Balmoral Resources Ltd.
TSX VENTURE : BAR
OTCQX : BALMF

Balmoral Resources Ltd.

May 09, 2013 08:00 ET

Balmoral Reports Further Expansion of Afric Gold Zone, Northshore Property, Ontario

Northeast Extension of Afric Zone Confirmed

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2013) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) has been advised by GTA Resources and Mining Inc. ("GTA") that initial results from the Phase 4 drilling program on the Company's Northshore Property located near Schreiber, Ontario have successfully continued to expand the Afric Gold Zone. Results reported today confirm the presence of a north-east extension of the mineralized system into an area which has seen little historic testing. Results also continued to demonstrate broad zones of gold mineralization along the previously defined east-northeast ("East") trending portion of the Afric Gold Zone, including 1.47 g/t gold over 70.0 metres in hole WB-13-38. Drilling also continues to intersect a series of higher-grade gold-bearing structures within the broader Afric Zone along both the Northeast and East limbs of the system (see Table 1 below).

Hole Number Hole Depth
(metres)
From
(metres)
To
(metres)
Interval *
(metres)
Gold
(g/t)
Target
WB-12-36 227 22.0 32.0 10.0 0.66 East Ext.
(-50/120°) 64 68 4.0 1.43
94 95 1.0 3.3
WB-13-37 170 80.0 123.5 43.5 1.40 East Ext.
(-50/122°) incl 88.0 101.0 13.0 2.50
and 122.0 123.5 1.5 14.2
WB-13-38 212 110.5 180.5 70.0 1.47 East Ext.
(-64/122°) incl 110.5 112.5 2.0 12.28
WB-13-39 218 29.8 64.0 34.2 1.35 Northeast Ext.
(-50/323°) incl 46.0 54.0 8.0 4.77
WB-13-40 152 73.0 122.0 49.0 0.53 Northeast Ext.
(-70/323°) incl 73.0 74.0 1.0 5.63
and 101.0 102.5 1.5 7.97
and 121.0 122.0 1.0 3.33
* 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.

Highlights:

A new plan map showing the location of the holes released today, along with a schematic cross section through the East and Northeast limbs of the Afric Gold Zone are available on the Company's website at www.balmoralresources.com. Results from an additional four holes remain pending and drilling is anticipated to resume on the property following spring-break-up.

East Extension - Highlights from 3 holes (WB-13-36, -37 and -38) completed along the eastern extension of the Afric Zone include 2.50 g/t (grams per tonne) gold over 13.0 metres (within a broader zone of 1.4 g/t gold over 43.5 metres) in hole WB-13-37 and 12.28 g/t gold over 2.0 metres (within a broader zone of 1.47 g/t gold over 70.0 metres) in hole WB-13-38. These holes, drilled approximately 50 metres and 100 metres respectively below a previously drilled shallow intersection of 1.51 g/t gold over 50.8 metres (hole WB-12-29) help confirm the strike continuity of the East Extension for a distance of 170 metres from the historic core of the Afric Zone and the depth continuity to a vertical depth of approximately 150 metres in this area. Hole WB-13-36 was drilled 70 metres further east from the above described section and intersected anomalous gold (0.66 g/t gold over 10.0 metres) along the interpreted trend of the East Extension.

Northeast Extension - Holes WB-13-39 and 40 tested the Northeast Extension approximately 130 metres northeast from the historic core of the Afric Zone and were successful in intersecting the northeast continuation of the Zone. The upper hole (WB-13-39) intersected 4.77 g/t gold over 8.0 metres within a broader zone of 1.35 g/t gold over 34.2 metres. Hole WB-13-40 tested the zone 50 metres below and intersected 7.97 g/t gold over 1.5 metres within a 49.0 metre zone assaying 0.53 g/t gold.

Gold mineralization on the Northshore Property is hosted within a sequence of felsic intrusive and lesser volcanic rocks. The Afric Zone is characterized by strong fracturing, moderate to locally strong alteration, disseminated sulphide mineralization and locally abundant visible gold. The mineralization is most similar to that associated with porphyry-style gold deposits and remains open in several directions. High-grade mineralization typically occurs in quartz veins and veinlets hosted by north-northeast trending fracture sets within the broader Afric Zone. Additional high-grade vein systems on the property, including the one associated with the former producing Northshore Mine, also remain to be evaluated.

Located immediately south of the town of Schreiber, Ontario within the Hemlo-Schreiber greenstone belt, the Northshore Property is currently 100% owned by Balmoral and under option to GTA. GTA can earn an initial 51% interest in the Property under the terms of an option agreement between the companies (see News Release NR11-17; July 27, 2011). Balmoral currently controls approximately 8.0% of the issued and outstanding shares of GTA and holds the shares for investment purposes.

QA/QC

GTA is the operator of the Northshore Project and as operator has generated and provided the information herein to Balmoral. As operator GTA is responsible are responsible for the planning, timing, execution and monitoring of exploration programs on the Northshore Project which is 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.

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 with 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 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.

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.

Contact Information

  • Balmoral Resources Ltd.
    John Toporowski
    Manager, Corporate Development
    (604) 638-5815 / Toll Free: (877) 838-3664
    (604) 648-8809 (FAX)
    jtoporowski@balmoralresources.com