|December 15, 2010|
Balmoral Signs 13,000 Metre Drill Contract; Drilling at Fenelon and Martiniere to Commence Early January, 2011
|Vancouver, British Columbia -- Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSXV:BAR) announced today that it has entered into an initial 13,000 metre diamond drill contract and will begin drill testing of its high-grade Fenelon and Martiniere gold projects in central Quebec on or about January 10, 2011. Drilling will be conducted out of the Company's Fenelon exploration camp.|
"Balmoral will commence its initial drill program only two months after completion of its reactivation and we are very excited with the opportunities presented at Fenelon and Martiniere," said Darin Wagner, President and CEO of Balmoral Resources Ltd. "Fenelon provides the Company with an opportunity to rapidly expand one of the highest grade, shallow gold systems in Canada. The Martiniere Property, based on limited drilling, hosts a high-grade, shallow gold system which can be traced for over 800 metres and which remains open in all directions."
Fenelon Project, Quebec
Historic drilling on the high-grade Fenelon Discovery Zone has returned an average, uncut grade of 38.99 g/t gold (19.61 g/t cut). The Discovery Zone, which was the focus of pre-feasibility level studies and initial underground development between 2001-2004, has been only shallowly tested and remains open below the 100 metre vertical level.
The high grade gold-sulphide mineralization at Fenelon is hosted by a series of silicified shear zones which cut an ultramafic intrusion, a common host to gold mineralization throughout the Abitibi. The Fenelon deposit shares several similarities with the high-grade portion of the 20+ million ounce Detour Lake deposit, including its location proximal to the Sunday/Detour Lake Deformation Zone. The Fenelon Project extends along the Sunday/Detour Lake Deformation Zone for approximately 12 kilometres.
Initial drilling at Fenelon will focus on confirmation, in-fill and expansion of the Discovery Zone with a goal of providing a current resource estimate for the deposit during 2011. Additional testing will also target a 2007 discovery located along the same mineralized shear system, 600 metres northwest of the Discovery Zone, which returned 6.20 g/t gold over 3.00 metres. This discovery is open in all directions.
Martiniere Property, Quebec
The Martiniere Property is centred 22 kilometres west of the Fenelon Project, proximal to the Sunday/Detour Lake Deformation Zone. The Ultramafic Zone on the Martiniere Property is hosted within a sheared ultramafic intrusion, a setting similar to both the Fenelon and Detour Lake gold deposits. Shallow drilling has traced this gold bearing structure for 800 metres along strike returning a number of high-grade gold intercepts including 14.40 g/t gold over 4.20 metres, 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.
Initial drilling at Martiniere will focus on extending the high-grade gold mineralization within the Ultramafic Zone to depth and along strike as well as testing additional targets on the property.
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 visited the properties and reviewed the technical documents from the projects.
About Balmoral Resources Ltd. (www.balmoralresources.com)
Balmoral Resources Ltd. is a newly formed Vancouver-based precious metal exploration and development company focused on district scale gold and silver 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.
This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. 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. Forward-looking statements in this press release include, but are not limited to, statements regarding the anticipated start date of drilling operations, timing on a resource update for the Fenelon project and drill targeting. 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. 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.
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