(Vancouver, December 12, 2016) Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) today reported the continued intersection of broad zones of gold mineralization from expansion drilling on the Company’s Bug South Gold Deposit in Quebec. Four of the five holes returned gold mineralized down hole intervals ranging in width from 29.53 to 78.15 metres, with average grades ranging between 1.58 and 2.16 g/t gold for these broad intervals. These results are from the Upper Bug Zone, one of several gold mineralized zones contained within the Bug South Deposit. Each of these intervals features higher grade sub-zones with highlights including 17.00 metres grading 4.50 g/t gold, 9.89 metres grading 4.50 g/t gold and 9.08 metres grading 7.10 g/t gold (See Table below; Figures 1,2,3,4, and 5).
Today’s results continue to support a significant, south-plunging, broadening of the Bug South – Upper Bug Zone in the near surface with the deepest of the holes, MDE-16-234A, intersecting the Zone at approximately 200 metres vertically below surface. This hole returned the highest average gold grade for the Upper Bug Zone. These results are the first from a series of holes drilled to expand the Bug South Deposit following the identification of a rapid broadening of the deposit in the near surface (see NR16-19; September 7, 2016).
Drilling also intersected high-grade gold mineralization in the Footwall (6.75 metres grading 11.29 g/t gold including 1.08 metres at 64.20 g/t gold), Hanging Wall (3.40 metres grading 5.01 g/t gold, including 0.58 metres grading 22.50 g/t gold) and Lower Bug (9.30 metres grading 3.08 g/t gold including 0.74 metres grading 8.48 g/t gold) Zones. All zones remain open at shallow depths for further expansion.
“Today’s results continue to confirm the significance and potential of the Bug South Deposit and further demonstrate the upside of the Bug Lake Gold Trend” said Darin Wagner, President and CEO of Balmoral. “Bug South is showing very good continuity and we look forward to providing additional drill results to our shareholders from this deposit, and as well as from the Bug North Deposit and its extensions, over the next several weeks.”
Results from forty two drill holes remain pending. Drilling has been suspended until the first quarter of 2017 following completion of the winter road to the Martiniere Property. Sampling of holes completed during the fall program remains ongoing.
* Reported drill intercepts are not true widths. At this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space although they are estimated to range between approximately 70 and 77% of true thickness. All values presented uncapped.
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 Quebec based work programs on the Martiniere Property since inception, visited the property on multiple occasions, examined the drill core from the holes summarized in this release, discussed, reviewed the results with senior on-site geological staff and reviewed the available 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, duplicates 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 stored on-site at the Company’s Martiniere field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals’ Val d’Or, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30 g aliquots. For samples returning greater than 5.00 g/t gold follow-up fire assay analysis with a gravimetric finish is completed. The Company has also requested that any samples returning greater than 10.00 g/t gold undergo screen metallic fire assay. Following receipt of assays, visual analysis of mineralized intercepts is conducted and additional analysis may be requested. ALS Minerals is ISO 9001:2008 certified and the Val d’Or facilities are ISO 17025 certified for gold analysis.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a well-funded, Canadian-based company actively delineating and expanding multiple targets along the Bug Lake Gold Trend on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. The Project also hosts Balmoral’s Grasset Ni-Cu-Co-PGE deposit and numerous additional base metal occurrences. Employing an aggressive, drill focused exploration style in one of the world’s pre-eminent geological and mining jurisdictions, 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
BALMORAL RESOURCES LTD.
President and CEO
For further information contact:
John Foulkes, Vice-President, Corporate Development
Tel: (604) 638-5815 / Toll Free: (877) 838-3664
E-mail: [email protected]
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 visual continuity of certain mineralized intervals and business and financing plans and trends, the potentially open nature of the mineralized zones on the property and the potential for future discoveries of additional mineralization on the property 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 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.