VANCOUVER, BRITISH COLUMBIA—(Marketwire - March 29, 2012) - Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX VENTURE:BAR)(OTCQX:BALMF) today reported drill results from the first four holes of its winter 2012 drill program on its Detour Gold Trend Project in Central Quebec. Follow-up testing of the ME-16 discovery, announced December 5, 2011 (NR11-31), returned an intercept of 9.30 metres grading 11.42 g/t gold from drill hole MDE-12-20. This compares favourably with discovery hole MDE-11-16 which returned 9.33 metres grading 12.93 g/t gold. The reported intercept from hole MDE-12-20 includes a bonanza grade section which returned 41.22 g/t gold over a 2.50 metre interval.
Holes MDE-12-19 and MDE-12-20 where both drilled from the same collar location, approximately 30 metres along strike to the southwest from the collar of MDE-11-16 and were drilled to the northwest across the interpreted strike of the ME-16 discovery at dip angles of -55 and -69 degrees. Both holes intersected the gold mineralized zone at shallow depths, approximately 26 and 37 metres below surface respectively. Results from four additional holes collared further to the southwest along the interpreted strike of the gold mineralized system in the ME-16 area remain pending.
“The initial results from the Martiniere East - ME-16 drilling confirm the presence of another high-grade gold bearing feature on the Martiniere Property,” said Darin Wagner, President and CEO of Balmoral. “Located approximately one kilometre east of the Martiniere West Zone, the ME-16 area may have the potential to add additional high-grade, near surface ounces to the expanding discovery at Martiniere West.”
|MDE-12-17||No significant results - Zone dyked out?|
|* Insufficient drilling has been completed to date to determine the true thickness of the mineralized zones.|
|** Final screen metallic fire assays for samples returning > 10 g/t gold (3) remain pending and will be reported separately should they result in a material change in the assay values reported.|
Holes MDE-12-17 and MDE-12-18 were collared 30 metres directly behind the high-grade intercept in MDE-11-16. Both holes intersected felsic intrusive rocks (quartz porphyry) at the projected intercept point of the gold mineralization system, with hole MDE-12-18 returning a narrow high-grade intercept above the unmineralized intrusion. A similar unmineralized porphyry body marks the lower contact of the gold mineralized zone in hole MDE-11-16. Additional drilling is required in this area to determine if the gold mineralization continues beneath the porphyry body.
Drilling also intersected a zone of quartz sulphide veining, with strongly anomalous gold and silver content in holes MDE-12-19 and MDE-12-20. The high silver content of these intercepts separate them from the gold mineralization in the immediate ME-16 area. They could potentially be associated with the same mineralizing event as the high-grade gold-silver intercept reported in December 2011 (NR11-31) from hole MDE-11-09 which returned 74.60 g/t gold and 1,390 g/t silver over 0.50 metres.
Drilling continues on the Martiniere Property with 2 drill rigs currently concentrating on the expansion of the high-grade Martiniere West Zone. Initial results from the Martiniere West drill program are anticipated within the next 2-3 weeks. Based on the strength of today’s results, additional follow-up drilling in the ME-16 area is currently being planned. Drilling also continues on the Grasset Property 40 kilometres to the east.
Balmoral’s Martiniere Property is part of the Company’s Detour Gold Trend Project which extends for 82 kilometres along the Detour-Sunday Lake Deformation Zone in Central Quebec. In addition to the Martiniere gold discoveries the Project includes the near-surface Lynx and Rambo Gold Zones on the Detour East Property, the high-grade Fenelon Gold Zone and the Grasset Gold Discovery.
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 work programs on the Martiniere Property, visited the property on multiple occasions, examined the drill core from the holes summarized in this 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 securely stored on-site at the Company’s Fenelon camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Laboratories 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 analysis fire assay 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 to insure the accurate representation of mineralized zones. ALS Laboratories 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 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.
Darin Wagner, President and CEO
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.comand 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.
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.
Balmoral Resources Ltd.
Manager, Corporate Development
(604) 638-5815 or Toll Free: (877) 838-3664