Set to Resume Drilling on Detour Gold Trend Project
Initial targets for the winter program include infill and expansion drilling of the high-grade Bug Lake and related gold zones on the Martiniere Property, follow-up testing of the recently announced VMS discovery also on Martiniere, follow-up testing of the Grasset gold discovery and initial testing of a high-priority nickel-copper-platinum-palladium ("Ni-Cu-PGE") target outlined by the fall 2013 geophysical program on the Grasset Property. Current plans call for the completion of 5,000 to 6,000 metres of diamond drilling with two rigs. Balmoral's strong cash position will allow it to immediately accelerate or expand the program as warranted by early results.
"With the strong results from the fall drill program at Martiniere we are excited to get the drills up and running again as we continue to expand the high-grade core of the Martiniere Gold System," said Darin Wagner, President and CEO of Balmoral. "Outlining a large, well defined Ni-Cu-PGE target within the Project area adds another compelling element to the Balmoral story; a third leg to the stool which is already supported by expanding high-grade gold discoveries at Martiniere and emerging VMS potential."
Bug Lake Expansion and Infill Drilling - Martiniere
The winter road to the Martiniere camp is now in place and drilling is anticipated to start on the Martiniere Property within the next 10 days. Drilling will focus on infill above the 300 metre vertical depth along the Bug Lake, Footwall and Hanging Wall Gold Zones. The Zones remain open to depth and additional drilling is also planned to trace the Zones between 275-375 metres vertical depth. To date only three holes have tested below 275 vertical metres along the entire 1,000 metre strike length of the system with all three holes successfully intersecting the Bug Lake Zone.
Additional follow-up drilling will look to expand the recent VMS and gold discoveries on the Property.
Ni-Cu-PGE and Gold Targets - Grasset
Drilling in 2012 identified both gold and Ni-Cu-PGE targets on the Company's Grasset Property, located 40 kilometres east of Martiniere. Both discoveries were located proximal to the regional Sunday Lake Deformation Zone, and less than 5 kilometres from the Company's all-season road accessible Fenelon base camp.
The Grasset gold discovery is centered on the northern contact of the Sunday Lake Deformation Zone a setting geologically analogous to the Detour Gold Mine located 80 kilometres to the west. The discovery hole returned an intercept of 1.66 g/t gold over 33.00 metres including two higher grade intervals - 6.15 g/t gold over 4.04 metres and 4.18 g/t gold over 5.00 metres.
Also in 2012 drill testing 1,000 metres east of the Grasset gold occurrence intersected a strongly anomalous zone of magmatic Ni-Cu-PGE mineralization (9.17 m grading 0.51% nickel, 0.09% copper and 0.48 g/t platinum+palladium; see NR12-14, May 23, 2012). This discovery occurs at the south-eastern termination of a 10+ kilometre long belt on ultramafic lithologies which straddles the Grasset and adjoining Fenelon Properties. Historic exploration had identified similar Ni-Cu-PGE mineralization within this sequence 8.3 kilometres northwest of Balmoral's discovery indicating the presence of an extensive nickel, copper, PGE bearing magmatic sulphide system.
Follow-up geophysical work, conducted during the fall of 2013, outlined a strong, 1,100 metre long chargeability anomaly trending northwest from the Balmoral nickel discovery. This anomaly tracks along the northeastern (basal) contact of the ultramafic sequence (as indicated by the Company's airborne magnetic data) and is coincident with a series of EM conductors tracking the same contact.
Other than Balmoral's discovery hole, located at the extreme southern end, the chargeability and EM anomalies have never been drill tested. Additionally there is no drilling for several kilometres to the northwest along the trend toward the historic Ni-Cu-PGE occurrences. A presentation outlining the Grasset Ni-Cu-PGE target and related geophysical data has been posted on the Company's website at www.balmoralresources.com/s/Grasset.asp. Drilling is anticipated to begin to test this promising new target in early February.
Balmoral has also completed the acquisition, by staking, of a 100% interest in 66 additional mineral claims in the Grasset area covering potential extensions of the host sequence to the Ni-Cu-PGE target.
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About Balmoral Resources Ltd
Balmoral Resources Ltd. (TSE:BAR) (OTCMKTS:BALMF) is a Canadian-based discovery company focused on high-grade nickel and gold discoveries on its wholly owned, 700+ square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian base metal and gold assets.
Balmoral Resources Ltd