|January 20, 2011|
Balmoral Commences Drill Testing of High Grade Fenelon and Martiniere Gold Projects, Quebec
|Exploration also commences on Detour East Project|
Vancouver, British Columbia -- Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSXV:BAR) announced today that drilling has commenced on the high-grade Fenelon and Martiniere gold projects in central Quebec. The Company also announced that line cutting and geophysical surveys are also now underway on the Company's Detour East project located adjacent to Detour Gold Corporation's namesake project. All three projects are located along the Sunday/Detour Lake Deformation Zone, a major gold-bearing structure within the prolific Abitibi Greenstone Belt.
Fenelon Gold Project
Drilling on the Fenelon Project will initially target the high-grade Discovery Zone, where the average grade of over 170 historic drill intercepts through the upper 75 metres of the Zone is 38.99 g/t gold over an average width of 2.38 metres. The Discovery Zone, which was the focus of pre-feasibility level studies and initial underground development between 2001 and 2004, has been only shallowly tested and remains open at depth.
High grade gold-sulphide mineralization within the Discovery Zone is hosted by a series of silicified shear zones which cut a mafic-ultramafic intrusion, a common host to gold mineralization throughout the Abitibi. The Discovery Zone shares similarities with the high-grade portions of the 20+ million ounce Detour Lake gold deposit, including its location proximal to the Sunday/Detour Lake Deformation Zone. The Fenelon Project extends along the Sunday/Detour Lake Deformation Zone for over 20 kilometres.
Initial sectional drilling will focus on confirmation, in-fill and expansion of the Discovery Zone with a goal of providing an initial resource estimate for the deposit during 2011. Several exploration targets will also be tested outside the Discovery Zone, including a 2007 discovery located along the same mineralized shear system, 600 metres to the northwest, which returned 6.20 g/t gold over 3.00 metres.
Martiniere Property, Quebec
The Martiniere Property is centered 22 kilometres west of the Fenelon Project and is also proximal to the Sunday/Detour Lake Deformation Zone. Balmoral's review of available historic data from the Martiniere Property indicates the presence of three distinct zones of gold mineralization on the property.
The West Zone is comprised of three, sub-parallel shear related gold mineralized trends. These three trends have been traced along strike for between 175 and 470 metres and have been intersected to vertical depths ranging from 50 to 130 metres. The three zones comprising the West Zone remain open in all directions and will be the initial target of drilling on the Martiniere Property. The Martiniere Central Zone is centered 450 metres east and approximately 200 metres into the hanging wall of the West Zone. The vein and breccia hosted gold mineralization from the Central Zone has returned a number of high-grade intercepts ranging from 1.47 g/t gold over 4.19 metres to a high of 14.40 g/t gold over 4.20 metres and including 5.91 g/t gold over 6.50 metres, 6.20 g/t gold over 4.10 metres and 12.40 g/t gold over 2.50 metres. A detailed review of the mineralization controls on the Central Zone is underway and initial testing of this zone is anticipated to occur in mid-February.
The Martiniere East Zone, discovered by one of the final three drill holes of the 2007 program, is located 280 metres east of the Central Zone in the footwall to both the Martiniere West and Central Zones. Gold mineralization at Martiniere East is related to deformed pyrite "bands" hosted within a felsic fragmental unit. Drill hole MD07-20, the only hole to test this zone to date, returned an intercept of 28.40 metres grading 2.30 g/t gold, including a one metre section grading 44.30 g/t gold. Balmoral is planning a multi-hole program to follow up and expand this discovery in addition to extending existing geophysical coverage in the Martiniere East area.
Detour East Project, Quebec
Initial exploration work has also commenced on the Company's Detour East Project, which is under option from Radisson Mining Resources Inc. Line cutting has commenced on the eastern portion of the property in advance of a planned induced polarization survey and a ground based magnetic survey is also underway on the western portion of the property in advance of drilling planned for later in 2011.
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person for this technical disclosure contained in this news release. Mr. Wagner has visited the properties and reviewed drill core and technical documents from each of the projects.
About Balmoral Resources Ltd. (www.balmoralresources.com)
Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale precious metal 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 in Canada, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and expansion of high-grade gold resources.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
President and CEO
For further information contact:
John Toporowski, Manager, Corporate Development
Balmoral Resources Ltd.
Tel: (604) 638-5815 / Toll Free: (877) 838-3664
E-mail: [email protected]
Neither 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.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, drill targeting at the Fenelon project, the discovery and delineation of mineral deposits/resources/reserves, the timing for the preparation of an initial resource estimate for the Fenelon project, business and financing plans and business 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 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 and other risks and uncertainties disclosed in the Company's latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Caution Regarding Adjacent or Similar 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. The Company advises US investors that the mining guidelines of the US Securities and Exchange Commission (the "SEC") set forth in the SEC's Industry Guide 7 ("SEC Industry Guide 7") strictly prohibit information of this type in documents filed with the SEC. 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.
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