Balmoral Reports 196.50 Metres Grading 0.66 g/t Gold, Including 13.00 Metres Grading 3.14 g/t, at Northshore Property, Ontario
| | Balmoral Resources Ltd. | TSX VENTURE: BAR | | Balmoral Resources Ltd | OTCQX: BALMF | | VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2013) - 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.
Hole
Number | Dip
(0) | Hole
Depth
(metres) | From
(metres) | To
(metres) | Interval*
(metres) | Gold
Uncapped
(g/t) | Sub-Zone | | 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 | | | WB-13-42 | -50 | 137 | 11.00 | 72.50 | 61.50 | 0.32 | Northeast Ext. | | including | | | 54.50 | 60.50 | 6.00 | 1.45 | | | WB-13-43 | -55 | 92 | 65.00 | 66.00 | 1.00 | 178.00** | Audney | | WB-13-44 | -50 | 290 | 33.50 | 230.00 | 196.50 | 0.66 | Pup (SW 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 | " | | * 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 | | ** 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
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