(Vancouver, October 26, 2017) Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) today reported the strongest results to date from the Lac du Doigt gold discovery on its Martiniere Property in Quebec. Hole MDX-17-69 returned an intercept of 26.33 metres grading 0.73 g/t gold, including a high grade core of 2.21 metres grading 7.05 g/t gold. This hole was drilled down-dip of hole MDX-16-55, the most westerly hole located along the Lac du Doigt Trend (see Figure 1), and confirmed vertical continuity of the principal gold zone to a depth of approximately 180 metres (see Figure 2). It also resulted in the discovery of a second gold mineralized zone at shallower depths.
Significant gold mineralization has now been intersected in five holes along 850 metres of the Lac du Doigt Trend, with the most recent intercept suggesting the gold mineralization may be increasing in width and grade along strike to the west and to depth. The Lac Du Doigt Trend is the third gold mineralized trend discovered in the Martiniere Property. The first two Trends – the West and Bug Gold Trends – both host significant gold deposits with characteristics similar to those now being observed along the Lac du Doigt Trend which include broad gold mineralized zones with a central higher-grade core and strike lengths of several hundred to over 2,000 metres.
|Martiniere Exploration Holes|
|MDX-17-66||0||-45||No Significant Results|
|MDX-17-67||250||-45||No Significant Results|
* 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. All values presented uncapped.
“We are encouraged to see improving gold grades and thicknesses in the Lac du Doigt area.” said Darin Wagner, President and CEO of Balmoral Resources. “The limited drilling to date along the Lac du Doigt Trend indicates potential for the discovery of another significant gold deposit on the Martiniere Property”.
In addition to the results from the Lac de Doigt Trend Balmoral also announced a new high-grade gold discovery in a previously untested portion of the Martiniere Property. Hole MDX-17-68 (see Figure 1) returned an intercept of 0.44 metres grading 30.40 g/t gold. This represents the first significant gold intercept in the very sparsely tested southwest portion of the property. Like many of the discoveries to date on the property this new discovery is located along a sheared contact within the volcanic sequence.
The summer/fall 2017 drill program on the Detour Gold Trend Project has now concluded. The Company completed 20,687 metres of drilling in a total of 62 holes during the summer/fall program with results from 48 holes still pending following today’s release. It is anticipated that drilling will resume on the project during the first quarter of 2018.
Mr. Darin Wagner (P.Geo.- B.C., Ont., Res. Permit Que.), 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 work program on the Martiniere property since inception, visited the properties on multiple occasions, discussed and reviewed the results with senior on-site geological staff, reviewed the data from the drill core from the holes contained in today’s release 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 a series of gold deposits on its Martiniere Property located within the prolific Abitibi greenstone belts in Quebec, Canada. The Martiniere Property is just one of several large, highly prospective properties comprising the Company’s 1,000 km2 Detour Gold Trend Project. Employing a drill focused exploration strategy 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 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; timing of receipt of assay results from third party analytical facilities; 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