Balmoral Resources Ltd. Updates Progress On Northshore Property, Ontario
17.02.2014 | ABN Newswire
Toronto, Canada (ABN Newswire) - Balmoral Resources Ltd. (TSE:BAR) has been advised by GTA Resources and Mining Inc. that an initial National Instrument 43-101 resource estimate is currently being completed for the Afric gold zone on the company's Northshore property in Ontario. Drilling by GTA under an option agreement with Balmoral, and by historic operators, has outlined the Afric Gold Zone over an area of 350 x 500 metres and to a vertical depth of 350 metres below which it remains open for expansion. The Afric Gold Zone exhibits a high grade core and broad, lower grade halo. Recent drilling has also confirmed the presence of other high-grade vein systems on the Property. GTA has indicated to the Company that resource estimate should be completed during the first quarter or early second quarter of 2014. "We are pleased to see the progress at Northshore over the last two years and look forward to the initial 43-101 compliant resource estimate from the Property," said Darin Wagner, President and CEO of Balmoral Resources. "Recent results suggest strong potential to continue to expand the Afric Gold Zone and additional opportunities to discovery and expand other high-grade veins systems on the 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). Both Companies anticipate that GTA will vest its initial interest in 2014. 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:
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.
Contact:
Balmoral Resources Ltd.
John Toporowski, Investor Relations
T: +1-604-638-3664
F: +1-604-648-8809
E: jtoporowski@balmoralresources.com
WWW: www.balmoralresources.com