Outlines Multiple Conductors, Resumes Drill Testing Of Grasset Ni-Cu-PGE Discovery, Detour Gold Trend Project
Vancouver, Mar 20, 2014 AEST (ABN Newswire) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (
TSE:BAR) (BALMF:OTCMKTS) announced that it has completed the field component of its large-loop surface and borehole EM surveys on the Company's Grasset Property and has resumed drill testing of the Grasset Ni-Cu-PGE discovery. This extensive zone of nickel-platinum-palladium (+/-copper) mineralization has been intersected over a 700 metre strike length in broadly spaced drilling and remains open in all directions. Balmoral announced the discovery of a high grade massive sulphide portion of the system on March 4, 2014 with hole GR-14-17 returning 3.69% nickel, 0.23% copper, 1.23 g/t palladium and 0.53 g/t platinum over 1.46 metres within an 11.41 metre wide mineralized interval (see NR-14-07).
The Company has since completed borehole EM (down-hole electromagnetic survey) and large loop surface EM surveys in the discovery area in order to target the highly conductive, massive sulphide portions of this large system. Preliminary results from these surveys have outlined a number of high priority anomalies which exhibit characteristics similar to the massive sulphide intercept in hole GR-14-17, as well as providing additional information concerning the plunge/dip of the intercept in hole GR-14-17. The first of these anomalies to be targeted is located 440 metres NW of hole GR-14-17 (and 140 metres NW of hole GR-14-16) in an untested area along strike from the known zone of mineralization. This anomaly demonstrates strong conductivity, considerable strike/depth extent and appears to be located at/near of the host ultramafic intrusion, the most favourable location for development of massive sulphides within the system. This will be followed by additional testing in the GR-14-17 area and of other conductivity targets once the final geophysical model for that area has been received.
The Company has added a new presentation to its website - www.balmoralresources.com - which discusses the Grasset Ni-Cu-PGE discovery and initial geophysical results in more detail. Shareholders are cautioned that geophysical models are not "unique" solutions to the geophysical data and that they remain open to additional interpretation based on further geophysical work, drilling and geological interpretation. The wholly owned Grasset Property is part of the Company's Detour Gold Trend Project. The Grasset Ni-Cu-PGE discovery is located approximately 40 km east of Balmoral's high-grade Martiniere gold system where drilling is on-going. Final results from holes GR-14-18, - 19 and -20 remain pending.
Update on Martiniere Drilling
The Company has been completed 20 drill holes on its Martiniere Property targeting the Bug Lake Gold Zones. These include both in-fill and expansion holes in both the northern and southern Bug Lake domains. Drilling is on-going and anticipated to continue over the next two to three weeks. Initial drill results are expected within the next 3-4 weeks.
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 Grasset Property, visited the property within the last several days, examined the drill core 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 employs a quality control program for all of its drill programs, to ensure best practice 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 analysis 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. Following receipt of assays, visual analysis of mineralized intercepts is conducted and additional analysis may be requested. ALS Minerals is ISO 9001:2008 certified.
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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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