VANCOUVER, British Columbia, July 18, 2019 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) announces that it has commenced drilling of the Area 52 gold target on its Fenelon Property, part of the Company’s larger Detour Gold Trend project, in Quebec. Area 52 covers a previously untested 4.0 kilometer long segment of the Sunday Lake deformation zone, the southern extension of the recently identified Area 51 corridor, and the intersection of these two gold bearing structural zones. The Sunday Lake deformation zone is the crustal-scale, east-west trending fault system which controlled the emplacement of the nearby, >20 million ounce Detour Lake gold deposit.
Balmoral recently completed ground geophysical surveys which confirm the continuity of the geophysical features which demarcate the Area 51 corridor south onto Balmoral’s Fenelon property, which surrounds the Fenelon Mine property (see Figure 1). Drill results released to date have traced the Area 51 discovery to within approximately 300 metres of the Fenelon property boundary (see Figure 2), where it remains open.
The Area 51 mineralized corridor occurs along the eastern margin of a recently identified intermediate (monzodiorite) intrusive body. This contact can be easily traced across the properties as it is marked by a mid-level magnetic high. As can be seen in Figure 2 and Figure 3, this magnetic high tracks both northwest and southeast onto Balmoral’s holdings. To the south and southeast - on Balmoral’s Fenelon property - it can be followed across a series of east-west oriented secondary faults for approximately 800 metres before intersecting the Sunday Lake deformation zone.
Available results from the Area 51 corridor suggest a tendency for both wider gold intercepts, and a greater frequency of high-grade gold intercepts, proximal to where the corridor intersects east-west trending fault zones. Thus, the confluence of the Area 51 corridor with the Sunday Lake deformation zone, the largest of these east-west trending faults, and with a number of east-west trending secondary faults in Area 52 (Figure 2 and Figure 3) provide Balmoral with a series of high priority gold targets, which the Company has now begun drill testing.
The majority of the large gold deposits in the Abitibi region occur in very close proximity to, and trend along, regional scale fault systems – like the Sunday Lake deformation zone. This includes the Detour Lake gold deposit which is located immediately north of the northern contact of the Sunday Lake deformation zone 80 kilometres west of Area 52. Gold mineralization at Detour occurs mainly along east-west oriented faults located proximal to the northern contact of the Sunday Lake deformation zone and within splays which emanate from the deformation zone, similar to the interpreted origin to the Area 51 corridor.
“Area 52 is a very intriguing gold target,” said Darin Wagner, President and CEO of Balmoral. “With two gold bearing structural zones, and several east-west trending secondary faults, all colliding in proximity to an intrusive host rock which has been shown to be receptive to gold emplacement, we have a fairly unique set of favourable geological factors for gold mineralization in a large area of the project which has remained untested until now.”
The initial phase of drilling in Area 52 is set for 1,200 metres and can be increased quickly with available funding, and permits for 21 drill sites already in hand.
In addition to the main Area 52 target area outlined above there is potential for the Area 51 corridor to continue onto Balmoral’s holdings to the northwest and west (Area 50 and Area 51 West targets), and for the discovery of additional gold mineralized secondary features on Balmoral-controlled ground along the untested western margin of the same intrusion (see Figure 3). Balmoral continues to control over 700 square kilometres of mineral rights along the length of the Sunday Lake deformation zone in Quebec, vast stretches of which remain untested.
Mr. Darin Wagner (M.Sc.; P.Geo. B.C., Ontario, Res. Permit, Quebec), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner 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.
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