VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2012) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) reported today results from the first 3 of 20 holes drilled in the Bug Lake area of its Martiniere Property during the recently completed Fall 2012 drill program. Results include further confirmation of the very high grade nature of the Bug Lake Footwall Zone. Hole MDE-12-65 returned anomalous gold mineralization over an interval of 81.00 metres, including a high-grade Footwall intercept of 7.94 g/t gold over 19.70 metres. As with other previous intercepts from the Footwall Zone, this broader interval contains a sulphide-rich core which returned 21.18 g/t gold (0.62 oz/ton) over 6.45 metres (21.16 feet). The core of this intercept occurs at approximately 50 metres vertical depth.
"With a shallow, high value target like the Footwall Zone continuing to expand in proximity to several other high-grade zones of gold mineralization, today's results further demonstrate the potential of the Martiniere gold system," said Darin Wagner, President and CEO of Balmoral. "While others are attempting to add, or access, high-grade ounces at considerable depth we are doing so in the near surface, on multiple fronts, in one of the best mining jurisdictions on the planet."
The Footwall Zone is one of three high-grade gold zones which occur within the 100+ metre wide Bug Lake Fault corridor on the Company's Martiniere Property in Quebec. The Martiniere Property forms part of Balmoral's 82 kilometre long Detour Gold Trend Project located along the Sunday Lake deformation zone in Central Quebec adjacent to the developing Detour Gold deposit in Ontario.
| Gold Results |
| Hole |
From |
To |
Interval* |
Gold |
|
Zone |
| Number |
(Metres) |
(Metres) |
(Metres) |
(g/t) |
|
|
| MDE-12-64 |
30.21 |
51.85 |
21.64 |
0.25 |
|
? |
| MDE-12-65 |
26.00 |
43.20 |
17.20 |
2.12 |
|
? |
| including |
38.00 |
41.30 |
3.30 |
4.66 |
|
|
| |
60.55 |
80.25 |
19.70 |
7.94 |
|
Footwall |
| including |
60.55 |
67.00 |
6.45 |
21.18 |
|
" |
| MDE-12-66 |
20.15(1) |
57.90 |
37.75 |
0.58 |
|
? |
| including |
56.85 |
57.90 |
1.05 |
3.48 |
|
" |
| |
73.55 |
78.50 |
4.95 |
0.45 |
|
Footwall? |
| |
| * 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. |
| (1) Collared into mineralized zone |
Holes MDE-12-64 to 66 were collared from the same location, in the footwall east of the Bug Lake Zone, and were drilled at down hole angles of -45, -56 and -67 degrees. The intersection point of the Footwall Zone in hole MDE-12-65 is at approximately 50 metres vertical depth below surface and approximately 25 metres above/12 metres north of previously released hole MDE-12-63 (22.89 g/t gold over 4.10 metres, see NR12-29, October 31, 2012). Drilling continues to indicate that the very high-grade core of the Footwall Zone forms a moderate to steeply plunging body consistent with the typical geometry of high-grade gold zones in the Abitibi.
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 and/or photographs 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 to ensure the accurate representation of mineralized zones. 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 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 news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's 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.