• Extends Bug Lake Gold Trend To Over 1,800 Metres
(Vancouver, November 3, 2015) Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) today reported results from the summer/fall 2015 drill program on the Company’s wholly owned Martiniere Property in Quebec. In addition to results from infill and expansion drilling along the Bug Lake Gold Trend, the program has confirmed the discovery of a new, gold bearing, fault system - the Lac du Doigt (“Finger Lake”) Fault Zone - which has the potential to extend for several kilometres across the Property.
Bug Lake Gold Trend
The Bug Lake Gold Trend is a north-south striking corridor of faulting, strong alteration and gold mineralization which can now be traced for a minimum of 1,800 metres on the Martiniere Property. The Trend is characterized by broad zones (18-175 metre wide drill intercepts) of silica-sericite-pyrite alteration and anomalous gold mineralization. Within the broader Trend a number of steeply dipping, sub-parallel high-grade zones of gold mineralization are developed.
The recently completed drill program was successful in tracing the Upper and Lower Bug Lake Zones throughout all areas tested. It also continued to confirm the presence of high-grade gold mineralization in the Hanging Wall to the Bug Lake Fault along the northern segment of the Trend. The Hanging Wall Zone in this area had not previously been tested to depth and MDE-15-200 returned three high-grade intercepts - 32.10 g/t gold over 0.81 metres, 12.40 g/t gold over 1.03 metres and 13.95 g/t gold over 0.60 metres - between 210 and 240 metres down hole depth (see Table 1 below and Figure 1).
Table 1: Bug Lake Gold Trend Results
|
Hole Number |
Northing | Easting | Dip |
From (Metres) |
To (Metres) |
Interval* (Metres) |
Gold (g/t) |
Zone |
|---|---|---|---|---|---|---|---|---|
| MDE-15-194 | 12+00S | 0+80W | -50 | 221.50 | 231.00 | 9.50 | 0.29 | |
| 265.00 | 273.40 | 8.40 | 0.23 | |||||
| MDE-15-195 | 11+50S | 3+40W | -50 | 159.00 | 177.50 | 18.50 | 0.21 | Bug Lake |
| MDE-15-196 | 2+00N | 2+60W | -45 | 33.55 | 41.35 | 7.80 | 0.77 | Hanging Wall |
| including | 36.18 | 37.26 | 1.08 | 3.13 | “ | |||
| 54.50 | 61.95 | 7.45 | 0.66 | U Bug Lk | ||||
| 86.45 | 119.80 | 33.35 | 0.72 | L Bug Lk | ||||
| including | 107.00 | 115.48 | 8.48 | 1.46 | “ | |||
| MDE-15-197 | 2+25N | 2+30W | -45 | 63.50 | 110.90 | 47.40 | 1.20 | HW + U Bug Lk |
| including | 65.30 | 66.00 | 0.70 | 57.70 | HW2 | |||
| and | 84.00 | 88.75 | 4.75 | 1.03 | Hanging Wall | |||
| 105.50 | 107.00 | 1.50 | 2.10 | |||||
| 132.10 | 154.05 | 21.95 | 0.82 | L Bug Lk | ||||
| including | 135.00 | 146.00 | 11.00 | 1.14 | “ | |||
| MDE-15-198 | 4+50N | 4+75W | -50 | 57.86 | 58.88 | 1.02 | 2.00 | |
| 174.72 | 187.49 | 12.77 | 0.44 | U Bug Lk | ||||
| 222.41 | 222.91 | 0.50 | 2.61 | |||||
| 230.08 | 251.57 | 21.49 | 0.41 | Hanging Wall | ||||
| including | 232.90 | 234.47 | 1.57 | 3.82 | “ | |||
| MDE-15-199 | 4+00N | 3+85W | -45 | 63.50 | 65.00 | 1.50 | 1.37 | |
| 93.40 | 112.12 | 18.72 | 0.22 | L Bug Lk | ||||
| 155.10 | 178.80 | 23.70 | 0.35 | U Bug Lk | ||||
| including | 176.15 | 176.80 | 0.65 | 4.96 | “ | |||
| MDE-15-200 | 4+00N | 3+85W | -56 | 68.89 | 69.96 | 1.07 | 2.00 | |
| 97.12 | 123.41 | 26.29 | 0.24 | L Bug Lk | ||||
| 142.91 | 201.16 | 58.25 | 0.41 | U Bug Lk | ||||
| including | 186.78 | 187.91 | 1.13 | 3.60 | “ | |||
| and | 200.51 | 201.16 | 0.65 | 5.71 | “ | |||
| 210.22 | 218.52 | 8.30 | 3.36 | Hanging Wall | ||||
| including | 211.20 | 212.01 | 0.81 | 32.10 | “ | |||
| 227.13 | 233.92 | 6.79 | 2.14 | “ | ||||
| including | 229.01 | 230.04 | 1.03 | 12.40 | “ | |||
| 238.40 | 239.00 | 0.60 | 13.95 | “ | ||||
| MDE-15-201 | 1+00S | 3+35W | -45 | 56.45 | 73.50 | 17.05 | 1.68 | L Bug Lk |
| including | 57.10 | 58.80 | 1.70 | 3.49 | “ | |||
| MDE-15-202 | 1+00S | 3+00W | -45 | 67.00 | 86.50 | 19.50 | 0.63 | U Bug Lk |
| including | 74.58 | 82.52 | 7.94 | 1.16 | “ | |||
| 105.58 | 134.50 | 28.92 | 1.44 | L Bug Lk | ||||
| including | 118.22 | 121.15 | 2.93 | 3.96 | “ | |||
| and | 131.72 | 133.00 | 1.28 | 18.85 | “ |
* Reported drill intercepts are not true widths and are uncapped. At this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space.
U Bug Lk = Upper Bug Lake; L Bug Lk = Lower Bug Lake; HW = Hanging Wall; HW2 = Hanging Wall 2 Sub-Zone
Drill holes MDE-15-194 and -195 were drilled 600 metres south of the previously known southern margin of the Bug Lake Gold Trend. Hole MDE-15-195 intersected a broad - 18.50 metre wide - interval of faulting, silica-pyrite alteration and anomalous gold mineralization which is interpreted to represent the southern continuation of the Bug Lake Gold Trend. This extends the Trend to over 1,800 metres along strike and it remains open to the south.
Lac du Doigt Fault Zone
The last exploration hole of the 2014 program at Martiniere - MDX-14-46 - was collared approximately 2.50 kilometres west of the current northern margin of the Bug Lake Gold Trend to test an east-west trending structural zone interpreted from magnetic data (see Figure 2). MDX-14-46 successfully intersected three occurrences of gold mineralization. The shallowest intercept, associated with quartz-tourmaline veining, returned 3.27 g/t gold over 3.64 metres including 25.50 g/t gold over 0.43 metres at the bedrock collar. Two other anomalous intercepts (see Table 2 below) further down the hole are associated with sericite-pyrite alteration hosted by felsic porphyry sills developed within the Lac du Doigt Fault Zone.
Hole MDX-15-48 was collared approximately 185 metres east of MDX-14-46 and also intersected three intervals of anomalous gold mineralization, an upper vein zone and two lower porphyry hosted intervals, suggesting local continuity to the gold mineralized occurrences within the Fault Zone. The Porphyry 2 occurrence shows a significant broadening to the east over the 185 metres between the two holes. The Lac du Doigt Fault is untested west of these two holes. It is also untested for a 2.30 kilometre span between the current drilling and the northern end of the Bug Lake Gold Trend where there are indications of gold mineralization within the projection of this structure. The Lac du Doigt Fault Zone thus provides an extensive new, and largely untested, gold target on the Martiniere Property.
Table 2: Lac Doigt Fault Zone Results
|
Hole Number |
From (Metres) |
To (Metres) |
Interval* (Metres) |
Gold (g/t) |
Zone |
|---|---|---|---|---|---|
| MDX-14-46 | 18.36** | 22.00 | 3.64 | 3.27 | Vein |
| including | 20.71 | 21.14 | 0.43 | 25.50 | |
| 150.39 | 158.72 | 8.33 | 0.27 | Porphyry 1 | |
| including | 150.39 | 151.82 | 1.43 | 1.14 | |
| 197.54 | 205.91 | 8.37 | 0.31 | Porphyry 2 | |
| MDX-15-48 | 125.97 | 126.58 | 0.61 | 4.43 | Vein |
| 237.95 | 246.00 | 8.05 | 1.08 | Porphyry 1 | |
| including | 243.22 | 244.65 | 1.43 | 5.16 | “ |
| 265.45 | 300.70 | 35.25 | 0.32 | Porphyry 2 | |
| including | 265.45 | 266.90 | 1.45 | 1.29 | “ |
| and | 297.10 | 298.27 | 1.17 | 1.25 | “ |
* Reported drill intercepts are not true widths and are uncapped. At this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space.
** Collared into zone of mineralization.
Exploration of the Martiniere Property is expected to resume in early 2016 with a focus on continued near surface delineation of the Bug Lake and nearby gold zones, further examination and testing of the Lac du Doigt Fault Zone and exploration of other gold targets on the property.
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 from the holes summarized in this release, discussed and 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 discovery company focused on the delineation of high-grade gold and nickel-copper-PGE discoveries on its wholly owned, 700+ square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian base metal and gold assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
“Darin Wagner”
President and CEO
For further information contact:
John Foulkes, Vice-President, Corporate Development
Tel: (604) 638-5815 / Toll Free: (877) 838-3664
E-mail: [email protected]
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, the potentially open nature of the mineralized zones on the property and the potential for future discoveries of additional mineralization on the property 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.
