|March 02, 2011|
Balmoral Intersects 11.18 g/t Gold Over 12.00 Metres in First Hole on Martiniere Project, Quebec
"Today's high-grade intercepts from the Martiniere West Zone exceed any historic results and illustrate what we believe to be the outstanding potential of this project," said Darin Wagner, President and CEO of Balmoral. "While one never wants to put too much emphasis on a single hole, today's results confirm the high-grade potential of the Martiniere gold system which has been traced for over 1.20 kilometres along strike and which remains open in all directions. These results also help to confirm our working model which indicates the potential for the discovery of multiple high-grade gold zones on the Martiniere Project and speak to the highly prospective nature of the 70+ kilometres of the Detour Lake Gold Trend now controlled by Balmoral."
The Company has requested screen metallic assays on the high-grade core of the intercepts announced today and those results, should they vary in a material fashion from those released today, will be released as they become available.
Drill hole MDW11-01 was collared 25 metres up-dip of historic drill hole MD07-14 to test the interpreted plunge of the high-grade gold mineralization intersected in that hole. MD07-14 had returned high-grade intercepts of 5.86 g/t gold over 4.00 metres and 4.47 g/t gold over 4.00 metres within a broader zone grading 1.27 g/t gold over 49.00 metres.
Both holes are located within the central portion of the Martiniere West Zone, a 450+ metre long trend of alteration and gold mineralization which remains open in all directions. Gold mineralization within the Martiniere West Zone is associated with a broad envelope of silica flooding, tourmaline and sulphide mineralization centered on a zone of structural deformation. The deformation zone is located within a mafic (gabbroic) intrusion which is marked by a magnetic anomaly which can be traced for over 2.0 kilometres. The gabbro body occurs at the contact between felsic volcanic and sedimentary lithologies.
Seven additional holes have now been completed along the Martiniere West Zone. Results are pending and will be released as they become available. The Martiniere West Zone is one of three known zones of gold mineralization located on the Martiniere Project. The Martiniere gold trend parallels, and occurs approximately 2.70 kilometres north of, the regional Sunday-Detour Lake deformation zone. The Company is now looking to add an additional drill to the Martiniere Project to accelerate testing of the West, Central and East gold zones.
Sectional drilling also continues on the Company's nearby Fenelon gold project. Initial results from the Fenelon Project are anticipated within the next 2-3 weeks. A photograph of the drill core from today's intercept along with a cross-section will be posted on the Company's website at www.balmoralresources.com.
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 properties, visited the properties on multiple occasions, examined the drill core from the holes summarized in this release and reviewed the analytical and quality control results. The Company has requested screen metallic gold assays from the higher grade portions of the zone intersected in the above mentioned MDW11-01.
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. ALS Chemex is an ISO 9001-200 and ISO 17025 certified laboratory.
About Balmoral Resources Ltd. (www.balmoralresources.com)
Balmoral Resources Ltd. 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.
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 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 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.
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