News>>>>>:
Marketwire, June 1, 2011 08:00 AM
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2011) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR) announced today additional results from the in-fill and expansion drill program on the Company's Fenelon Gold Project located along the Detour Gold Trend in central Quebec. The recently completed Phase 1 drill program returned multiple high grade, shallow gold intercepts from the Fenelon Gold Zone. Highlights include intercepts of 11.37 g/t gold over 3.65 metres and 5.46 g/t gold over 5.00 metres from the D Vein and 6.46 g/t gold over 5.26 metres and 7.23 g/t gold over 2.77 metres from the C Vein. Results from an additional seven expansion holes and nine exploration holes drilled to test other discrete targets on the Fenelon Property completed as part of the Phase 1 2011 program remain pending.
The high-grade Fenelon Gold Zone is comprised of a series of sub-vertically oriented gold-bearing shear veins (A to F) hosted within or adjacent to a mafic-ultramafic intrusion. Located 29 kilometres east of, and now contiguous with, Balmoral's Martiniere Gold Project where initial drill results indicate the discovery of high-grade gold mineralization at Martiniere West, the Fenelon Gold Zone is road accessible. The Fenelon Gold Zone has been the subject of historic metallurgical, economic and engineering studies including the development of underground ramp access.
| Hole No. |
Section |
|
Vein |
|
Type |
From
Metres |
|
To
Metres |
Interval
Metres |
Gold
g/t |
| FAB-11-12 |
1040 |
|
E |
|
In-Fill |
102.00 |
|
102.75 |
0.75 |
5.27 |
|
|
|
D |
|
|
107.00 |
|
109.00 |
2.00 |
0.28 |
|
|
|
Int. 1+C |
|
|
124.24 |
|
129.50 |
5.26 |
6.46 |
|
including |
|
|
Int. 1 |
|
|
124.24 |
|
125.45 |
1.21 |
21.10 |
|
and including |
|
|
C |
|
|
127.50 |
|
127.98 |
0.48 |
16.35 |
| FAB-11-14 |
1010 |
|
D |
|
Expand |
83.08 |
|
86.60 |
3.52 |
2.07 |
|
including |
|
|
|
|
|
86.17 |
|
86.60 |
0.43 |
6.53 |
| FAB-11-15 |
1010 |
|
D+C |
|
Expand |
85.24 |
|
93.70 |
8.46 |
4.37 |
|
including |
|
|
D |
|
|
85.24 |
|
86.35 |
1.11 |
8.02 |
|
and including |
|
|
C |
|
|
90.00 |
|
91.32 |
1.32 |
19.23 |
| FAB-11-16 |
1010 |
|
C |
|
Expand |
118.00 |
|
119.02 |
1.02 |
72.80 |
| FAB-11-17 |
1090 |
|
D |
|
Expand |
76.00 |
|
81.00 |
5.00 |
5.46 |
| FAB-11-18 |
1090 |
|
D |
|
Expand |
101.23 |
|
102.50 |
1.27 |
2.12 |
|
|
|
C |
|
|
127.00 |
|
129.77 |
2.77 |
7.23 |
| FAB-11-19 |
1090 |
|
D |
|
Expand |
128.50 |
|
129.00 |
0.50 |
3.01 |
| FAB-11-20 |
1090 |
|
C |
|
Expand |
205.00 |
|
207.12 |
2.12 |
2.73 |
| FAB-11-21 |
1100 |
|
D |
|
Expand |
84.87 |
|
85.75 |
0.88 |
1.89 |
|
|
|
C |
|
Expand |
98.00 |
|
102.50 |
4.75 |
0.65 |
| FAB-11-23 |
1110 |
|
D |
|
Expand |
141.00 |
|
151.00 |
10.00 |
0.18 |
| FAB-11-24 |
1120 |
|
C |
|
Expand |
175.00 |
|
182.00 |
3.50 |
1.08 |
| FAB-11-25 |
1140 |
|
D |
|
Expand |
98.00 |
|
101.65 |
3.65 |
11.37 |
|
including |
|
|
|
|
|
101.35 |
|
101.65 |
0.30 |
85.50 |
| FAB-11-26 |
1140 |
|
D |
|
Expand |
115.50 |
|
117.00 |
1.50 |
0.18 |
| FAB-11-27 |
1140 |
|
D |
|
Expand |
164.00 |
|
164.48 |
0.48 |
0.10 |
|
| * Reported intercepts are interpreted to represent 80 to 95% of true thickness; planned holes FAB-11-13 and FAB-11-22 were not completed due to unstable ice conditions. |
The current drill program has now intersected the principal C and D veins for 110 and 130 metres along strike, at shallow depths, with the veins remaining open to depth on all sections. Three dimensional modeling of the results are underway in an effort to better understand and target the high-grade gold mineralization at Fenelon. Cross-sections from the holes reported today will be made available shortly on the Balmoral website at www.balmoralresources.com.
The Fenelon Property forms part of Balmoral's district scale Detour Gold Trend Project. The Project extends for 70 kilometres along the regional gold-bearing Detour-Sunday Lake Deformation Zone, which hosts the multi-million ounce Detour Gold deposit in Ontario. Balmoral's Detour Gold Trend Project features the Martiniere West, Central and East Gold Zones, the high-grade Fenelon Zone, and the Lynx and Rambo prospects on the Detour East Property. By systematically employing modern exploration technologies and models to the least explored of the major gold trends in the Abitibi Greenstone Belt Balmoral is looking to build on its initial successes and create shareholder value through resource expansion and discovery.
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 initial work programs on the property, visited the property on multiple occasions, examined the drill core from some of the holes summarized in this release and reviewed the analytical and quality control results.
About Balmoral Resources Ltd.
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 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 securely stored on-site at the Company's Fenelon camp in Central Quebec. Drill core samples are transported in sealed bags to ALS-Chemex's Val d'Or, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 50 g aliquots. For samples returning greater than 1.0 g/t gold the sample is re-analyzed via fire assay with a gravimetric finish. The Company has also requested that any samples returning greater than 8.0 g/t gold undergo screen metallic assay. Following receipt of assays, visual analysis of mineralized intercepts is conducted and additional geochemical analysis may be requested to insure the accurate representation of mineralized zones. ALS Chemex is an ISO 9001-200 and ISO 17025 certified laboratory.
Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in politically favourable jurisdictions 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 resource expansion and discovery.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
Darin Wagner, 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, 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 news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's 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 PLEASE CONTACT:
John ToporowskiBalmoral Resources Ltd.Manager, Corporate Development / Toll Free: jtoporowski@balmoralresources.comwww.balmoralresources.com