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Balmoral Extends Bug Lake Gold Zone by 350 Metres-Doubles Strike Extent, Martiniere Property, Quebec

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Balmoral Extends Bug Lake Gold Zone by 350 Metres-Doubles Strike Extent, Martiniere Property, Quebec

 

 

 

 

 

Balmoral Resources Ltd. (TSX VENTURE:BAR)(OTCQX:BALMF) today reported that widely spaced drilling has successfully extended the Bug Lake Gold Zone by 350 metres to the south, effectively doubling the known strike extent of the Zone. With the southern-most hole of the current program returning some of the strongest intercepts reported today the Zone remains open to the south and to depth on all sections. The Bug Lake Trend, which includes the Bug Lake, BL Hanging Wall and BL Footwall Zones, is one of two prominent gold bearing trends located on Balmoral’s Martiniere Property. The Martiniere Property forms part of the Company’s wholly owned 82 kilometre long Detour Gold Trend Project in Quebec.
 

“Our winter program focused on expanding the scale of the Martiniere Gold system, and has now successfully doubled the known extent of both the Martiniere West and Bug Lake Gold Trends, with both remaining open for additional expansion,” said Darin Wagner, President and CEO of Balmoral Resources. “Our planned summer diamond drill program, which is fully funded, will work to quantify the potential economic impact of the recent expansions and further delineate the extensive zones of gold mineralization located along both trends and elsewhere within the expanding Martiniere Gold System.”
 

Broad zones of anomalous gold mineralization, ranging from 8.84 to 68.63 metres in down-hole width, were intersected in each of the eleven holes which traced the southern continuation of the Bug Lake Gold Zone. Ten of eleven reported holes returned individual intercepts of greater than 3.00 g/t gold (see Table 1 below). Highlighted intercepts include 10.65 g/t gold over 3.34 metres in hole MDE-13-94, 10.38 g/t gold over 2.66 metres in Hole MDE-13-104 at the southern end of the trend and a bonanza grade intercept of 129.00 g/t gold over 0.43 metres in hole MDE-13-92. Closer spaced drilling will be required to determine the extent/orientation of the higher grade sub-zone intercepts and their relationship to similar high-grade zones located to the north. The southern segment of the Bug Lake Gold Zone is offset approximately 75 metres to the northwest (and an as yet undetermined vertical amount) from the previously drilled, and open ended northern segment of the Zone. See revised plan map of the Bug Lake Zone located on the Company’s website at www.balmoralresources.com.
 

In addition high-grade gold intercepts in the footwall to the Bug Lake Gold Zone, of 25.20 g/t gold over 1.00 metre in hole MDE-13-91 and 21.06 g/t over 0.45 metres in hole MDE-13-104 (the two most southerly holes of the program collared approximately 95 metres apart), may indicate the discovery of another zone of mineralization similar to the high grade Footwall Zone located to the north.
 

Table 1 – Holes MDE-13-85a to MDE-13-94,104 listed in north to south order

 



----------------------------------------------------------------------------
                                                  Interval
Hole                        Dip     From       To       (i)  Gold
Number     Section Collar Angle  (Metres) (Metres) (Metres)  (g/t) Zone
----------------------------------------------------------------------------
MDE-13-87     75 S  310 W   -45   105.50   120.56    15.06   0.68  Bug Lake
including                         110.53   110.99     0.46   3.36  "
including                         118.55   118.93     0.38   5.59  "
----------------------------------------------------------------------------
MDE-13-88     75 S  310 W   -60    95.00   106.15    11.15   0.35  Upper Bug
                                                                   Lake
                                  128.23   155.61    27.38   0.85  Bug Lake
including                         144.12   144.96     0.84   5.75  "
----------------------------------------------------------------------------
MDE-13-93     75 S  340 W   -45    25.58    33.29     7.71   1.22  Upper Bug
                                                                   Lake
                                   75.21    84.05     8.84   0.61  Bug Lake
----------------------------------------------------------------------------
MDE-13-94     75 S  340 W   -51    36.72   103.25    66.53   0.96  Bug Lake
including                          37.67    39.74     2.07   3.42  "
and                                80.43    84.41     3.98   2.37  "
and                                99.05   102.39     3.34  10.65  "
----------------------------------------------------------------------------
MDE-13-85a   125 S  360 W   -45    29.17    58.04    28.87   0.90  Bug Lake
(ii)
including                          30.55    33.90     3.35   2.65  "
and                                56.06    58.04     1.98   4.79  "
----------------------------------------------------------------------------
MDE-13-86    125 S  360 W   -74    49.72    83.77    34.05   1.93  Bug Lake
(ii)
including                          49.72    74.18    24.46   2.51  "
and                                54.10    66.87    12.77   3.28  "
----------------------------------------------------------------------------
MDE-13-89    175 S  310 W   -45    56.97    68.63    11.66   0.86  Upper Bug
                                                                   Lake
including                          61.52    62.22     0.70   3.08  "
----------------------------------------------------------------------------
MDE-13-90     175S  310 W   -60    77.44    92.78    15.34   0.69  Upper Bug
                                                                   Lake
                                  120.93   128.15     7.22   0.73  Bug Lake
including                         121.32   121.80     0.48   4.51  "
----------------------------------------------------------------------------
MDE-13-91    235 S  315 W   -45    63.55    78.51    14.96   0.89  Upper Bug
                                                                   Lake
including                          75.70    78.51     2.81   2.87  "
                                  178.02   179.02     1.00  25.20  Footwall?
----------------------------------------------------------------------------
MDE-13-92    235 S  315 W   -60    44.76    89.91    45.15   1.88  Upper Bug
                                                                   Lake
including                          51.58    52.01     0.43 129.00  Hanging
                                                                   Wall?
and                                85.99    88.39     2.40   2.31
                                  113.95   115.05     1.10   3.93  Bug Lake
----------------------------------------------------------------------------
MDE-13-104   330 S  300 W   -45    74.90    77.56     2.66  10.38  Hanging
                                                                   Wall?
                                   89.85   114.73    24.88   1.50  Upper Bug
                                                                   Lake
including                          97.25   103.00     5.75   2.88  "
                                  150.58   151.03     0.45  21.60  Footwall?


(i)  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.
(ii) Collared into porphyry and did not test Upper Bug target.
 

 

 

Geological Interpretation
 

Drilling was completed on sections located between 50 and 95 metres apart in an attempt to locate and trace the southern continuation of the Bug Lake Gold Zone. A northwest-trending fault offsets the southern continuation of the Bug Lake fault system and related gold mineralization by approximately 75 metres to the northwest from the previously tested area to the north. At this point the vertical offset along this structure remains undetermined.
 

Along the previously discovered northern segment of the Bug Lake Trend the broad zone of anomalous gold mineralization which marks the Bug Lake Gold Zone is typically located west of a prominent, trend/zone parallel quartz porphyry dyke, between the dyke and the base of the Bug Lake Fault located further west. To the south of the offset the principal zone of anomalous gold mineralization gradually migrates to the east or upper side of the quartz porphyry dyke (Upper Bug Lake Gold Zone) and the dyke itself may mark the base of the Bug Lake Fault. Mineralization remains similar and is characterized by broad zones of silicification, quartz+/-carbonate veining, localized shearing and 1-15% fine grained disseminated pyrite hosted mainly in mafic volcanic and lesser sedimentary rocks. Higher gold grades are typically associated with increases in pyrite content and/or quartz-vein hosted, visible gold mineralization.
 

Drill results from holes MDE-13-95 to MDE-13-103 and MDE-13-105 106, drilled to test the northern and depth extensions of the Bug Lake Gold Zone remain pending, as well as holes MDW-13-65 to MDW-13-73 drilled to test for lateral extensions of the Martiniere West Zone.
 

Quality Control
 

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, 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.
 

About Balmoral Resources Ltd.

 

Balmoral is a Canadian-based precious metal exploration and development company focused on high-grade gold discoveries along the Detour Gold Trend in Quebec, Canada. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold assets.

Posted May 16, 2013

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