Balmoral Reports More High Grade Results From Martiniere West; Initiates Summer Drill Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/13/12 -- Balmoral Resources Ltd. (TSX VENTURE: BAR)(OTCQX: BALMF) ("Balmoral" or the "Company") today reported numerous high grade gold intercepts from expansion drilling on its Martiniere West Gold Zone in Quebec. The final eight holes of the winter drill program were reported. Today's results further expand the vertical, horizontal and down-plunge components of the West Zone. The West Zone has now been extended along strike at shallow depths to over 375 metres, has been intersected to a vertical depth of over 250 metres and down plunge for over 340 metres. The Zone remains open in all directions. A revised long section is available at www.balmoralresources.com.
In addition to intersecting the West Zone at depth, drill holes MDW-12-55 and MDW-12-57 to MDW-12-59, collared northwest of the West Zone, all returned broad, near surface intersections of anomalous gold mineralization. These intercepts range from 13.40 to 18.10 metres in down-hole thickness and occur in an area of the property which had not been tested by previous drilling. These new discoveries further expand the scale and scope of the Martiniere Gold System of which the Martiniere West Zone is one component.
Summary
-- High-grade Martiniere West Zone extended to over 375 metres along
strike, over 250 metres vertical depth and to over 340 metres down
plunge
-- West Zone remains open for expansion in all directions
-- New, broad, near surface gold occurrences intersected
-- Summer 2012 Drill Program Underway
Drill Results - Martiniere West
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Hole From To Interval(i) Gold
Number (Metres) (Metres) (Metres) (g/t) Zone
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MDW-12-51 31.90 32.40 0.50 6.24 HW2
78.06 85.52 7.46 2.68 Main
including 78.06 79.36 1.30 7.96 "
and 84.40 85.52 1.12 7.03 "
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MDW-12-52 51.56 52.34 0.78 4.34 HW2
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MDW-12-53 94.24 128.67 34.43 1.15 West
including 95.15 102.25 7.10 4.38 Main
which includes 95.15 95.92 0.77 6.75 "
and 97.84 98.47 0.63 11.85 "
and 101.27 102.00 0.73 11.95 "
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MDW-12-54 50.30 51.30 1.00 3.16
98.70 119.00 20.30 0.96 West
including 112.80 117.37 4.57 3.04 Main
which includes 114.80 115.25 0.45 10.90 "
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MDW-12-55 16.90 35.00 18.10 0.42 New
188.30 195.90 7.60 1.57 Main
including 188.30 189.20 0.90 4.12 "
and 192.00 193.00 1.00 5.81 "
243.40 261.00 17.60 0.81 FW2
including 254.60 255.30 0.70 16.00 "
269.85 270.75 0.90 3.38 FW3
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MDW-12-57a 16.00 29.40 13.40 0.37 New
181.30 181.80 0.50 6.34 HW4
230.20 231.00 0.80 4.50 HW3
301.60 314.25 12.65 1.93 West
including 308.20 309.20 1.00 20.90 Main
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MDW-12-58 25.00 42.75 17.75 0.64 New
59.79 60.25 0.46 4.37 ?
183.23 184.20 0.97 34.50 HW2
230.70 294.10 63.40 0.41 West
including 230.70 231.30 0.60 5.47 Main
and 235.87 237.01 1.14 5.04 "
and 244.70 245.36 0.66 8.78 "
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MDW-12-59 18.30 32.20 13.90 0.53 New
77.80 78.40 0.60 3.83 ?
203.20 220.40 17.20 0.94 West
including 209.00 211.50 2.50 5.65 Main
which includes 209.50 210.45 0.95 12.45 "
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(i) 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.
The Company further announced that the summer 2012 drill program has commenced. Drilling of several targets on the Detour East Property, which sits adjacent to the Detour Gold development project, is currently underway. The Company anticipates that the current program will allow it to vest its initial 51% interest in the Detour East Property more than 12 months ahead of schedule.
With the arrival of a second drill rig in late June/early July, drilling will shift to the Martiniere Property and target expansions to high-grade gold discoveries at Martiniere East and West. Additional testing of the broader Martiniere Gold System and recently identified Bug Lake Fault gold zone are also planned. In total the Company anticipates completing approximately 10,000 metres of drilling during this program.
Details
Drilling continued to demonstrate the continuity of the West Zone at Martiniere and to intersect high-grade gold mineralization associated with the Zone. A steeply plunging fault zone appears to have displaced the Zone slightly along the eastern end of the area tested to date. The exact orientation of this structure remains to be determined but the offset appears minor. Numerous gold mineralized structures continue to be evident in the hanging wall and footwall to the Main portion of the West Zone.
Hole MDW-12-58, the most westerly of the three deep holes completed as part of this program exhibited strong alteration over a broad down-hole interval surrounding the Main Zone intercepts reported above, indicating potential for the Zone to expand further to the west beneath a series of less mineralized near surface holes.
Broad zones of near surface gold mineralization intersected in holes MDW-12-55 and MDW-12-57 to MDW-12-59 are associated with weak to moderate silica and carbonate alteration, minor quartz veining and 3 to 10% disseminated pyrite within the same gabbro body which hosts the West Zone. The style of mineralization is typical of the more distal margins of the West Zone. There is no other drilling to the northwest or along strike from these intercepts. Potential extensions of these new occurrences will be targeted in the process of expanding the West Zone to depth during the summer program.
Drill hole MDW-12-56 was collared 135 metres northwest of the collar of hole MDW-12-51 and was drilled to test the northern of two potential target areas which could connect the West Zone to the Central Zone. The hole intersected several short intervals of weakly anomalous gold mineralization (0.10 to 0.50 g/t gold over intervals ranging between 0.38 and 1.25 metres).
The Martiniere Property is part of Balmoral's Detour Gold Trend Project which extends for 82 kilometres along the Detour-Sunday Lake Deformation Zone in Central Quebec. In addition to the Martiniere gold discoveries, the Project hosts the near-surface Lynx and Rambo Gold Zones on the Detour East Property, the high-grade Fenelon Gold Zone and the Grasset Gold and Nickel-Copper-PGE discoveries.
Quality Control
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 Martiniere Property, visited the property on multiple occasions, examined the drill core from the holes summarized in this release and reviewed the available analytical and quality control results.
Balmoral has implemented a quality control program for all of its drill programs, to ensure best practice in the sampling and analysis of the drill core, which includes the insertion of blind blanks, duplicates and certified standards into 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 Martiniere field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals Val d'Or, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30 g aliquots. For samples returning greater than 5.00 g/t gold follow-up analysis fire assay with a gravimetric finish is completed. The Company has also requested that any samples returning greater than 10.00 g/t gold undergo screen metallic fire assay. Following receipt of assays visual analysis of mineralized intercepts is conducted and additional analysis may be requested to ensure the accurate representation of mineralized zones. ALS Minerals is ISO 9001:2008 certified and the Val d'Or facilities are ISO 17025 certified for gold analysis.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in North America. 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.
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.
Contacts:
Balmoral Resources Ltd.
John Toporowski
Manager, Corporate Development
(604) 638-5815 / Toll Free: (877) 838-3664
(604) 648-8809 (FAX)
jtoporowski@balmoralresources.com
www.balmoralresources.com