(Vancouver, March 27, 2019) Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) announced that drilling aimed at expanding the Company’s recent high grade nickel-copper-cobalt-PGE sulphide discoveries within the central portion of the Grasset Ultramafic Complex (“GUC”) in Quebec has commenced. The new high grade nickel sulphide discoveries are located 7 kilometres northwest of, and along strike from, Balmoral’s Grasset multi-million tonne nickel-copper-cobalt-platinum-palladium deposit (Figure 1).
Drilling in late 2018 resulted in the discovery of a number of new nickel-copper-cobalt-PGE occurrences within the ultramafic volcanic facies of the GUC (Figure 2). Results were highlighted by an intercept of 7.58 metres grading 1.05% nickel, 0.31% copper, 0.05% cobalt, 0.20 g/t platinum and 0.48 g/t palladium, including a massive sulphide intercept which graded 4.14% nickel, 0.26% copper, 0.18% cobalt, 0.81 g/t platinum and 1.93 g/t palladium over 0.65 metres, from one of four new discoveries, each of which returned greater than 1% nickel (see NR19-01, Jan. 17, 2019).
Follow-up geophysical work indicated a number of nearby EM anomalies interpreted to represent continuations of the massive sulphide intervals intersected. At least two of these geophysical anomalies will be targeted during the current round of testing.
“We are excited to begin the process of evaluating the recent nickel sulphide discoveries made by the team within the GUC and by the potential they hint at for the balance of the belt going forward” said Darin Wagner, President and CEO of Balmoral Resources. “The goal of this program is to determine the controls on the new discoveries so we can quickly expand them and move to target additional nickel sulphide mineralization of this type throughout the belt.”
Approximately 1,500 metres of drilling is planned in the Central GUC area during the current program. A decision of future drill plans and geophysical work in this area will be made following the completion of this phase of testing.
The Company also advises that it has now filed its 2019 Annual Information Form on SEDAR – www.sedar.com.
- Balmoral has commenced a 1,500 metre drill program to follow up on new high-grade nickel-copper-cobalt-PGE discoveries in an area seven kilometres northwest, and along strike, from the Company’s Grasset deposit.
- Balmoral has now filed its 2019 Annual Information Form
Mr. Michael Tucker (P. Geo. B.C., Ont. and Temporary Permit, Que.), Project Geologist for the Company, is the non-independent qualified person for the technical disclosure concerning the Fenelon property in this release. Mr. Tucker supervised the fall 2018 drill program and will supervise the program discussed above. He has worked on the Grasset and Fenelon properties since 2014. Mr. Tucker has reviewed and approved the technical content of this release.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a 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 of
BALMORAL RESOURCES LTD.
President and CEO
For further information contact:
John Foulkes, Vice-President, Corporate Development
Tel: +1 (604) 638-5815 / Toll Free: +1 (877) 838-3664
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 nature and potential of certain zones of mineralization, 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 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.
Figure 1: Location map showing the location of the Grasset nickel-copper-cobalt-PGE deposit and the new discoveries approximately 7 kilometres to the northwest.
Figure 2: New high-grade Ni-Cu-Co-PGE located within the Central GUC area; schematic long section through GUC, location shown in Figure 1