|August 18, 2014|
Balmoral Intersects 54.08 Metres Grading 1.62% Ni, 0.18% Cu, 0.36 g/t Pt and 0.88 g/t Pd at Grasset
(Vancouver, August 18, 2014) Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR; OTCQX: BALMF) today reported high-grade nickel-copper-PGE intercepts from each of the first eight holes targeting its recent Horizon 3 discovery on the Company's wholly owned Grasset Property in Quebec. All eight holes, which fan out from discovery hole GR-14-25 (1.79% nickel, 0.19% copper, 0.42 g/t platinum and 1.04 g/t palladium over 45.28 metres -- (see NR14-11, May 20, 2014) intersected broad zones of high-grade nickel-copper-PGE mineralization similar to that observed in the discovery hole.
Results were highlighted by holes GR-14-28 and GR-14-33, the latter being the deepest of the initial eight follow-up holes. Hole GR-14-28 returned a 102.86 metre intercept grading 1.03% nickel, 0.11% Cu, 0.22 g/t Pt and 0.53 g/t Pd from the bedrock collar. This included a higher-grade section almost 9 metres wider than the discovery hole at 54.08 metres grading 1.62% Ni, 0.18 % Cu, 0.36 g/t Pt and 0.88 g/t Pd. Hole GR-14-33 returned a similarly broad 99.50 metre intercept grading 0.95% Ni, 0.11% Cu, 0.21 g/t Pt and 0.48 g/t Pd which includes a very high grade core of 9.80 metres grading 2.73% Ni, 0.33% Cu, 0.68 g/t Pt, 1.64 g/t Pd and 0.11 g/t Au (see Figures 1, 2 and 3). In addition to nickel, copper, platinum and palladium values, several of the deeper intercepts from the current program returned significantly anomalous (> 0.10 g/t) gold values.
"Today's results confirm the discovery, and begin to outline the potential, of a high-grade nickel-copper-PGE sulphide zone within the Grasset Ultramafic Complex," said Darin Wagner, President and CEO of Balmoral. "On-going drilling continues to intersect broad zones of sulphide mineralization, both along strike from, and beneath, the holes reported today. With continued strong results, regional geophysical work on-going and the tendency of magmatic nickel sulphide systems to host multiple zones of nickel mineralization we are increasingly optimistic about the potential of this trend, which is 100% controlled by Balmoral."
* All intercepts reported are down hole lengths, not true thicknesses. Insufficient drilling has been completed to date to define the orientation of the mineralized zone in space
** Collared into mineralized zone
The initial phase of testing has now successfully defined the local controls on the attitude, continuity and structural aspects of the Horizon 3 discovery. This has allowed on-going drilling to incorporate wider step outs and thus more efficiently and rapidly expand the size of the mineralized zone. Of the holes reported today, only hole GR-14-27 was drilled deep enough to test mineralized Horizon 1. Disseminated nickel sulphide mineralization was successfully intersected over a down-hole length of over 60 metres along the base of the intrusion (Horizon 1) returning 60.46 metres grading 0.35% nickel.
Drill hole GR-14-34, the south-eastern most of the current Horizon 3 test holes, intersected a zone of deformed ultramafics cored by a quartz porphyry dyke near the projected level of the Horizon 3 sulphide zone. This porphyry cored section is currently interpreted to represent a roughly east-west trending, near vertical fault (the "QP Fault"); offsetting the Horizon 3 stratigraphy in this area. The presence of Grasset Ultramafic Complex rocks on both sides of the fault suggests limited lateral offset along the fault. Drilling to the southeast will resume once detailed magnetic data being collected from the on-going airborne survey of the Grasset Trend is received and processed.
Drilling continues at Grasset (and on the Company's Martiniere gold project 40 km to the west). In addition to the current airborne survey, which covers the Balmoral's Grasset, Fenelon, Jeremie South and Jeremie Properties (the 16 kilometre long "Grasset Nickel Trend"), down-hole geophysical surveys are also underway in the Grasset area.
The Company has been advised that GTA Resources and Mining ("GTA") has elected not to exercise their second option under the Northshore Option Agreement. As a result, the Companies will now form a participatory joint venture to further explore and develop the Northshore Property in Ontario. GTA will hold an initial 51% interest in the joint venture and be the initial joint venture operator.
QP and Quality Control
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person who has approved the scientific and technical information contained in this news release. Mr. Wagner has supervised the work programs on the Grasset Property, visited the property on multiple occasions, has examined the drill core or photos of same from the holes summarized in this release, reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results.
Balmoral employs a quality control program for all of its drill programs, to ensure best practice in the sampling and analysis of drill core. This includes the insertion of blind blanks, duplicates and certified standards into the 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 Fenelon field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals Val d'Or, Quebec analytical facilities. Base metal analyses were initially obtained via ICP-AES with both Aqua Regia and 4 Acid digestion employed. The two digestion methods show good correlation. Nickel values in excess of 10,000 ppm are reanalyzed using a sodium peroxide fusion followed by ICP-AES finish. PGE values were obtained via industry standard fire assay with ICP-AES finish using 30 g aliquots. Following receipt of assays, visual analysis of mineralized intercepts is conducted and additional analysis may be requested. ALS Minerals is ISO 9001:2008 certified.
About Balmoral Resources Ltd. -- www.balmoralresources.com
Balmoral is a Canadian-based discovery company focused on high-grade gold and nickel discoveries on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through 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
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For further information contact:
John Toporowski, Manager, Corporate Development
Tel: (604) 638-5815 / Toll Free: (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 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, the prospective nature of the Company's land holdings, the nature and style of the mineralization discussed, interest of investors in the results generated by the Company's exploration activities 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 uncertain nature and interpretation of geophysical models, 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.
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