Balmoral drills 8.9 m of 11.74 g/t Au at Martiniere

 

Balmoral Resources Ltd (C:BAR)
Shares Issued 77,847,289
Last Close 1/25/2013 $1.07
Monday January 28 2013 - News Release

Mr. Darin Wagner reports

BALMORAL REPORTS MORE HIGH GRADE INTERCEPTS FROM THE MARTINIERE PROPERTY, DETOUR GOLD TREND

Balmoral Resources Ltd. has released additional high-grade gold results from drill testing of multiple shallow zones situated along the Bug Lake fault system on its wholly owned Martiniere property in Quebec. Drilling continued to expand and delineate the Hanging Wall, Footwall and Bug Lake Zones, with most holes successfully intersecting multiple zones of gold mineralization.

Results from the final 11 holes of the fall 2012 drill program indicate the presence of a fault repeat of the Footwall Zone, potential for expanding the Footwall Zone to depth and provide further evidence for the local development of a fourth, near surface high-grade zone located between the Bug Lake and Hanging Wall Zones. Drilling continues on the Martiniere Property with 2 rigs currently on site.

"Today's results continue to demonstrate the continuity and growth potential of the multiple zones in the Bug Lake area of the Martiniere Property and they set the stage for an exciting 2013 drill campaign," said Darin Wagner, President and CEO of Balmoral Resources.

 

Gold Results----------------------------------------------------------------------------Hole                  From           To  Interval(i)    Gold  Zone          Number            (Metres)     (Metres)     (Metres)   (g/t)                ----------------------------------------------------------------------------MDE-12-73            41.85        44.04         2.19    8.63  Hanging Wall  including            41.85        42.39         0.54   32.20  "                                 102.23       126.09        23.86    0.69  Bug Lake      including           103.00       106.56         3.56    3.78  "             which includes      105.75       106.56         0.81   11.00  "             ----------------------------------------------------------------------------MDE-12-74            61.58        68.63         7.05    7.66  Hanging Wall  including            61.58        62.77         1.19   42.25  "             and                  68.18        68.63         0.45    7.05  "                                 108.10       139.36        31.26    1.98  Bug Lake      including           111.87       120.91         9.04    3.15  "             and                 128.75       135.37         6.62    3.10  "             which includes      132.86       135.37         2.51    6.97  "                                 212.00       213.66         1.66    8.07  Footwall      ----------------------------------------------------------------------------MDE-12-75           150.45   215.00(ii)        64.55    0.49  Bug Lake      including           150.45       170.63        20.18    0.80  "             which includes      150.45       152.53         2.08    2.70  "             and including       194.00       194.76         0.76   10.90  "             ----------------------------------------------------------------------------MDE-12-76       27.60(iii)       100.71        73.11    0.54  Bug Lake+FW   including            27.60        45.90        18.30    0.49  Bug Lake      including            45.90        55.51         9.61    1.10  Footwall      ----------------------------------------------------------------------------MDE-12-77            27.02        65.52        38.50    0.45  Bug Lake                           65.52        73.37         7.85    7.64  Footwall      including            65.94        66.95         1.01   47.06  "                                  73.37        82.99         9.62    0.90                ----------------------------------------------------------------------------MDE-12-78            31.42       106.04        74.62    0.75  Bug Lake+FW   including            31.42        79.15        47.73    0.80  Bug Lake      which includes       70.13        74.46         4.33    3.20  "             which includes       73.50        74.46         0.96   11.15  "             and including        79.15        93.45        14.30    1.09  Footwall      ----------------------------------------------------------------------------MDE-12-79            39.19        49.02         9.83    1.07  Bug Lake      including            46.93        49.02         2.09    4.09  "                                  64.55        65.08         0.53   22.00  Footwall      ----------------------------------------------------------------------------MDE-12-80            44.43        54.86        10.43    2.27  Bug Lake      including            48.72        50.53         1.81    9.56  "                                  64.46        66.78         2.32    9.66  Footwall      including            66.25        66.78         0.53   38.70  "             ----------------------------------------------------------------------------MDE-12-81           135.46       175.10        39.64    0.53  Bug Lake      including           140.78       155.02        14.24    1.09  "             ----------------------------------------------------------------------------MDE-12-82            48.88        90.11        41.23    0.87  Bug Lake + FW including            48.88        71.57        22.69    0.36  Bug Lake      and                  71.57        84.94        13.37    1.90  Footwall      which includes       73.61        75.00         1.39    4.14  "             ----------------------------------------------------------------------------MDE-12-83       18.09(iii)        26.99         8.90   11.74  Upper Porphyryincluding            18.84        21.14         2.30   41.06  "             which includes       18.84        20.00         1.16   58.80  "                                  59.86        98.04        38.18    0.53  Bug Lake + FW including            59.86        87.93        28.07    0.37  Bug Lake      and                  87.93        89.35         1.42    5.36  Footwall                                         

 

Geological Interpretation

The Footwall Zone has now been traced down-plunge for 150 metres from the bedrock surface. Increased drill density indicates the presence of a fault repeat of the Footwall Zone. Re-interpretation of the Zone places the fault repeated section between the main Footwall Zone and the Bug Lake Zone in the vicinity of previously reported hole MDE-12-72, which returned 23.82 g/t gold over 6.73 metres from what is now regarded to be a Footwall Zone intercept. This fault offset section can be traced for approximately 75 metres down plunge. In addition, an intercept of 8.07 g/t gold over 1.66 metres in hole MDE-12-74 may represent the depth extension of the Footwall Zone at roughly 180 metres vertical depth, below which the footwall area remains untested. A revised long section for the Footwall Zone is available on the Company's website at www.balmoralresources.com.

A deeper intercept of 16.53 g/t gold over 6.21 metres from hole MDE-12-72, along with three other intercepts, may indicate the presence of another high-grade occurrence to the west of the Footwall Zone in an area of limited testing.

The Bug Lake Zone continues to demonstrate broad zones of anomalous gold mineralization with higher grade sub-zones. Locally, the anomalous gold mineralization associated with the Bug Lake Zone merges with the zone of anomalous gold mineralization which typically surrounds the high-grade core of the Footwall Zone. Where there is no discernible break in the anomalous (greater than 100 ppb Au) gold zone, the two zones have been reported together and the individual zones have also been reported separately in keeping with previous releases.

On-going testing has also indicated the localized presence of high-grade gold mineralization located at the upper (eastern) contact of a porphyry dyke which runs parallel to the Bug Lake Fault between the Bug Lake and Hanging Wall Zones. The western contact of this same dyke often forms the up-dip margin of the Bug Lake Zone. Several high-grade intercepts are present along the Upper Porphyry contact and it may represent another target for potential future resource definition.

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. ALS Minerals is ISO 9001:2008 certified and the Val d'Or facilities are ISO 17025 certified for gold analysis.

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