VANCOUVER, BC–(Marketwired – June 21, 2016) – Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR) (OTCQX: BALMF) has been advised by partner GTA Resources and Mining Inc. (TSX VENTURE: GTA) that drilling has commenced on the Northshore Gold Property near Schreiber, Ontario. The Northshore Property is being advanced in a joint venture between GTA and Balmoral. GTA, the current operator of the joint venture, plans to complete between 20 and 30 diamond drill holes over the next several weeks targeting the Afric Gold Zone on the Property, as well as the high-grade Gino and Audney vein systems.
The principal focus of this drill campaign will be the further delineation of near surface gold mineralization contained within the core of the Afric Zone. Previous drilling by GTA has returned broad intervals of gold mineralization, ranging from 30 to over 240 metres, from the Afric Zone, often containing numerous high-grade vein intercepts. All mineralized zones discovered to date come to surface. The high-grade Audney vein, which returned surface chip samples ranging from 3,709 g/t gold over 0.20 m to 580 g/t gold over 0.50 m (see NR11-27; Nov. 8, 2011), cuts through the core of the Afric Zone and will also be targeted during this phase of the program.
As well GTA plans additional testing of the Gino vein system, located 300 metres north of the Afric Zone, where previous drilling returned numerous gold bearing intercepts, including 46.40 g/t gold and 41.60 g/t gold over 1.0 metre core lengths (see NR13-31; Dec. 10, 2013).
“We are pleased to see the resumption of drilling at Northshore as GTA looks to continue to expand on the size of, and increase the confidence in, the Afric Gold Zone and follow-up on the high-grade gold intercepts within the Audney and Gino vein systems,” said Darin Wagner, President and CEO of Balmoral. “Between Northshore and our aggressive plans for the Detour Trend Project there will be a lot of news flow from the drills this summer as we look to grow our gold assets on multiple fronts.”
The Northshore Property is a joint venture between Balmoral and GTA. GTA is the current operator of the Northshore joint venture and holds a 51.4% interest in the Property. Partial funding for the current program will come through the Ontario governments Junior Exploration Assistance Plan (“JEAP”) with GTA providing the balance of the funding. Drilling is expected to take approximately one month to complete.
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, on behalf of Balmoral, supervised the previous work programs on the Northshore, visited the properties on multiple occasions, examined the drill core from the holes noted in this release, discussed, reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results. All reported intercepts are reported as core lengths and not true widths. At this time there is insufficient drill data to accurately calculate true dimensions.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a well-funded, Canadian-based company actively delineating and expanding the high-grade Bug Lake Gold Trend on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. Employing an award winning exploration team, Balmoral has a philosophy of creating value through the drill bit. By focusing our efforts in proven productive precious/base metal belts in one of the world’s preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold and base metal assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
President and CEO
This press release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, the potentially open nature of the mineralized zones on the property and the potential for future discoveries of additional mineralization on the property are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company’s expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company’s projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company’s ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company’s ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative.All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company’s mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
For further information contact:
Vice-President, Corporate Development
Tel: (604) 638-5815
Toll Free: (877) 838-3664
E-mail: [email protected]