Confirms Gold Mineralized Shear Associated with Large I.P. Anomaly At Martiniere – Intersects New VMS System
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 17, 2014) – Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX:BAR)(OTCQX:BALMF) reports the discovery of 4 new occurrences of gold mineralization, and the discovery of a new VMS-base metal system, on the Company’s wholly owned Detour Gold Trend Project in Quebec.
“The successful results from the fall exploration program continue to demonstrate the extensive nature of the gold mineralized system in the Martiniere area” said Darin Wagner, President and CEO of Balmoral. “The emergence of a new VMS system is a pleasant bonus, further confirming the potential for base metal discoveries in the belt and the effectiveness of the exploration tools being employed by our team throughout the 600+ square kilometre Detour Gold Trend Project”.
New Gold Occurrences on the Martiniere Property
As previously announced, drill hole MDX-13-26, the first exploration hole of the fall program, intersected near surface, high-grade gold mineralization returning 5.59 g/t gold over 2.30 metres between down-hole depths 63.93 and 66.70 metres. This new gold occurrence occurs at the sheared contact between a quartz porphyry intrusion and mafic volcanic rocks. It is located along the eastern flank of a large area of anomalous chargeability responses centered east and south of the heart of the Bug Lake Zone (see NR13-21, Sept. 5, 2013). Follow-up drilling will test for extensions of this mineralization to the north and south along the interpreted strike of the quartz porphyry. The map which shows the location of this hole and the others described in the release can be viewed at www.balmoralresources.com.
Holes MDX-13-29 and 30 tested the central portion of this chargeability anomaly. Both holes intersected a broad zone of shearing and silica-sericite alteration. Anomalous gold mineralization is associated with the silica-sericite alteration as elsewhere on the property. Results were highlighted by an intercept of 0.34 g/t gold over 27.87 metres (67.51 to 95.38 metres down hole), including 11.50 g/t gold over 0.61 metres (83.46-84.07), in the deeper of the two holes – MDX-13-30. These holes were drilled west to east across the central portion of the chargeability anomaly. The anomaly extends, and is untested, for several hundred metres to the north and south.
Hole MDX-13-35, one of only two holes testing northern portion of the Sunday Lake Deformation Zone on the Martiniere Property, collared too far south to test the prospective northern contact of the Deformation Zone. The hole, drilled south to north across the Deformation Zone, was terminated in a zone of anomalous gold mineralization in altered volcanic rocks south of the contact which returned 0.10 g/t gold over 11.74 metres (242.26-254.00 (EOH) metres). Follow-up drilling is planned to test the area north of this anomalous zone and the northern contact of the Deformation Zone which hosts the Detour Gold Deposit 50 kilometres to the east.
Hole MDX-13-36 was collared approximately 500 metres southwest of the West Zone and 100 metres along strike to the west from holes MDW-11-12 and MDW-11-13. The MDW-11 series holes had intersected narrow intercepts of high-grade gold mineralization. A similar zone was intersected in hole MDX-13-36 and returned an anomalous gold intercept of 1.14 g/t gold over 10.87 metres (111.45 to 122.32 metres downhole), including a high-grade intercept of 12.40 g/t gold over 0.54 metres. The three intercepts define a northeast trending, steeply south dipping mineralized shear structure, which would approximately parallel the strike/dip of the West Zone, which is open along strike and down-dip.
As part of Balmoral’s on-going target generation and testing program three new base metal targets were drilled during the fall program.
Drill hole MDX-13-39 (see Figure 1) intersected what is interpreted by the Company to be an exhalative horizon, commonly associated with the marginal phases of Cu/Zn/Pb VMS deposits, which returned elevated levels of zinc-lead-silver and gold. This exhalite – see photo at www.balmoralresources.com/s/Martiniere.asp – was intersected over a down-hole length of approximately 4.9 metres (97.9 to 102.8 metres). It is associated with a previously untested, 700 metre long EM conductor. The exhalative horizon is underlain by an extensive chlorite-sulphide alteration zone, which like a similar alteration “pipe” beneath the Martiniere East VMS discovery, is anomalous in gold mineralization returning an average grade of 0.18 g/t gold over 54.14 metres from 154.86 to 209.00 metres down the hole. The hole was terminated in the alteration zone at a down-hole depth of 209.00 metres. Additional testing is planned for this area.
Hole MDX-13-38, testing a second target 1500 metres to the north of hole 39, and intersected a 16 metre wide interval of pyritic mudstone with locally anomalous copper, lead, zinc and silver values. An extensive series of conductors are present in the MDX-13-38 area and additional geophysical work is planned prior to a resumption of drill testing.
Drilling to Resume
Balmoral plans to resume drilling on the Detour Gold Trend Project within the next 3-4 weeks. The initial drill plan calls for the resumption of drill testing in the Bug Lake area of the Martiniere Property shortly after completion of the winter road into the Martiniere camp. Drilling of gold and base metal targets in the Grasset area will commence shortly thereafter. The extreme cold weather in Eastern Canada has allowed for near perfect ground conditions for the winter drill program.
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, 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. 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 Canadian-based precious metal exploration and development company focused on the expansion and delineation of 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.
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.
John Toporowski, Manager, Corporate Development
Tel: (604) 638-5815 / Toll Free: (877) 838-3664