The Northshore property is home to one of the oldest gold discoveries in Ontario. Prospector Peter MacKeller first identified gold mineralization on the property in 1898 while prospecting the shores of Lake Superior. Between 1935 and 1937 Northshore Gold Mines produced 3.808 tons of gold ore from the Northshore Zone at an average grade of 0.64 ounce/ton (21.80 g/t gold). The historic mill, located on the shores of Lake Superior was destroyed by fire during the 1980's.
From 1988 to 1992 Noranda Exploration and Hemlo Gold mines held an option of the property. Noranda identified and conducted initial drill testing on 5 gold-bearing zones in addition to the Northshore Zone. This work led to the discovery of the Afric Zone, is located at the intersection of two property scale gold-bearing features. Noranda calculated an in-situ geological resource* (a historic resource under NI43-101) of 2.0 mT grading 2.20 g/t gold -- for an in-situ historic resource of 135,000 ounces -- for the Afric Zone between surface and a vertical depth of 150 meters.
Subsequent trenching and drilling by Cyprus Canada Ltd. and American Bonanza Gold Corp. between 2002 and 2007 identified extensions to the Afric, Northshore and Zones 2-5 on the property, all of which remain open to depth. The final hole of Bonanza's 2007 drill program, returned an intercept of 24.75 g/t gold over 3.00 metres at a vertical depth of less than 20 metres vertical depth from the #2 Zone in an area of very limited historic drilling.
Balmoral acquired American Bonanza’s Canadian assets in late 2010 and in 2011 granted GTA Resources and Mining an option to earn a working interest in the Property. Between 2011 and 2014 GTA conducted four phases of exploration and drilling on the Property successfully expanding the Afric Zone and several related high-grade gold mineralized structures.
*The Company has reported above a historical geological resource estimate defined by Noranda Exploration in 2002 based on near surface drilling of approximately 17 holes. The estimate is historical and not in compliance with NI 43-101, and the category of "geological resource" does not conform to current CIM definitions. The historical estimate is not supported by a technical report. A qualified person has not done the work necessary to verify the historical estimate as a current estimate under NI 43-101 for the Company and the estimate should not be relied upon. In 2014 GTA produced an unconstrained NI43-101 resource for the Afric Zone which supports Noranda’s earlier work but which Balmoral does not recognize as current to the Company due to the unconstrained nature of the resource. Details are available through the GTA website.