiniere, Harri, East Doight, N2 and Grasset properties.
The ME-16 Zone is hosted by moderately sheared and brecciated basalt located between two porphyry dykes. Collared to test the eastern extension of the Martiniere VMS system hole MDE-11-16 encountered this new high-grade zone of gold mineralization near the collar of the hole and south of any other drilling on the Martiniere East block, aside from hole MDE-11-15 which is located 500 metres to the south. This potentially important new discovery is distinct from the Martiniere East and West Zones and will be a priority target for the upcoming winter 2012 drill program anticipated to commence in mid-January.
Hole MDE-11-14 was drilled across a series of NNE striking faults which separate the West and East portions of the Martiniere Property to better determine the location and orientation of these structures and to test for gold mineralization along the faults. The hole intersected two zones of gold mineralization. The upper intercept is believed to be part of the East Zone while the lower intercept is located on the west side of the fault network and hosted by the same gabbro body that hosts the high-grade West Zone. This lower intercept may be oblique to the direction of mineralization but additional drilling will be required to determine its true orientation.
Additional results are also reported for the upper portion of the gold mineralized interval in Hole MDE-11-01. This section is part of a broader interval, stretching from 49 to 75 metres, of poor core recovery related to high-angle brittle faulting. Examination of the remaining material from this interval indicated strong silica alteration and veining over the lower several metres and a single sample representing approximately 6.00 metre of core returned 13.55 g/t gold. A more competent sample, showing similar alteration and characteristics returned 10.50 g/t gold over 0.56 metres immediately below the 6.00 metre sample.
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.
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.
To view the map associated with this press release, please visit:
http://media3.marketwire.com/docs/bar-1205-fig1.pdf.
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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