Intersects 216 g/t Gold over 0.76m in New Discovery; Grasset Trend, Quebec
Vancouver, May 26, 2015 AEST (ABN Newswire) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (
TSE:BAR) (BALMF:OTCMKTS) reports results from six exploration holes drilled along the Grasset Trend on its wholly owned Fenelon and Jeremie Properties in Quebec. Two of three holes drilled to test geophysical anomalies along the southern segment of the Grasset Ultramafic Complex ("GUC"), host to Balmoral's Horizon 3 Ni-Cu-PGE discovery, successful intersected nickel-copper-PGE bearing sulphide mineralization. The new discoveries are located 3.3 and 4.6 kilometres northwest of the Horizon 3 discovery (see Figure 1 in link below) and southeast of the two Ni-Cu-PGE discoveries announced on April 9, 2015 (see NR15-04).
In addition hole FAB-15-50 intersected 216 g/t (6.30 oz/t) gold over 0.76 metres in a newly discovered shear zone. The shear zone appears to be later than and cuts through a nickel-copper-PGE mineralized interval located at the base of the ultramafic sequence in this hole. The mineralized structure hosts abundant visible gold mineralization over a 10-15 centimetre downhole interval. It occurs in a setting similar to the nearby high-grade Fenelon gold zone which is also owned by the Company.
Balmoral also completed two drill holes on the Jeremie Property which is located at the northern end of the Grasset Trend. Both holes tested airborne electromagnetic ("EM") anomalies associated with secondary magnetic highs outside the principal trend of the GUC. Hole JER-15-02 intersected two intervals of anomalous base metal (copper, zinc, lead) mineralization of potential VMS affinity within a sequence of volcanic and sedimentary lithologies. The host sequence is characterized by stacked sulphide-bearing horizons which are located toward the northern end of a 1,300 metre long, multi-component EM conductor which had not been previously tested. These intercepts, and similar results from historic drilling to the south, continue to suggest potential for VMS base metal mineralization within the host sequence to the Grasset Ultramafic Complex.
"Drilling continues to confirm the presence of nickel sulphide mineralization and significant volumes of prospective ultramafic host rocks throughout the Grasset Ultramafic Complex, supporting the potential for the discovery of additional Horizon 3 type mineralized zones" said Darin Wagner, President and CEO of Balmoral. "The discovery of bonanza gold grades in a new shear structure proximal to the known gold mineralization at Fenelon is an exciting development. It further demonstrates the prolific nature of the belt and the still largely untapped potential of the Detour Trend Project."
Final results from expansion drilling on the Horizon 3 discovery, and from three holes drilled for metallurgical purposes, are anticipated within the next several days. Field work on the Detour Trend Project is anticipated to resume this coming week in preparation for the resumption of drilling in June.
QP and Quality Control
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person who has approved the scientific and technical information contained in this news release. Mr. Wagner has supervised the work programs on the Grasset and Fenelon Properties, visited the properties on multiple occasions, examined the drill core from the holes summarized in this release, reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results.
Balmoral employs a quality control program for all of its drill programs, to ensure best practices in the sampling and analysis of drill core. This includes the insertion of blind blanks, duplicates and certified standards into the 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 Fenelon field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals Val d'Or, Quebec analytical facilities.
Base metal analyses were initially obtained via ICP-AES with both Aqua Regia and 4 Acid digestion employed. The two digestion methods show good correlation. Nickel values in excess of 10,000 ppm are reanalyzed using a sodium peroxide fusion followed by ICP-AES finish. PGE values were obtained via industry standard fire assay with ICP-AES finish using 30 g aliquots. 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. The Company has contracted an independent quality control expert to supervise its QA/QC program.
To view tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/80035-TSE-BAR-20150526.pdf
About Balmoral Resources Ltd
Balmoral Resources Ltd. (
TSE:BAR) (OTCMKTS:BALMF) 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.
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