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Balmoral Intersects 11.66 Metres Grading 6.25 g/t Gold, Including 5.47 Metres Grading 12.48 g/t Gold, in Fourth New Discovery of Fall 2016 Program, Martiniere Property, Quebec

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Balmoral Intersects 11.66 Metres Grading 6.25 g/t Gold, Including 5.47 Metres Grading 12.48 g/t Gold, in Fourth New Discovery of Fall 2016 Program, Martiniere Property, Quebec

 

 

 

 

 

Balmoral Resources Ltd. (TSX BAR) (OTCQX:BALMF) today announced the discovery of a new near surface zone of high grade gold mineralization, the fourth new discovery from the summer/fall 2016 drill program, on its Martiniere Property in Quebec. The new discovery returned an intercept of 11.66 metres grading 6.25 g/t gold. This includes a higher grade core of 5.47 metres grading 12.48 g/t gold. The new discovery is located 250 to 300 metres east of the projection of the main Bug Lake Gold Trend in a largely untested area of the property (See Figure 1).

 

 

The Company also announced a number of new intercepts from the Bug Lower Steep gold deposit (see Table 2). These results are highlighted by intercepts of:

 

  • 8.22 metres grading 4.13 g/t gold, including 2.02 metres grading 15.28 g/t gold
  • 43.61 metres grading 1.93 g/t, including 17.68 metres grading 3.49 g/t gold
  • 51.28 m @ 1.19 g/t gold, including 1.17 metres grading 7.52 g/t gold
  • 28.44 metres grading 1.08 g/t gold, including 0.76 metres grading 30.20 g/t gold

 

 

The four holes reported from testing of the Lower Steep deposit span approximately 200 metres of down plunge, and 150 metres of vertical, extent. They further demonstrate the continuity of the gold mineralized zones which comprise the Lower Steep deposit. The Lower Steep is the least tested of the four principal gold deposits on the property. Gold mineralization has now been intersected along the Lower Steep for 850 metres down-plunge from the bedrock surface in 32 broadly spaced drill holes.

 

 

“This new discovery further broadens the footprint of the Martiniere gold system and opens up exciting new opportunities on the exploration/growth front proximal to the expanding deposits along the Bug Lake Gold Trend,” said Darin Wagner, President and CEO of Balmoral. “Along with continued strong results from the Bug South deposit (see NR 17-02; Jan. 23, 2017) and today’s positive results from the Bug Lower Steep deposit the scale and scope of the opportunity at Martiniere has taken some major steps forward over the last few months. We are excited to be rolling the drills back out imminently”.

 

 

Table 1 – Bug Southeast

 

 

 

 

 

 

 

 

 

Hole

 

Northing

 

Easting

 

Dip

 

From

 

To

 

Interval*

 

Gold

 

Zone

Number

 

 

 

(Degrees)

 

(Metres)

 

(Metres)

 

(Metres)

 

(g/t)

 

MDE-16-237

 

9+70S

 

0+70E

 

-47

 

97.15

 

108.81

 

11.66

 

6.25

 

New

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.

 

 

Drill hole MDE-16-237 targeted the extension of the Bug Southeast gold zone. A new zone of breccia/vein hosted gold mineralization was intersected at a vertical depth of approximately 70 metres. MDE-16-237 did not intersect the Bug Lake porphyry suggesting that the porphyry, and associated gold mineralized trend, occurs west of the termination of the hole.

 

 

This new zone of high grade gold mineralization is located approximately 1,000 metres south of the recently reported discovery of near surface, high grade mineralization — 5.80 metres grading 10.51 g/t gold — in hole BLD-16-03 (see NR17-01; Jan. 11, 2017). Both discoveries are located a similar distance east of the main Bug Lake Gold Trend. Large, untested areas are present between these two discoveries.

 

 

Follow-up testing of both new discoveries, and testing to the west of MDE-16-237 to intersect the main Bug Lake Gold Trend, are planned as part of the imminent winter drill program set to commence in the next 7 days.

 

 

Bug Lower Steep Deposit

 

 

Table 2 – Bug Lower Steep Deposit

 

 

Hole

 

Northing

Easting

Dip

From

To

Interval*

Gold

Zone

Number

 

(Metres)

(Metres)

(Metres)

(g/t)

MDE-16-238

 

0+75N

2+25W

-65

26.23**

54.67

28.44

1.08

including

 

37.36

42.70

5.34

4.95

which includes

 

38.54

39.30

0.76

30.20

   

148.30

149.30

1.00

3.06

 

217.74

269.02

51.28

1.19

Lower Bug

including

 

228.82

238.24

9.42

2.99

 

252.03

253.20

1.17

7.52

 

293.43

305.83

12.40

0.27

Upper Bug

MDE-16-239

 

0+75N

2+25W

-77

30.86

47.70

16.84

0.12

   

169.84

170.42

0.58

7.12

 

299.80

308.02

8.22

4.13

Lower Bug

including

 

301.95

303.97

2.02

15.28

 

330.76

358.35

27.59

1.00

including

 

354.31

358.35

4.04

2.91

 

381.33

397.72

16.39

0.86

Upper Bug

including

 

382.52

383.39

0.87

3.17

and

 

390.33

391.07

0.74

4.37

and

 

396.73

397.72

0.99

4.16

MDE-16-241

 

0+60N

2+80W

-63

39.16

50.82

11.66

1.49

Bug North HW

including

 

46.37

49.43

3.06

3.66

 

239.23

246.20

6.97

1.50

including

 

240.91

243.95

3.04

2.93

 

286.40

345.83

59.43

0.54

Lower Bug

including

 

304.77

306.10

1.33

3.10

and

 

329.01

329.72

0.71

10.50

 

370.27

399.71

29.44

1.14

Upper Bug

including

 

370.27

375.55

5.28

3.36

and

 

380.81

383.39

2.58

3.07

MDE-16-256

 

0+15S

2+70W

-65

90.70

91.88

1.18

3.06

 

98.55

130.91

32.36

0.96

including

 

119.61

120.73

1.12

3.75

and

 

127.30

128.20

0.90

9.75

 

235.33

242.82

7.49

1.04

 

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

 

354.69

370.51

15.82

1.69

Lower Bug

including

 

363.42

366.51

3.09

3.88

which includes

 

363.42

364.16

0.74

8.28

 

399.90

418.95

19.05

1.39

Upper Bug

including

 

402.66

407.39

4.73

4.27

which includes

 

406.48

407.39

0.91

9.32

 

455.62

456.63

1.01

3.55

 

* 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.

** Collared into gold mineralized zone

 

 

Four holes tested the Bug Lower Steep gold deposit at vertical depths of between 150 and 300 metres and across 200 metres of down-plunge extent, successfully intersecting the deposit in all holes. As is typical of the northern portion of the trend, the most extensive gold mineralization is present along the western (“Lower”) margin of the Bug Lake porphyry.

 

 

Additional results from the fall drill program on the Martiniere Property, and on Balmoral’s Detour East Property, remain pending. Work on the winter road into the Martiniere camp has been slowed due to unusually warm winter conditions, however drilling is still expected to commence within the next 7 days.

 

 

About Balmoral Resources Ltd.

 

 

Balmoral is a well-funded, Canadian-based company actively delineating and expanding a series of high-grade 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 an aggressive, drill focused exploration style 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.

 

Posted February 2, 2017

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