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Balmoral Intersects 19.55 G/t Gold Over 44.45 Metres, Bug Lake Gold Trend, Martiniere Property, Quebec

Drilling Continues to Confirm Continuity of High Grade Core to Bug Lake Trend; New Cu-Zn-Ag-Au Intercept From Martiniere East System


 
Apr 20, 2015

VANCOUVER, BC--(Marketwired - April 20, 2015) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) today reported results for the first 9 holes from recently completed winter 2015 drill program on the Company's wholly owned Martiniere Property. The Martiniere Property forms part of the Company's 700+ square kilometre Detour Trend Project and is located approximately 40 km west of Balmoral's Grasset Ni-Cu-PGE discovery.

Results were highlighted by intercepts of 19.55 g/t gold over 44.45 metres, including 34.84 g/t gold over 24.14 metres in hole MDE-15-166, one of the strongest intercepts to date from the Footwall Zone, and 4.28 g/t gold over 53.78 metres from the combined Lower Bug Lake and Footwall Zones in hole MDE-15-73, including 7.01 g/t gold over 22.48 metres through the Footwall Zone.

Drilling focused on infill and expansion of the known gold zones across a 225 long x 150 metre deep section of the 1,200 metre long x 400 metre deep, open ended Bug Lake Gold Trend. Today's results continue to demonstrate the continuity of high-grade gold mineralization within the numerous zones located along the north-south oriented Bug Lake Gold Trend, and in particular the very high-grade nature of the Footwall and Hanging Wall Zones (see Figures 1, 2 and 3).

 "We are pleased to see our initial winter assays meet, or in several cases exceed, results from our previous work in this portion of the Bug Lake Gold Trend and pleasantly surprised with the identification of high-grade base metal sulphides potentially associated with the Martiniere East VMS system" said Darin Wagner, President and CEO of Balmoral Resources.

Table 1 - Bug Lake Gold Trend

                 
                 
Hole  Northing  Easting  Dip  From  To  Interval*  Gold  Zone
Number        (Degrees)  (Metres)  (Metres)  (Metres)  (g/t)   
MDE-15-166  1+00N  2+80W  -60  58.62  62.13  3.51  8.49  U Bug Lake
including           59.96  60.36  0.40  55.30  "
            96.26  96.81  0.55  15.10  Footwall A
            104.15  107.14  2.99  6.03  Footwall B
            118.78  163.23  44.45  19.55  Footwall
including           134.80  158.94  24.14  34.84  "
which includes           134.80  141.91  7.11  75.64  "
including           136.44  137.75  1.31  158.56  "
and           147.87  157.18  9.31  30.45  "
            191.61  192.25  0.64  5.65  Footwall 2
MDE-15-167  0+00N  2+10W  -58  64.24  73.81  9.57  3.91  HW
including           65.64  66.37  0.73  16.55  "
and           72.97  73.81  0.84  14.75  "
            138.26  139.22  0.96  6.64  ?
            150.31  197.15  46.84  1.39  L Bug Lk + FW
including           164.64  166.21  1.57  12.05  L Bug Lake
and           183.17  183.58  0.41  18.15  Footwall A
and           191.63  196.39  4.76  2.82  Footwall
which includes           194.80  195.38  0.58  9.02  "
MDE-15-168  0+00N  2+10W  -63  71.60  72.50  0.90  32.80  HW
            138.51  156.57  18.06  0.73  U Bug Lake
including           138.51  139.38  0.87  3.08  "
            167.50  187.58  20.08  2.21  L Bug Lake
including           176.64  187.58  10.94  3.93  "
which includes           182.29  187.58  5.29  6.33  "
            194.15  222.00  27.85  4.58  FW
including           199.37  210.36  10.99  11.17  "
MDE-15-169  1+25N  2+90W  -51  33.09*  42.56  9.47  2.07  U Bug Lake
including           39.02  39.74  0.72  14.75  "
            78.45  79.53  1.08  3.05  FWA
            98.10  98.77  0.67  24.80  FW
            142.41  143.3  0.89  6.19  FW2
MDE-15-170  1+25N  2+90W  -59  31.22  51.23  20.01  3.61  U Bug Lake
including           32.56  33.20  0.64  69.70  "
which includes           31.22  40.16  8.94  6.55  "
and including           50.45  51.23  0.78  8.87  "
            61.36  65.00  3.64  2.47  L Bug Lake
            105.48  116.41  10.93  23.02  FW
including           111.63  115.65  4.02  43.40  "
MDE-15-171  1+50N  2+20W  -47  69.43  70.12  0.69  90.40  HW
            130.40  146.98  16.58  1.03  L Bug Lake
including           137.19  137.59  0.40  5.11  "
MDE-15-172  2+25N  2+80W  -46  35.12  49.79  14.67  1.73  U Bug Lake
including           40.77  46.59  5.82  3.24  VMS
            64.55  80.31  15.76  0.52  L Bug Lake
MDE-15-173  1+00N  2+30W  -54  59.58  60.33  0.75  8.63  HW
            87.77  141.55  53.78  4.28  L Bug Lk + FW
including           87.77  97.57  9.80  5.54  L Bug Lake
and           108.14  113.96  5.82  2.53  "
and           119.07  141.55  22.48  7.01  FWA + FW
which includes           123.66  125.20  1.54  12.41  FWA
and           138.45  141.55  3.10  39.42  FW
MDE-15-174A  1+00N  2+30W  -64  35.19  35.75  0.56  53.00  ?
            68.40  72.87  4.47  9.14  HW
including           71.25  72.00  0.75  40.80  "
            124.44  125.52  1.08  13.01  ?
            133.62  169.00  35.38  0.73  L Bug Lake
including           140.26  140.70  0.44  4.04  "
            149.21  149.90  0.69  3.08  "
                 
                 

* 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.
** Collared into mineralized zone
U Bug Lake = Upper Bug Lake; L Bug Lake = Lower Bug Lake; FW = Footwall, HW = Hanging Wall; ? = Unassigned, vein style mineralization

Copper-Zinc-Silver-Gold Intercept

Drilling also intersected a 2.10 metre interval of high-grade copper-zinc-silver-gold mineralization which, while incorporated into the later Bug Lake mineralized system, is interpreted to be associated with the adjacent Martiniere East VMS system. Hole MDE-15-172 intersected 2.10 metres grading 1.52% Cu, 4.20% Zn, 29.44 g/t Ag and 2.79 g/t Au from a semi-massive sulphide interval incorporated into a brecciated phase of the Upper Bug Lake Gold Zone. The metal suite and associated trace elements are atypical of the Bug Lake Gold Trend and of clear VMS affinity. They would represent by far the strongest base metal results to date from the Martiniere East area. Today's intercept provides a positive indication that the Martiniere East VMS system, and by inference VMS systems within the broader Detour Trend land package which have not been a primary focus of exploration targeting, are capable of producing base metal grades of economic interest similar to those observed in the nearby Selbaie and Mattagami camps.

Table 2 - Base Metal Intercept MDE-15-172

               
               
Hole  From  To  Interval*  Copper  Zinc  Silver  Gold
Number  (Metres)  (Metres)  (Metres)  %  %  g/t  g/t
MDE-15-172  40.23  42.33  2.10  1.52  4.20  29.44  2.79
including  40.77  41.74  0.97  2.65  5.93  50.88  5.25
               
               

* 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.

Results from an additional 21 holes completed during the winter program remain pending. Additional infill and expansion drilling along the Bug Lake Gold Trend will resume in the second or third quarter of 2015, as will testing of additional gold and VMS targets throughout the Martiniere Property. 

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, reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results.

Balmoral has implemented a quality control program for all of its drill programs, to ensure best practice in the sampling and analysis of the drill core, which includes the insertion of blind blanks, duplicates and certified standards into sample stream. NQ sized drill core is saw cut with half of the drill core sampled at intervals based on geological criteria including lithology, visual mineralization and alteration. The remaining half of the core is stored on-site at the Company's Martiniere field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals' Val d'Or, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30 g aliquots. For samples returning greater than 5.00 g/t gold follow-up fire assay analysis with a gravimetric finish is completed. The Company has also requested that any samples returning greater than 10.00 g/t gold undergo screen metallic fire assay. Following receipt of assays, visual analysis of mineralized intercepts is conducted and additional analysis may be requested. ALS Minerals is ISO 9001:2008 certified and the Val d'Or facilities are ISO 17025 certified for gold analysis.

About Balmoral Resources Ltd. - www.balmoralresources.com

Balmoral is a Canadian-based discovery company focused on high-grade nickel and gold 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.

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, the potentially open nature of the mineralized zones on the property and the potential for future discoveries of additional mineralization on the property 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 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.

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For further information contact: 
John Foulkes, Vice-President, Corporate Development
Tel: (604) 638-5815 / Toll Free: (877) 838-3664
E-mail: jfoulkes@balmoralresources.com