Balmoral Receives Northshore Property Drilling Update -- Afric Zone returns 132.00 metres grading 0.71 g/t gold
-- Afric Zone returns 132.00 metres grading 0.71 g/t gold
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/12 -- Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE: BAR)(OTCQX: BALMF) today received initial Phase 3 drill results from its Northshore Property located in the Hemlo greenstone belt in Ontario. Results indicate an expansion of the broad Afric, and higher grade internal Audney, gold zones to the southwest. Hole WB-12-27, the southwestern-most hole reported, returning an intercept of 132.00 metres grading 0.71 g/t gold and an Audney vein intercept of 31.60 g/t gold over 0.50 metres. Hole WB-12-27 contained several additional high-grade vein intercepts.
Drill hole WB-12-24, the only hole of the program to test the Caly vein system, appears to have intersected the Caly vein near the top of the hole with a one metre interval, starting at 9.00 metres down the hole, returning 7.88 g/t gold.
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Hole Depth Dip From To Interval(i) Gold Zone
Number (metres) Angle (metres) (metres) (metres) (g/t)
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WB-12-21 200 -50 80.00 115.00 35.00 0.20 Afric
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WB-12-22 101 -70 4.00 46.00 42.00 0.24 Afric
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WB-12-23 164 -50 43.00 48.00 5.00 0.21 Afric
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WB-12-24 230 -50 9.00 10.00 1.00 7.88 Caly
77.00 147.00 70.00 0.20 Afric
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WB-12-25 347 -50 3.00 19.00 16.00 0.82 Afric
including 4.00 10.00 6.00 1.89
150.00 152.00 2.00 8.65
252.30 343.40 91.10 0.42 Afric
including 340.00 341.00 1.00 6.19
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WB-12-26 410 -50 124.80 190.90 66.10 0.62 Afric
including 150.40 150.90 0.50 47.20 Audney
302.00 378.00 76.00 0.49 Afric
including 338.00 340.00 2.00 8.82
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WB-12-27 302 -50 129.00 261.00 132.00 0.71 Afric
including 129.00 161.00 32.00 1.71
which
includes 136.50 137.50 1.00 11.30
and 147.00 147.50 0.50 6.80
and 160.50 161.00 0.50 31.60 Audney
and 220.00 221.00 1.00 18.90
and 258.00 259.00 1.00 5.19
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(i) Widths as shown represent core length, insufficient drilling has been
completed to determine true thicknesses
Exploration on the Northshore Property is being funded by, and is under the direction of, GTA Resources and Mining Inc. ("GTA") under an option earn-in agreement. Results from an additional 8 holes, completed as part of the Phase 3 drill program, remain pending. An updated plan map showing collar locations and drill hole traces is available on the Company's website at www.balmoralresources.com.
Quality Control and Assurance
The planning, execution and monitoring of exploration programs on the Northshore Project are under the supervision of Mr. Robert (Bob) Duess, P. Geo. (Ontario), V.P. Exploration of GTA. Mr. Duess is a qualified person as defined by National Instrument 43-101 and is 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.
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 Sudbury, Ontario, which has 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.
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.
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