VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 25, 2012) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) reported results from four additional holes testing the eastern portion of the Martiniere gold system. The Martiniere gold system is a broad (250-325 metres wide), open-ended corridor of structural deformation and gold mineralization which has now been traced for approximately 1,500 metres along strike across the Company's Martiniere Property. Localized within the Martiniere gold system are several high-grade gold zones, including the Martiniere West Zone, associated with broader haloes of strongly anomalous gold mineralization.
Today's results provide additional confirmation for three styles of gold (+/- silver) mineralization in the Martiniere East area, located approximately one kilometre northeast of the West Zone, and continue to expand the overall scale and scope of the Martiniere gold system.
Results are highlighted by an intercept of 6.40 g/t gold over 6.30 metres in hole MDE-12-23 from a previously unidentified quartz-carbonate vein system. Holes MDE-12-22 and 12-24, drilled to depth from the same set ups as holes MDE-12-21 and MDE-12-23 respectively, both intersected broad zones of anomalous gold mineralization including 1.00 g/t gold over 54.00 metres gold from hole MDE-12-24, representing the down dip extension of a series of similar intercepts reported from the 2011 program. These include higher-grade, strongly silicified zones which correlate with, and extend to depth previously identified high-grade gold mineralization intersected in hole MDE-11-11 (9.43 g/t gold over 7.19 metres; see NR11-31, December 5, 2011).
Hole MDE-12-22 also intersected a 1.00 metre wide breccia zone hosting high-grade silver mineralization (160.00 g/t silver, 2.03 g/t gold). This intercept is located approximately 75 metres down-dip from a similar breccia in hole MDE-11-09 which returned 74.60 g/t gold and 1,390 g/t silver over 0.50 metres (see NR11-31, December 5, 2011).
"Drilling continues to expand the scale and enhance the potential of the gold system on the Martiniere Property," said Darin Wagner, President and CEO of Balmoral Resources. "The abundance and distribution of gold we are seeing at Martiniere is typical of systems associated with producing gold deposits through the region. With the system continuing to expand and Balmoral controlling the host structure for kilometres in all directions we continue to be very excited by the opportunity this represents for the Company now and going forward."
| Hole |
From |
To |
Interval* |
Gold |
Silver |
| Number |
(Metres) |
(Metres) |
(Metres) |
(g/t) |
(g/t) |
| MDE-12-21 |
No significant results - Faulted |
| MDE-12-22 |
192.00 |
193.00 |
1.00 |
2.03 |
160.00 |
| |
206.00 |
235.00 |
29.00 |
1.37 |
0.84 |
| including |
220.00 |
229.40 |
9.40 |
3.41 |
1.05 |
| which includes |
223.00 |
223.60 |
0.60 |
10.35 |
2.20 |
| and |
228.40 |
229.40 |
1.00 |
12.35 |
5.10 |
| MDE-12-23 |
121.00 |
127.30 |
6.30 |
6.40 |
8.33 |
| including |
121.70 |
125.50 |
3.80 |
9.54 |
12.44 |
| which includes |
123.70 |
124.20 |
0.50 |
36.90 |
51.70 |
| MDE-12-24 |
277.00 |
331.00 |
54.00 |
1.00 |
3.24 |
| including |
284.40 |
288.90 |
4.50 |
3.58 |
5.35 |
| and |
292.90 |
293.50 |
0.60 |
9.72 |
32.50 |
| |
| * 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. |
A new map displaying the location of collars and gold mineralized intercepts for each of the holes in the Martiniere East area follows and is available for download from the Company's website at www.balmoralresources.com.
Localized faulting, as indicated by offsets in certain rock units and the massive sulphide horizon, appears to have moved the projection of the high-grade ME-16 Zone to the south in the area tested by holes MDE-12-21 to MDE-12-24. Holes MDE-12-23 and 12-24 collared into a 4 to 10 metre wide zone of moderate to strong silica alteration and associated anomalous gold, silver and zinc mineralization which may represent the northern margin of the ME-16 Zone in this area. Summer drilling, anticipated to commence in June, will continue to focus on expanding this zone and the overall gold system in the Martiniere East area.
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 Grasset Gold Discovery. Results from 15 holes at Martiniere West, an additional 4 holes from the Martiniere East area and 10 holes from the Grasset area remain pending from the Detour 2012 drill program. In addition drilling continues on the Company's Northshore Property near Thunder Bay, Ontario.
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 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 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
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.
To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/BAR-0425-MAP.pdf
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