SOURCE: Balmoral Resources Ltd.

Balmoral Resources

June 10, 2015 07:30 ET

Balmoral Intersects 38.19 Metres Grading 4.16 g/t Gold, Bug Lake Gold Trend, Martiniere Property, Quebec

VANCOUVER, BC--(Marketwired - June 10, 2015) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) today reported the final results from the winter 2015 Bug Lake Gold Trend drill program on the Company's wholly owned Martiniere Property in Quebec. Results were highlighted by intercepts of 4.16 g/t gold over 38.19 metres, including a high-grade core of 25.05 g/t gold over 5.10 metres from the Lower Bug Lake Zone, and 17.71 g/t gold over 9.00 metres, including a high-grade core of 31.54 g/t gold over 4.99 metres from the Footwall B Zone (see Table below and Figure 1). The summer 2015 Martiniere drill program is anticipated to commence in July.

The Bug Lake Gold Trend hosts four, sub-parallel gold zones -- Hanging Wall, Upper Bug Lake, Lower Bug Lake and Footwall Zones. The four zones, and several sub-zones, are located within a 100 to 175 metre wide structural corridor centered on the Bug Lake Fault and porphyry. All four zones exhibit steep dips and moderate plunges to the south.

"The winter drill program has allowed us to more confidently delineate a number of high-grade zones and sub-zones along the Bug Lake Trend, locally added to the previously defined gold system and will aid considerably in targeting extensions to the zones and overall gold system on the Martiniere Property," said Darin Wagner, President and CEO of Balmoral. "Exploration activities have resumed and we look forward to more strong results as we continue to delineate the opportunities at Martiniere and Grasset, and continue our evaluation of our extensive holdings in the area."

Bug Lake Gold Trend

                 
Hole Northing Easting Dip From To Interval* Gold Zone
Number     (Degrees) (Metres) (Metres) (Metres) (g/t)  
MDE-15-184 1+25 N 2+60 W -49 43.40 48.47 5.07 1.02 Hanging Wall
        58.45 70.38 11.93 0.97 U Bug Lk
including       64.93 66.65 1.72 4.19 "
        74.23 112.42 38.19 4.16 L Bug Lk
including       78.29 83.39 5.10 25.05 "
which includes       78.29 79.14 0.85 137.00 "
and including       105.24 108.41 3.17 4.91 Footwall A
MDE-15-185 0+50 N 1+95 W -48 76.00 84.20 8.20 7.40 U Bug Lk
including       81.59 82.39 0.80 66.20 "
        142.61 144.63 2.02 6.16 L Bug Lk
including       142.61 143.30 0.69 14.00 "
MDE-15-186 0+75 N 2+80 W -60 62.65 68.03 5.38 1.77 U Bug Lk
including       64.46 66.96 2.50 3.55 "
        74.33 86.23 11.90 0.44 L Bug Lk
MDE-15-187 2+00 N 4+30 W -45 80.60 97.89 17.29 0.48 L Bug Lk
including       106.07 113.57 7.50 0.30 L Bug Lk
MDE-15-188 0+75 N 2+65 W -54 52.81 90.33 37.52 1.02 U+L Bug Lk
including       56.48 56.99 0.51 5.19 U Bug Lk
and       87.51 90.33 2.82 5.60 L Bug Lk
        119.00 128.00 9.00 17.71 Footwall B
including       120.94 125.93 4.99 31.54 "
MDE-15-189 1+50N 2+50 W -48 55.64 61.30 5.66 2.36 Hanging Wall
including       57.52 58.66 1.14 10.77 "
        90.91 136.40 45.49 0.60 L Bug Lk
MDE-15-190 2+00 N 3+60 W -45 22.00 44.90 22.90 0.35 L Bug Lk
        68.12 91.30 23.18 0.74 U Bug Lk
and       87.25 88.87 1.62 3.61 "
        95.76 103.91 8.15 0.34 Hanging Wall
MDE-15-191 1+50 N 4+10 W -51 50.01 50.42 0.41 41.30 Footwall 2
        84.75 136.75 52.00 0.51 L Bug Lk
including       84.75 90.13 5.38 2.65 Footwall
MDE-15-192 2+50 N 2+60 W -45 42.90 49.88 6.98 0.50 HW 2
        71.51 75.00 3.49 1.18 U Bug Lk
        84.83 97.60 12.77 0.53 L Bug Lk
MDE-15-193 2+25 N 2+40 W -49 72.91 95.38 22.47 0.49 U Bug Lk
including       108.09 108.65 0.56 9.49 "
* Reported drill intercepts are not true widths and are uncapped. At this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space.
U Bug Lk = Upper Bug Lake; L Bug Lk = Lower Bug Lake; FW = Footwall, HW = Hanging Wall; ? = Unassigned, vein style mineralization
 

The winter drill program was designed to achieve 25 metre pierce point spacing across the four principal gold mineralized zones located along the Bug Lake Gold Trend. In the process, it has helped to define and delineate several secondary high-grade structures in the hanging wall and footwall to the Bug Lake fault. The winter drill program targeted a 300 metre long by 150 to 200 metre deep panel through the central portion to the Bug Lake Gold Trend. The Trend extends for a minimum strike length of 1,200 metres and has been intersected to a vertical depth of 400 metres. The Trend and individual zones remain open along strike to the south-southeast and to depth. Individual holes may have been targeted at one or more of the zones of interest and frequently intersected multiple gold mineralized zones in traversing the Bug Lake Trend.

The wholly owned Martiniere Property forms part of the Company's 700+ square kilometre Detour Trend Project and is located approximately 40 km west of the Company's Grasset Ni-Cu-PGE discovery. The Detour Trend Project extends for over 100 kilometres along the Sunday Lake Deformation Zone. The Project covers the northern most frontier of the prolific Abitibi Greenstone Belt which has a 100+ plus year history of high-grade gold and base metal production making it a destination of choice for the global mining industry.

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 and/or photographs from the holes summarized in this release, discussed, reviewed the results with senior on-site geological staff 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. 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 Canadian-based discovery company focused on the delineation of high-grade gold and nickel-copper-PGE discoveries on its wholly owned, 700+ square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian base metal and gold assets.

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, the potentially open nature of the mineralized zones on the property and the potential for future discoveries of additional mineralization on the property 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.

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Contact Information

  • For further information contact:
    John Foulkes
    Vice-President, Corporate Development
    Tel: (604) 638-5815
    Toll Free: (877) 838-3664
    E-mail: jfoulkes@balmoralresources.com