Balmoral Resources (BAR-V) and GTA Resources (GTA-V) to restart Northshore drilling
Oct 23, 2013 - News Release
Balmoral Resources Ltd. has been advised by GTA Resources and Mining Inc. 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.
We seek Safe Harbor.
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News Release - 10 10 2013
Balmoral Resources Ltd. has filed an early warning report, as required by National Instrument 62-103 -- the early warning system and related takeover bid and insider reporting issues in relation to its holdings in TSX Venture Exchange-listed GTA Resources and Mining Inc. The early warning report was filed following the company's receipt of an additional one million GTA common shares pursuant to the terms of the Northshore property option agreement between the parties (see NR11-17; July 27, 2011).
Balmoral now holds 3,055,555 common shares of GTA representing approximately 11.4 per cent of the issued and outstanding common shares of GTA.
The company acquired the securities of GTA for investment purposes only, and not for the purpose of influencing control or direction over GTA. The company will continue to review its holdings in GTA from time to time, and may increase or decrease its position as future circumstances dictate.
A copy of the early warning report has been filed with the applicable securities commissions and is available on the SEDAR website. For further information, or to obtain a copy of the early warning report please contact the company.
In addition to the one million share payment Balmoral also received $25,000 in cash as per the terms of the option agreement. The option agreement remains in good standing. GTA may complete its first option earn-in obligations, and earn an initial 51-per-cent interest in the Northshore property, by completing $2.5-million in eligible exploration expenditures on the Northshore property prior to the third anniversary of the option agreement (Sept. 27, 2014).
The Northshore property hosts the Afric gold zone, a broad at/near-surface gold zone which has, to date, been outlined over an area of 500 by 350 metres and intersected to a vertical depth of 350 metres. Several high-grade vein structures have been identified within the broader Afric zone and recent drilling has identified high-grade gold bearing vein structures proximal to the former producing Northshore mine located on the property.
In addition to the Northshore property GTA holds a 100-per-cent interest in the 280-square-kilometre Auden property which covers the eastern extension of the prolific Beardmore-Geraldton greenstone belt and which is strategically located near recent high-grade graphite discoveries in northwestern Ontario. GTA also holds an option on the Squid East gold-silver property located in the Yukon.
Darin Wagner (PGeo) is the non-independent qualified person for the technical information contained within this release. Mr. Wagner has visited the Northshore property on several occasions and has reviewed the relevant technical information contained herein.
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The International Speculator, in its Oct. 7, 2013, issue, says buy Balmoral Resources Ltd. at 46 cents, officially, "Buy first tranche." The newsletter said buy Balmoral on April 4, 2013, at 70 cents. Assuming an investment of $1,000, the holding is worth $650. The writer notes Balmoral released more surface results on its Mariniere in Northern Quebec. Pending are drill results. The property forms part of the company's Detour gold-trend project. He figures the shares are on sale, but warns they remain vulnerable to a bearish market. Elsewhere in the issue, the writer has some good news. He says despite Casey Research LLC founder Doug Casey's confidence that what he refers to as the "Greater Depression" is under way and will soon get visibly worse, the Casey "consensus view" -- which presumably includes all Casey Research staffers -- is that the global economy is not about to collapse in the immediate future. He adds the signs of economic recovery around the world are feeble, but they are persistent and widespread. |
