SOURCE: Balmoral Resources Ltd.

Balmoral Resources

August 22, 2016 07:30 ET

Balmoral Reports 23.73 g/t Gold Over 9.00 Metres (Including 139.00 g/t Gold Over 1.20 Metres) From Drilling on Northshore Property, Ontario

VANCOUVER, BC--(Marketwired - August 22, 2016) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) has received, from joint venture partner GTA Resources and Mining Inc. ("GTA") (TSX VENTURE: GTA), the results from 36 shallow (surface to approximately 30 metres vertical depth) drill holes recently completed on the Northshore Property located near Schreiber, Ontario.

Drilling focused on delineation of the high-grade Audney and Caly vein systems which outcrop at surface and are located within the central core of the broader Afric Gold Zone (see Figure 1). Drilling continues to intersect very high grade ( > 1 oz/ton), near surface, gold mineralization (including 139.00 g/t gold over 1.20 metres, 72.40 g/t gold over 1.0 metre and 39.3 g/t gold over 1.50 metres - see table below) along both the Audney (D - series holes) and Caly (A - series holes) vein systems. Additional highlights of the program, more fully detailed in Tables 1 and 2 below, include:

  • 4.06 g/t gold over 23.00 metres, including 25.60 g/t gold over 3.0 metres in hole A-16-12
  • 5.67 g/t gold over 10.40 metres, including 33.70 g/t gold over 1.40 metres in hole A-16-08
  • 5.96 g/t gold over 9.0 metres, including 24.14 g/t gold over 2.00 metres in hole D-16-07
  • 7.29 g/t gold over 5.40 metres, including 18.54 g/t gold over 2.00 metres in hole D-16-08

"We are pleased to see the current drill program further delineating the near surface potential at Northshore and appearing to outline local continuity to the high-grade vein systems located at the core of the broader Afric Gold Zone," said Darin Wagner, President and CEO of Balmoral Resources.

Table 1: A-Series holes targeting the Caly system

Hole  Azimuth  Dip  From  To  Interval*  Gold**
Number        (metres)  (metres)  (metres)  (g/t)
A-16-01  315  -45  5.00  26.00  21.00  2.79
including        5.00  12.50  7.50  5.16
A-16-02  315  -80  17.00  30.50  13.50  2.55
including        20.00  26.00  6.00  5.22
which incl.        20.00  21.00  1.00  25.70
A-16-03  315  -45  9.50  11.00  1.50  1.69
A-16-04  315  -80  26.00  32.00  6.00  0.93
A-16-05  315  -45  4.00  24.50  20.50  2.36
including        15.50  24.50  9.00  3.61
A-16-06  315  -80  3.50  18.50  15.00  1.15
including        12.50  18.50  6.00  1.92
A-16-07  315  -45  8.00  24.50  16.50  0.71
A-16-08  315  -80  0.60  5.00  4.40  12.81
including        0.60  2.00  1.40  33.70
A-16-09  315  -45  24.50  32.00  7.50  1.25
including        29.00  30.50  1.50  5.19
A-16-10  315  -80  3.50  6.50  3.00  2.11
A-16-11  315  -45  2.60  8.00  5.40  0.24
A-16-12  315  -45  3.00  26.00  23.00  4.06
including        3.00  17.00  14.00  0.91
and        17.00  20.00  3.00  25.60
and        20.00  26.00  6.00  0.66
A-16-13  315  -80  6.50  21.50  15.00  1.10
including        11.00  14.00  3.00  2.79
A-16-14  315  -45  4.00  26.00  22.00  0.23
A-16-15  315  -45  8.00  26.70  18.70  2.03
including        8.00  11.00  3.00  8.56
A-16-16  315  -45  5.00  30.50  25.50  1.43
including        11.60  18.00  6.40  2.33
A-16-17  315  -45  12.50  26.00  13.50  1.94
including        14.00  22.00  8.00  2.42

Table 2: D Series Holes targeting the Audney System

Hole  Azimuth  Dip  From  To  Interval*  Gold**
Number        (Metres)  (Metres)  (Metres)  (g/t)
D-16-01  315  -45  re-drilled as D-16-1A
D-16-02  315  -60  re-drilled as D-16-2A
D-16-03  315  -45  8.00  10.00  2.00  3.87
D-16-04  315  -60  13.00  14.00  1.00  5.58
D-16-05  315  -45  8.00  9.50  1.50  1.68
D-16-06  315  -60  10.00  18.20  8.20  3.54
including        10.00  12.00  2.00  9.40
D-16-07  315  -45  2.90  17.00  14.10  3.94
including        2.90  8.00  5.10  0.39
and        8.00  17.00  9.00  5.96
including        11.70  13.70  2.00  24.14
and        13.70  17.00  3.30  0.59
D-16-08  315  -60  14.00  19.40  5.40  7.29
including        17.40  19.40  2.00  18.54
D-16-09  315  -45  9.50  12.50  3.00  4.25
D-16-10  315  -60  16.50  20.00  3.50  9.76
including        16.50  17.50  1.00  30.90
D-16-11  315  -45  8.00  11.00  3.00  25.32
including        10.00  11.00  1.00  72.40
D-16-12  315  -60  8.00  16.20  8.20  1.79
including        15.20  16.20  1.00  8.45
D-16-13  315  -45  7.50  9.50  2.00  4.41
D-16-14  315  -60           NSA
D-16-15  315  -45           NSA
D-16-16  315  -45  8.00  17.00  9.00  23.73
including        15.80  17.00  1.20  139.00
D-16-17  315  -60           NSA
D-16-1A  315  -45  11.00  12.00  1.00  1.62
D-16-2A  315  -60  9.50  17.50  8.00  3.14
including     incl.  14.50  15.50  1.00  21.40
Notes: NSA - No significant assay results
  * Widths as shown are over drilled core length, and do not represent true widths which remain undefined at the current time.
  ** Gold values are presented uncapped
   

GTA, as operator of the Northshore Property, is currently evaluating the near surface potential of the Afric Gold Zone on the Northshore Property. The Company has been advised that GTA anticipates resuming the current drill program on the Property in early September and that it should be completed within one month of commencement. GTA has further advised that preliminary metallurgical work on two composited drill core samples, one from each of the Caly and Audney vein systems, is currently underway.

The Northshore Property is a joint venture between Balmoral and GTA. GTA is the current operator of the joint venture and holds a 51.4% interest in the Property. In addition to its 48.6% interest in the Northshore Property Balmoral currently holds approximately 7.65% of the issued and outstanding shares of GTA.

Quality Control and Assurance: 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 Actlabs in Thunder Bay, Ontario with ISO 17025 accreditation. Samples are transported in sealed bags to Actlabs and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA and/or gravimetric finish.

The planning, execution and monitoring of GTA's exploration programs on the Northshore Project are under the supervision of Robert (Bob) Duess, P. Geo. (Ontario), VP Exploration of GTA. Mr. Duess is a qualified person as defined by National Instrument 43-101 and is also 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.

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.

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