VANCOUVER, BC --(Marketwired - July 08, 2014) - Balmoral Resources Ltd. (TSX: BAR) (OTCQX: BALMF) ("Balmoral" or the "Company") announced today that drilling has resumed on the Company's wholly owned Martiniere Gold Project located along the Detour Gold Trend in Central Quebec. Drilling at Martiniere will initially focus on further testing of the southern segment of the Bug Lake Gold Zone following the success of the winter 2014 drill program in this area. This will be followed by further testing/infill drilling of the northern segment of the Bug Lake Zone which returned numerous strong intercepts including 1,138 g/t gold over 4.38 metres in the most recently completed phase of drilling (see NR14-10; May 12, 2014).
"With drilling now underway at Martiniere our shareholders have results from two of the more exciting exploration projects in Canada to look forward to over the weeks and months ahead," said Darin Wagner, President and CEO of Balmoral. "As well we have plans to drill test two or three new targets within our 700 square kilometre Detour Gold Trend Project this summer, including one of the most promising gold targets we have identified to date."
GRASSET DRILLING UPDATE
Eight diamond drill holes have now been completed on the wholly owned Grasset Ni-Cu-PGE property to follow-up the discovery of high-grade nickel-copper-PGE mineralization within the Grasset Ultramafic Complex. Drill hole GR-14-25, the first hole to test Horizon 3 of the Complex, returned a 45.28 metre interval which graded 1.79% Ni, 0.19% Cu, 0.42 g/t Pt and 1.04 g/t Pd (see NR-14-11, May 20, 2014). The high-grade nickel-copper-PGE mineralization in hole GR-14-25 is associated with a broad zone of "net textured" sulphides surrounded by a broader halo of disseminated sulphide mineralization.
All eight holes completed to date have intersected broad intervals of sulphide mineralization along the projected extension of Horizon 3, the principal target of the current drill campaign. Seven of the eight holes have intersected net textured sulphide intervals along the Horizon, with the eighth returning heavily disseminated sulphides.
Samples from six of the first eight holes have now been delivered to ALS-Chemex in Val d'Or, Quebec for analysis. Initial results are expected within the next 4-5 weeks. An additional 4-5 holes are planned prior to a short break in drilling to allow for additional borehole geophysical work to be completed.
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person who has approved the scientific and technical information contained in this news release. Mr. Wagner has supervised the work programs on the Martiniere and Grasset Properties since their inception, visited the properties on multiple occasions, has examined the drill core from the holes summarized in this release, reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Canadian-based discovery company focused on high-grade gold and nickel discoveries on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, 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 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 closing of the Offering and the use of proceeds of the Offering are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, similarities 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; visual similarities between adjacent or previously drilled drill holes, 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 uncertain nature and interpretation of geophysical models, 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.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
For further information contact:
Manager, Corporate Development
Toll Free: (877) 838-3664
Source: Balmoral Resources Ltd.