VANCOUVER, BRITISH COLUMBIA—(Marketwire - Nov. 21, 2011) - Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX VENTURE:BAR) today reported additional results from the Company’s Martiniere West Gold Zone expansion drilling program. Results were highlighted by hole MDW-11-30 which returned a high-grade core intercept of 44.97 g/t gold over 2.33 metres and hole MDW-11-34 which returned one of the broadest gold mineralized intercepts to date from the Martiniere West Gold Zone, 108.50 metres grading 0.73 g/t gold, including a high-grade core of 9.30 g/t gold over 2.99 metres (see table below for additional details). The drill results released today represent expansion drilling conducted along the western extension of the high-grade Martiniere West Gold Zone.
The attached long section (see Figure 1, below) indicates that the Martiniere West Zone has now been intersected for approximately 300 metres along strike - doubling the previously confirmed strike length of the Zone (see Figure 1 below). West of the long section only two historic holes are known, both of which appear to have been collared too far to the north to intersect the West Zone leaving the Zone open for expansion in all directions. Results from an additional 7 drill holes, completed along the eastern extension of the Martiniere West Gold Zone, remain pending.
Drilling continues to intersect a number of gold mineralized structures in the hanging wall and footwall to the high-grade core of the West Zone. These include a new, deep footwall intercept from hole MDW-11-29 which returned 24.03 metres grading 0.82 g/t gold between 243.97 and 268.00 metres down hole, including several higher grade intercepts (see below). Only 2 other holes from the current and historic programs test this area south of the core of the West Zone leaving this new discovery open for expansion in multiple directions. The new Deep Footwall discovery is 172 metres down hole from the high-grade West Zone intercept in hole MDW-11-29 which returned 25.47 g/t gold over 1.77 metres (See NR11-22; October 3, 2011).
“The continued expansion of the high-grade Martiniere West Gold Zone and the identification of additional gold mineralized structures in close proximity provides Balmoral with a potential high value lead asset at the core of one of the largest land positions in Canada’s foremost gold belt,” said Darin Wagner, President and CEO of Balmoral Resources Ltd.
|and including||259.25||259.60||0.35||11.15||Deep FW|
|* West Zone Intercepts highlighted; insufficient drilling has been completed to date to determine the true thickness of the mineralized zones - reported intercepts are interpreted to represent 70-90% of true thickness.|
|** Previously released - included for reference; Note also that results from holes MDW-11-31 to -33 have previously been reported see NR11-22, October 3, 2011.|
Drilling has been temporarily suspended at Martiniere West to allow for freeze-up and is anticipated to resume as conditions permit in early 2012. An updated long section and plan map of the Martiniere West Gold Zone are attached below and available on the Company’s website at www.balmoralresources.com. The Company will also post a table of relevant historic drill results which have been incorporated into the long section on the Martiniere West page of the website.
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 recent Grasset Gold Discovery. Drilling was recently completed on the Detour East property which is located adjacent to the Detour Gold mine development project in neighboring Ontario.
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 a number of 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, 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-Chemex’s 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-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 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
To view Figure 1, please visit the following link: www.balmoralresources.com/assets/img/nr/bar1119a.jpg.
To view Figure 2, please visit the following link: www.balmoralresources.com/assets/img/nr/bar1119b.jpg.
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.
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