Balmoral Reports Further Expansion of Afric Gold Zone, Northshore Property, Ontario
09 Mai 2013 - 2:00PM
Marketwired Canada
Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX
VENTURE:BAR)(OTCQX:BALMF) has been advised by GTA Resources and Mining Inc.
("GTA") that initial results from the Phase 4 drilling program on the Company's
Northshore Property located near Schreiber, Ontario have successfully continued
to expand the Afric Gold Zone. Results reported today confirm the presence of a
north-east extension of the mineralized system into an area which has seen
little historic testing. Results also continued to demonstrate broad zones of
gold mineralization along the previously defined east-northeast ("East")
trending portion of the Afric Gold Zone, including 1.47 g/t gold over 70.0
metres in hole WB-13-38. Drilling also continues to intersect a series of
higher-grade gold-bearing structures within the broader Afric Zone along both
the Northeast and East limbs of the system (see Table 1 below).
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Hole Interval
Hole Depth From To (i) Gold
Number (metres) (metres) (metres) (metres) (g/t) Target
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WB-12-36 227 22.0 32.0 10.0 0.66 East Ext.
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(-50/120 degrees) 64 68 4.0 1.43
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94 95 1.0 3.3
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WB-13-37 170 80.0 123.5 43.5 1.40 East Ext.
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(-50/122 degrees) incl 88.0 101.0 13.0 2.50
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and 122.0 123.5 1.5 14.2
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WB-13-38 212 110.5 180.5 70.0 1.47 East Ext.
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(-64/122 degrees) incl 110.5 112.5 2.0 12.28
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WB-13-39 218 29.8 64.0 34.2 1.35 Northeast
Ext.
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(-50/323 degrees) incl 46.0 54.0 8.0 4.77
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WB-13-40 152 73.0 122.0 49.0 0.53 Northeast
Ext.
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(-70/323 degrees) incl 73.0 74.0 1.0 5.63
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and 101.0 102.5 1.5 7.97
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and 121.0 122.0 1.0 3.33
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(i) 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.
Highlights:
A new plan map showing the location of the holes released today, along with a
schematic cross section through the East and Northeast limbs of the Afric Gold
Zone are available on the Company's website at www.balmoralresources.com.
Results from an additional four holes remain pending and drilling is anticipated
to resume on the property following spring-break-up.
East Extension - Highlights from 3 holes (WB-13-36, -37 and -38) completed along
the eastern extension of the Afric Zone include 2.50 g/t (grams per tonne) gold
over 13.0 metres (within a broader zone of 1.4 g/t gold over 43.5 metres) in
hole WB-13-37 and 12.28 g/t gold over 2.0 metres (within a broader zone of 1.47
g/t gold over 70.0 metres) in hole WB-13-38. These holes, drilled approximately
50 metres and 100 metres respectively below a previously drilled shallow
intersection of 1.51 g/t gold over 50.8 metres (hole WB-12-29) help confirm the
strike continuity of the East Extension for a distance of 170 metres from the
historic core of the Afric Zone and the depth continuity to a vertical depth of
approximately 150 metres in this area. Hole WB-13-36 was drilled 70 metres
further east from the above described section and intersected anomalous gold
(0.66 g/t gold over 10.0 metres) along the interpreted trend of the East
Extension.
Northeast Extension - Holes WB-13-39 and 40 tested the Northeast Extension
approximately 130 metres northeast from the historic core of the Afric Zone and
were successful in intersecting the northeast continuation of the Zone. The
upper hole (WB-13-39) intersected 4.77 g/t gold over 8.0 metres within a broader
zone of 1.35 g/t gold over 34.2 metres. Hole WB-13-40 tested the zone 50 metres
below and intersected 7.97 g/t gold over 1.5 metres within a 49.0 metre zone
assaying 0.53 g/t gold.
Gold mineralization on the Northshore Property is hosted within a sequence of
felsic intrusive and lesser volcanic rocks. The Afric Zone is characterized by
strong fracturing, moderate to locally strong alteration, disseminated sulphide
mineralization and locally abundant visible gold. The mineralization is most
similar to that associated with porphyry-style gold deposits and remains open in
several directions. High-grade mineralization typically occurs in quartz veins
and veinlets hosted by north-northeast trending fracture sets within the broader
Afric Zone. Additional high-grade vein systems on the property, including the
one associated with the former producing Northshore Mine, also remain to be
evaluated.
Located immediately south of the town of Schreiber, Ontario within the
Hemlo-Schreiber greenstone belt, 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 approximately 8.0%
of the issued and outstanding shares of GTA and holds the shares for investment
purposes.
QA/QC
GTA is the operator of the Northshore Project and as operator has generated and
provided the information herein to Balmoral. As operator GTA is responsible are
responsible for the planning, timing, execution and monitoring of exploration
programs on the Northshore Project which is under the supervision of 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.
GTA has implemented a quality control program for the drill programs on the
Northshore Property to ensure best practice in sampling and analysis. GTA
maintains strict quality assurance/quality control protocols including the
systematic insertion of certified standard reference and blank materials into
each sample batch. Analyses in this release were performed by AGAT Laboratories
Ltd. of Sudbury, Ontario with ISO 17025 accreditation. Samples are transported
in security sealed bags to AGAT and all samples were assayed using
industry-standard assay techniques for gold. Gold was analyzed by a standard 30
gram fire assay with an ICP and/or gravimetric finish.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Canadian-based precious metal exploration and development company
focused on high-grade gold discoveries along the Detour Gold Trend 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
discovery and definition of high-grade, Canadian gold assets.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Balmoral Resources Ltd.
John Toporowski
Manager, Corporate Development
(604) 638-5815 / Toll Free: (877) 838-3664
(604) 648-8809 (FAX)
jtoporowski@balmoralresources.com
Balmoral Resources Ltd (TSXV:BAR)
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