January 9th, 2014
VANCOUVER, BRITISH COLUMBIA—(Marketwired - Jan. 9, 2014) - Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX:BAR)(OTCQX:BALMF) continued to report high-grade gold results from its Detour Gold Trend Project including an intercept of 27.05 g/t gold over 6.22 metres from the Bug Lake Footwall Zone. This intercept is sixty metres below a second reported intercept of 9.05 g/t gold over 7.60 metres, extends the strike and confirms the down-dip extension of the high-grade Footwall Gold Zone. The Company also reported high-grade results from the Bug Lake Hanging Wall Zone including 9.70 g/t gold over 9.25 metres and continued to intersect broad intervals of gold mineralization through the Bug Lake Zone including 64.80 metres grading 0.80 g/t gold (see table below). The Bug Lake and related gold zones are situated on the Company’s wholly owned Martiniere Property located 45 kilometres east of the Detour Gold Deposit in west-central Quebec.
Today’s results are from four holes, collared on two sections 55 metres apart in the central portion of the Bug Lake area, targeting extensions to the high-grade Footwall and Hanging Wall Gold Zones. All four holes successfully intersected their targets and the broader Bug Lake Gold Zone at depths ranging between 60 and 180 metres vertically below surface. Cross-sections for the four holes reported today are available at www.balmoralresources.com.
“With our last three releases highlighting high-grade gold results from our Northshore, Martiniere West and Bug Lake discoveries, Balmoral continues to distinguish itself as a well located, high-grade growth play with a focus on the delineation of quality ounces and opportunities in Canada” said Darin Wagner, President and CEO of Balmoral.
| Hole | North | West | Dip | From | To | Interval* | Gold | Zone | ||
| Number | (Metres) | (Metres) | (Metres) | (g/t) | ||||||
| MDE-13-119 | 166 N | 247 W | -45 | 48.32 | 58.21 | 9.89 | 1.54 | Hanging Wall | ||
| including | 56.55 | 58.21 | 1.66 | 7.70 | “ | |||||
| 81.37 | 146.17 | 64.80 | 0.80 | Bug Lake | ||||||
| including | 87.72 | 101.89 | 14.17 | 2.28 | “ | |||||
| which includes | 87.72 | 89.05 | 1.33 | 5.71 | “ | |||||
| and | 96.81 | 101.89 | 5.08 | 3.54 | “ | |||||
| MDE-13-120 | 166 N | 247 W | -56 | 26.75 | 64.70 | 37.95 | 2.68 | Hanging Wall | ||
| including | 55.00 | 64.70 | 9.70 | 9.25 | “ | |||||
| which includes | 55.00 | 58.36 | 3.36 | 12.24 | “ | |||||
| 102.17 | 146.08 | 43.91 | 0.90 | Bug Lake | ||||||
| including | 108.47 | 116.87 | 8.40 | 2.65 | “ | |||||
| which includes | 108.47 | 109.48 | 1.01 | 7.00 | “ | |||||
| and | 116.10 | 116.87 | 0.77 | 10.50 | Bug Lake | |||||
| MDE-13-121 | 111 N | 235 W | -46 | 85.88 | 133.66 | 47.78 | 2.25 | BL + FW | ||
| including | 85.88 | 88.08 | 2.20 | 4.36 | Bug Lake | |||||
| and | 124.34 | 131.94 | 7.60 | 9.05 | Footwall | |||||
| which includes | 129.63 | 131.12 | 1.49 | 40.64 | “ | |||||
| MDE-13-122a | 111 N | 235 W | -57 | 111.38 | 146.12 | 34.74 | 0.72 | Bug Lake | ||
| including | 134.27 | 135.55 | 1.28 | 4.02 | “ | |||||
| 186.57 | 192.79 | 6.22 | 27.05 | Footwall | ||||||
| including | 186.57 | 187.1 | 0.53 | 241.00 | “ | |||||
| and | 192.15 | 192.79 | 0.64 | 58.70 | “ |
* 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.
The Bug Lake and associated gold zones parallel a 20 to 50 metre wide NNW-trending, steeply east-dipping fault zone, the Bug Lake Fault, which separates mafic intrusive and mafic volcanic lithologies on the Company’s Martiniere Property. A 5-30 metre wide NNW-trending felsic porphyry dyke is located along/near the eastern margin of the fault corridor. Gold mineralization occurs in distinct shear-vein zones in the Footwall and Hanging Wall to the porphyry, as well as within silica-flooded fault breccias (Bug Lake Zone) which are typically best developed in the footwall to the porphyry. Gold mineralization in the Bug Lake area is associated with disseminated pyrite mineralization with high to bonanza grade intervals frequently containing abundant fine free gold.
Results from 15 exploration holes (MDX series of holes) completed as part of the fall Detour Gold Trend Project drill program remain pending and are anticipated to be available for release within the next 7-10 days. The Company currently plans to resume drilling on the Project later this month. Final details of the winter 2014 drill program will be released as they become available.
Quality Control
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 and/or photographs from the holes summarized in this release, discussed, reviewed the results with senior on-site geological staff 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 Canadian-based precious metal exploration and development company focused on high-grade gold discoveries along the Detour Gold Trend in Quebec, Canada. 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 and definition of high-grade, Canadian gold assets.
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.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.
John Toporowski, Manager, Corporate Development
Tel: (604) 638-5815 / Toll Free: (877) 838-3664
E-mail: [email protected]
www.balmoralresources.com
