Afric Zone Continues to Expand on Balmoral's Northshore Property, Ontario
- All holes intersect broad zones of gold mineralization- High grade vein systems intersected in all holes
- Gold system expanded in all directions
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/12/12 -- Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE: BAR)(OTCQX: BALMF) announced results from six holes completed on the Company's Northshore Property, located in the Hemlo-Schreiber Gold Belt of Ontario. Broad intervals of gold mineralization were intersected in all six holes. With today's results gold mineralization associated with the Afric Zone has now been intersected for over 280 metres in an east-west direction, to a vertical depth of over 300 metres and for up to 200 metres in a north-south direction. The gold mineralized corridor, as defined by drilling to date, remains open to the east, west, north and to depth.
Results were highlighted by intercepts of 143.00 metres grading 0.90 g/t gold (hole WB-12-15), 90.50 metres grading 1.09 g/t gold (WB-12-18) and 28.00 metres grading 1.10 g/t gold in hole WB-12-20 (see details in table below). Drill hole WB-12-18, one of the deepest drill holes to date on the Northshore Property intersected gold mineralization from 59.50 to 382.00 metres down hole in two intervals separated by a diabase dyke. This hole extends the vertical dimension of the Afric Zone by more than 100 metres, to over 300 vertical metres, and importantly confirms the continuation of the Afric Zone gold mineralization north of the diabase dyke in which hole WB-12-14 (240.00 metres grading 1.41 g/t gold; see NR12-11, April 18, 2012) was terminated.
Drilling also continued to intersect numerous high-grade, often visibly gold bearing, vein systems which returned gold assays ranging from 5.13 g/t gold over 9.00 metres to 44.20 g/t gold over 0.50 metres (see table below). An updated plan map illustrating the location and traces of the holes announced today can be viewed on the Company's website at www.balmoralresources.com. A recently completed NI43-101 compliant technical report on the Northshore Property is also available on the Company's website. Exploration work on the Northshore Property is being funded and executed by GTA Resources and Mining Inc. ("GTA") under the terms of an option agreement between the Companies.
"Today's results provide further evidence of an emerging bulk tonnage gold system on the Northshore Property, expanding the Afric Zone in multiple directions," said Darin Wagner, President and CEO of Balmoral. "The high-grade sub-zones also continue to demonstrate continuity and new high-grade vein systems, including one at the collar of the most easterly hole of the current program, continue to be discovered adding to the potential of the Property."
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Gold-
Hole Interval Gold- Capped
Hole Depth From To (i) Uncapped (ii) Zone
Number (metres) (Metres) (Metres) (Metres) (g/t) (g/t)
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WB-12-15 188.00 4.00 147.00 143.00 0.90 0.90 Afric
including 29.00 38.00 9.00 5.13
which includes 29.00 30.00 1.00 18.20
and 33.00 34.00 1.00 8.95
and 37.00 38.00 1.00 13.70
and including 53.00 54.00 1.00 14.50
90.00 91.00 1.00 6.95 Audney
130.00 130.50 0.50 11.10
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WB-12-16 374.00 3.00 123.00 120.00 0.48 0.48 Afric
including 3.00 19.00 16.00 0.96
which includes 3.00 4.00 1.00 5.22
and including 95.00 108.00 13.00 1.43 Audney
which includes 102.00 102.50 0.50 14.44 "
288.40 289.40 1.00 16.14
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WB-12-17 350.00 144.00 226.00 82.00 0.53 0.53 Afric
including 201.45 201.95 0.50 13.40
and 207.35 208.00 0.65 15.80
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WB-12-18 386.00 59.50 150.00 90.50 1.09 1.09 Afric
including 59.50 60.00 0.50 7.17
and 69.00 73.00 4.00 4.52
which includes 69.00 69.50 0.50 7.34
and which 72.50 73.00 0.50 26.00
incl.
and 93.50 94.00 0.50 14.50
and 106.00 107.00 1.00 7.32
and 142.00 142.50 0.50 8.92
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160.30 268.00 Diabase Dyke
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267.00 382.00 115.00 0.81 0.74 Afric
including 273.00 277.00 4.00 4.14
which includes 275.00 276.50 1.50 7.86
312.00 313.00 1.00 5.40
363.00 363.60 0.60 24.90
372.00 372.50 0.50 44.20
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WB-12-19 371.00 42.00 154.40 112.40 0.41 0.41 Afric
including 42.50 43.00 0.50 18.30
and 127.00 127.50 0.50 6.43
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153.40 181.30 Diabase Dyke
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191.00 235.20 44.20 0.70 0.70 Afric
including 227.00 228.00 1.00 7.82
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WB-12-20 236.00 13.00 41.00 28.00 1.10 1.10 Afric
including 18.00 22.00 4.00 4.89
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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) 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.
GTA has advised the Company that it anticipates the resumption of drilling in August of 2012, as well as receipt of initial results from an on-going program of surface mapping and sampling on the Northshore Property.
Balmoral currently holds a 100% interest in the Northshore Property. GTA is funding 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 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 advised the Company that it 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 Property are under the supervision of Mr. Robert (Bob) Duess, P. Geo. (Ontario), VP Exploration of GTA and is not independent 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. In addition, information with respect to the proposed activities of GTA on the Northshore Property have been provided to the Company by GTA, who is the operator of the Northshore Property and, as such these activities are not in the control of the Company, therefore the Company takes no responsibility for the accuracy of 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 / Toll Free: (877) 838-3664
(604) 648-8809 (FAX)
jtoporowski@balmoralresources.com
www.balmoralresources.com