Balmoral's Detour East neighbour optioned to OsiskMap says it all:
https://media3.marketwire.com/docs/BAR_Property.pdf
Balmoral's Detour East neighbour optioned to Osisko
Balmoral Resources Ltd (C:BAR)
Shares Issued 65,837,555
Last Close 11/21/2011
.90
Tuesday November 22 2011 - News Release
Mr. Darin Wagner reports
BALMORAL ACQUIRES NEW NEIGHBOUR IN DETOUR GOLD BELT AS OSISKO MINING OPTIONS ADJACENT PROPERTY
Balmoral Resources Ltd. advises its shareholders that Midland Exploration Inc. has granted Osisko Mining Corp. an option to earn up to a 75-per-cent interest in its Casault property. The Casault Property is located between Balmoral's Detour East and Martiniere Gold Projects along the Detour Gold Trend in central Quebec.
"While the markets can sometimes be a little slow to recognize the significance and potential of new gold discoveries like those on our Martiniere, Fenelon and Grasset properties, veteran industry participants seldom are," said Darin Wagner, President and CEO. "With the completion of the acquisition of Trade Winds Ventures by Detour Gold, and today's move by Osisko, Balmoral now shares the Detour Gold Trend with two of Canada's leading gold developers (see attached property map). We congratulate Midland on reaching a solid agreement on the Casault Property, welcome the addition of the Osisko exploration team to the Trend and look forward to the increased level of exploration activity in the neighbourhood."
Midland has reported that, under the terms of the Casault Option Agreement, Osisko Mining can earn an initial 50% interest in the Casault Property by completing $6,000,000 in work expenditures on the Property and making cash payments totaling $600,000 to Midland over 5 years. Osisko reportedly also holds a second option whereby it can earn a further 15% interest by completing a bankable feasibility study or undertaking an additional $15,000,000 in exploration expenditures on the property over an additional three year period. The Casault Property covers a 10 kilometre long stretch of the Detour-Sunday Lake Deformation Zone between Balmoral's Detour East and Martiniere Properties.
Balmoral's Detour Gold Trend Project extends for over 80 kilometres along the Detour-Sunday Lake Deformation Zone in Central Quebec. The Project hosts the high-grade Martiniere West gold discovery, the Martiniere East gold and VMS discoveries, as well as the near-surface Lynx and Rambo Gold Zones on the Detour East Property, the high-grade Fenelon Gold Zone and the recent Grasset Gold Discovery. The Company's Detour Trend Project sits adjacent the $1.2 billion dollar Detour Gold development project in Ontario and is located over 350 kilometres south of Goldcorp's $1.4 billion dollar Eleonore Gold Project which recently received key permits for construction.
Drill results remain pending from the Martiniere West, Martiniere East, Detour East and Grasset properties, as well as from the high-grade Northshore Gold Property in Ontario. Preparations are now underway for a 20,000+ metre, multi-rig drill winter drill program which will target the Martiniere and Grasset gold discoveries. The winter drill program is anticipated to commence in January of 2012.
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained herein.
We seek Safe Harbor.
© 2011 Canjex Publishing Ltd.