Balmoral and Gta Intersect 1.41 g/t Gold Over 240.00 Metres at Northshore, Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/18/12 --
-- High-grade Caly Vein System returns 7.82 g/t gold over 12.00 metres
-- Afric Zone extended to over 200 metres along strike and to vertical
depth of 190 metres by recent drilling
Balmoral Resources Ltd. (TSX VENTURE: BAR)(OTCQX: BALMF) ("Balmoral" or the "Company") today announced follow-up drill results from its Northshore Property located in the Hemlo-Schreiber Gold Belt of Ontario. Drill hole WB-12-14 returned the broadest intersection of gold mineralization to date from the Afric Zone - 240.00 metres grading 1.41 g/t gold. The high-grade Caly Zone, intersected near the top of the hole, returned an intercept of 12.00 metres grading 7.82 g/t gold.
Hole WB-12-14, one of two drill holes completed before drilling was paused for spring break-up, was collared 40 metres behind, and on section with, previously reported holes WB-11-11 and -12, (see NR12-03, Feb. 14, 2012). The results from this hole add to both the lateral and vertical extents of the Afric Zone and continue to demonstrate the continuity of the high-grade Caly and Audney vein systems which are included in the Afric Zone.
Hole WB-12-13, collared approximately 70 metres northeast of WB-12-14 and drilled in the opposite direction, to the southeast, intersected 0.77 g/t gold over 80.00 metres. This includes a higher grade section of 4.27 g/t gold over 8.00 metres within the broader Afric Zone with similarities to the Audney and Caly systems. The Afric Zone has now been intersected by the current phase of drilling for over 200 metres along strike and to a vertical depth of 190 metres.
"The initial two holes of the 2012 program at Northshore build on the impressive initial results from the property providing lateral and vertical expansions to the Afric Zone and high-grade sub-zones," said Darin Wagner, President and CEO of Balmoral. "The style of gold mineralization on the Northshore Property displays similarities to other porphyry hosted/related gold deposits, including portions of the large Canadian Malartic gold deposit currently being mined in similar aged rocks in Quebec and the Fort Knox deposit in Alaska."
GTA has also advised that they have now completed two additional holes in proximity to hole WB-12-14 and that visible gold mineralization has been identified in multiple locations in both holes. The on-going phase 2 drilling program is anticipated to include between 10 and 12 holes (2,500 metres) and will continue to target extensions to the Afric and related high-grade gold zones. Updated plan maps and idealized cross sections can be viewed on the Company's website at www.balmoralresources.com.
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Gold
Hole Interval Gold- Capped
Depth From To (i) Uncapped (ii)
Hole (metres) (metres) (metres) (metres) (g/t) (g/t) Zone
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WB-12-13 125.00 31.00 111.00 80.00 0.77 0.71 Afric
including 103.00 111.00 8.00 4.27
which includes 110.00 111.00 1.00 24.93
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WB-12-14 401.00 8.00 248.00 240.00 1.41 0.99 Afric
including 33.50 45.50 12.00 7.82 Caly
which includes 42.00 45.50 3.50 23.35 Caly
and 45.00 45.50 0.50 120.00 Caly
including 67.50 72.00 4.50 6.99 ?
including 113.00 115.00 2.00 39.58 ?
which includes 113.00 113.50 0.50 132.00
including 205.00 206.00 1.00 11.20 Audney
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(i) Width as shown represents core lengths as insufficient drilling has
been completed to determine true thicknesses.
(ii) High-grade values are cut to 28.79 g/t gold, representing the 99th
percentile of all drill core assay values obtained from the 2011 drill
program.
Hole WB-12-14 intersected, at an oblique angle, a post-mineral diabase dyke at a depth of 248 metres and was terminated in the dyke at 401.00. It is unclear at this time if the Afric gold system continues on the western side of this dyke.
GTA is currently funding on-going exploration on the Northshore Property as part of their initial earn-in under the terms of an option agreement announced June 28, 2011 (see NR11-13). 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 common shares of GTA.
QA/QC
GTA has implemented a quality control program for the 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 AGAT Laboratories Ltd. of Mississauga, Ontario with ISO 17025 accreditation. Samples are transported in security sealed bags to AGAT and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an ICP and/or gravimetric finish.
The planning, execution and monitoring of GTA's exploration programs on the Northshore Project are under the supervision of Mr. Robert (Bob) Duess, P.Geo. (Ontario), VP Exploration of GTA. 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 and approved this release.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Canadian focused precious metal discovery company exploring a district scale land position on the newest gold trend in the world class Abitibi greenstone belt of Quebec and in the Hemlo-Schreiber belt of Ontario. With a number of new, high-grade gold discoveries and a philosophy of creating value through the drill bit Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and asset growth.
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 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 are not indicative of mineral deposits on the Company's 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