Balmoral Reports Resumption of Drill Program on Northshore Property, Ontario
October 23, 2013 (Source: Marketwired) — Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX:BAR)(OTCQX:BALMF) has been advised by GTA Resources and Mining Inc. (“GTA”) (TSX VENTURE:GTA) that drill testing is set to resume on the Company’s Northshore Property located in the Hemlo-Schreiber Greenstone Belt in Ontario. The current program will consist of approximately 1,000 metres of drilling, targeting both the Afric Gold Zone and recently discovered high-grade gold mineralization located between the Afric and the former producing Northshore Gold Mine on the Property.
To-date, drilling by GTA has principally focused on the Afric Gold Zone, which has been outlined over an area of 500 x 350 metres and to a vertical depth of 350 metres, remaining open to depth and to the northeast. The most recently completed phase of drilling discovered a new, near surface high-grade zone of gold mineralization which returned an average grade of 5.23 g/t gold over 6.00 metres at a vertical depth of less than 15 metres, including 19.20 g/t gold over 1.50 metres (See NR13-16, July 18, 2013). This new discovery is currently interpreted to parallel the Northshore vein which was the focus of historic high-grade gold production on the Property.
Located immediately south of the town of Schreiber, Ontario, the Northshore Property is currently 100% owned by Balmoral and under option to GTA. GTA can earn an initial 51% interest in the Property under the terms of an option agreement between the companies (see News Release NR11-17; July 27, 2011). Balmoral currently controls 11.4% of the issued and outstanding common shares of GTA.
The planning, execution and monitoring of GTA’s exploration programs on the Northshore Property are under the supervision of Mr. Robert (Bob) Duess, P. Geo. (Ontario), VP Exploration of GTA. Mr. Duess is a qualified person as defined by National Instrument 43-101 and is also the Qualified Person for this release. Mr. Duess has supervised the work programs on the Northshore Property, supervised the collection of the samples and drill core described herein and reviewed the assays and QA/QC data.
Mr. Duess has also reviewed and approved this release.
About Balmoral Resources Ltd. – www.balmoralresources.com
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Balmoral is a Vancouver-based precious metal exploration and development company focused on delineation of a series of high-grade gold discoveries on its wholly owned Detour Gold Trend Project located in Quebec, Canada. 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 the discovery and definition of high-grade gold assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
Neither the TSX Venture Exchange or the Toronto Stock Exchange, nor their Regulation Services Providers, (as that term is defined in the policies of the TSX Venture Exchange and Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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.
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