Solid News . . . Lets see how the market reacts Balmoral Reports 23.73 g/t Gold Over 9.00 Metres (including 139.00 g/t gold over 1.20 metres) from Drilling on Northshore Property, Ontario
(Vancouver, August 22, 2016) Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) has received, from joint venture partner GTA Resources and Mining Inc. (“GTA”; TSXV:GTA), the results from 36 shallow (surface to approximately 30 metres vertical depth) drill holes recently completed on the Northshore Property located near Schreiber, Ontario.
Drilling focused on delineation of the high-grade Audney and Caly vein systems which outcrop at surface and are located within the central core of the broader Afric Gold Zone (see Figure 1). Drilling continues to intersect very high grade (> 1 oz/ton), near surface, gold mineralization (including 139.00 g/t gold over 1.20 metres, 72.40 g/t gold over 1.0 metre and 39.3 g/t gold over 1.50 metres - see table below) along both the Audney (D - series holes) and Caly (A - series holes) vein systems. Additional highlights of the program, more fully detailed in Tables 1 and 2 below, include:
- 4.06 g/t gold over 23.00 metres, including 25.60 g/t gold over 3.0 metres in hole A-16-12
- 5.67 g/t gold over 10.40 metres, including 33.70 g/t gold over 1.40 metres in hole A-16-08
- 5.96 g/t gold over 9.0 metres, including 24.14 g/t gold over 2.00 metres in hole D-16-07
- 7.29 g/t gold over 5.40 metres, including 18.54 g/t gold over 2.00 metres in hole D-16-08
“We are pleased to see the current drill program further delineating the near surface potential at Northshore and appearing to outline local continuity to the high-grade vein systems located at the core of the broader Africa Gold Zone” said Darin Wagner, President and CEO of Balmoral Resources.
Table 1: A-Series holes targeting the Caly system
Hole
Number | Azimuth | Dip | From
(metres) | To
(metres) | Interval*
(metres) | Gold**
(g/t) |
| A-16-01 | 315 | -45 | 5.00 | 26.00 | 21.00 | 2.79 |
| including | | | 5.00 | 12.50 | 7.50 | 5.16 |
| A-16-02 | 315 | -80 | 17.00 | 30.50 | 13.50 | 2.55 |
| including | | | 20.00 | 26.00 | 6.00 | 5.22 |
| which incl. | | | 20.00 | 21.00 | 1.00 | 25.70 |
| A-16-03 | 315 | -45 | 9.50 | 11.00 | 1.50 | 1.69 |
| A-16-04 | 315 | -80 | 26.00 | 32.00 | 6.00 | 0.93 |
| A-16-05 | 315 | -45 | 4.00 | 24.50 | 20.50 | 2.36 |
| including | | | 15.50 | 24.50 | 9.00 | 3.61 |
| A-16-06 | 315 | -80 | 3.50 | 18.50 | 15.00 | 1.15 |
| including | | | 12.50 | 18.50 | 6.00 | 1.92 |
| A-16-07 | 315 | -45 | 8.00 | 24.50 | 16.50 | 0.71 |
| A-16-08 | 315 | -80 | 0.60 | 5.00 | 4.40 | 12.81 |
| including | | | 0.60 | 2.00 | 1.40 | 33.70 |
| A-16-09 | 315 | -45 | 24.50 | 32.00 | 7.50 | 1.25 |
| including | | | 29.00 | 30.50 | 1.50 | 5.19 |
| A-16-10 | 315 | -80 | 3.50 | 6.50 | 3.00 | 2.11 |
| A-16-11 | 315 | -45 | 2.60 | 8.00 | 5.40 | 0.24 |
| A-16-12 | 315 | -45 | 3.00 | 26.00 | 23.00 | 4.06 |
| including | | | 3.00 | 17.00 | 14.00 | 0.91 |
| and | | | 17.00 | 20.00 | 3.00 | 25.60 |
| and | | | 20.00 | 26.00 | 6.00 | 0.66 |
| A-16-13 | 315 | -80 | 6.50 | 21.50 | 15.00 | 1.10 |
| including | | | 11.00 | 14.00 | 3.00 | 2.79 |
| A-16-14 | 315 | -45 | 4.00 | 26.00 | 22.00 | 0.23 |
| A-16-15 | 315 | -45 | 8.00 | 26.70 | 18.70 | 2.03 |
| including | | | 8.00 | 11.00 | 3.00 | 8.56 |
| A-16-16 | 315 | -45 | 5.00 | 30.50 | 25.50 | 1.43 |
| including | | | 11.60 | 18.00 | 6.40 | 2.33 |
| A-16-17 | 315 | -45 | 12.50 | 26.00 | 13.50 | 1.94 |
| including | | | 14.00 | 22.00 | 8.00 | 2.42 |
Table 2: D Series Holes targeting the Audney System
Hole
Number | Azimuth | Dip | From
(Metres) | To
(Metres) | Interval*
(Metres) | Gold**
(g/t) |
| D-16-01 | 315 | -45 | re-drilled as D-16-1A |
| D-16-02 | 315 | -60 | re-drilled as D-16-2A |
| D-16-03 | 315 | -45 | 8.00 | 10.00 | 2.00 | 3.87 |
| D-16-04 | 315 | -60 | 13.00 | 14.00 | 1.00 | 5.58 |
| D-16-05 | 315 | -45 | 8.00 | 9.50 | 1.50 | 1.68 |
| D-16-06 | 315 | -60 | 10.00 | 18.20 | 8.20 | 3.54 |
| including | | | 10.00 | 12.00 | 2.00 | 9.40 |
| D-16-07 | 315 | -45 | 2.90 | 17.00 | 14.10 | 3.94 |
| including | | | 2.90 | 8.00 | 5.10 | 0.39 |
| and | | | 8.00 | 17.00 | 9.00 | 5.96 |
| including | | | 11.70 | 13.70 | 2.00 | 24.14 |
| and | | | 13.70 | 17.00 | 3.30 | 0.59 |
| D-16-08 | 315 | -60 | 14.00 | 19.40 | 5.40 | 7.29 |
| including | | | 17.40 | 19.40 | 2.00 | 18.54 |
| D-16-09 | 315 | -45 | 9.50 | 12.50 | 3.00 | 4.25 |
| D-16-10 | 315 | -60 | 16.50 | 20.00 | 3.50 | 9.76 |
| including | | | 16.50 | 17.50 | 1.00 | 30.90 |
| D-16-11 | 315 | -45 | 8.00 | 11.00 | 3.00 | 25.32 |
| including | | | 10.00 | 11.00 | 1.00 | 72.40 |
| D-16-12 | 315 | -60 | 8.00 | 16.20 | 8.20 | 1.79 |
| including | | | 15.20 | 16.20 | 1.00 | 8.45 |
| D-16-13 | 315 | -45 | 7.50 | 9.50 | 2.00 | 4.41 |
| D-16-14 | 315 | -60 | | | | NSA |
| D-16-15 | 315 | -45 | | | | NSA |
| D-16-16 | 315 | -45 | 8.00 | 17.00 | 9.00 | 23.73 |
| including | | | 15.80 | 17.00 | 1.20 | 139.00 |
| D-16-17 | 315 | -60 | | | | NSA |
| D-16-1A | 315 | -45 | 11.00 | 12.00 | 1.00 | 1.62 |
| D-16-2A | 315 | -60 | 9.50 | 17.50 | 8.00 | 3.14 |
| including | | incl. | 14.50 | 15.50 | 1.00 | 21.40 |
| Notes: | NSA - No significant assay results |
| | * Widths as shown are over drilled core length, and do not represent true widths which remain undefined at the current time. |
| | ** Gold values are presented uncapped |
GTA, as operator of the Northshore Property, is currently evaluating the near surface potential of the Afric Gold Zone on the Northshore Property. The Company has been advised that GTA anticipates resuming the current drill program on the Property in early September and that it should be completed within one month of commencement. GTA has further advised that preliminary metallurgical work on two composited drill core samples, one from each of the Caly and Audney vein systems, is currently underway.
The Northshore Property is a joint venture between Balmoral and GTA. GTA is the current operator of the joint venture and holds a 51.4% interest in the Property. In addition to its 48.6% interest in the Northshore Property Balmoral currently holds approximately 7.65% of the issued and outstanding shares of GTA.