Balmoral Resources and GTA Resources and Mining Intercept 149.50 m Grading 1.20 g/t Gold (Capped) on Northshore Property
14.02.2012 | Marketwire
- Majority of Holes Collar and End in Mineralized Zone- Caly-Caly North Vein System Returns 12.49 g/t Gold Over 33.20 Metres, Including 760.15 g/t Gold Over 0.40 Metres
- High-Grade Audney Vein Returns 13.23 g/t Gold Over 6.50 Metres
VANCOUVER, Feb. 14, 2012 - Balmoral Resources Ltd. (TSX VENTURE: BAR) ("Balmoral" or the "Company) and joint venture partner GTA Resources and Mining Inc. (TSX VENTURE: GTA) ("GTA") today announced results from the Phase 1 drilling program on the Company's Northshore Property located in the Hemlo-Schrieber greenstone belt of Ontario. Closely spaced drilling targeting the high-grade Audney and Caly Vein systems confirmed the continuity of these high-grade gold-bearing structures along strike and to depth. Drilling also intersected a number of additional high-grade veins and demonstrated much better than anticipated continuity to the broader Afric Gold Zone which hosts the high-grade vein structures.
Results from the broader Afric Gold Zone are highlighted by holes WB-11-07, WB-11-09 and WB-11-11 (see table below) which returned respectively capped intercepts of 150.00 metres grading 0.99 g/t gold, 159.00 metres grading 1.05 g/t gold and 149.50 metres grading 1.20 g/t gold. All of these holes collared and ended within the mineralized system. High-grade intervals in all holes were capped for reporting of the broader intercepts at 28.79 g/t gold, which represents the 99th percentile of the values obtained from the current drill program.
The high-grade Audney and Caly vein systems (see previous news release NR11-27, Nov. 8, 2011) demonstrated good continuity with the Audney vein system being intersected to a depth of 110 vertical metres. Gold mineralization within, and marginal to, both veins systems locally demonstrates significant increases in thickness over the surface sampling previously reported.
The Audney vein system returned intercepts of 13.23 g/t gold over 6.50 metres, including a bonanza grade intercept of 131.99 g/t gold over 0.50 metres (Hole WB-11-01, 28.50 to 35.00 metres) and 10.28 g/t gold over 4.30 metres (hole WB-11-09, 142.00 to 146.30) which represents the deepest intercept of the Audney vein to date. The Caly vein system returned shallow high-grade intercepts of 12.49 g/t gold over 33.20 metres including a bonanza grade intercept of 760.15 g/t gold over 0.40 metres (WB-11-11 2.80 - 36.00 metres); 17.25 g/t gold over 3.70 metres (WB-11-08, 14.50 to 18.20 metres), and 14.94 g/t gold over 4.00 metres (WB-11-09, 16.00 to 20.00 metres). Both systems remain open to depth.
"We are obviously very pleased with today's results from the Northshore Property," said Darin Wagner, President and CEO of Balmoral Resources Ltd. "Not only do the results confirm the depth continuity, and local broadening, of the high-grade Audney and Caly vein systems, they also demonstrate a significantly greater degree of overall grade continuity within the Afric Zone than was evident from historic drilling in this part of the system."
Hole Hole Depth From To Interval* Gold - Gold -
Number (metres) (Metres) (Metres) (Metres) Uncapped (g/t) Capped** (g/t) Zone
WB-11-01 62.00 3.00 50.50 47.50 2.06 0.98 Afric
including 28.50 35.00 6.50 13.23 Audney Vein
which includes 28.50 29.80 1.30 60.49 "
which includes 29.30 29.80 0.50 131.99 "
WB-11-02 101.00 8.10 101.00 92.90 0.47 0.47 Afric
including 11.40 15.00 3.60 3.07 Audney S
which includes 11.40 11.80 0.40 12.31 "
and 60.00 62.00 2.00 3.57 Audney Vein
which includes 61.70 62.00 0.30 10.50 "
WB-11-03 62.00 3.00 62.00 59.00 0.55 0.55 Afric
including 3.00 4.00 1.00 4.77 ?
and 12.00 13.00 1.00 4.29 Audney S
and 32.50 33.20 0.70 5.92 Audney Vein
WB-11-04 87.50 2.00 87.50 85.50 0.52 0.52 Afric
including 3.00 4.00 1.00 4.90 ?
and 23.00 25.00 2.00 2.50 Audney S
and 81.50 83.00 1.50 7.33 Audney Vein
WB-11-05 62.00 2.00 14.00 12.00 1.12 0.29 Afric
Audney and Audney S dyked out
WB-11-06 92.00 1.00 68.00 67.00 1.40 1.08 Afric
including 7.50 8.50 1.00 18.18 Audney S
and 64.30 65.60 1.30 45.18 Audney
which includes 64.30 64.80 0.50 71.33 "
WB-11-07 152.00 2.00 152.00 150.00 1.04 0.99
including 7.50 7.80 0.30 43.87 Caly Vein
and 11.30 11.80 0.50 6.84 Caly N Vein
and 70.00 71.00 1.00 6.91 B Vein
and 81.10 81.60 0.50 16.37 ?
and 83.00 83.50 0.50 8.06 ?
and 113.00 114.00 1.00 22.16 Audney S
and 120.80 121.50 0.70 15.86 Audney Vein
and 129.00 134.00 5.00 3.58 Audney Vein
WB-11-08 32.00 2.00 32.00 30.00 2.42 1.07 Afric
including 14.50 18.20 3.70 17.25 Caly + Caly N
which includes 14.50 14.80 0.30 147.69 Caly Vein
17.80 18.20 0.40 40.43 Caly N Vein
WB-11-09 161.00 2.00 161.00 159.00 1.25 1.05 Afric
including 16.00 20.00 4.00 14.94 Caly + Caly N
which includes 16.50 17.00 0.50 51.25 Caly Vein
and 54.00 55.00 1.00 28.64 B Vein
and 67.00 68.00 1.00 5.81 ?
and 142.00 146.30 4.30 10.28 Audney Vein
which includes 144.60 145.10 0.50 67.58 "
WB-11-10 35.00 1.20 35.00 33.80 0.55 0.55 Afric
including 8.90 9.40 0.50 6.03 Caly Vein
and 26.00 26.40 0.40 4.11 ?
and 30.00 31.00 1.00 7.93 B Vein
WB-11-11 152.00 2.50 152.00 149.50 3.21 1.20 Afric
including 2.80 36.00 33.20 12.49 Caly System
which includes 2.80 4.00 1.20 5.52 ?
and 14.00 15.00 1.00 35.78 ?
and 21.60 22.00 0.40 760.15 Caly Vein
and 26.00 34.00 8.00 6.39 Caly N Vein
which includes 26.00 29.00 3.00 11.96 "
and 61.00 62.00 1.00 3.05 B Vein
and 134.00 136.00 2.00 13.20 Audney Vein
which includes 134.70 135.30 0.60 28.76 "
WB-11-12 35.00 1.20 35.00 33.80 1.58 1.58 Afric
including 20.00 22.00 2.00 13.18 Caly Vein
and 26.00 27.00 1.00 3.21 Caly N Vein
and 33.80 34.40 0.60 7.68 B Vein
* Widths represent core lengths - not true thicknesses. At this time there is insufficient data with respect to the shape of the mineralized zones to calculation their true orientation in space;
** High-grade values capped at 28.79 g/t gold, representing the 99th percentile of values obtained from the 2011 drill program; no lower cut-off grade or internal dilution parameters were applied to the capped averages.
Afric Zone
The Afric Zone is a broad zone of intense fracturing, moderate to strong alteration, associated quartz veining (including the Audney and Caly vein systems) and gold mineralization which has been interpreted to track roughly east-west across the Northshore Property. The zone has been intersected in widely spaced historic drilling for at least 480 metres along strike and remains open to the east. These high-grade ENE-trending Audney and Caly vein systems are currently interpreted to represent conjugate dilatational structures to the main mineralized trend.
Today's results indicate a significantly greater degree of grade continuity to the Afric Zone than demonstrated by the majority of historic drilling where sampling and assay results were typically restricted to the areas proximal to visible quartz veining. Nine of the twelve holes for which results were announced today collared and ended in anomalous gold mineralization.
Audney Vein System
The Audney Vein system was successfully intersected in 8 of the 9 holes drilled to test the continuity of this high-grade gold bearing structure. Hole WB-11-05 intersected a mafic dyke at the projected intersection point of the Audney system. In addition to the main Audney Vein a new gold mineralized structure - Audney South - was outlined by the current program. When combined with historic drill intercepts the Audney vein system has now been traced for over 100 metres along strike and to a vertical depth of 110 metres. The Audney system remains open in all directions and exhibits consistent high-grade gold mineralization.
Caly Vein System
The Caly Vein system (Caly and Caly North veins) was successfully intersected at shallow depths in all 6 holes (NS-12-07 to NS-12-12) targeting this structure. The Caly Vein System parallels the Audney Vein system and is located approximately 70 metres to the ESE. Both vein systems are conjugate to, and appear to trend across, the principal trend of the Afric Zone. The Caly Vein returned the highest grade intercept from the current program - 760.15 g/t gold over 0.40 metres (WB-11-11, 21.60-22.00 metres) - which is similar to previously reported bonanza grade samples collected from this vein system at surface. Drilling to date has traced the Caly Vein system for a minimum of 50 metres along strike and it remains open in all directions.
Drill Program
A total of 1,038 metres were completed in 12 closely spaced holes to test the vertical continuity of the high-grade Audney and Caly Vein systems observed at surface. Collar locations were spaced 12.5 metres apart along the two veins systems (3 locations per vein system) and two holes were collared from each location at dips between -50 and -75 degrees. Drilling was completed during October of 2011 under the supervision of Mr. Robert Duess (P.Geo.), Qualified Person for GTA. Members of the Pays Plat First Nation assisted in the completion of the program and the Companies would like to thank Pays Plat for its cooperation and continued support of the Companies' exploration activities on the Northshore Property. Plan maps and idealized cross-sections for the holes reported are available on the Balmoral website at www.balmoralresources.com under the Northshore Property tab.
Balmoral and GTA also acknowledge the on-going cooperation and support of the municipality of Schreiber, Ontario in their exploration efforts at Northshore. GTA has an option to earn up to a 70% interest in the Northshore Property from the Company by spending $5.5 million dollars on exploration expenditures, issuing 3.5 million shares to Balmoral and making cash payments totaling $150,000. GTA is the operator for exploration activities on the Northshore Property during the option period. Balmoral currently holds approximately 7% of the issued and outstanding stock in GTA.
QA/QC
The planning, execution and monitoring of GTA's exploration programs on the Northshore Project are under the supervision of Robert (Bob) Duess, P.Geo. (Ontario). Mr. Duess is a qualified person as defined by National Instrument 43-101 and is also the Qualified Person for this release. Mr. Duess has supervised the work programs on the Northshore Property, supervised the collection of the samples and drill core described herein and reviewed the assays and QA/QC data. Mr. Duess has also reviewed this release.
GTA has implemented a quality control program for the trench sampling and drill programs on the Northshore Property to ensure best practice in sampling and analysis. GTA maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by Accurassay Laboratories Ltd. of Thunder Bay, Ontario with ISO 17025 accreditation. Samples are transported in security sealed bags to Accurassay and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA and/or gravimetric finish. Following receipt of the initial Accurassay results, and given the abundance of visible gold mineralization in the samples, approximately 14% of the initial samples were re-assayed at Accurassay, and rejects from 5% of the original samples were sent to at SGS Laboratories, Toronto, Ontario for check assaying prior to reporting.
About Balmoral Resources - 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
604-648-8809 (FAX)
jtoporowski@balmoralresources.com
www.balmoralresources.com