SOURCE: Balmoral Resources Ltd.

Balmoral Resources

June 08, 2016 07:30 ET

Balmoral Intersects Gold Mineralization Over 25 to 48 Metre Widths in Near Surface, Southern Bug Lake Gold Trend, Quebec

VANCOUVER, BC--(Marketwired - June 08, 2016) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) today reported the final results from the winter 2016 drill program on the Company's Martiniere Property, part of the Detour Trend Project in Quebec. The Upper Bug Lake Zone returned gold mineralized intervals ranging from 25.02 to 48.46 metres wide, starting at less than 100 metres vertical depth, from four of five holes along the southern segment of the Bug Lake Trend. The Upper Bug Lake Zone in the fifth hole, MDE-16-206 was disrupted by a dyke but returned a high grade intercept of 7.16 g/t gold over 1.08 metres at the base of the Zone.

Drilling continues to intersect high-grade (>3 g/t) gold mineralization within the Upper Bug Lake and Hanging Wall Porphyry ("HWP") Zones, including results of 3.44 g/t gold over 7.14 metres and 3.14 g/t gold over 8.76 metres from the Upper Bug Lake Zone in holes MDE-16-209 and MDE-16-210 respectively (see Figures 1, 2 and 3 and Table 1 below).

"Today's results cover a 375 metre long segment of the southern Bug Lake Trend and continue to illustrate the broad nature of the Upper Bug Lake Gold Zone in the near surface. As well all holes successfully intersected high grade intervals within the core of the Upper Bug Lake and HWP Zones," said Darin Wagner, President and CEO of Balmoral. "Two drills are set to return to the Property and begin further expansion of the Bug Lake Gold Zones, and broader Martiniere gold system, within the next two weeks."

Table 1: Bug Lake South Results

Hole  Northing  Easting  Dip  From  To  Interval*  Gold  Zone
Number        (Degrees)  (Metres)  (Metres)  (Metres)  (g/t)   
MDE-16-206  3+00S  1+00W  -50  223.70  238.55  14.85  1.64  HWP
including           226.87  228.05  1.18  6.37  "
and           232.55  234.05  1.50  6.18  "
            315.00  316.08  1.08  7.16  U Bug Lk
            335.37  344.02  8.65  0.67  L Bug Lk
MDE-16-207  2+50S  2+60W  -50  98.86  100.88  2.02  0.84   
            112.32  160.78  48.46  1.15  HWP+U Bug Lk
including           116.56  118.92  2.36  3.44  HWP
and           127.08  129.41  2.33  3.20  U Bug Lk
            264.38  275.09  10.71  0.30  ?
MDE-16-208  4+50S  2+70W  -54  131.40  156.42  25.02  1.23  U and L Bug Lk
including           132.6  134.05  1.45  8.60  U Bug Lk
and           142.94  143.94  1.00  12.00  U Bug Lk
MDE-16-209  1+25S  2+80W  -45  21.45  24.00  2.55  0.18  Zinc Zone
            56.40  100.00  43.60  1.41  U Bug Lk
including           75.70  98.72  23.02  2.34  "
which includes           80.54  87.68  7.14  3.44  "
which includes           86.63  87.68  1.05  8.46  "
MDE-16-210  1+25S  2+80W  -56  18.01  22.14  4.13  0.21  Zinc Zone
            88.31  133.10  44.79  1.18  U Bug Lk
including           92.02  100.78  8.76  3.14  "
which includes           96.27  97.14  0.87  15.00  "
including           119.77  121.13  1.36  3.25  "
            184.82  195.56  10.74  0.44  L Bug Lk
including           184.82  185.63  0.81  3.25  "
* 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. All values presented uncapped.

Drill hole MDE-16-207 tested the central portion of a wedge created by the intersection of the Upper Bug Lake and HWP Zones, intersecting a broad zone of gold mineralization with higher grade sub-zones associated with both the HWP contact, and the Upper Bug Lake Zone. Drill holes MDE-16-209 and MDE-16-210 both collared into a new, sediment hosted zone of anomalous gold and zinc mineralization. Hole MDE-16-209 returned 0.45% zinc and 0.18 g/t gold over 2.55 metres from the bedrock collar (21.45 metres). Hole MDE-16-210 returned 0.62% zinc and 0.21 g/t gold over 4.13 metres also from the bedrock collar at 18.01 metres down hole.

Three holes were also drilled into areas of complex geology toward the northern end of the Bug Lake Trend (see Figure 1). Holes MDE-16-211 and MDE-16-212 each intersected multiple intervals of anomalous gold mineralization associated with the extensive felsic porphyry dyking, including several intervals located west of the projected trace of the Bug Lake Trend suggesting the potential for additional zones of gold mineralization in this area. Hole MDE-16-213 was collared along the northern margin of the Lac du Doigt ("Finger Lake") Fault Zone to aid in summer target delineation along and north of this structure. It returned high-grade gold mineralization from a zone of shearing and quartz veining at approximately 32 metres vertical depth highlighting the potential of this new target environment.

Table 2: Northern Bug Lake Gold Trend, Martiniere Property

Hole  Northing Easting Dip From To Interval* Gold Zone
Number      (Degrees) (Metres) (Metres) (Metres) (g/t)  
MDE-16-211  5+25N 6+20W -50 131.03 144.92 13.89 0.28 ?
         294.46 305.48 11.02 0.47 L Bug Lk?
MDE-16-212  2+75N 3+90W -50 140.53 144.55 4.02 0.42  
         186.02 187.70 1.68 2.50 L Bug Lk?
         194.13 202.14 8.01 0.37  
         227.00 245.87 18.87 0.11  
         271.97 281.66 9.69 1.14  
including        273.47 274.13 0.66 7.59  
MDE-16-213  6+50N 5+15W -45 40.37 41.29 0.92 3.04  
* 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. All values presented uncapped.

The fully funded, summer-fall $4.0 million, 20,000 metre diamond drill program for the Detour Trend Project is anticipated to commence within the next two weeks with two drills initially focused on expanding the known gold zones along the Bug Lake Trend.

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 properties 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 the 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. In addition all results are subjected to independent, third party QA/QC review prior to publication.

About Balmoral Resources Ltd. -- www.balmoralresources.com

Balmoral is a well-funded, Canadian-based company actively delineating and expanding the high-grade Bug Lake Gold Trend on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. Employing an award winning exploration team, Balmoral has a philosophy of creating value through the drill bit. By focusing our efforts in proven productive precious/base metal belts in one of the world's preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold and base metal 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