Balmoral Reports Further Expansion, New High Grade Discoveries Within Afric Gold System, Northshore Property, Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/08/13 -- Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE: BAR)(OTCQX: BALMF) today reported results from eight holes completed on the Company's Northshore Property in Ontario. The intercepts reported today expand the Afric Gold Zone along strike to the northeast and to depth. Results continue to point to the presence of several high-grade gold bearing structures within a very broad corridor of anomalous gold mineralization. Exploration on the Northshore Property is being funded and operated by GTA Resources and Mining Inc. ("GTA") under a previously announced option agreement between the companies.
Highlights from today's release include:
-- Hole WB-12-29 which returned two broad intercepts of anomalous gold
mineralization including two new high-grade discoveries (9.15 g/t gold
over 3.00 metres and 9.78 g/t gold over 5.00 metres), expanding the
Afric Zone to the northeast into an area of limited historic drilling.
-- Hole WB-12-33 which returned an average grade of 1.37 g/t gold over
68.00 metres (including 12.16 g/t gold over 4.00 metres), representing
one of the deepest intersections on the Property to date and indicating
the Afric Zone remains open at depth.
-- Several bonanza grade intersections including: 66.50 g/t gold over 0.50
metres (WB-12-33), 50.90 g/t gold over 0.50 metres and a second deeper
intercept of 50.90 g/t gold over 0.50 metres (WB-12-29), and 20.10 g/t
gold over 1.00 metre (WB-12-29).
-- The gold mineralization hosted within the Afric Intrusive Complex has
been partially defined over an area exceeding 450 metres in strike
length and to depths in excess of 390 vertical metres.
All recent holes intersected significant gold mineralization hosted within a strongly altered felsic porphyry package termed the Afric Intrusive Complex. Multiple occurrences of visible gold mineralization were observed in several holes. An updated plan map showing collar locations for the holes announced today is available on the Northshore Property page of the Company's website - www.balmoralresources.com.
Table 1: Phase 3 Drill Results
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Hole Hole Depth From To Interval(i) Grade
Number (metres) (metres) (metres) (metres) g/t gold
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WB-12-28 (-50 degrees) 287.00 24.00 41.00 17.00 0.32
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including 24.00 25.00 1.00 1.82
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WB-12-29 (-50 degrees) 350.00 9.20 84.00 74.80 1.12
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including 28.00 56.00 28.00 2.00
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which includes 42.00 42.50 0.50 25.30
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229.00 287.00 58.00 1.54
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including 236.00 239.00 3.00 9.15
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which includes 237.50 238.00 0.50 50.90
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including 268.00 285.00 17.00 3.25
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which includes 270.00 275.00 5.00 9.78
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and which includes 270.00 270.50 0.50 50.90
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and 274.00 275.00 1.00 20.10
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WB-12-30 (-50 degrees) 326.00 5.00 48.00 43.00 1.02
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including 12.00 20.00 8.00 4.58
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176.00 181.00 5.00 1.93
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275.00 276.00 1.00 14.50
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WB-12-31 (-50 degrees) 344.00 143.00 198.00 55.00 0.83
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including 143.00 157.00 14.00 1.32
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which includes 146.50 147.00 0.50 20.60
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including 197.00 198.00 1.00 15.80
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WB-12-32 (-50 degrees) 444.00 231.00 244.00 13.00 1.00
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337.00 348.50 11.50 1.26
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368.00 369.00 1.00 9.91
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419.80 432.00 12.20 1.02
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WB-12-33 (-50 degrees) 563.00 421.00 489.00 68.00 1.37
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including 421.00 430.00 9.00 5.94
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which includes 421.00 425.00 4.00 12.16
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and 423.50 424.00 0.50 66.50
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WB-12-34 (-50 degrees) 215.00 61.10 83.00 21.90 0.96
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including 74.00 83.00 9.00 2.01
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which includes 74.00 76.00 2.00 6.96
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WB-12-35 (-50 degrees) 449.00 62.00 63.00 1.00 4.11
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413.00 429.00 16.00 1.06
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including 414.00 416.00 2.00 2.76
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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.
Additional Information
Holes WB-12-32 and WB-12-33, the deepest holes ever drilled on the Northshore Property, undercut the Afric Zone at depth with both holes intersecting significant gold values. The intersection in WB-12-33 (1.37 g/t gold over 68.0 metres, including 12.16 g/t gold over 4.00 metres) represents one of the deepest gold intersections ever encountered on the property, at approximately 390 metres vertically below surface. Hole WB-12-33 was terminated within a zone of anomalous gold mineralization at 563 metres indicating that the Afric Zone remains open at depth.
Holes WB-12-29, WB-12-30 and WB-12-35 were drilled to further evaluate the northeast extension of the Afric Zone and all three holes encountered significant gold mineralization. WB-12-29 returned an intercept of 1.95 g/t gold over 44.50 metres (including 9.78 g/t over 5.00 metres) at approximately 200 metres vertically below surface and hole WB-12-35, the most northeasterly hole of the current program, intersected 1.06 g/t gold over 16.00 metres. These intercepts indicate that the system remains open for expansion to the northeast beyond the limits of current drilling.
To date, GTA has completed a total of 35 drill holes (8,224 metres) on the Northshore Property and anomalous gold mineralization has been intersected over a surface extent exceeding 450 metres by 350 metres and to a vertical depth of over 350 metres. Drill results to date confirm the presence of a large, porphyry style gold mineralized system at Northshore which hosts several discrete higher grade gold vein systems.
GTA has indicated that, based on the results reported today, that they expect to commence a fourth phase of drilling in February, 2013.
QA/QC
The planning, execution and monitoring of GTA's exploration programs on the Northshore Property are under the supervision of 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.
GTA has advised the Company that it has implemented a quality control program for the drill programs on the Northshore Property to ensure best practice in sampling and analysis. GTA stated that it maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by AGAT Laboratories Ltd. of Sudbury, Ontario with ISO 17025 accreditation. Samples are transported in security sealed bags to AGAT and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an ICP and/or gravimetric finish. In some cases, due to the high grade nature and the abundance of visible gold mineralization, a screen pulp and metallic analyses was performed.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Vancouver-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.
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. In addition, information with respect to the proposed activities of GTA on the Northshore project has been provided by GTA, who is the operator of the Northshore project and, as such activities are not within the control of the Company, the Company takes no responsibility for the accuracy of such statements. 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.
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