Balmoral Continues to Expand Martiniere Gold System, Intersects 139 g/t (4.05 oz/t) Gold Over 1.00 Metre (3.28 Feet) in ME-16/23 Area
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/15/12 -- Balmoral Resources Ltd. (TSX VENTURE: BAR)(OTCQX: BALMF) ("Balmoral" or the "Company") today reported a number of additional high grade gold intercepts from seven holes completed in the ME-16/23 area of the Company's Martiniere Property during the summer drill program. The ME-16/23 area, located up to 1,500 metres northeast of the Martiniere West Zone and 350 metres northeast of the Bug Lake Zone, marks the northeastern most portion of the Martiniere Gold System tested to date.
Today's results confirm that Martiniere Gold System remains open to the northeast and to depth beyond the limits of current and historic drilling. Reported intercepts continue to indicate the presence of broad zones of anomalous gold mineralization surrounding high to multi-ounce, bonanza grade gold intercepts throughout the System. The Martiniere Property forms part of the Company's Detour Gold Trend Project which spans over 82 kilometres along the Sunday Lake Deformation Zone in Quebec.
Drill results were highlighted by a one metre, 139.00 g/t gold intercept from drill hole MDE-12-56, which tested the down dip extension of a high grade intercept (41.22 g/t gold over 2.50 metres) from hole MDE-12-20 (see NR12-09, Mar. 29, 2012). Additional high-grade results from hole MDE-12-57 and holes MDE-12-37 and MDE-12-38, the latter two collared approximately 65 metres southwest of MDE-12-56 (see updated hole location map at http://media3.marketwire.com/docs/bar1015i.pdf or www.balmoralresources.com), and from previous drilling in this area extend the mineralized ME-16/23 trend to over 120 metres along strike and to a depth of over 140 vertical metres. Localized faulting, and the presence of a number of porphyry dykes in the area, will necessitate more detailed drilling in order to confirm the orientation and continuity of the intercepts along this trend.
Gold Results
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Hole From To Interval(i) Gold
Number (Metres) (Metres) (Metres) (g/t) Sub-Zone
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MDE-12-34 67.00 68.10 1.10 3.93 ME-16
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MDE-12-35 23.70 36.00 12.30 0.31
50.50 64.15 13.65 0.68 ME-16
including 55.15 55.80 0.65 5.86 "
and 63.70 64.15 0.45 4.92 "
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MDE-12-36 59.27 59.90 0.63 12.40 ME-16
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MDE-12-37 33.00 63.00 30.00 1.34 New
including 35.70 36.25 0.55 53.60 "
165.00 184.50 19.50 1.29 ME-23
including 171.95 172.45 0.50 38.10 "
275.00 275.70 0.70 3.04
292.90 356.00 (EOH) 63.10 0.31 Bug Lake
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MDE-12-38 46.75 100.80 54.05 0.34 New
including 58.05 62.10 4.05 2.67 "
which includes 58.05 58.95 0.90 6.51 "
and 61.55 62.10 0.55 4.73 "
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Terminated Above ME-23 Target
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MDE-12-56 75.00 89.00 14.00 0.23
106.00 107.00 1.00 139.00 ME-16
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MDE-12-57 79.40 97.00 17.60 0.30
including 87.13 87.55 0.42 7.70 ME-16?
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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.
Drill hole MDE-12-37, the deepest hole collared to date in the ME16/23 area returned three, broad anomalous gold intercepts. The upper, 30 metre wide intercept, starting at 33.00 metres down hole, appears to correlate to a shallow zone of gold mineralization intersected near the collar of holes MDE-12-23 and 12-24 during the winter program. This near surface intercept features a 0.55 metre interval grading 53.60 g/t gold. The central intercept, located between 165.00 and 184.50 metres downhole, would appear to correlate with the ME-23 discovery and also features a high-grade intercept (0.50 metres grading 38.10 g/t gold). The hole was terminated in a third zone of anomalous gold mineralization at a depth of 356.00 metres. This lower intercept spans a length of 63.10 metres downhole and likely represents the upper portion of the east-dipping Bug Lake Zone.
Guidance
Analytical results from an additional 17 drill holes completed on the Martiniere Property during the summer program remain pending at this time. These include additional results from the Bug Lake Zone as well as follow-up holes testing the recent bonanza grade Footwall discovery.
Drilling has resumed at Martiniere with 6 holes now having been completed. Drilling will continue into the fall as conditions permit before a brief hiatus during freeze-up.
The Company has been advised that Phase 3 drilling on the Northshore Property near Schreiber, Ontario, being conducted under the guidance of GTA Resources and Mining, has now been completed with drill results pending from 15 holes.
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 and/or photographs from the holes summarized in this release, discussed and reviewed the results with senior on-site geological staff 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 news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's 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