Balmoral Intersects 8.08 g/t Gold Over 7.95 Metres in Deepest Hole to Date at Martiniere West
- Increases Down Plunge Extent of Martiniere West Zone by 40%- Footwall Structure Widens Significantly
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/24/12 -- Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE: BAR) (OTCQX: BALMF) today reported results from 5 drill holes which increase the depth extent of the Main portion of the high-grade Martiniere West Zone by more than 30% and the down-plunge extent of the Zone by 40%. Today's results demonstrate continuity of the West Zone for 400 metres down plunge and to a vertical depth of 328 metres, below which it remains open and untested. Drill hole MDW-12-62, the deepest hole to date on the Martiniere Property, returned an intercept of 8.08 g/t gold over 7.95 metres from the Main portion of the West Zone.
Drilling also indicates a significant broadening to depth of the Footwall 2 (FW2) structure which was intersected at a vertical depth of 392 metres in hole MDW-12-62.This FW2 intercept is 140 metres (55%) deeper than any previous significant gold intercept in the West Zone area. Hole MDW-12-64a, which represents the southwestern-most pierce point to date, intersected anomalous gold mineralization in the FW2 over a width of 49.30 meters (@ 1.01 g/t gold), including a core intercept of 3.65 g/t gold over 7.48 metres (see table below). This suggests the FW2 may not only strengthen at depth but also to the southwest outside areas tested by previous drilling.
The Martiniere Property forms part of the Company's Detour Gold Trend Project which spans over 82 kilometres along the Sunday Lake Deformation Zone in Quebec. Balmoral's holdings adjoin those of Detour Gold who are in the final phases of construction of what will be, according to Detour's commentary, Canada's largest gold mine.
"With a 40% increase in the down plunge extent of the West Zone, our deepest hole to date continuing to show excellent grade x thickness and a second potentially productive gold bearing structure now coming into focus we continue to be strongly encouraged with the expansion potential of the West Zone," said Darin Wagner, President and CEO of Balmoral Resources. "Combine this potential with the multitude of high-grade discoveries to the east and the open-ended nature of the broader Martiniere gold system and one can begin to understand how excited we are about on-going developments at Martiniere."
Gold Results
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Hole From To Interval(i) Gold Zone
Number (Metres) (Metres) (Metres) (g/t)
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MDW-12-60 266.30 267.10 0.80 3.55 HW3
341.87 376.80 34.93 0.32 West
Including 360.56 361.15 0.59 5.98 Main
396.88 399.52 2.64 5.08 FW2
Including 398.26 398.90 0.64 18.40 "
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MDW-12-61 238.20 239.05 0.85 3.44
290.50 291.00 0.50 3.03 HW3
408.66 414.00 5.34 0.61 West
including 410.40 411.00 0.60 4.21 Main
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MDW-12-62 314.66 315.32 0.66 4.02 HW3
411.46 419.41 7.95 8.08 Main
including 417.23 419.41 2.18 28.27 "
which includes 417.23 417.76 0.53 100.00 "
490.34 495.58 5.24 3.11 FW2
Including 490.34 491.00 0.66 11.55 "
and including 495.00 495.58 0.58 9.06 "
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MDW-12-63a 311.29 337.22 25.93 1.06 West
Including 311.29 315.40 4.11 2.33 Main
which includes 314.40 315.40 1.00 6.37 "
and including 325.18 326.05 0.87 5.61 "
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MDW-12-64a 305.40 381.04 75.64 0.86 West
Including 340.75 341.20 0.45 4.78
and including 346.10 346.80 0.70 4.21
and including 377.40 379.70 2.30 13.91 Main
which includes 377.40 377.75 0.35 87.20 "
397.00 446.30 49.30 1.01 FW2
Including 407.45 410.34 2.89 3.33 "
and including 421.92 429.40 7.48 3.65 "
which includes 421.92 422.28 0.36 11.35 "
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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.
Details
Drilling continues to indicate an overall southwest plunge and steep northwest dip to the West Zone. Gold mineralization associated with the West Zone can be traced along strike for 400 metres and remains open at shallow depths to the southwest into an untested area of the property and to the northeast toward the Central Zone. Drill testing during the upcoming fall 2012 and winter 2012-13 drill programs will continue to target expansion of the West Zone along strike and down plunge and to infill the Zone in areas of broader spaced testing.
Guidance
Analytical results from an additional 33 drill holes completed on the Martiniere Property remain pending at this time. The Company anticipates that next available results will be from a series of holes testing the Bug Lake Fault Zone. These will be followed by results from holes testing the high-grade ME-16 and ME-23 discoveries, a series of holes testing the recent bonanza grade Footwall discovery and additional results from the Bug Lake Zone.
Drilling is now anticipated to resume in late September/early October and will continue into the fall as conditions permit before a brief hiatus during freeze-up.
Drilling continues on the Company's Northshore Property near Schreiber, Ontario with 10 holes completed to date during the current program being conducted on the Property by funding partner GTA Resources and Mining.
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 the holes summarized in this release and reviewed the available 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 stored on-site at the Company's Martiniere field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals 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 fire assay analysis 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 ensure the accurate representation of mineralized zones. ALS Minerals is ISO 9001:2008 certified and the Val d'Or facilities are ISO 17025 certified for gold analysis.
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.
To view accompanying maps, visit the following link: http://media3.marketwire.com/docs/NR1224BAR.pdf
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 / Toll Free: (877) 838-3664
jtoporowski@balmoralresources.com
www.balmoralresources.com