Perth, Mar 26, 2008 AEST (ABN Newswire) - Balkans Gold Limited (ASX: BNL) is pleased to announce that it has received gold fire assay results for a further five holes from a recently completed 3000 metre 23 hole diamond drill program. Gold assays have now been received for a total of 17 holes all of which have significant gold intersections. Assay results for the remaining holes are outstanding along with all assays for silver and other elements.
All five holes targeted the centre of the Breznik deposit with significant intersections in the South, Central and North vein sets.
The two holes which targeted the down dip extension of the South Vein set returned very positive intersections in both holes yielding, 5.5m @ 5.1g/t Au from 21m and 5m @ 1.91g/t Au from 43.3m in the first hole and 1.3m @ 3.2g/t Au from 71m in the second. The South Vein has only been tested with a few holes, however these results indicate it has great potential and is open down dip, along strike and will contribute significantly to the Breznik resource.
The down dip Central Vein intersection as shown on the following cross section of 9.3m @ 4.1g/t Au from 94m is very encouraging since previous intersections on this vein have been narrow. This intercept highlights the importance of the Central Vein within the overall Breznik model and importantly it remains open down dip.
The North Vein continues to yield good results at depth and remains open down dip. It may also be developing a footwall zone as shown on the cross section at these depths.
Breznik Significant Drill Intercepts
--------------------------------------------------------------Hole ID North East Dip/Az Vein set From To Width Au g/t--------------------------------------------------------------BC766 4732204 657128 70/0 Central 51 52 1 2.0 North 115.1 116.1 1 3.35 " 117.9 118.9 1 0.993m @ 2.03g/t Au from 115.1m " 118.9 119.9 1 1.75 " 133.6 134.8 1.2 2.362.2m @ 1.99g/t Au from 133.6 " 134.8 135.8 1 1.54-------------------------------------------------------------BC767 4732169 657022 60/0 Central 45.2 46.3 1.1 2.49 " 57.5 58.7 1.2 3.10 " 65.9 66.5 0.6 1.45 North 156.5 157.6 1.1 2.81.9m @ 2.37g/t Au from 156.5m " 158.6 159.4 0.8 1.79-------------------------------------------------------------BC768 4732113 657137 63/0 South 21.0 22.5 1.5 1.19 " 22.5 23.5 1 0.425.5m @ 5.1 g/t Au from 21m " 23.5 24.5 1 6.0 " 24.5 25.5 1 18.6 " 25.5 26.5 1 1.255.0m @ 1.91 g/t Au from 43.3m South 43.3 44.3 1 3.1 " 44.3 45.3 1 0.51 " 45.3 46.3 1 0.10 " 46.3 47.3 1 0.52 " 47.3 48.3 1 5.339.3m @ 4.1 g/t Au from 94m Central 94 95 1 3.64 " 95 96 1 7.1 " 96 97 1 3.08 ' 97 98 1 9.8 " 98 99.3 1.3 1.82 ' 99.3 100.3 1 3.67 ' 100.3 101.3 1 1.30 ' 101.3 102.3 1 4.40 " 102.3 103.3 1 2.77-------------------------------------------------------------BC769 4732190 656967 70/0 Central 84.2 85.5 1.3 3.792.5m @ 2.35 g/t Au from 84.2m ' 85.5 86.7 1.2 0.79 North 140.2 141.2 1 3.60 ' 141.2 142.2 1 0.10 ' 142.2 143.2 1 4.404m @ 2.4 g/t Au from 140.2m " 143.2 144.2 1 1.52-------------------------------------------------------------BC770 4732077 657169 63/0 South 71 72.3 1.3 3.20-------------------------------------------------------------
Background
The North Vein is the most important of the three defined mineralised vein systems, which is being drilled on 50-metre centre's. Previous drilling by four resource companies, Homestake and Navan in 1998, the Bulgarian State exploration company in 1994 and EurOmax in 2004, intersected significant grades over 500 metres of strike. Balkans has now increased this to 900 metres with the mineralisation still remaining open along strike and down dip.
The mineralisation at Breznik is epithermal in origin and fault controlled within a phyllic (quartzsericite- pyrite) alteration zone. The gold in the vein systems which strike east west is associated with quartz and pyrite filled fractures around south steeply dipping faults and the diamond drilling is providing further evidence of down dip and strike extension to the vein system and mineralisation coupled with a better understanding of the geology.
This latest drill program is targeting gaps in the resource model, mineralisation along strike to the east and west and down dip. Gold assays are pending for 6 holes which are in the process of being logged and split with a diamond saw, with half being sent for assay and the remainder being kept for reference. No results for silver or other elements have yet been received.
The core drilled was NQ size with good recovery. Intersected widths quoted are down hole and the core structure intersection angle varies due to the stockwork nature of the veining between 65-85 degrees depending on the dip of the hole with true widths being approximately 60-85% of the quoted widths. The core from all holes is split using a diamond saw and one half sent for assay at Eurotest Control AD, a laboratory with ISO9000 accreditation in Sofia, Bulgaria. Gold was determined by fire assay and other elements by ICPMS. Control standard and blank samples were introduced on a regular basis.
Breznik Project:
Significant trenching and some drilling by previous owners delineated three main sets of parallel gold-silver bearing veins over an alteration zone strike length of 2.5km. Significant drilling undertaken on one of the three main vein sets (in the form of a single fence line of holes) has returned continuous high grade gold-silver intercepts for over a 500 metre strike length. The vein remains open at depth and along strike. The drilling undertaken to date has extended the known mineralised strike to 900 metres. The previous drilling has been used in an initial resource calculation completed by consultants Ravensgate Pty Ltd in 2007. Estimated 109,000 Ounces Gold & 335,000 Ounces Silver. The current drilling will be used to calculate a new resource estimate. nitial metallurgical testing of the deposit is underway.
Rakitovo Project:
Exploitation of gold-silver mineralisation dating back as early as 400BC has been known to occur on the Project. Previous drilling at Rakitovo targeted a faulted quartz-sericitepyrite alteration zone, which contains historical workings, and is evident at surface for over 2 kilometres. The alteration zone is known to contain numerous oblique vein sets containing several metres of gold silver mineralisation. This mineralisation has previously been intersected in RC drilling over a strike length of in excess of 1 kilometre at 100 metre spacing. Drilling is planned later this year to close the drilling to 50 metre lines and if the results are consistent with the previous results an initial resource calculation will follow.
Ogosta Project:
An historical 40,000 metres of drilling and 30,000 metres of underground exploration aditing were undertaken at the Project area which covered 200km2. The work resulted in the calculation of a series of gold-silver resource inventories using Soviet based resource methods and because of their non-JORC status, can only be used to suggest the potential for mineralisation. Drilling three prospects during 2007 did not substantiate this work and with the expiry of the licence at the end of 2007 a smaller area covering 58.6km2 was applied for which targets the most prospective area.
The information in this report that relates to Exploration Results is based on information compiled by Mr N Taylor MAusIMM MAIG, the Managing Director of the Company. Mr Taylor has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Taylor consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Contact
Noel Taylor
Managing Director, Balkans Gold
Tel: 08 9388 3523
Scott Douglas
Executive Director, Balkans Gold
Tel: 08 9388 3523
Website: www.balkansgold.com
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