Balmoral Reports 196.50 Metres Grading 0.66 g/t Gold, Including 13.00 Metres Grading 3.14 g/t, at Northshore Property, Ontario
28 5월 2013 - 9:00PM
Marketwired Canada
Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX
VENTURE:BAR)(OTCQX:BALMF) has, received from GTA Resources and Mining Inc.
("GTA"), results from an additional 4 holes completed as part of the on-going
Phase 4 drilling program on the Company's Northshore Property located near
Schreiber, Ontario. Results confirm the southwest extension of the Afric Gold
Zone with hole WB-13-44 returning 0.66 g/t gold over 196.50 metres, including a
higher grade section which returned 3.14 g/t gold over 13.00 metres interpreted
by GTA to represent the south-westward continuation of the Audney vein system.
Hole WB-13-43, drilled up-dip of WB-13-44, also intersected the interpreted
extension of the Audney vein returning an intercept of 178.00 g/t gold over 1.00
metre.
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Hole Gold
Hole Dip Depth From To Interval(i) Uncapped
Number (0) (metres) (metres) (metres) (metres) (g/t) Sub-Zone
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WB-12-41 -52 200 92.00 194.00 102.00 0.51 East Ext.
including 118.20 128.00 9.80 1.16
and 192.50 194.00 1.50 8.56
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Northeast
WB-13-42 -50 137 11.00 72.50 61.50 0.32 Ext.
including 54.50 60.50 6.00 1.45
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WB-13-43 -55 92 65.00 66.00 1.00 178.00(ii) Audney
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Pup (SW
WB-13-44 -50 290 33.50 230.00 196.50 0.66 Ext.)
including 105.50 162.10 56.60 1.06 "
which
includes 114.00 127.00 13.00 3.14 Audney
which
includes 114.00 115.00 1.00 15.50 "
and 126.00 127.00 1.00 13.80 "
and 210.50 212.00 1.50 13.30 "
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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. None of the reported broader
intercepts required capping based on the previous established capping
parameters for the Northshore Property. Calculated averages on broader
sections include core lengths up to 17 metres grading less than 0.1 g/t gold
(ii) Single sample, uncapped value
Drill holes WB-13-41 and WB-13-43 each intersected broad zones of anomalous gold
mineralization along the Eastern and Northeastern extensions of the Afric Zone.
The collar locations for each of the holes announced are shown on the map
currently on the home page of the Company's website at
www.balmoralresources.com.
"We are pleased to see continued expansion of both the Afric Gold Zone and
high-grade Audney vein system," said Darin Wagner, President and CEO of Balmoral
Resources. "As well, we are looking forward to the initial test of the former
producing, high-grade, Northshore vein system which provides another potential
avenue for growth at Northshore."
The current drill program was temporarily suspended during spring break-up and
according to GTA will resume within the next few weeks. An additional 800 metres
of drilling is planned. Targets will include further extensions of the Afric
gold zone and initial testing in the area of the former producing Northshore
mine located 500 metres north of the Afric Zone.
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.
Quality Assurance/Quality Control
GTA is the operator of the Northshore Property and as operator has generated and
provided the information herein to Balmoral. As operator, GTA are responsible
for the planning, timing, execution and monitoring of exploration programs on
the Northshore Property 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 or Toll Free: 1-877-838-3664
604-648-8809 (FAX)
jtoporowski@balmoralresources.com
www.balmoralresources.com
Balmoral Resources Ltd (TSXV:BAR)
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