• Multi-rig, $4.0 Million, 20,000 Metre Drill Program Underway
• Bug Lake, Finger Lake and Lynx-Rambo Gold Trends to be Targeted
(Vancouver, June 27, 2016) Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) reports that drilling has resumed on the Company’s Detour Trend Project in Quebec. Two drills are currently active on the Company’s Martiniere Property where their initial focus will be the on-going delineation and near surface expansion of the southern portion of the Bug Lake Gold Trend. The winter drill program at Bug Lake South continued to demonstrate the presence of an extensive gold mineralized system along the Bug Lake Fault, as well as the development of a number of strongly gold mineralized zones in the hanging wall and footwall rocks proximal to the fault. Highlights included intercepts of 14.08 g/t gold over 12.56 metres (including 199.00 g/t gold over 0.85 metres), 11.55 g/t gold over 4.47 metres and 3.31 g/t gold over 15.42 metres from the Upper Bug Lake and HWP Zones (see NR16-08, May 11, 2016).
As the program progresses the Company anticipates drilling a series of holes on both Bug Lake North and South to further extend the known mineralization to depth. Drilling to date at Bug Lake has intersected gold mineralization for 1,800 metres along strike and to depths of approximately 400 metres, in the Bug Lake North area (see NR14-10, May 12, 2014). The system remains open to depth on all sections tested to date and along strike to the south toward the regional Sunday Lake Deformation Zone which hosts the Detour Lake Gold Mine 45 kilometres to the west, one of Canada’s largest gold mines.
In addition, drilling will test a number of targets developed from modeling of winter geophysical results along the recently discovered, east-west trending Finger Lake (Lac du Doigt) Gold Trend on the Martiniere Property. Balmoral confirmed the discovery of gold mineralization along the Finger Lake Trend in 2015 and conducted an extensive geophysical survey across a 5.0 kilometre long segment of the Trend during this past winter in preparation for summer drilling. The Finger Lake Gold Trend runs parallel to the Sunday Lake Deformation Zone, with the Company’s Bug Lake and Martiniere West Gold Zones developed between these two deformation corridors (see Figure 1).
Balmoral also plans to resume testing of the Detour East Property during the current program. The Detour East Property sits 10 kilometres east of the Detour Lake Gold Mine and covers approximately 20 kilometres of the Sunday Lake Deformation Zone which hosts the mine. It also cover over 15 kilometres of the Lower Detour/Massicotte Deformation Zone which hosts Detour’s recent 58N high-grade gold discovery. Gold mineralization has been intersected within the latter structure for over 13 kilometres – the Lynx-Rambo Trend - across the Detour East Property in historic, shallow drilling. The upcoming program will be the first significant testing of the Lower Detour/Massicotte Deformation Zone by Balmoral since acquiring the Detour East Property in 2010.
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person who has approved the scientific and technical information contained in this news release. Mr. Wagner has supervised the work programs on the Martiniere and Detour East Properties since their inception, visited the properties on multiple occasions, reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results produced by historic operators and Balmoral.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a well-funded, Canadian-based company actively delineating and expanding both high-grade gold and nickel-copper-PGE discoveries on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. Employing an award winning exploration team, Balmoral has a philosophy of creating value through the drill bit. By focusing our efforts in proven productive precious/base metal belts in one of the world’s preeminent 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 of
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 programs and expenditures, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results and resource estimates, the prospective nature of the Company’s land holdings, the nature and style of the mineralization discussed and its interpreted continuity, interest of investors in the results generated by the Company’s exploration activities 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 uncertain nature and interpretation of geological and geophysical models, 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.