Balmoral Resources Ltd. (TSX:BAR) (OTCQX:BALMF) reports that it has received the final cash payment of $2,500,000 and completed the sale of the Fenelon Gold Mine Property to Wallbridge Mining Company Limited (TSX:WM). Balmoral received, in total, cash payments of $3,500,000, 2,381,575 common shares of Wallbridge and retains a 1% NSR royalty on all future production from the property.
“We are pleased to have completed the sale, topping up our treasury in a non-dilutive manner to our shareholders, and look forward to participating through our share position and royalty interest in the future of the Fenelon Gold Mine Property,” said Darin Wagner, President and CEO of Balmoral.
The Fenelon Gold Mine Property is a 10.5 square kilometre subdivision of Balmoral’s larger Fenelon Property which forms part of the 700+ square kilometre Detour Trend Project in west-central Quebec. The Fenelon Gold Mine Property is located approximately 7 kilometres west of Balmoral’s Grasset Ni-Cu-Co-PGE deposit. Infrastructure upgrades during the proposed development of Fenelon have potential to positively impact the outlook for Grasset and Balmoral’s on-going exploration activities throughout its extensive holdings along the Detour Gold Trend.
Northshore Property Update
Balmoral has been advised by partner GTA Resources and Mining Inc. (TSX-V:GTA) that the Phase 2 summer 2016 drill program on the Northshore Gold Property near Schreiber, Ontario has been completed.
This Phase 2 program was designed to follow-up on the positive results from the Phase 1 program (see NR16-17, Aug. 22, 2016) which included intercepts of 23.73 g/t gold over 9.00 metres and 4.06 g/t gold over 23.00 metres from the Audney and Caly veins system located in the core of the Afric Gold Zone. Drilling also tested the nearby Gino vein system which appears to parallel the trend of the former producing Northshore Mine on the property. Previous testing of the Gino Vein indicated the presence of high-grade gold mineralization, including intercepts of 46.40 g/t gold and 41.60 g/t gold over 1.00 metre core lengths (see NR13-31, Dec. 10, 2013).
The Northshore Property is a joint venture between Balmoral and GTA. GTA is the current operator of the joint venture. Prior to the commencement of the 2016 summer program, Balmoral held a 48.6% interest in the Northshore Property. Partial funding for the current program will come through the Ontario government’s Junior Exploration Assistance Plan with GTA providing the balance of the funding.
About Balmoral Resources Ltd.
Balmoral is a well-funded, Canadian-based company actively delineating and expanding the high-grade Bug Lake Gold Trend on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. Employing an award winning exploration team, Balmoral has a philosophy of creating value through the drill bit. By focusing our efforts in proven productive precious/base metal belts 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.
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