Located in the Hemlo-Schreiber greenstone belt of Northwestern Ontario Balmoral's Northshore Property hosts a number of high-grade gold occurrences including the former producing Northshore Mine. Acquired by the Company in late 2010 the Property hosts a near-surface historic resource and numerous prospective targets with affinities to the Archean aged gold deposits of the Kirkland Lake and Timmins camps. The Property includes patented surface and mineral rights as well as unpatented claims. The property is located within the municipal limits of the town of Schreiber and the traditional territory of the Pays Plat First Nation peoples.
On July 27, 2011 Balmoral announced the signing of an Option Agreement with Ontario based GTA Resources and Mining Inc. (TSXV:GTA; "GTA") whereby GTA can earn up to a 70% interest in the Northshore Property by spending $5.5 million dollars on the Property over 5 years, issuing 3.5 million shares to Balmoral and making cash payments totalling $150,000. GTA will become the operator of the Property during the Option Agreement.
Advanced Exploration - Gold - Hemlo-Schreiber Belt, Ontario
*The Northshore property contains 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 and the estimate should not be relied upon.
- Located in the Hemlo-Schreiber Greenstone Belt, Ontario
- 4 kilometres south of, and road accessible from, the Trans-Canada Highway.
- Project hosts multiple high-grade vein systems in a geological setting analogous to the large high-grade gold deposits of the Kirkland Lake and Timmins gold camps
- Historic near surface geological resource* of 2.0 mT grading 2.20 g/t gold for an in-situ resource of 135,000 ounces of gold -- Afric Zone.
- 6 known zones of gold mineralization, including one former producing system, all remaining open to depth
- Optioned to GTA Resources and Mining Inc. (TSXV:GTA)