October 23, 2013: Vancouver, BC – Balmoral Resources Ltd. (Stock Profile – TSXV:BAR & OTCQX:BALMF) has been advised by GTA Resources and Mining Inc. (“GTA”) (TSX VENTURE:GTA) that drill testing is set to resume on the Company’s Northshore Property located in the Hemlo-Schreiber Greenstone Belt in Ontario. The current program will consist of approximately 1,000 metres of drilling, targeting both the Afric Gold Zone and recently discovered high-grade gold mineralization located between the Afric and the former producing Northshore Gold Mine on the Property.
To-date, drilling by GTA has principally focused on the Afric Gold Zone, which has been outlined over an area of 500 x 350 metres and to a vertical depth of 350 metres, remaining open to depth and to the northeast. The most recently completed phase of drilling discovered a new, near surface high-grade zone of gold mineralization which returned an average grade of 5.23 g/t gold over 6.00 metres at a vertical depth of less than 15 metres, including 19.20 g/t gold over 1.50 metres (See NR13-16, July 18, 2013). This new discovery is currently interpreted to parallel the Northshore vein which was the focus of historic high-grade gold production on the Property.
Located immediately south of the town of Schreiber, Ontario, the Northshore Property is currently 100% owned by Balmoral and under option to GTA. GTA can earn an initial 51% interest in the Property under the terms of an option agreement between the companies (see News Release NR11-17; July 27, 2011). Balmoral currently controls 11.4% of the issued and outstanding common shares of GTA.
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