Balmoral Reports Final Results of Winter 2013 Drill Program at Martiniere, Quebec
| | Balmoral Resources Ltd. | TSX VENTURE: BAR | | Balmoral Resources Ltd | OTCQX: BALMF | | VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 30, 2013) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR) (OTCQX:BALMF) today reported the remaining drill results from the winter 2013 drill program which further expand the Bug Lake Gold Zone, further delineate the Martiniere West Zone, provide indications of continuity for a previously intersected high-grade gold-silver discovery in the Martiniere East area and suggests the presence of another Bug Lake parallel (north-south trending) gold bearing structure on the Property. The Martiniere Property forms part of the Company's wholly owned 600+ square kilometre Detour Gold Trend Project in Quebec.
Bug Lake Expansion Drilling
All eleven holes testing the northern extension of the Bug Lake Gold Zone successfully intersected broad intervals of anomalous gold mineralization associated with the Bug Lake fault zone, extending the zone by approximately 115 metres to the north and to a vertical depth of 285 metres. The results also confirm the extension of the Bug Lake Gold Zone beneath a previously outlined "flat" feature/fault. As with previous drilling a number of high-grade gold bearing vein/structures were intersected both within the Bug Lake Gold Zone and in the hanging wall/footwall to the Zone. The Bug Lake Gold Zone now extends for over 725 metres along strike, to a vertical depth of 285 metres and remains open in all directions for further expansion.
Drill hole MDE-13-103, the deepest hole testing the Bug Lake Gold Zone to-date, intersected several mineralized intervals including the Upper Bug (16.40 metres grading 0.73 g/t gold) and Bug Lake Gold Zones (46.79 metres grading 1.10 g/t gold, including a high grade interval grading 11.25 g/t gold over 0.93 metres) as well as a high-grade Hanging Wall structure which returned 26.70 g/t gold over 0.41 metres). This hole extends the Bug Lake Gold Zone to approximately 285 metres vertical depth, approximately 60 metres deeper than the previously reported deepest intercept in the Zone.
Drilling also returned an intercept of 7.00 g/t gold and 55.26 g/t silver over 1.52 metres in hole MDE-13-98 (see table below). This intercept may represent the western, up-dip extension of a similar high-grade gold/silver intercept previously reported in hole MDE-11-09 (see NR 11-31, Dec. 5, 2011), which returned 76.40 g/t gold and 1,390 g/t silver over 0.50 metres, in a similar stratigraphic position 100 metres to the east. As in hole MDE-11-09 the intercept in MDE-13-98 is anomalous in cadmium, copper, molybdenum, tungsten and zinc, as well as gold and silver. The unusually high silver grade of this mineralization and associated suite of trace metals marks this discovery as unique from the style of mineralization currently being delineated along the Martiniere West and Bug Lake Trends. To-date the Company has not actively targeted this style of mineralization which may be related to the volcanogenic massive sulphide system located east of the Bug Lake Fault (Martiniere East area).
| Hole | Section | Collar | Dip | From | To | Interval* | Gold | Zone | | Number | | | Angle | (Metres) | (Metres) | (Metres) | (g/t) | | | MDE-13-95 | 300 N | 200 W | -45 | 69.30 | 70.39 | 1.09 | 3.48 | Bug Lake | | | | | | 84.41 | 96.90 | 12.49 | 0.32 | | | MDE-13-96 | 300 N | 200 W | -64 | 65.53 | 101.84 | 36.31 | 0.35 | Bug Lake | | MDE-13-97 | 300 N | 200 W | -80 | 140.88 | 172.51 | 31.63 | 0.59 | Bug Lake | | including | | | | 160.25 | 167.88 | 7.63 | 1.73 | | | which includes | | | | 166.13 | 166.92 | 0.79 | 4.89 | | | | | | | 182.60 | 193.99 | 11.39 | 0.43 | | | including | | | | 191.48 | 192.31 | 0.83 | 3.24 | | | | | | | 213.14 | 229.04 | 15.90 | 0.65 | | | including | | | | 213.14 | 214.94 | 1.80 | 3.81 | | | MDE-13-98 | 235 N | 50 W | -45 | 153.69 | 155.21 | 1.52 | 7.00 | 55.26 g/t Ag | | including | | | | 154.04 | 154.45 | 0.41 | 14.85 | 76.70 g/t Ag | | | | | | 199.76 | 207.82 | 8.06 | 0.42 | Upper Bug Lk | | | | | | 223.94 | 233.56 | 9.62 | 1.41 | Bug Lake | | including | | | | 227.37 | 228.32 | 0.95 | 4.94 | " | | and | | | | 230.15 | 231.26 | 1.11 | 3.46 | " | | MDE-13-99 | 240 N | 50 W | -55 | 76.74 | 77.31 | 0.57 | 8.72 | | | | | | | 238.07 | 267.90 | 29.83 | 0.37 | Upper Bug Lk | | MDE-13-100 | 285 N | 105 W | -59 | 123.91 | 124.48 | 0.57 | 16.05 | | | | | | | 131.90 | 148.61 | 16.71 | 0.46 | Upper Bug Lk | | | | | | 213.30 | 240.40 | 27.10 | 1.17 | Bug Lake | | including | | | | 233.00 | 235.00 | 2.00 | 7.71 | " | | MDE-13-101 | 290 N | 95 W | -49 | 125.16 | 126.00 | 0.84 | 4.06 | | | | | | | 142.07 | 157.93 | 15.86 | 0.56 | Upper Bug Lk | | | | | | 166.40 | 182.00 | 15.60 | 0.35 | Bug Lake | | including | | | | 166.40 | 167.00 | 0.60 | 3.05 | " | | MDE-13-102 | 185 N | 20 W | -50 | 247.53 | 287.39 | 39.86 | 1.07 | Bug Lake | | including | | | | 255.13 | 265.16 | 10.03 | 3.60 | " | | which includes | | | | 256.70 | 257.75 | 1.05 | 7.88 | " | | and | | | | 262.32 | 265.16 | 2.84 | 6.61 | " | | MDE-13-103 | 185 N | 20 W | -62 | 127.30 | 127.71 | 0.41 | 26.70 | | | | | | | 241.20 | 257.60 | 16.40 | 0.73 | Upper Bug Lk | | including | | | | 249.29 | 250.20 | 0.91 | 3.16 | " | | | | | | 306.20 | 352.99 | 46.79 | 1.10 | Bug Lake | | including | | | | 315.00 | 315.48 | 0.48 | 3.30 | " | | and | | | | 320.61 | 321.38 | 0.77 | 3.86 | " | | | | | | 368.72 | 369.65 | 0.93 | 11.25 | | | | | | | 394.56 | 399.86 | 5.30 | 1.03 | | | MDE-13-105 | 365 N | 185 W | -45 | 100.15 | 128.11 | 27.96 | 0.54 | Upper Bug Lk | | including | | | | 107.14 | 117.79 | 10.65 | 0.86 | " | | and | | | | 116.85 | 117.28 | 0.43 | 3.08 | " | | | | | | 160.37 | 178.39 | 18.02 | 0.50 | Bug Lake | | MDE-13-106 | 370 N | 225 W | -45 | 48.39 | 75.48 | 27.09 | 0.95 | Upper Bug Lk | | including | | | | 59.11 | 65.00 | 5.89 | 2.95 | " | | which includes | | | | 61.00 | 62.84 | 1.84 | 5.36 | " | * 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.
Martiniere West Zone
The winter drill program focused on testing for lateral extensions of the Martiniere West Zone, principally outside the established plunge line of the high-grade core of the Zone, at depths dominantly below the 150 vertical metre level. Drilling continued to intersect multiple zones of high-grade gold mineralization within a broader gold mineralized corridor. Highlights include intercepts of 25.65 g/t gold over 1.64 metres, 10.31 g/t gold over 1.16 metres, 30.10 g/t gold over 0.61 metres and 7.01 over 1.60 metres (see Table below).
| Hole | From | To | Interval* | Gold | Zone | | Number | (Metres) | (Metres) | (Metres) | (g/t) | | | MDW-13-65 | 341.30 | 375.70 | 34.40 | 0.41 | Main | | including | 359.50 | 360.14 | 0.64 | 3.57 | " | | | 416.51 | 447.43 | 30.92 | 0.62 | FW2 | | including | 423.55 | 423.96 | 0.41 | 5.95 | " | | and | 432.67 | 433.41 | 0.74 | 4.52 | " | | MDW-13-66 | 400.46 | 411.36 | 10.90 | 1.70 | Main | | including | 404.83 | 405.23 | 0.40 | 4.86 | " | | and | 410.20 | 411.36 | 1.16 | 10.31 | " | | | 421.08 | 479.00 | 57.92 | 0.44 | FW2 | | including | 431.32 | 432.00 | 0.68 | 5.37 | " | | MDW-13-67 | 282.92 | 291.46 | 8.54 | 0.56 | HW2 | | including | 282.92 | 283.50 | 0.58 | 3.57 | " | | | 347.00 | 347.61 | 0.61 | 30.10 | HW | | | 486.95 | 488.65 | 1.70 | 6.80 | FW2 | | including | 487.61 | 488.21 | 0.60 | 17.50 | " | | MDW-13-68 | 248.50 | 277.07 | 28.57 | 0.35 | HW2 | | including | 262.24 | 262.78 | 0.54 | 9.81 | " | | | 487.64 | 500.93 | 13.29 | 0.53 | FW2 | | MDW-13-69 | 382.45 | 391.92 | 9.47 | 0.61 | HW2? | | including | 388.51 | 389.45 | 0.94 | 3.17 | " | | MDW-13-70 | 197.00 | 217.48 | 20.48 | 1.29 | Main | | including | 200.49 | 201.23 | 0.74 | 6.65 | " | | and | 210.27 | 210.97 | 0.70 | 4.56 | " | | and | 215.23 | 216.83 | 1.60 | 7.01 | " | | | 237.49 | 238.00 | 0.51 | 3.40 | FW | | MDW-13-71 | 76.20 | 83.50 | 7.30 | 1.35 | HW2 | | including | 77.39 | 78.00 | 0.61 | 9.09 | " | | MDW-13-72 | 92.57 | 93.06 | 0.49 | 6.50 | HW3 | | | 191.03 | 197.99 | 6.10 | 1.65 | HW2 | | including | 194.11 | 195.11 | 1.00 | 9.00 | | | | 231.05 | 232.03 | 0.98 | 5.29 | HW | | | 306.19 | 321.30 | 15.11 | 0.33 | FW2? | | MDW-13-73 | 269.07 | 297.45 | 28.38 | 1.69 | HW2 | | including | 273.88 | 275.52 | 1.64 | 25.65 | " | | | 305.00 | 312.16 | 7.16 | 1.02 | Main | | including | 305.51 | 306.25 | 0.74 | 7.08 | " | | | 338.17 | 375.45 | 37.28 | 0.30 | FW2 | | including | 341.72 | 342.30 | 0.58 | 6.76 | " | * 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.
Drill holes MDW-13-67 and -68, while intersecting high-grade gold mineralization in both the hanging wall and footwall, intersected a pyroxene bearing mafic intrusive unit at the projected intercept point of the West Zone rather than the typical host quartz-gabbro. High grade gold mineralization is present both above and below this pyroxene phyric unit within the quartz-gabbro indicating this feature represents a relatively narrow, cross-cutting dyke which may have a dip similar to that of holes MDW-13-67 and 68.
Drill hole MDW-13-69, designed to test the down-plunge extent of the West Zone below the 325 metre level, deviated significantly to the northeast ending more than 150 metres off, and well outside, the projected plunge line of the core of the West Zone.
The results reported today continue to confirm the southwest plunge of the West Zone. As with previous drilling, the winter program intersected numerous high-grade gold bearing structures in the hanging wall and footwall to the West Zone within the broader Martiniere West Gold Trend which as announced previously (see NR-13-06, March 4, 2013) has now been extended to over 800 metres in strike length.
Exploration Holes
MDX-13-24 was drilled east of the Martiniere West Zone, and south-southwest of the Central Zone, to follow-up on the discovery of anomalous gold mineralization in hole MDX-12-01 which returned 0.57 g/t gold over 81.00 metres (see NR-12-21, August 29, 2012). It intersected several narrow intervals of anomalous gold mineralization including an interval of 8.24 metres grading 0.24 g/t gold between 258.09 and 266.33 metres and a separate high-grade interval of 9.77 g/t gold over 0.88 metres between 286.12 and 287.00 metres. The results suggest that the gold mineralization intersected in hole MDX-12-01 occurs along a previously unrecognized, roughly north-south trending (Bug Lake parallel) structure located between the Martiniere West and Central Zones in an area of very limited testing.
Exploration hole MDX-13-25, collared 800 metres northwest of the Martiniere West area to test a multi-element soil geochemical anomaly associated with the marginal phase of magnetic high intersected magnetite bearing volcanic rocks but did not intersect any significant mineralization.
Quality Control
Mr. Neil Perk (P.Geo.), is the independent qualified person for the technical disclosure contained in this news release. Mr. Perk, a principal of Equity Exploration Consultants Ltd., acted as Senior Project Geologist for the winter 2013 drill program on the Martiniere Property, visited the property on multiple occasions, has 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 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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