Balmoral Resources Expands Abitibi Gold Zone

With more than 15.6 million ounces in reserves, Detour Lake is on track to become Canada’s largest operating gold mine.

The Abitibi is one of the world’s most prolific gold mining districts having produced over 100 mines, and 170 million ounces of gold since 1901.

Two of the region’s most recent success stories include Osisko Gold’s Malartic mine (Stock Profile – TSX:OSK) and Detour Gold’s massive Detour Lake discovery – soon to become Canada’s largest operating gold mine (Stock Profile – TSX:DGC).

But there’s a new kid in town – Balmoral Resource (Stock Profile – TSXV:BAR & OTCQX:BALMF). Balmoral continues to release results from their summer drill program in Quebec, Canada. And to date, the Abitibi has been very kind. Past results included 272.39 grams per tonne over 3.88 meters announced in mid-August.

Yesterday, more drill results were released and, yet again, the results were positive including 22.89 grams per tonne over 4.1 meters.

About the results, President and CEO Darin Wagner stated, “Over the course of the summer drill program at Martiniere we have gone from defining/expanding one high-grade gold zone (Martiniere West), to now having four zones contributing to the expanding gold inventory on the Property.”

Despite the strong news the company’s shares have been stuck in a narrow trading range between $0.88 and $0.98. Why is this the case? Well, the laws of supply and demand, of course.

12.6 million warrants issued by Balmoral at $0.94 are set to expire on November 9th, 2012. Pretty much an endless supply of stock. However, looking at the glass being half full – a substantial overhang in the market is about to be removed.

Recently, company president Darin Wagner was featured on BTV. In the interview Darin talks about the company’s commitment to exploration and development and why the Abitibi gold belt continues to deliver.

Disclosure: at publication date Balmoral Resources is a client of MiningFeeds.

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