VANCOUVER, BC--(Marketwired - March 05, 2014) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) today confirmed the presence of an extensive zone of nickel-platinum-palladium (+/-copper) mineralization on its wholly owned Grasset Property in Quebec. Results include the first massive sulphide intercept from the property, located at the core of an 11.41 metre mineralized interval, which returned 3.69% nickel, 0.23% copper, 1.23 g/t palladium and 0.53 g/t platinum over 1.46 metres. Ni-Cu-PGE mineralization has now been intersected for over 700 metres along strike in a northwest direction from discovery hole GR-12-09 (see NR12-14; May 23, 2012). The mineralized zone remains open in all directions. The Grasset Property is part of the Company's Detour Gold Trend Project. The Grasset Ni-Cu-PGE discovery is located approximately 40 km east of Balmoral's flagship, high-grade Martiniere gold system where drilling is on-going.
"Our first two holes have taken the Grasset Ni-Cu-PGE target from an exploration concept, to a 700 metre long open-ended discovery capable of producing high-grade massive sulphide mineralization," said Darin Wagner, President and CEO of Balmoral. "This discovery continues to outline the exploration upside of our expansive Detour Trend Project and provides another potential value driver behind the expanding high-grade gold system at Martiniere."
* 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.
Drill hole GR-14-16 was collared approximately 700 metres northwest of the discovery intercept in hole GR-12-09 and intersected disseminated pyrrhotite-pentlandite-chalcopyrite at the base of the ultramafic sequence. GR-14-17 was collared between the two holes, approximately 400 metres northwest of the discovery intercept. It intersected an 11.41 metre wide mineralized interval consisting of disseminated to semi-massive sulphides, cored by 1.46 metres of massive pyrrhotite and pendlandite (see photos at www.balmoralresources.com). Intervals from holes GR-14-16 and GR-14-17 which displayed abundant visible pentlandite (nickel sulphide) were "rush" assayed. Assay results from the remainder of these two holes are pending.
The ultramafic intrusive suite which hosts the new discovery can be traced in regional magnetic data for approximately 16 kilometres across the Grasset and adjacent Fenelon properties. Similar Ni-Cu-PGE mineralization is known to occur at the base of the same intrusive suite 8,300 metres northwest of the Grasset discovery suggesting potential for a laterally extensive mineralized system.
As the massive sulphide (highest grade) portions of the system are strongly conductive drilling has been temporarily suspended while down-the-hole and surface EM surveys are completed to assist with future drill targeting. Initial geophysical results have identified a number of priority conductive targets and drilling is anticipated to resume within the next two weeks.
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 Grasset Property, visited the property within the last several days, examined the drill core 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 employs a quality control program for all of its drill programs, to ensure best practice in the sampling and analysis of drill core. This 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 Fenelon field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals Val d'Or, Quebec analytical facilities. Base metal analysis were initially obtained via ICP-AES with both Aqua Regia and 4 Acid digestion employed. The two digestion methods show good correlation. Nickel values in excess of 5,000 ppm are reanalyzed using a sodium peroxide fusion followed by ICP-AES finish. PGE values were obtained via industry standard fire assay with ICP-AES finish using 30 g aliquots. Following receipt of assays, visual analysis of mineralized intercepts is conducted and additional analysis may be requested. ALS Minerals is ISO 9001:2008 certified.
About Balmoral Resources Ltd. -- www.balmoralresources.com
Balmoral is a Canadian-based precious metal exploration and development company focused on high-grade gold discoveries along the Detour Gold Trend in Quebec, Canada. 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 and definition of high-grade, Canadian gold assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
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, the potential for the extensive lateral development of similar style nickel-platinum-palladium (+/-copper) mineralization across the Grasset and Fenelon properties held by the Company, the Company's anticipation that the results indicating the presence of nickel-platinum-palladium (+/-copper) mineralization at Grasset will be a value driver for the Company, 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.