$0.86
unch
News
News Releases
| June 15, 2011 Balmoral Intersects Potential Bulk Tonnage Gold Target On Detour Gold Trend, Martiniere East, Quebec | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* Highlights include 105.44 metres grading 0.94 g/t gold * Continues to expand high grade core of West Zone * Announces new gold discovery at Martiniere South (Vancouver, June 15, 2011) Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSXV: BAR) announced today that the Company's initial drill testing of the Martiniere East target area, located along the Detour Gold trend in Quebec approximately 50 kilometres east of the Detour Gold deposit, has intersected anomalous gold mineralization over broad widths ranging from 29.07 to 163.71 metres. Results from 5 of the initial 6 holes (results from two holes remain pending) testing the Martiniere East target are highlighted by holes MDE-11-01 which returned 107.50 metres grading 0.94 g/t gold starting at a vertical depth of less than 38 metres and hole MDE-11-06, collared 120 metres to the east, which returned 140.80 metres grading 0.68 g/t gold. Martiniere East Zone The Martiniere East Zone remains open in all directions and a recently completed I.P. survey indicates an open-ended anomaly which can be traced for over 650 metres to the east and for 600 to 800 metres to the west. In the area tested to date this anomaly appears to be associated with the zone of anomalous gold mineralization. "The initial drill results from Martiniere East provide continued evidence of the scale and potential of the Martiniere gold system and adds an important bulk tonnage gold target to the high-grade Martiniere West and Central targets. The scale of this system dwarfs any historic discoveries in the belt outside the Detour Gold deposit itself," said Darin Wagner, President and CEO of Balmoral. "Drilling has now intersected broadly anomalous zones of gold mineralization in three zones over 1,200 metres of strike length (see Figures 1 to 4, below) with all zones remaining open for expansion. While we are in the early stage of testing this large gold system, we clearly have a significant discovery on our hands at Martiniere and expect this to be the focus of our activities for the months ahead. Our exploration team have returned to Quebec and we anticipate drilling to resume at Martiniere on or before June 28, initially with two drills." MARTINIERE EAST RESULTS
2. No sampling between 49 and 78 metres in Hole MDE-11-01 3. No sampling between 79 and 101 and between 131 and 135 metres in Hole MDE-11-03 4. Insufficient drilling has been completed to determine the true thickness at this stage of exploration 5. Assays are uncut and represent assay interval distance weighted averages, no bottom cut or allowance for internal waste have been made at the exploration stage Figure 1: Martiniere Project and Zones Figure 2: Martiniere East Zone Gold mineralization forming the Martiniere East Zone is hosted in a mixed package of mafic and felsic tuffs and is locally associated with bands/layers of massive to semi-massive sulphide. Based on initial geophysical results and drilling completed to date this geological package is interpreted to lay to the south (in the hanging wall) to the Martiniere West Zone and remains largely untested throughout the bulk of the Martiniere Property. A broad zone (200-400 metres in width) of elevated chargeability and depressed resistivity appears to be associated with the Martiniere East Zone and can be traced for at least 1,500 metres across the recently completed geophysical grid (see outlines -- Figure 3). Additional sampling will also be conducted on several of the holes reported today which may lead to extensions of the intercepts reported. Figure 3: Martiniere I.P. Anomaly Map Martiniere West Zone The Company also reported additional drill results from broadly spaced step out holes collared 60 to 200 metres west along strike and 120 to 260 metres east along strike of discovery holes MDW-11-01 and MDW-11-04, which intersected the high-grade core of the Martiniere West Zone. Drilling returned several higher grade intercepts which, together with the previous drilling, define the high-grade core of the West Zone for 300 metres along strike at shallow depths. In most cases, the higher-grade gold mineralization is surrounded by a broad halo of lower grade to anomalous gold mineralization (Figure 4). The Martiniere West Zone remains open down plunge and down dip. MARTINIERE WEST RESULTS
2. Assays are uncut and represent assay interval distance weighted averages, no bottom cut or allowance for internal waste have been made at the exploration stage Figure 4: Martiniere West Zone Drill holes MDW-11-08 and MDW-11-09 were drilled in the hanging wall (south) to the West Zone and failed to reach the target horizon. Hole MDW-11-08 did intersect a narrow zone of high grade mineralization in the unit immediately below the West Zone gabbro returning 13.55 g/t gold over 0.43 metres (138.00 to 138.43 metres downhole). This narrow zone has been intersected in several holes in the immediate footwall to the West Zone gabbro. In addition, the high-grade intercept reported from hole MDW-11-10 appears to represent a previously undetected zone of mineralization near the northern gabbro-rhyolite contact. Detailed logging and multi-element geochemical analysis indicates that the gold mineralization associated with the Martiniere West Zone displays a distinct multi-element geochemical association which appears to be repeated at deeper stratigraphic levels where a largely untested I.P. anomaly -- potentially associated with the Central Zone -- has been detected. This northern anomaly can be traced across the survey area for a minimum of 800 metres. Martiniere South Zone Two exploration holes targeting an historic geophysical anomaly, collared approximately 500 metres south of the Martiniere West Zone, south of the recently completed geophysical survey and south of the interpreted western extension of the Martiniere East Zone, intersected a five to seven metre wide band of massive sulphide (pyrite) mineralization associated with weakly anomalous copper, zinc, lead, silver and cadmium values and at a shallower level intersected a new zone of anomalous gold mineralization. Hole MDW-11-12 returned an anomalous zone of gold mineralization grading 1.32 g/t gold over 6.30 metres including a high-grade gold intercept of 6.62 g/t gold over 0.80 metres between 124.70 and 125.50 metres downhole. Hole MDW-11-13 returned 1.69 g/t gold over 6.00 metres including a high-grade gold intercept of 6.57 g/t gold over 0.50 metres between 127.50 and 128.00 downhole. Both holes were drilled from the same collar location at angles of -45 and -50 degrees. Insufficient drilling has been completed to determine the true thicknesses of these intercepts at this stage of exploration. Phase 2 Summer Drill Program As indicated above drilling is anticipated to resume on the Martiniere Project on or before June 28 with one drill slated to begin expanding the high-grade Martiniere West discovery and a second drill targeting expansion of the Martiniere East discovery announced today. In total, it is anticipated that the summer drill program will complete a minimum of 15,000 metres. The Company will look to further expand the drill program as warranted by results and subject to drill availability. Quality Control Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner has supervised the initial work programs on the property, visited the property on multiple occasions, examined the drill core from the some of the holes summarized in this release and reviewed the 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 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 securely stored on-site at the Company's Fenelon camp in Central Quebec. Drill core samples are transported in sealed bags to ALS-Chemex's Val d'Or, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 50 g aliquots. For samples returning greater than 1.0 g/t gold the sample is re-analyzed via fire assay with a gravimetric finish. The Company has also requested that any samples returning greater than 8.0 g/t gold undergo screen metallic assay. Following receipt of assays visual analysis of mineralized intercepts are conducted and additional analysis may be requested to insure the accurate representation of mineralized zones. ALS Chemex is an ISO 9001-200 and ISO 17025 certified laboratory. About Balmoral Resources Ltd. - www.balmoralresources.com Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in politically favourable jurisdictions in North America. 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. On behalf of the board of directors of BALMORAL RESOURCES LTD. "Darin Wagner" President and CEO For further information contact: John Toporowski, Manager, Corporate Development Balmoral Resources Ltd., Vancouver, B.C. Tel: (604) 638-5815 / Toll Free: (877) 838-3664 E-mail: [email protected] Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. 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 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. -30- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
You can view the Next News Releases item: Tue Jun 28, 2011, Balmoral Teams With GTA Resources And Mining To Advance Northshore Property In Ontario You can view the Previous News Releases item: Wed Jun 1, 2011, Balmoral Continues to Intersect High Grade Gold Mineralization at Fenelon, Quebec You can return to the main News Releases page, or press the Back button on your browser. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
