Completes First Phase of Area 52 Drill Program; Phase 2 Set to Commence in Early September
VANCOUVER, British Columbia, Aug. 26, 2019 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) announced that, following the recent discovery of precious metal-rich nickel sulphide mineralization on its RUM North Property (see NR19-13; July 30, 2019), it has acquired by staking three new nickel sulphide targets similar to the intrusion hosting the Bluenose discovery. The Company now controls 15 individual ultramafic intrusive targets, covered by six separate properties, in the Lac Rocher nickel district in Central Quebec (see Figure 1).
Based on analysis of the geophysical signature of the intrusion hosting the nickel-copper-gold-platinum-palladium mineralization at Bluenose, Balmoral has staked two new properties, RUM Northwest and West and further expanded the RUM North property to acquire control of a three similar geophysical anomalies outside its existing property holdings (see Figure 2). Time and weather permitting, the Company plans to conduct preliminary field examinations of each of these new targets this fall as well as further follow-up work on the Bluenose discovery.
Bluenose Zone Follow-up
Balmoral’s exploration team has also recently collected a series of additional samples from the sulphide mineralized outcrop at the Bluenose discovery. Hand stripping and mapping have successfully extended the sulphide mineralized zone across the available outcrop exposure, a distance of approximately 10 metres across interpreted strike. The mineralized outcrop then descends into more heavily overburden-covered areas which may, at least in part, be amenable to mechanical stripping (see Photo 1 and Photo 2). Samples have been submitted for assay and results are anticipated in the next 4-6 weeks.
Area 52 Gold Target Drill Program, Detour Gold Trend Project, Quebec
Balmoral also advises that it has now completed the first phase of drilling of the Area 52 Gold Target and has already received board approval and contracted with its service providers for a resumption of drilling in early September. In total four drills holes were completed totaling 2,148 metres, along the projected extension of the Area 51 gold corridor and the regional scale Sunday Lake Deformation Zone.
Mineralized zones (shear zone related, vein-hosted quartz/sulphide mineralization) were observed in all four holes over widths varying from one to tens of metres. In three of the four holes, the observed mineralized zones correlate well with the geological setting of the Area 51 gold mineralization recently discovered on the adjacent Fenelon Mine Property. The fourth hole tested a separate target located along the Sunday Lake deformation zone which was identified by the Company’s recent geophysical work. In total over 1,400 samples have been submitted for assaying. Results will be released once the results from all four holes have been received and reviewed.
The Area 52 target is located on the Company’s Fenelon Property, part of its regional scale Detour Gold Trend Project in west-central Quebec. Area 52 represents a previously untested gold target centered on the intersection of the regional scale Sunday Lake deformation zone - host to the multi-million ounce Detour Lake Gold Mine - and the recently discovered Area 51 gold corridor. See the Company’s website for additional details on the Area 52 gold target and the Detour Gold Trend Project.
Gargoyle Nickel Project, Ontario
Balmoral has opted to make the second option payment under the Gargoyle Property Agreement (see NR18-10, August 27, 2018) via which it can earn a 100% interest in the Gargoyle nickel property located near Atikokan, Ontario. The Company’s airborne geophysical work at Gargoyle has provided significant encouragement, with numerous moderate to strong conductors being defined proximal to the recently discovered nickel-sulphide mineralization at Gargoyle.
Ground follow-up at Gargoyle has been delayed as a result of the recent discovery of nickel sulphide mineralization at RUM North and the high priority placed on the Area 52 drill program. The Company will still attempt to get crews on the ground at Gargoyle before the end of the fall season.
Mr. Michael Tucker (M.Sc., P.Geo. B.C., Ontario, Temp. Permit, Quebec), is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Tucker supervised the RUM field program and the Area 52 drill program on behalf of the Company and has reviewed and approved of the technical information contained within this release.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a multi-award winning Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The Company’s flagship, 1,000 km2 Detour Gold Trend Project hosts the resource stage Bug and Martiniere West gold deposits and the Grasset nickel-copper-cobalt-PGE deposit. 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 the discovery and definition of high-grade, Canadian gold and base metal assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
President and CEO
For further information contact:
John Foulkes, Vice-President, Corporate Development
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 potential continuation of certain geological features, and the potentially discoveries of mineralization on the properties are forward-looking statements. Forward-looking statements are typically identified by words such as: believes, may, could, expects, appears to, potential, anticipates, intends, 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; timing of receipt of assay results from third party analytical facilities; 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.
Four photos accompanying this announcement are available at: