VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2012) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) provided an update on its exploration activities today. The Company currently has four drills active. Two drills are currently expanding high-grade gold discoveries on the Martiniere Gold Property and a third is conducting follow-up drilling and testing additional targets on the Grasset Gold Property. Both properties are part of the Company's 85 kilometre long Detour Gold Trend Project which adjoins the Detour Gold development project. The fourth drilling, being operated in conjunction with GTA Resources and Mining, has recently commenced drilling on the Company's Northshore Gold Property in Ontario following up on positive results released March 12, 2012 (NR12-06). Initial results from the Detour Gold Trend winter drill campaign are anticipated within the next 3-4 weeks.
To date the Company has completed seven drill holes targeting extensions of the high-grade Martiniere West gold discovery. Silica-sulphide zones, which mark the Martiniere West Zone in previous drilling, have been intersected in all holes to date ranging from 0.60 to 10.00 metres in downhole thickness. This style of mineralization has now been intersected to a vertical depth of approximately 200 metres and remains open in all directions. Drilling is currently focusing on extending the Zone east toward a series of anomalous gold intercepts known as the Central Zone, to depth and filling certain gaps in the long-section in preparation for an initial resource estimate.
A number of equipment and weather related issues have slowed the Martiniere West drilling so a second drill, currently active in the Martiniere East area, will shortly be moved over to increase the pace of drilling at Martiniere West while initial results are awaited from the ME-16/Martiniere East drilling.
ME-16 and Martiniere East
The Company has thus far completed eight holes in the ME-16 area following up on the fall 2011 discovery of a new zone of high-grade gold mineralization which returned 12.93 g/t gold over 9.33 metres in hole MDE-11-16 (see NR11-31; December 5, 2011). These holes have tested a 90 metre strike length of this prospective new discovery. Visible gold mineralization has been identified in three of the eight holes.
Several of the ME-16 holes were extended to depth to follow-up on fall 2011 results from the Martiniere East area which is located approximately 180 metres northwest of the ME-16 target (again see release NR-11-31, Dec. 5, 2012). Martiniere East results from the fall 2011 program included high-grade gold intercepts from holes MDE-11-09 (74.60 g/t gold and 1,320 g/t silver over 0.50 metres) and MDE-11-11 (9.43 g/t gold over 7.19 metres). In all cases the broad sulphide zone which marks the Martiniere East Zone was intersected in these deeper holes as were several silica + sulphide rich zones which are similar in appearance to those from which the high-grade gold values were previously obtained.
Final assay results from this series of holes are anticipated to be available within 3-4 weeks time.
Martiniere Technical Report
The Company has now received an independent NI43-101 compliant technical report on the Martiniere Property prepared for the Company by Caracle Creek International Consulting Inc.. The report summarizes work on the Martiniere Property to the end of the fall 2011 drill season. The Company will shortly file the report on Sedar and make a digital copy of the report available on its website at www.balmoralresources.com.
A total of seven holes have been completed on the Grasset Property as part of the follow-up program to the Grasset gold discovery announced in July of 2011 (see NR11-14). The discovery hole at Grasset (FAB-11-44, renamed GR-11-01) returned 1.66 g/t gold over 33.00 metres, including two higher grade intercepts of 6.15 g/t gold over 4.04 metres and 4.18 g/t gold over 5.00 metres, in a setting with strong similarities to that associated with the Detour Gold deposit located 80 kilometres to the west along the same gold-bearing structure.
Widely spaced holes have now tested a 3.0 kilometre long portion of the Sunday Lake Deformation Zone and related environments with a focus on completing holes in wetter portions of the property during the winter season. Initial results from this program are expected within the next 4 weeks.
The Company estimates that due to unusually warm winter weather in the region and what is shaping up to be an early spring break-up only one or two additional holes will likely be completed in the Grasset area prior to the end of the winter 2012 program.
The Company has commissioned an independent NI43-101 compliant resource report for the Discovery Gold Zone on the Fenelon Property. The last resource report prepared for the property was completed in 2004, prior to collection of a bulk sample from the underground workings. The previous report is not current to Balmoral. Since the completion of the 2004 report approximately 66 holes have been completed in and around the Discovery Zone. The Company anticipates having the final results of this report late in Q2 or early in Q3.
Northshore Property, Ontario
As announced March 12, 2012 (see NR-12-06) follow-up drilling to the successful fall 2011 drill program on the Northshore Property in Ontario has commenced. This program is anticipated to continue over the next several weeks. Drilling will focus on extending both the high-grade Audney and Caly gold veins systems, as well as on expansion of the broader Afric Gold Zone. Results from the fall drill program were highlighted by intervals of 1.20 g/t gold over 149.50 metres and 1.05 g/t gold over 159.00 metres from the Afric Zone and high grade intercepts of 12.49 g/t gold over 33.20 metres and 13.23 g/t gold over 6.50 metres from the Caly and Audney veins systems respectively (see NR-12-03; Feb. 14, 2012 for down-hole depths and QA/QC information).
GTA Resources and Mining is the operator of the Northshore Property drill program under an option agreement with Balmoral. Balmoral currently owns 7.2% of the issued and outstanding shares of GTA, having participated in the recently completed GTA financing.
With the recently completed flow-through financing (see NR12-07; March 13, 2012) Balmoral currently has cash, investments and receivables totaling over $11.0 million.
Quality Control and Assurance
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 and has approved the disclosure herein. Mr. Wagner has supervised the work programs on the properties, visited the properties on multiple occasions, examined the drill core from the holes summarized in this release and reviewed the 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 district scale gold opportunities in politically favourable jurisdictions in North America. 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 resource definition and discovery.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
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.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Balmoral Resources Ltd.
Manager, Corporate Development
(604) 638-5815 or Toll Free: (877) 838-3664