"With further confirmation of exceptional grades, over good widths, at extremely shallow depths, in multiple zones the Bug Lake discoveries are providing Balmoral with another high-value gold asset at a time when global gold discovery rates continue to fall," said Darin Wagner, President and CEO of Balmoral. "As exciting as the Martiniere area results continue to be, the best news for our shareholders as we head into 2013 may be that these discoveries occupy less than 0.5% of our extensive land holdings along the Detour Gold Trend and that we are fully funded to continue aggressive expansion/exploration of the Martiniere discoveries and this outstanding land package through 2013."
Drill holes MDE-12-67, 68, 69 and 70 were collared from the same collar location at progressively steeper angles. All four holes tested the Bug Lake Zone. Holes MDE-12-67 and 68 tested for potential extensions of the Footwall Zone and holes MDE-12-68, 69 and 70 intersected the Hanging Wall Zone. Holes MDE-12-71a and 72 were collared to test the up-plunge projection of the Footwall Zone. Hole MDE-12-72, the steeper of the two holes, also intersected the western margin of the Bug Lake Zone immediately beneath overburden cover. Revised long-sections for each of the Footwall, Bug Lake and Hanging Wall Zones have now been posted on the Company's website at www.balmoralresources.com.
The Martiniere Property, which hosts the Martiniere West, Central and ME-16 Zones, and the multiple high-grade gold discoveries within the Bug Lake Corridor, forms part of Balmoral's 82 kilometre long Detour Gold Trend Project located along the Sunday Lake deformation zone in Central Quebec adjacent to the developing Detour Gold deposit in Ontario.
Mr. Darin Wagner (P.Geo.), 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, visited the property on multiple occasions, examined the drill core and/or photographs from the holes summarized in this release, discussed and 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.
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