Balmoral Reports Final Results of Winter 2013 Drill Program at Martiniere, Quebec
May 30 2013 - 8:00AM
Marketwired Canada
Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)
(OTCQX:BALMF) today reported the remaining drill results from the winter 2013
drill program which further expand the Bug Lake Gold Zone, further delineate the
Martiniere West Zone, provide indications of continuity for a previously
intersected high-grade gold-silver discovery in the Martiniere East area and
suggests the presence of another Bug Lake parallel (north-south trending) gold
bearing structure on the Property. The Martiniere Property forms part of the
Company's wholly owned 600+ square kilometre Detour Gold Trend Project in
Quebec.
Bug Lake Expansion Drilling
All eleven holes testing the northern extension of the Bug Lake Gold Zone
successfully intersected broad intervals of anomalous gold mineralization
associated with the Bug Lake fault zone, extending the zone by approximately 115
metres to the north and to a vertical depth of 285 metres. The results also
confirm the extension of the Bug Lake Gold Zone beneath a previously outlined
"flat" feature/fault. As with previous drilling a number of high-grade gold
bearing vein/structures were intersected both within the Bug Lake Gold Zone and
in the hanging wall/footwall to the Zone. The Bug Lake Gold Zone now extends for
over 725 metres along strike, to a vertical depth of 285 metres and remains open
in all directions for further expansion.
Drill hole MDE-13-103, the deepest hole testing the Bug Lake Gold Zone to-date,
intersected several mineralized intervals including the Upper Bug (16.40 metres
grading 0.73 g/t gold) and Bug Lake Gold Zones (46.79 metres grading 1.10 g/t
gold, including a high grade interval grading 11.25 g/t gold over 0.93 metres)
as well as a high-grade Hanging Wall structure which returned 26.70 g/t gold
over 0.41 metres). This hole extends the Bug Lake Gold Zone to approximately 285
metres vertical depth, approximately 60 metres deeper than the previously
reported deepest intercept in the Zone.
Drilling also returned an intercept of 7.00 g/t gold and 55.26 g/t silver over
1.52 metres in hole MDE-13-98 (see table below). This intercept may represent
the western, up-dip extension of a similar high-grade gold/silver intercept
previously reported in hole MDE-11-09 (see NR 11-31, Dec. 5, 2011), which
returned 76.40 g/t gold and 1,390 g/t silver over 0.50 metres, in a similar
stratigraphic position 100 metres to the east. As in hole MDE-11-09 the
intercept in MDE-13-98 is anomalous in cadmium, copper, molybdenum, tungsten and
zinc, as well as gold and silver. The unusually high silver grade of this
mineralization and associated suite of trace metals marks this discovery as
unique from the style of mineralization currently being delineated along the
Martiniere West and Bug Lake Trends. To-date the Company has not actively
targeted this style of mineralization which may be related to the volcanogenic
massive sulphide system located east of the Bug Lake Fault (Martiniere East
area).
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Hole Section Collar Dip From
Number Angle (Metres)
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MDE-13-95 300 N 200 W -45 69.30
84.41
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MDE-13-96 300 N 200 W -64 65.53
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MDE-13-97 300 N 200 W -80 140.88
including 160.25
which includes 166.13
182.60
including 191.48
213.14
including 213.14
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MDE-13-98 235 N 50 W -45 153.69
including 154.04
199.76
223.94
including 227.37
and 230.15
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MDE-13-99 240 N 50 W -55 76.74
238.07
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MDE-13-100 285 N 105 W -59 123.91
131.90
213.30
including 233.00
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MDE-13-101 290 N 95 W -49 125.16
142.07
166.40
including 166.40
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MDE-13-102 185 N 20 W -50 247.53
including 255.13
which includes 256.70
and 262.32
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MDE-13-103 185 N 20 W -62 127.30
241.20
including 249.29
306.20
including 315.00
and 320.61
368.72
394.56
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MDE-13-105 365 N 185 W -45 100.15
including 107.14
and 116.85
160.37
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MDE-13-106 370 N 225 W -45 48.39
including 59.11
which includes 61.00
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Hole To Interval(i) Gold Zone
Number (Metres) (Metres) (g/t)
-----------------------------------------------------------------------
MDE-13-95 70.39 1.09 3.48 Bug Lake
96.90 12.49 0.32
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MDE-13-96 101.84 36.31 0.35 Bug Lake
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MDE-13-97 172.51 31.63 0.59 Bug Lake
including 167.88 7.63 1.73
which includes 166.92 0.79 4.89
193.99 11.39 0.43
including 192.31 0.83 3.24
229.04 15.90 0.65
including 214.94 1.80 3.81
-----------------------------------------------------------------------
55.26 g/t
MDE-13-98 155.21 1.52 7.00 Ag
76.70 g/t
including 154.45 0.41 14.85 Ag
Upper Bug
207.82 8.06 0.42 Lk
233.56 9.62 1.41 Bug Lake
including 228.32 0.95 4.94 "
and 231.26 1.11 3.46 "
-----------------------------------------------------------------------
MDE-13-99 77.31 0.57 8.72
Upper Bug
267.90 29.83 0.37 Lk
-----------------------------------------------------------------------
MDE-13-100 124.48 0.57 16.05
Upper Bug
148.61 16.71 0.46 Lk
240.40 27.10 1.17 Bug Lake
including 235.00 2.00 7.71 "
-----------------------------------------------------------------------
MDE-13-101 126.00 0.84 4.06
Upper Bug
157.93 15.86 0.56 Lk
182.00 15.60 0.35 Bug Lake
including 167.00 0.60 3.05 "
-----------------------------------------------------------------------
MDE-13-102 287.39 39.86 1.07 Bug Lake
including 265.16 10.03 3.60 "
which includes 257.75 1.05 7.88 "
and 265.16 2.84 6.61 "
-----------------------------------------------------------------------
MDE-13-103 127.71 0.41 26.70
Upper Bug
257.60 16.40 0.73 Lk
including 250.20 0.91 3.16 "
352.99 46.79 1.10 Bug Lake
including 315.48 0.48 3.30 "
and 321.38 0.77 3.86 "
369.65 0.93 11.25
399.86 5.30 1.03
-----------------------------------------------------------------------
Upper Bug
MDE-13-105 128.11 27.96 0.54 Lk
including 117.79 10.65 0.86 "
and 117.28 0.43 3.08 "
178.39 18.02 0.50 Bug Lake
-----------------------------------------------------------------------
Upper Bug
MDE-13-106 75.48 27.09 0.95 Lk
including 65.00 5.89 2.95 "
which includes 62.84 1.84 5.36 "
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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.
Martiniere West Zone
The winter drill program focused on testing for lateral extensions of the
Martiniere West Zone, principally outside the established plunge line of the
high-grade core of the Zone, at depths dominantly below the 150 vertical metre
level. Drilling continued to intersect multiple zones of high-grade gold
mineralization within a broader gold mineralized corridor. Highlights include
intercepts of 25.65 g/t gold over 1.64 metres, 10.31 g/t gold over 1.16 metres,
30.10 g/t gold over 0.61 metres and 7.01 over 1.60 metres (see Table below).
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Hole From To Interval(i) Gold Zone
Number (Metres) (Metres) (Metres) (g/t)
----------------------------------------------------------------------------
MDW-13-65 341.30 375.70 34.40 0.41 Main
including 359.50 360.14 0.64 3.57 "
416.51 447.43 30.92 0.62 FW2
including 423.55 423.96 0.41 5.95 "
and 432.67 433.41 0.74 4.52 "
----------------------------------------------------------------------------
MDW-13-66 400.46 411.36 10.90 1.70 Main
including 404.83 405.23 0.40 4.86 "
and 410.20 411.36 1.16 10.31 "
421.08 479.00 57.92 0.44 FW2
including 431.32 432.00 0.68 5.37 "
----------------------------------------------------------------------------
MDW-13-67 282.92 291.46 8.54 0.56 HW2
including 282.92 283.50 0.58 3.57 "
347.00 347.61 0.61 30.10 HW
486.95 488.65 1.70 6.80 FW2
including 487.61 488.21 0.60 17.50 "
----------------------------------------------------------------------------
MDW-13-68 248.50 277.07 28.57 0.35 HW2
including 262.24 262.78 0.54 9.81 "
487.64 500.93 13.29 0.53 FW2
----------------------------------------------------------------------------
MDW-13-69 382.45 391.92 9.47 0.61 HW2?
including 388.51 389.45 0.94 3.17 "
----------------------------------------------------------------------------
MDW-13-70 197.00 217.48 20.48 1.29 Main
including 200.49 201.23 0.74 6.65 "
and 210.27 210.97 0.70 4.56 "
and 215.23 216.83 1.60 7.01 "
237.49 238.00 0.51 3.40 FW
----------------------------------------------------------------------------
MDW-13-71 76.20 83.50 7.30 1.35 HW2
including 77.39 78.00 0.61 9.09 "
----------------------------------------------------------------------------
MDW-13-72 92.57 93.06 0.49 6.50 HW3
191.03 197.99 6.10 1.65 HW2
including 194.11 195.11 1.00 9.00
231.05 232.03 0.98 5.29 HW
306.19 321.30 15.11 0.33 FW2?
----------------------------------------------------------------------------
MDW-13-73 269.07 297.45 28.38 1.69 HW2
including 273.88 275.52 1.64 25.65 "
305.00 312.16 7.16 1.02 Main
including 305.51 306.25 0.74 7.08 "
338.17 375.45 37.28 0.30 FW2
including 341.72 342.30 0.58 6.76 "
----------------------------------------------------------------------------
(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 holes MDW-13-67 and -68, while intersecting high-grade gold mineralization
in both the hanging wall and footwall, intersected a pyroxene bearing mafic
intrusive unit at the projected intercept point of the West Zone rather than the
typical host quartz-gabbro. High grade gold mineralization is present both above
and below this pyroxene phyric unit within the quartz-gabbro indicating this
feature represents a relatively narrow, cross-cutting dyke which may have a dip
similar to that of holes MDW-13-67 and 68.
Drill hole MDW-13-69, designed to test the down-plunge extent of the West Zone
below the 325 metre level, deviated significantly to the northeast ending more
than 150 metres off, and well outside, the projected plunge line of the core of
the West Zone.
The results reported today continue to confirm the southwest plunge of the West
Zone. As with previous drilling, the winter program intersected numerous
high-grade gold bearing structures in the hanging wall and footwall to the West
Zone within the broader Martiniere West Gold Trend which as announced previously
(see NR-13-06, March 4, 2013) has now been extended to over 800 metres in strike
length.
Exploration Holes
MDX-13-24 was drilled east of the Martiniere West Zone, and south-southwest of
the Central Zone, to follow-up on the discovery of anomalous gold mineralization
in hole MDX-12-01 which returned 0.57 g/t gold over 81.00 metres (see NR-12-21,
August 29, 2012). It intersected several narrow intervals of anomalous gold
mineralization including an interval of 8.24 metres grading 0.24 g/t gold
between 258.09 and 266.33 metres and a separate high-grade interval of 9.77 g/t
gold over 0.88 metres between 286.12 and 287.00 metres. The results suggest that
the gold mineralization intersected in hole MDX-12-01 occurs along a previously
unrecognized, roughly north-south trending (Bug Lake parallel) structure located
between the Martiniere West and Central Zones in an area of very limited
testing.
Exploration hole MDX-13-25, collared 800 metres northwest of the Martiniere West
area to test a multi-element soil geochemical anomaly associated with the
marginal phase of magnetic high intersected magnetite bearing volcanic rocks but
did not intersect any significant mineralization.
Quality Control
Mr. Neil Perk (P.Geo.), is the independent qualified person for the technical
disclosure contained in this news release. Mr. Perk, a principal of Equity
Exploration Consultants Ltd., acted as Senior Project Geologist for the winter
2013 drill program on the Martiniere Property, visited the property on multiple
occasions, has 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 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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Balmoral Resources Ltd.
John Toporowski
Manager, Corporate Development
(604) 638-5815 / Toll Free: (877) 838-3664
jtoporowski@balmoralresources.com
www.balmoralresources.com
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