Balmoral Discovers Three More Broad Areas of Gold Mineralization on Martiniere Property, Quebec
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/29/12 -- Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE: BAR)(OTCQX: BALMF) reported today that exploration drilling on its Martiniere Property in Central Quebec, conducted well outside the previously known extent of the Martiniere Gold System, has intersected three new, broad areas of gold mineralization. The new discoveries materially expand the scale and potential of the gold mineralized system on the Property. In addition to the three new gold discoveries, the Company also intersected a wide interval of anomalous zinc mineralization while testing a new VMS target on the Property. The Martiniere Property, centered approximately 45 kilometres east of the Detour Lake gold deposit, is centrally located within Balmoral's 82 kilometre long Detour Trend Gold Project in Quebec, Canada.
The three new discoveries returned anomalous gold mineralization over down hole intervals of 82.00, 25.97 and 11.00 metres (see table below). The new discoveries are located 440 metres southwest, 1,200 metres west and 2,050 metres southwest of the Company's recently announced bonanza grade gold discovery in hole MDE-12-29 which returned 273 g/t gold over 3.88 metres (see NR12-19; August 16, 2012).
"Today's discoveries, in three previously untested areas of the Martiniere Property, continue to demonstrate just how regionally extensive this gold bearing system is and the tremendous opportunity it represents for the Company," said Darin Wagner, President and CEO of Balmoral Resources.
Gold Results
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Hole From To Interval(i) Gold
Number (Metres) (Metres) (Metres) (g/t)
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MDX-12-01 280.00 362.00 82.00 0.57
including 282.52 286.60 4.08 2.91
which includes 286.00 286.60 0.60 12.35
and including 309.00 319.40 10.40 1.34
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MDX-12-02a 57.67 83.64 25.97 0.28
including 57.67 62.02 4.35 0.78
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MDX-12-03 No Significant Gold Results - See Zinc Results
Below
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MDX-12-04 No Significant Results
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MDX-12-05 215.00 226.00 11.00 0.32
including 223.00 224.00 1.00 2.29
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MDX-12-06 57.00 57.57 0.57 1.17
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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.
Zinc Results
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Hole From To Interval(i) Zinc
Number (Metres) (Metres) (Metres) %
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MDX-12-03 176.70 202.50 25.80 0.15
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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.
Details
Drill hole MDX-12-01 was collared approximately 450 metres southeast of, and in the footwall to, the Martiniere West Zone to test an airborne EM anomaly. The hole intersected graphitic, pyrite bearing mudstone above the West Gabbro contact. Within the marginal phase of the West Gabbro, an 82 metre wide interval of silica veining, weak to moderate alteration, sulphide mineralization and anomalous gold values was intersected. The zone of anomalous gold mineralization bears strong similarities to the peripheral areas surrounding the high grade Martiniere West Zone.
MDX-12-02, collared 230 metres west-northwest of the current westernmost intercept in the West Zone targeted an interpreted shear structure cutting the West Gabbro. This hole intersected a 25.97 metre wide interval of weak alteration and quartz-carbonate veining which returned anomalous gold mineralization and may indicate the presence of a new gold mineralized structure in this area which has not been tested by any historic drilling. Hole MDX-12-04, located approximately 600 metres further south also intersected a wide interval of shearing, porphyry dyking and alteration.
Hole MDX-12-03 targeted one of a series of EM conductors located on the eastern half of the Property approximately 5.8 kilometres east of the West Zone. The hole intersected, at a relatively low angle to core axis, a 25.80 metre wide interval of massive to semi-massive pyrite, pyrrhotite and graphitic mudstone associated with strongly anomalous zinc and elevated copper, lead and cadmium values. A number of airborne EM conductors in this same area remain untested.
Drill hole MDX-12-05 successfully intersected a zone of anomalous gold mineralization associated with quartz-carbonate veining at the contact between sheared sedimentary and mafic intrusive lithologies. Hole MDX-12-06, drilled approximately 300 metres to the south of hole MDX-12-05, collared and remained in the sedimentary sequence intersecting narrow intervals of anomalous gold mineralization.
Detour East
The Company also reported the results of 8 drill holes, (DTE-12-08 to -15) totaling approximately 2,650 metres, completed on the Detour East Property, which also forms part of the Detour Trend Gold Project. The Detour East program was successful in identifying and/or confirming the presence of several strong shear/deformation corridors on the property with 6 of 8 holes intersecting significant shear zones. Several weakly anomalous gold zones were intersected with individual assay values ranging from below detection to a high of 3.06 g/t gold over 0.60 metres in hole DTE-12-08 (285.40 to 286.00 metres). With this information now in hand the Company can begin targeting potentially productive sites along these structures on the Property during the next phase of drilling. A program of geochemical sampling is currently underway on the Detour East Property to assist with the next phase of drill targeting.
Guidance
Analytical results from an additional 38 drill holes completed on the Martiniere Property remain pending at this time. The Company anticipates that results from a series of five holes targeting extensions of the high-grade West Zone will be the next series of holes available for release. These holes were designed to test the continuity of the West Zone to a vertical depth of approximately 350 metres, or approximately 100 metres (30%) deeper than the previous deepest intercepts on the Zone.
Additional results from testing of the Bug Lake Zone, ME-16 Area, Footwall discovery and a number of the high-grade vein systems in the Martiniere East area will be released as they become available over the next 6-8 weeks.
Drilling has now been temporarily suspended on the Martiniere Property to allow the large back log of assay data to clear. The Company currently anticipates that drilling will resume in September and continue into the fall as conditions permit before a brief hiatus during freeze-up.
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 and Detour East Properties, visited the properties 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 fire assay analysis 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
jtoporowski@balmoralresources.com
www.balmoralresources.com