Balmoral Resources Ltd. (TSX:BAR) (OTCQX:BALMF) advised today that the summer/fall 2015 drill program on the Company’s Detour Trend Project in Quebec is underway with several holes already completed. Three drills are now active on the Project and will remain so throughout the summer and fall. The focus of the summer/fall program will be to expand and delineate Balmoral’s discoveries along the Grasset Nickel Trend and throughout the Martiniere Gold System. In total the Company anticipates completing approximately 20,000 metres of diamond drilling during the summer/fall program. The Grasset and Martiniere Properties form part of Balmoral’s 700+ square kilometre Detour Trend Project located in west-central Quebec.
H3 Nickel-Copper-PGE Zone and GUC Exploration Drilling — Grasset Nickel Trend
On the Grasset Property infill and expansion drilling is now underway with two drills targeting the H3 nickel-copper-PGE Zone. Fourteen drill holes (2 designated as infill and 12 as expansion holes), totaling approximately 6,000 metres, are currently planned. Additional drilling may be added should these holes prove successful in further expanding the high-grade core of the H3 Zone. Upon completion of this phase of the program, modelling of the maiden H3 Zone resource will be initiated with a goal of delivering the resource during Q4, 2015. Metallurgical work on the H3 Zone is currently underway with initial results anticipated in the third quarter of 2015. Balmoral’s H3 Zone represents the first significant Ni-Cu-PGE sulphide discovery in the northern Abitibi in over a decade. Additional recent discoveries of Ni-Cu-PGE mineralization by the Company in the immediate Grasset area indicate emerging district scale discovery potential.
In that vein, following completion of the H3 expansion and infill program, both drills will commence testing of additional targets located along the projected trend of the Grasset Ultramafic Complex (“GUC”). Winter 2015 drilling by Balmoral, and recent re-logging of historic drill holes located along the southern 8.0 kilometres of the GUC, has identified numerous occurrences of Ni-Cu-PGE bearing sulphides indicating potential for additional H3 style Ni-Cu-PGE discoveries on a district scale. Ground geophysical work completed following the winter drill program has outlined a number of targets for immediate follow-up, including several associated with known occurrences of Ni-Cu-PGE mineralization. It is anticipated that up to 20 individual targets could be tested during the summer/fall program.
Bug Lake Gold Trend — Martiniere Gold System
A third drill has recently been mobilized and is set to commence drilling targets along the Bug Lake Gold Trend and throughout the broader Martiniere Gold System. Approximately 5,000 metres of drilling is planned for the Martiniere system this summer/fall. Along the Bug Lake Gold Trend the focus will remain on the infill and expansion of the shallow (sub 250 vertical metre) portion of the four principal sub-parallel high grade zones which comprise the Bug Lake Gold Trend. These zones continued to produce very strong results, including intercepts of 19.55 g/t gold over 44.45 metres and 7.01 g/t gold over 22.48 metres (see NR15-05, Apr. 20, 2015), from the recent winter 2015 infill program, further confirming the robust nature of the Martiniere system.
Outside the Bug Lake Trend the Company will target several geophysical targets which share similarities with the Bug Lake Zones and the nearby Detour Gold deposit. Included in this will be follow-up testing of a new gold discovery made by the Company in the fall of 2014 located 2.0 kilometres northwest of the Bug Lake Trend. Balmoral’s strong cash position will continue to allow it to accelerate or expand the current program as warranted by early results.
About Balmoral Resources Ltd.
Balmoral is a Canadian-based discovery company focused on the delineation of high-grade gold and nickel-copper-PGE discoveries on its wholly owned, 700+ square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian base metal and gold assets.
IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) reported its consolida... READ MORE
Osisko Gold Royalties Ltd (TSX:OR) (NYSE:OR) announced its consol... READ MORE
Pan American Silver Corp.(NASDAQ: PAAS) (TSX: PAAS) reporte... READ MORE
Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) r... READ MORE
Franco-Nevada’s (TSX:FNV) (NYSE:FNV) diversified portfolio ... READ MORE