(Vancouver, April 15, 2011) Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSXV: BAR) announced today that results from hole MDW11-04 have confirmed the presence of a broad, shallow core of high-grade gold mineralization within the central portion of West Zone on the Company’s Martiniere Gold Project. Hole MDW11-04 intersected three high-grade gold bearing intervals which returned 10.51 g/t gold over 9.72 metres, 10.58 g/t gold over 6.93 metres and 10.95 g/t gold over 0.56 metres within a broader mineralized envelope which returned 2.58 g/t gold over 72.37 metres. These results correlate well with revised assay results from hole MDW11-01 (see below), which returned high grade intercepts of 13.01 g/t gold over 12.00 metres, 4.54 g/t gold over 5.25 metres and 10.50 g/t gold over 0.50 metres within a broader mineralized envelope which returned 2.70 g/t gold over 72.00 metres. The mineralized intercept in hole MDW11-04 is located approximately 60 metres southwest of, and at slightly shallower depths than, the high-grade intercepts in Hole MDW11-01. Balmorals Martiniere Project is located along the Detour Lake Gold Trend in central Quebec. The West Zone is one of three known gold zones on the Martiniere Project.
Table 1: Martiniere West Zone Results
“Today’s results from the Martiniere West Zone confirm the high-grade results from hole MDW11-01, expand the high-grade core of the Zone by approximately 60 metres and leave it open for further expansion” said Darin Wagner, President and CEO of Balmoral Resources. “While we are in the early days of testing at Martiniere we are very encouraged by the results announced today both with respect to the potential of the Martiniere West Zone, and the significance of this discovery with respect to our district scale land package which spans over 70 kilometres along the Detour/Sunday Lake and related fault structures in central Quebec.”
The Company also announced that follow-up and metallic screen gold assay results from previously reported hole MDW11-01 (see NR11-04 dated March 2, 2011) have resulted in a significant increase in the gold grade this hole. The gold grade of the upper, high-grade intercept in hole MDW11-01 has increased by 16.4% to 13.01 g/t gold over 12.00 metres and the overall grade of the 72.00 metre wide West Zone has increased by 12.5% from 2.40 to 2.70 g/t gold. Revised intercept information is reported in Table 2 which compares initial assay values to the results of the follow-up and metallic screen assay results.
Balmoral further reported that one sample within the upper high-grade interval, which was re-assayed at the request of the Company after a review of initial results indicated a potential analytical error, returned an assay of 21.70 g/t gold vs. 0.17 g/t gold initially reported by ALS-Chemex and included by the Company in its prior release. A review by ALS-Chemex has indicated that the sample in question was erroneously labeled when initial results were provided to the Company. Duplicate analysis has confirmed that the higher grade assay is correct accounting for the significant increase in grade.
Table 2: Revised Results Hole MDW-11-01
| Gold (g/t)
| Gold (g/t)
|and including||146.00||151.25||5.25||4.53||+ 0.01||4.54|
** Includes results of mislabeled sample as discussed above
Drill holes MDW11-02 and MDW11-03, drilled respectively 50 metres grid south and 55 metres grid southeast of hole MDW-11-01, each intersected narrower zones of gold mineralization.
Additional drilling of the high-grade core of the Martiniere West Zone is scheduled to resume following spring break-up. Results from an additional 6 holes, completed along the lateral extensions of the Martiniere West Zone, remain pending. Drilling is continuing on the Martiniere East Zone and on additional targets along what is interpreted to be a significant new gold-bearing structural zone which has now been traced for 1.20 kilometres through the Martiniere Project and which projects through adjacent 100% owned Balmoral properties.
The Company further announced that it has commenced a 30 line kilometre I.P. (Induced Polarization survey) on the Martiniere Project which will cover the Martiniere West, Central and East Zones, as well as their projected extensions.
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.
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. Following receipt of assays visual analysis of mineralized intercepts are conducted and additional analysis may be requested to insure the accurate representation of mineralized zones. ALS Chemex is an ISO 9001-200 and ISO 17025 certified laboratory.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold 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, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery.
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., Vancouver, B.C.
Tel: (604) 638-5815 / Toll Free: (877) 838-3664
E-mail: [email protected]
Neither the 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, 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, 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 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.