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Balmoral Intersects 41.95 Metres Grading 3.24 g/t Gold Including 11.58 Metres Grading 6.30 g/t Gold, Bug South Gold Deposit, Martiniere Property, Quebec

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Balmoral Intersects 41.95 Metres Grading 3.24 g/t Gold Including 11.58 Metres Grading 6.30 g/t Gold, Bug South Gold Deposit, Martiniere Property, Quebec

 

 

 

 

 

Balmoral Resources Ltd. (TSX:BAR) (OTCQX:BALMF) today reported that the Bug South gold deposit on its Martiniere Property in Quebec continues to return broad intersection of high grade gold mineralization and show good continuity between sections. Results were released from seven holes testing Bug South completed during the fall program and were highlighted by:

 

 

41.95m grading 3.24 g/t gold, including 11.58m grading 6.30 g/t gold from the Upper Bug Zone — hole MDE-16-246B

 

 

13.93m grading 4.07 g/t gold from the Upper Bug Zone — hole MDE-16-250

 

 

10.13m grading 7.34 g/t gold, including 5.34m grading 13.54 g/t gold from the Hanging Wall Zone — hole MDE-16-247

 

 

13.79m grading 2.80 g/t gold, including 2.22m grading 16.33 g/t gold from the 221 Zone — hole MDE-16-247

 

 

The Upper Bug Zone of the Bug South deposit continues to exhibit excellent continuity ranging in down-hole thickness in the holes released today from 5.83 to 88.36 metres. The Upper Bug Zone continues to exhibit a well-defined, south-southeast plunging area of enhanced thickness and grade. Updated cross-sections for the Bug South deposit featuring the results of the holes released today are available at http://www.balmoralresources.com. Strong gold values also continue to be intersected throughout the deposit area in the Hanging Wall Porphyry (“HWP”), Hanging Wall and recently discovered 221 Zones.

 

Hole

Northing

Easting

Dip

From

To

Interval*

Gold

Zone

Number

(Degrees)

(Metres)

(Metres)

(Metres)

(g/t)

MDE-16-244

2+20S

1+40W

-51

98.08

102.64

4.56

0.34

HWP

206.04

226.83

20.79

2.16

Hanging Wall

including

206.04

211.51

5.47

5.63

which includes

210.32

211.51

1.19

16.65

297.92

303.75

5.83

1.27

Upper Bug

including

299.17

300.50

1.33

3.53

346.47

354.18

7.71

0.68

Lower Bug

MDE-16-245

1+75S

2+40W

-48

52.64

62.33

9.69

0.18

Zn-Pb Zone

88.05

176.41

88.36

1.07

Upper Bug

including

127.83

128.38

0.55

6.70

and

156.64

164.41

7.77

2.99

210.90

220.68

9.78

1.20

Lower Bug

including

213.31

214.12

0.81

6.06

MDE-16-246B

2+55S

1+20W

-51

256.05

334.35

78.30

1.94

Upper Bug

includes

281.68

282.35

0.67

6.41

and

292.40

334.35

41.95

3.24

which includes

313.07

324.65

11.58

6.30

which includes

316.50

317.08

0.58

19.40

and

318.95

319.69

0.74

11.60

and

323.57

324.65

1.08

33.91

and

331.58

332.43

0.85

62.30

345.42

348.95

3.53

4.37

Lower Bug

including

347.59

348.26

0.67

18.05

MDE-16-247

1+75S

1+35W

-51

137.28

151.07

13.79

2.80

221 Zone

including

144.74

146.96

2.22

16.33

190.83

200.96

10.13

7.34

Hanging Wall

including

192.71

198.05

5.34

13.54

which includes

192.71

194.00

1.29

47.50

311.87

338.00

26.13

0.64

Upper Bug

including

337.00

338.00

1.00

4.66

MDE-16-248

1+20S

2+40W

-51

103.96

150.19

46.23

0.98

Upper Bug

including

122.75

143.37

20.62

1.88

which includes

122.75

124.20

1.45

5.39

and

129.48

130.80

1.32

7.77

161.31

172.79

11.48

0.37

Upper Bug

198.50

206.02

7.52

0.48

Lower Bug

MDE-16-249

1+25S

1+95W

-51

230.60

244.98

14.38

0.72

Upper Bug

MDE-16-250

2+65S

2+20W

-51

114.21

132.96

18.75

0.95

HWP

including

122.28

123.76

1.48

9.73

172.27

201.20

28.93

2.15

Upper Bug

including

174.14

188.07

13.93

4.07

which includes

177.44

184.69

7.25

5.40

Upper Bug

which includes

183.95

184.69

0.74

14.40

* 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 although they are estimated to range between approximately 70 and 77% of true thickness. All values presented uncapped.

 

 

The Company also intersected a new zone of zinc-lead-silver-gold veining at shallow depth in hole MDE-16-245. The 5.36 metre wide interval between 54.79 and 60.15 metres down-hole returned an average grade of 2.80% zinc, 2.67% lead, 99.11 g/t silver and 0.19 g/t gold. This is the first time that mineralization of this nature (Zn-Pb-Ag-Au) has been intersected on the Martiniere Property, although high-grade silver mineralization is known from the Martiniere East area. This new discovery appears to cross-cut the local stratigraphy. Its origin and relationship to the Bug Lake gold deposits and/or the VMS system in the Martiniere East area is currently unknown.

 

 

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 continues and, weather conditions permitting, drilling is expected to commence on the property in early February.

 

 

Balmoral will have drill core from the Bug South gold deposit on display in the core shack, booth 820, at the 2017 Mineral Exploration Round-Up in Vancouver, B.C. on January 23rd and 24th, and at the Prospectors and Developers Association convention in Toronto, Ontario on March 5 and 6.

 

 

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 January 23, 2017

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