Balmoral Resources Ltd.
(“Balmoral” or the
“Company”) (TSX: BAR; OTCQX: BALMF) provided an
update on the fall 2018 exploration program on its Detour Gold
Trend Project in Quebec, along with updates on activities on its
other exploration properties in Ontario and Quebec, Canada.
Grasset Ultramafic Complex Drill Program
(Nickel-Copper-Cobalt-PGE)
Drilling continues with two drills still active
on Balmoral’s Grasset and Fenelon properties in Quebec targeting
nickel-copper-cobalt-platinum-palladium mineralization within the
Grasset Ultramafic Complex (“GUC”). One drill is actively working
to expand the Grasset nickel-copper-cobalt-PGE deposit, which
currently features an open-ended Indicated Mineral Resource
estimate of 3.45 Mt @ 1.56% nickel, 0.17% copper, 0.03% cobalt,
0.34 g/t platinum and 0.84 g/t palladium (see NR16-04; Mar 7,
2016).
The Grasset deposit has been delineated to a
vertical depth of just over 500 metres (see Figure 1), below which
it remains open for expansion. Approximately 2,500 metres of
drilling has been completed to date as part of the 2018 resource
expansion program at Grasset. This includes a > 1,000 metre long
‘pilot’ hole whose primary purpose is to serve as a platform for
the evaluation of the Grasset deposit at vertical depths of 500 to
750 metres via a series of wedge cuts.
Six to seven kilometres northwest of the Grasset
deposit Balmoral has completed five holes, totaling 2,900 metres,
testing a series of targets within both intrusive and extrusive
phases of the GUC. Initial borehole electromagnetic (“BHEM”) work
on a number of these holes has successfully outlined EM conductors
directly - or interpreted to be - associated with recently
discovered zones of sulphide mineralization. These anomalies are
high priority targets for follow-up drill testing.
Initial analytical results from the GUC drill
program are anticipated within the next three to four weeks. The
current drill program will continue into late November before
taking a hiatus to allow for completion of logging in the area
being explored. The planned logging activities will increase the
Company’s access for follow-up drilling.
Detour East Property (Gold)
On the Detour East property Balmoral announced
that it has identified the extension of the Vortex Gold Zone
discovered by the Midland Exploration Inc./Soquem Inc. joint
venture on the adjacent Casault property. A single drill hole
collared approximately 195 metres west of the eastern boundary of
the Detour East property (see Figure 2) has successfully
intersected the Vortex Gold Zone Extension, returning a downhole
intercept grading 1.60 g/t gold over 7.00 metres (from 352 to 359
metres down hole) including, 4.01 g/t gold over 0.69 metres.
With the confirmation of the Vortex Extension
onto the Detour East property, gold mineralization has now been
traced for 1,600 metres across the two properties and remains open
to depth and to the west on ground controlled by Balmoral. The
Vortex Gold Zone occurs along the sheared contact between
interpreted tholeiitic and calc-alkaline volcanic sequences,
immediately south of a distinct magnetic horizon which can be
traced west across the Company’s holdings for at least 3,500
metres. This extensive new zone of gold mineralization occurs
within the same regional scale deformation corridor that hosts the
nearby Detour Lake Gold Mine.
RUM and Gargoyle Properties
(Nickel-Copper-Cobalt-PGE)
The airborne magnetic-electromagnetic (“AEM”)
survey of the RUM nickel properties in Quebec has commenced. The
survey has progressed slowly due to very poor weather conditions in
the region which appear set to continue in the near term. To date
approximately 8% of the planned survey has been completed and the
Company has not received any results.
The AEM survey of the recently acquired Gargoyle
and Goblin nickel properties in Ontario is due to commence on or
about November 12, 2018. The commencement of this survey is also
contingent on weather conditions.
Northshore Joint Venture
(Gold)
Balmoral has been advised by the operator of the
Northshore property joint venture, GTA Resources and Mining Ltd.
(GTA:TSXV) that a 1,000+ metre diamond drill program is set to
commence on the Northshore property located near Schreiber,
Ontario. The first two holes proposed are designed to evaluate the
Afric Gold deposit on the property at or below the 350 metre
vertical level, which will represent the deepest tests of the
deposit to date.
Given the limited scope of the drill program,
and minor dilution to its current 46% joint venture interest which
will result, Balmoral has chosen not to contribute to this program.
Results from the program are anticipated in early 2019.
Hwy 810 Property (Gold and Base
Metals)
The previously disclosed geophysical program on
the Hwy 810 property (see NR18-11, August 30, 2018) has been
completed. Induced polarization anomalies were identified on all
five grids surveyed, several of which correlate with airborne EM
anomalies and/or interpreted structural corridors on the property.
The surveyed areas, which contain either gold or base metal
targets, are now drill ready. The Company may proceed with initial
drill testing of the Hwy 810 property in 2019, or look to find a
partner to aid in the advancement of this large property, which is
strategically located between the producing Casa Berardi gold mine
and the former producing Selbaie zinc-copper-gold silver mine in
Quebec.
Sale of Fenelon Mine Property
Royalty
The sale of the 1% NSR royalty held by the
Company on the Fenelon Mine Property in Quebec, announced on
October 10, 2018 (see NR18-15; Oct. 10, 2018), has been completed.
The Company received a cash payment of $500,000 as well as
1,000,000 common shares of Ely Gold Royalties Inc. and common share
purchase warrants which the Company may, at its discretion,
exercise over a period of 18 months from November 2, 2018 to
acquire up to an additional 1,000,000 common shares of Ely Gold
Royalties Inc. at a price of $0.10 per share.
Qualified Persons
Mr. Michael Tucker (P. Geo. B.C., Ont. and
Restricted Permit, Que.), Project Geologist for the Company, is the
non-independent qualified person for the technical disclosure
concerning the Grasset and Fenelon properties in this release. Mr.
Tucker is currently supervising the fall 2018 drill program on
those properties and has worked on the Grasset and Fenelon
properties since 2014. Mr. Darin Wagner (P.Geo. B.C., Ont. and
Restricted Permit, Que.), President and CEO of the Company, is the
non-independent qualified person for the balance of the technical
disclosure contained in this news release. Mr. Wagner has
supervised the Company’s exploration activities since inception.
Both individuals have reviewed the technical content of this
release.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a well-funded, multi-award winning
Canadian-focused exploration company actively exploring a portfolio
of gold and base metal properties located within the prolific
Abitibi greenstone belt. The Company’s flagship, 1,000 km2 Detour
Gold Trend Project hosts the resource stage Bug and Martiniere West
gold deposits and the Grasset nickel-copper-cobalt-PGE deposit.
Employing an aggressive, drill focused exploration style in one of
the world’s preeminent mining jurisdictions, Balmoral is following
an established formula with a goal of maximizing shareholder value
through the discovery and definition of high-grade, Canadian gold
and base metal assets.
On behalf of the board of directors ofBALMORAL RESOURCES
LTD.
“Darin Wagner”
President and CEO
For further information
contact: |
John Foulkes,
Vice-President, Corporate DevelopmentTel: +1 (604) 638-5815 / Toll
Free: +1 (877) 838-3664E-mail: jfoulkes@balmoralresources.com |
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 length of the current drilling
program, the utility and usefulness of certain geophysical surveys,
the correlation of geophysical anomalies to mineralization of
interest to the Company, the assay results from sulphide or other
mineralization intersected in on-going drilling and anticipated
results and timing of the Company’s exploration programs in general
are forward-looking statements. Forward-looking statements
are typically identified by words such as: believes, expects,
anticipates, intends, 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 the mineral tenor of
mineralization intersected on the properties, the success or
failure of the geophysical contractors to survey individual drill
holes and interpret the results from the surveys, factors relating
to weather, staffing and costs which may be beyond the control of
the Company, metal prices and economic considerations related to
mining and exploration, access to financing to continue the
Company’s exploration activities and the financial stability of the
other companies mentioned and the market fluctuations in prices for
securities of exploration and mining stage companies. 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 news release contains information with
respect to adjacent or similar mineral properties in respect of
which the Company has no interest or rights to explore or mine.
Readers are cautioned that the Company has no interest in or right
to acquire any interest in any such properties, and that mineral
deposits on adjacent or similar properties are not indicative of
mineral deposits on the Company’s 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.
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