VANCOUVER, British Columbia, June 27, 2017 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX:BAR) (OTCQX:BALMF) is pleased to announce that drilling has resumed on the Company’s Detour Gold Trend Project in Quebec. Current plans call for a minimum of 20,000 metres of drilling during the summer/fall program, bringing the 2017 drill program to 35,000 metres. The summer/fall program will continue to focus on the expansion and delineation of the Bug Lake gold deposits and on the further evaluation of several recent near-surface gold discoveries within the broader Martiniere gold system.
It will also see Balmoral, for the first time since the discovery of the Bug Lake gold deposits and Grasset Ni-Cu-Co-PGE deposit in 2014, undertake a significant exploration drill program on gold targets outside of the main Martiniere system. Several gold targets on the Detour East, broader Martiniere, and adjacent properties have been selected for first pass drill testing this summer/fall.
“With delineation and expansion drilling progressing to deeper levels of the Bug Lake gold deposits this summer we are provided with the opportunity, for the first time in nearly 3 years, to get back to the discovery process on our broader land holdings along the Detour Gold Trend,” said Darin Wagner, President and CEO of Balmoral. “We plan to test 15 new gold-focused targets during the summer/fall program which, given our success to date on the exploration front, is an exciting prospect for our technical staff and our shareholders.”
Balmoral’s Detour Gold Trend Project
Balmoral’s Detour Gold Trend Project extends for over 100 kilometres along the Sunday Lake and Lower Detour deformation zones - two regional gold bearing faults similar to those associated with the vast majority of historic gold production throughout the Abitibi region. The Company is the largest land holder and most active explorer in the Sunday Lake region which, despite hosting one of Canada’s largest gold mines, remains the least explored portion of the world’s second most prolific high-grade gold belt.
Several significant gold deposits, including the nearby Detour Lake Gold Mine, Balmoral’s Martiniere West and Bug Lake gold deposits and the Fenelon gold deposit (where the Company holds a royalty interest), occur proximal to the Sunday Lake deformation zone. Large segments of this highly prospective fault system remain untested on the Company’s extensive holdings.
Historic and recent work by the Company on the Detour East property has outlined a 13 kilometre long trend of gold occurrences along the Lower Detour deformation zone which lies to the south of, and runs parallel to, the Sunday Lake deformation zone. Recent work along this same structural corridor on the Ontario side of the provincial border has highlighted the discovery potential of this less-understood fault system. Both deformation zones will be targeted for drill testing this summer.
Martiniere Gold System
The winter/spring drill program at Martiniere successfully expanded each of the Bug South, Bug North and Bug Lower Steep gold deposits. Each of these south-southeast plunging deposits has been successfully traced from the bedrock interface to vertical depths of 350, 350, and 550 metres respectively, and each remains open for further expansion down-plunge. The majority of drilling during late 2016 and early 2017 targeted the rapidly expanding Bug South gold deposit, with over 95% of the holes successfully intersecting the gold mineralized zones forming the deposit. Some of the recent drilling highlights from the Bug South and Bug North gold deposits are featured in Table 1 below.
| Table 1 - Bug South and North Deposits – Recent Highlights ** | |||||
| Hole | From | To | Interval* | Gold | Zone |
| Number | (Metres) | (Metres) | (Metres) | (g/t) | |
| Bug South Deposit | |||||
| MDE-16-214 | 161.96 | 165.60 | 3.64 | 22.20 | Lower Bug |
| including | 163.10 | 164.64 | 1.54 | 51.34 | " |
| MDE-16-216 | 206.40 | 238.69 | 32.29 | 3.39 | HWP + U Bug |
| including | 206.40 | 224.66 | 18.26 | 5.41 | " |
| and | 216.17 | 224.66 | 8.49 | 9.34 | " |
| MDE-16-218 | 74.05 | 189.50 | 115.45 | 1.40 | Upper Bug |
| and including | 177.25 | 188.00 | 10.75 | 3.73 | " |
| MDE-16-221 | 110.90 | 137.80 | 26.90 | 4.51 | 221 |
| including | 112.20 | 115.00 | 2.80 | 15.89 | " |
| and | 122.20 | 129.00 | 6.80 | 10.89 | " |
| MDE-16-233 | 193.15 | 256.59 | 63.44 | 1.58 | Upper Bug |
| including | 195.38 | 196.00 | 0.62 | 11.20 | " |
| and | 232.03 | 241.92 | 9.89 | 4.50 | " |
| which includes | 239.26 | 240.22 | 0.96 | 23.20 | " |
| MDE-16-234 | 272.23 | 307.39 | 35.16 | 2.16 | Upper Bug |
| including | 289.15 | 290.65 | 1.50 | 5.53 | " |
| and | 298.31 | 307.39 | 9.08 | 7.10 | " |
| which includes | 304.29 | 307.39 | 3.10 | 18.80 | " |
| 368.82 | 375.57 | 6.75 | 11.29 | Footwall | |
| including | 368.82 | 369.90 | 1.08 | 64.20 | " |
| MDE-16-242 | 162.20 | 240.37 | 78.17 | 1.65 | Upper Bug |
| including | 163.84 | 170.47 | 6.63 | 2.20 | " |
| and | 220.00 | 237.00 | 17.00 | 4.50 | " |
| which includes | 234.50 | 237.00 | 2.50 | 16.34 | " |
| MDE-17-271 | 119.74 | 174.63 | 54.89 | 2.29 | HWP + U Bug |
| including | 119.74 | 133.42 | 13.68 | 6.87 | HWP |
| which includes | 119.74 | 125.30 | 5.56 | 15.72 | " |
| and including | 170.92 | 174.63 | 3.71 | 5.80 | Upper Bug |
| which includes | 173.85 | 174.63 | 0.78 | 21.50 | " |
| Bug North Deposit | |||||
| MDE-16-236 | 322.33 | 334.04 | 11.71 | 6.06 | Upper Bug |
| including | 329.30 | 331.62 | 2.32 | 27.74 | " |
| MDE-16-239 | 299.80 | 308.02 | 8.22 | 4.13 | Lower Bug |
| including | 301.95 | 303.97 | 2.02 | 15.28 | " |
| MDE-16-256 | 296.97 | 340.58 | 43.61 | 1.93 | Lower Bug |
| including | 322.90 | 340.58 | 17.68 | 3.49 | " |
| which includes | 322.90 | 324.34 | 1.44 | 10.10 | " |
| and | 335.96 | 337.40 | 1.44 | 20.80 | " |
| and | 339.34 | 340.58 | 1.24 | 10.90 | " |
* 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. All values presented uncapped.
** All results previously released, please see Balmoral Press Releases 16-19 to 17-09 – Sept 2016 to June 2017 at www.balmoralresources.com for additional details and assay results
The fall 2016 and winter 2017 programs also produced the highest grade results to date from the Bug Southeast gold zone. This Zone has been traced for over 750 metres along strike but only intermittently tested to date. As well, Balmoral reported several new gold discoveries proximal to the Bug Lake deposits including the Horsefly, 237, and Deep Footwall zones. Highlights from these discoveries are summarized in Table 2 below. Each will be targeted for further expansion/evaluation during the summer/fall program.
| Table 2 - Additional Highlights from Recent Drilling Within the Martiniere Gold System** | |||||
| Hole | From | To | Interval* | Gold | Zone |
| Number | (Metres) | (Metres) | (Metres) | (g/t) | |
| Bug Southeast Zone | |||||
| MDE-17-274 | 146.70 | 152.75 | 6.05 | 6.23 | Bug SE |
| including | 149.94 | 150.68 | 0.74 | 46.60 | " |
| Deep Footwall Zone – NEW DISCOVERY | |||||
| BLD-16-01 | 707.30 | 755.85 | 48.55 | 1.07 | Deep Footwall |
| including | 716.28 | 717.85 | 1.57 | 6.66 | " |
| and | 744.00 | 750.43 | 6.43 | 4.36 | " |
| which includes | 744.00 | 745.50 | 1.50 | 10.75 | " |
| Horsefly Zone – NEW DISCOVERY | |||||
| BLD-16-03 | 138.79 | 156.85 | 18.06 | 3.84 | Horsefly |
| including | 140.20 | 146.00 | 5.80 | 10.51 | " |
| which includes | 144.71 | 146.00 | 1.29 | 39.87 | " |
| MDE-17-78 | 133.87 | 156.02 | 22.15 | 2.04 | Horsefly |
| including | 146.51 | 154.89 | 8.38 | 4.79 | " |
| which includes | 146.51 | 148.67 | 2.16 | 9.91 | " |
| 237 – NEW DISCOVERY | |||||
| MDE-16-237 | 97.15 | 108.81 | 11.66 | 6.25 | 237 |
| including | 98.24 | 103.71 | 5.47 | 12.48 | " |
* 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. All values presented uncapped
** All results previously released, please see Balmoral Press Releases 16-19 to 17-10 – Sept 2016 to June 2017 at www.balmoralresources.com for additional details and assay results
Final results from the winter/spring 2017 program are anticipated within the next 2-3 weeks.
Mr. Darin Wagner (P.Geo.- B.C., Ont., Res. Permit Que.), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner has supervised the work programs on the Martiniere Property since inception, visited the property on multiple occasions, discussed and reviewed the results with senior on-site geological staff, reviewed the drill core from the holes contained in today’s release and reviewed the available analytical and quality control results. All results contained in today’s release have been previously released by the Company.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a well-funded, Canadian-based company actively delineating and expanding a series of gold deposits on its Martiniere Property located within the prolific Abitibi greenstone belts in Quebec, Canada. The Martiniere Property is just one of several large, highly prospective properties comprising the Company’s wholly owned, 1,000 km2 Detour Gold Trend Project. Employing a drill focused exploration strategy in one of the world’s preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold and base metal assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
“Darin Wagner”
President and CEO
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.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, the visual continuity of certain mineralized intervals and business and financing plans and trends, the potentially open nature of the mineralized zones on the property and the potential for future discoveries of additional mineralization on the property 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; timing of receipt of assay results from third party analytical facilities; 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.