Balmoral Intersects 12.50 g/t Gold Over 7.99 Metres, Bug Lake South, Detour Gold Trend Project, Quebec
October 8, 2014 (Source: Marketwired) —
- Continues to Expand High Grade Potential of Southern Bug Lake Extension
- Confirms Discovery of New – HW Porphyry Zone
Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR) (OTCQX: BALMF) today reported results from the first six holes of the summer 2014 drill program on the Company’s wholly owned Martiniere Property. All six holes tested the southern extension of the Bug Lake Zone (see Figure 1 and Figure 2), intersecting high-grade gold mineralization along the upper contact of the Bug Lake Porphyry. Today’s results further demonstrate the continuity of the Bug Lake system. Results were highlighted by intercepts of 12.50 g/t gold over 7.99 metres, including 132.50 g/t gold over 0.72 metres in drill hole MDE-14-147 and 5.23 g/t gold over 7.28 metres in drill hole MDE-14-149. The southern extension of the Bug Lake Zone has been intersected for 650 metres along strike and remains open to the south and to depth.
In addition, the Company has confirmed a new discovery – the HW Porphyry Zone – which occurs along the lower contact of a northeast striking, south-east dipping porphyry sill located east of the Bug Lake Zone. This new zone appears to be open in all directions and features results of 5.11 metres grading 4.32 g/t gold in MDE-14-147 and 2.89 metres grading 12.30 g/t gold in MDE-14-149.
Gold Intercepts – Bug Lake South
|MDE-14-147||3+25 S||0+90 W||-50||259.72||275.41||15.69||1.72||HW Porph|
|288.32||296.31||7.99||12.50||U Bug Lake|
|329.08||332.60||3.52||2.25||L Bug Lake|
|MDE-14-148||3+25 S||0+90 W||-55||268.44||276.12||7.68||2.24||HW Porph|
|299.93||305.14||5.21||1.69||U Bug Lake|
|373.30||376.95||3.65||0.89||L Bug Lake|
|MDE-14-149||2+75 S||1+35 W||-52||160.04||165.30||5.26||4.01||New Vein|
|295.14||302.42||7.28||5.23||U Bug Lake|
|310.52||313.09||2.57||3.43||L Bug Lake|
|MDE-14-150||2+75 S||1+35 W||-55||245.00||245.77||0.77||3.86||?|
|321.92||324.26||2.34||3.96||U Bug Lake|
|MDE-14-151||4+00 S||1+35 W||-52||222.96||231.60||8.64||0.72||U Bug Lake|
|MDE-14-152||4+00 S||1+25 W||-60||202.03||211.42||9.39||1.00||HW Porph|
|* 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.|
|U Bug Lake = Upper Bug Lake; L Bug Lake = Lower Bug Lake; HW Porph = Hanging Wall Porphyry; ? = Unassigned, vein style mineralization|
Additional vein style gold mineralization continues to be intersected in the hanging wall and footwall to the main Bug Lake Zone. The north-south trending Bug Lake Zone locally transects northeast striking, stratabound massive sulphide units both to the east and west of the Zone. Gold bearing intercepts associated with these sulphide horizons exhibit strongly elevated silver (3.5 to 92.1 g/t) and zinc (0.1 to 1.4%) values, suggesting potential for polymetallic sub-zones within the broader Bug Lake system.
Fourteen additional holes, completed along the northern segment of the Bug Lake Zone, remain pending.
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, 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 high-grade nickel and gold 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.
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, the potentially open nature of the mineralized zones on the property and the potential for future discoveries of additional gold 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 viawww.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.
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