— Highest Grade Result to Date From Bug Lake Zone at Only 25 Metres Vertical Depth |
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Balmoral Resources Ltd. (TSX VENTURE:BAR)(OTCQX:BALMF) reported additional broad, high-grade gold intercepts from the Bug Lake area of the Company’s Detour Gold Trend Project in Quebec. Drill hole MDE-12-72 returned the highest grade intercept to date from the Bug Lake Zone – 6.73 metres grading 23.82 g/t gold – from a vertical depth of only 25 metres. The same hole intersected the Footwall Zone which returned a similarly high-grade intercept of 16.53 g/t gold over 6.21 metres (at a vertical depth of only 49 metres).
Drilling continues to confirm the continuity of at least three closely spaced, high-grade gold zones, the Footwall, Bug Lake and Hanging Wall Zones, within the Bug Lake Fault corridor. The Bug Lake Zone continues to demonstrate good overall widths including intercepts of 8.54 g/t gold over 19.08 metres and 1.98 g/t gold over 44.48 metres, frequently with higher grade sub-intercepts. The Hanging Wall Zone, located approximately 60 metres east of the Bug Lake Zone, continues to return high grade values including 36.01 g/t gold over 2.07 metres from hole MDE-12-70. Results for an additional 11 holes completed during the fall 2012 drill program remain pending. Winter road construction is now underway in preparation for the next phase of drilling which is slated to begin in early January 2013.
Gold Results Gold Results ---------------------------------------------------------------------------- Hole From To Interval(i) Gold Zone Number (Metres) (Metres) (Metres) (g/t) ---------------------------------------------------------------------------- MDE-12-67 56.33 78.82 22.49 0.70 Bug Lake including 74.81 75.43 0.62 6.19 " ---------------------------------------------------------------------------- MDE-12-68 36.90 48.10 11.20 0.40 Hanging Wall 70.47 114.95 44.48 1.98 Bug Lake including 70.47 80.00 9.53 6.43 " which includes 71.08 72.35 1.27 13.57 " and 77.13 79.29 2.16 13.73 " and including 88.85 93.18 4.33 3.59 " ---------------------------------------------------------------------------- MDE-12-69 58.50 59.16 0.66 8.97 Hanging Wall 85.15 86.60 1.45 23.54 ? 113.27 183.05 69.78 0.51 Bug Lake including 113.27 132.17 18.90 0.99 " ---------------------------------------------------------------------------- MDE-12-70 48.26 67.26 19.00 1.10 ? including 50.30 52.46 2.16 3.33 ? 79.71 81.78 2.07 36.01 Hanging Wall including 81.10 81.78 0.68 77.60 " 171.30 184.43 13.13 0.75 Bug Lake ---------------------------------------------------------------------------- MDE-12-71a 86.88 88.23 1.35 29.96 Footwall ---------------------------------------------------------------------------- MDE-12-72 25.73 44.81 19.08 8.54 Bug Lake including 25.73 32.46 6.73 23.82 " which includes 29.30 32.46 3.16 49.18 " 59.19 65.40 6.21 16.53 Footwall including 59.19 62.04 2.85 34.43 " ---------------------------------------------------------------------------- (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.
“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.”
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.
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 and 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 Vancouver-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.
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 content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate 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; 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 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.
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties.
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