BAR
Balmoral Continues to Expand Martiniere Gold System, Intersects 139 g/t (4.05 oz/t) Gold Over 1.00 Metre (3.28 Feet) in ME-16/23 Area
VANCOUVER, BRITISH COLUMBIA--(
Marketwire - Oct. 15, 2012) - Balmoral Resources Ltd. (TSX VENTURE:BAR)(OTCQX:BALMF) ("Balmoral" or the "Company") today reported a number of additional high grade gold intercepts from seven holes completed in the ME-16/23 area of the Company's Martiniere Property during the summer drill program. The ME-16/23 area, located up to 1,500 metres northeast of the Martiniere West Zone and 350 metres northeast of the Bug Lake Zone, marks the northeastern most portion of the Martiniere Gold System tested to date.
Today's results confirm that Martiniere Gold System remains open to the northeast and to depth beyond the limits of current and historic drilling. Reported intercepts continue to indicate the presence of broad zones of anomalous gold mineralization surrounding high to multi-ounce, bonanza grade gold intercepts throughout the System. The Martiniere Property forms part of the Company's Detour Gold Trend Project which spans over 82 kilometres along the Sunday Lake Deformation Zone in Quebec.
Drill results were highlighted by a one metre, 139.00 g/t gold intercept from drill hole MDE-12-56, which tested the down dip extension of a high grade intercept (41.22 g/t gold over 2.50 metres) from hole MDE-12-20 (see NR12-09, Mar. 29, 2012). Additional high-grade results from hole MDE-12-57 and holes MDE-12-37 and MDE-12-38, the latter two collared approximately 65 metres southwest of MDE-12-56 (see updated hole location map at http://media3.marketwire.com/docs/bar1015i.pdf or www.balmoralresources.com), and from previous drilling in this area extend the mineralized ME-16/23 trend to over 120 metres along strike and to a depth of over 140 vertical metres. Localized faulting, and the presence of a number of porphyry dykes in the area, will necessitate more detailed drilling in order to confirm the orientation and continuity of the intercepts along this trend.
Drill hole MDE-12-37, the deepest hole collared to date in the ME16/23 area returned three, broad anomalous gold intercepts. The upper, 30 metre wide intercept, starting at 33.00 metres down hole, appears to correlate to a shallow zone of gold mineralization intersected near the collar of holes MDE-12-23 and 12-24 during the winter program. This near surface intercept features a 0.55 metre interval grading 53.60 g/t gold. The central intercept, located between 165.00 and 184.50 metres downhole, would appear to correlate with the ME-23 discovery and also features a high-grade intercept (0.50 metres grading 38.10 g/t gold). The hole was terminated in a third zone of anomalous gold mineralization at a depth of 356.00 metres. This lower intercept spans a length of 63.10 metres downhole and likely represents the upper portion of the east-dipping Bug Lake Zone.
Guidance
Analytical results from an additional 17 drill holes completed on the Martiniere Property during the summer program remain pending at this time. These include additional results from the Bug Lake Zone as well as follow-up holes testing the recent bonanza grade Footwall discovery.
Drilling has resumed at Martiniere with 6 holes now having been completed. Drilling will continue into the fall as conditions permit before a brief hiatus during freeze-up.
The Company has been advised that Phase 3 drilling on the Northshore Property near Schreiber, Ontario, being conducted under the guidance of GTA Resources and Mining, has now been completed with drill results pending from 15 holes.
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 Martiniere Property, visited the property on multiple occasions, examined the drill core and/or photographs from the holes summarized in this release, discussed and reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results.
Balmoral has implemented a quality control program for all of its drill programs, to ensure best practice in the sampling and analysis of the drill core, which includes the insertion of blind blanks, duplicates and certified standards into 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 Martiniere field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals Val d'Or, Quebec analytical facilities. 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 to ensure the accurate representation of mineralized zones. ALS Minerals is ISO 9001:2008 certified and the Val d'Or facilities are ISO 17025 certified for gold analysis.
About Balmoral Resources Ltd. -
www.balmoralresources.com
Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in North America. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
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