Balmoral Reports 9.47 g/t Gold Over 9.00 Metres From Northshore Property, Ontario
- Afric Gold Zone returns 90 metres grading 1.41 g/t gold
- Gino Vein testing intercepts 46.40 g/t gold over 1.00 metre and 41. 60 g/t gold over 1.00 metre
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 10, 2013) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX:BAR)(OTCQX:BALMF) has been advised by GTA Resources and Mining Inc. ("GTA") (TSX VENTURE:GTA) that recently completed drill testing on the Company's Northshore Property in Ontario has returned high-grade gold intercepts from both the Afric Gold Zone and the recently identified Gino Vein. Results from two holes testing the eastern portion of the Afric Gold Zone were highlighted by a high-grade interval of 9.47 g/t gold over 9.00 metres hosted within a 201 metre wide zone of anomalous gold mineralization which returned a length weighted, uncut, average grade of 0.73 g/t gold in drill hole WB-13-51.
Three holes tested the recently identified (see NR13-16, July 18, 2013) high-grade, near surface Gino vein. All three holes successfully cut the targeted steeply dipping, east-west trending quartz-carbonate vein system returning high-grade gold intercepts of 46.40 g/t gold over 1.00 metre, 41.60 g/t gold over 1.00 metre and 6.38 g/t gold over 2.00 metres from the Gino Vein. All three intercepts occur at vertical depths of less than 125 metres. The Gino Vein system is interpreted to parallel the trend of the former producing, high-grade North Shore Gold mine also located on the property.
"We continue to be impressed with the scale of the Afric Gold Zone and the potential to develop a high-grade core within a very broad halo of anomalous gold mineralization," said Darin Wagner, President and CEO of Balmoral Resources. "The successful follow-up to the Gino Vein system discovery adds another significant high-grade gold bearing element to the property, in particular when viewed in the context of the former producing North Shore Mine located immediately to the north."
| Hole | Depth | Azimuth | Dip | From | To | Interval * | Gold ** | Target |
| Number | (metres) | (metres) | (metres) | (metres) | (g/t) | |||
| WB-13-48 | 125 | 345 | -45 | 101.00 | 104.00 | 3.00 | 15.97 | Gino Vein |
| including | 101.00 | 102.00 | 1.00 | 46.40 | " | |||
| WB-13-49 | 140 | 30 | -45 | 110.00 | 111.00 | 1.00 | 41.60 | Gino Vein |
| 125.00 | 126.50 | 1.50 | 2.69 | |||||
| 137.00 | 138.50 | 1.50 | 7.05 | |||||
| WB-13-50 | 152 | 10 | -55 | 15.00 | 17.00 | 2.00 | 2.79 | |
| 146.00 | 148.00 | 2.00 | 6.38 | Gino Vein | ||||
| WB-13-51 | 244 | 315 | -50 | 23.00 | 224.00 | 201.00 | 0.73 | Afric Zone |
| including | 134.00 | 224.00 | 90.00 | 1.41 | " | |||
| including | 159.50 | 203.00 | 43.50 | 2.51 | " | |||
| including | 159.50 | 168.50 | 9.00 | 9.47 | " | |||
| WB-13-52 | 212 | 315 | -50 | 20.00 | 212.00 | 192.00 | 0.54 | Afric Zone |
| including | 81.00 | 86.00 | 5.00 | 3.80 | " | |||
| and | 128.00 | 180.50 | 52.50 | 1.26 | " | |||
| which includes | 171.50 | 180.50 | 9.00 | 3.53 | " | |||
| which includes | 179.00 | 180.50 | 1.50 | 16.80 | " |
| * | Reported drill intercepts are core lengths and not true widths. At this time there is insufficient data to calculate true orientations. |
| ** | None of the reported broader intercepts required capping based on the previously established capping parameters for the Northshore Property. |
Located immediately south of the town of Schreiber, Ontario, 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 11.4% of the issued and outstanding common shares of GTA.
Quality Control and Assurance
The planning, execution and monitoring of GTA's exploration programs on the Northshore Property are under the supervision of Mr. 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 Vancouver-based precious metal exploration and development company focused on delineation of a series of high-grade gold discoveries on its wholly owned Detour Gold Trend Project located 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 the discovery and definition of high-grade 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.
Contact
Balmoral Resources Ltd.
John Toporowski
Manager, Corporate Development
(604) 638-5815 or Toll Free: (877) 838-3664
jtoporowski@balmoralresources.com
www.balmoralresources.com