VANCOUVER, British Columbia, June 11, 2019 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) announces that the 2019 summer field programs have commenced with crews recently mobilized to both the Company’s Detour Gold Trend Project and to the RUM Nickel Properties.
RUM Nickel Properties
As announced on April 25, 2019 (see new release 19-08) the recently completed high resolution airborne magnetic/EM survey of the RUM Nickel Properties has outlined a number of coincident magnetic/EM targets prospective for mafic/ultramafic nickel-copper-cobalt-PGE discoveries (see updated RUM section of the Company’s website). Prospecting, mapping, and geochemical sampling is underway to follow-up on the targets identified by the airborne survey, and to determine if additional ground-based geophysical surveys are warranted prior to drill testing.
Exploration at RUM will target the discovery of high-grade, near surface nickel-copper-cobalt-PGE mineralization similar to that at the nearby Lac Rocher nickel deposit. Geological models developed from the Lac Rocher and Lynn Lake nickel-copper-cobalt deposits in Canada, as well insights from recent nickel sulphide discoveries in the Lapland belt of Finland, have focused the Company’s attention on this underexplored region of Quebec. The goal is to have individual targets ready for drill testing by the fall of 2019.
Detour Gold Trend – New Target Delineation
Balmoral has outlined a prospect new gold target located along the Sunday Lake Deformation Zone (“SLDZ”) on its Detour Gold Trend Project. The SLDZ is the regional scale fault system which controlled the emplacement of the nearby Detour Lake Gold deposit (Proven and Probable Reserves of 498.4 Mt @ 0.96 g/t gold for 15.4 million ounces at a 0.50 g/t cut-off grade*).
This new target is focused on a previously untested, 3.5 kilometre long segment of the SLDZ. It is centered on the intersection of the SLDZ and a recently identified, gold bearing secondary fault zone. This structural/geological setting is analogous to that of the Detour Lake area. The Detour Lake Gold deposit extends along the SLDZ for a similar distance, with the historic, high-grade underground portion of the deposit centered at/very near a similar structural intersection.
Line cutting has recently been completed over the target area and ground geophysical work is scheduled to commence on or around June 15. Survey results will be available to the company very shortly thereafter.
Balmoral continues to control the largest land position along the SLDZ which stretches along the SLDZ for over 100 kilometres. The SLDZ and similar, dominantly east-west trending deformation zones are the primary structural controls on the major gold deposits located throughout Canada’s Abitibi region.
Grasset and Grasset Central Ni Deposits
The next phase of nickel-focused exploration within the Grasset Ultramafic Complex (GUC) will occur later this summer. Geophysical surveys to provide additional targeting information for follow-up testing of the two new nickel sulphide systems discovered in the Grasset Central area are tentatively planned for July/August. The surveys will aim to outline potential extensions to both the recently discovered Type-1 high-grade nickel-cobalt sulphide zones (see News Release 19-01), and the very broad, near-surface disseminated nickel deposit which has begun to emerge from recently drill testing (see News Release 19-09). The latter bares similarities to Balmoral’s Grasset nickel-copper-cobalt-PGE deposit located along trend, seven kilometres to the southeast.
With respect to the Grasset deposit itself, further expansion drilling is planned for the winter of 2019-2020 when ground conditions are optimal for the expansion of the deposit to depth.
3G (Gargoyle, Ghost, and Goblin) Nickel Properties
Preliminary results from the recently completed airborne survey of the 3G Nickel Properties, located near Atikokan, Ontario, have been received and provide significant support for the Company’s exploration model. Numerous, extensive EM conductors have been delineated within, or proximal to, mapped ultramafic flows and sills on the properties. These include two EM anomalies, each stretching for several hundred metres, and track a series of recently discovered nickel sulphide occurrences in the Gargoyle Lake area of the Gargoyle property.
Follow-up surface exploration on the 3G Properties is planned for July-August to both further evaluate the recent nickel sulphide discoveries and the numerous anomalies from the airborne survey prior to initial drill testing.
Martiniere, Detour East, N2, Hwy 810, and Northshore Projects
The Company continues to review and evaluate opportunities to advance a number of other properties in its portfolio through third party participation. Each of the properties provides drill-ready gold - and in the case of Hwy 810 gold and base metal - targets which range from resource expansion to discovery stage in their level of advancement.
Qualified Person
Mr. Darin Wagner (M.Sc.; P.Geo. B.C., Ontario, Res. Permit, Quebec), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner reviewed and approved of the technical information contained within this release.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a multi-award winning Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The Company’s flagship, 1,000 km2 Detour Gold Trend Project hosts the resource stage Bug and Martiniere West gold deposits and the Grasset nickel-copper-cobalt-PGE deposit. Employing an aggressive, drill focused exploration style in one of the world’s preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade, Canadian gold and base metal assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
“Darin Wagner”
President and CEO
| For further information contact: |
| John Foulkes, Vice-President, Corporate Development Tel: +1 (604) 638-5815 / Toll Free: +1 (877) 838-3664 E-mail: jfoulkes@balmoralresources.com |
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 potential continuation of certain geological features, and the potentially discoveries of mineralization on the properties are forward-looking statements. Forward-looking statements are typically identified by words such as: believes, may, could, expects, anticipates, intends, 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; timing of receipt of assay results from third party analytical facilities; 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.
* Source Detour Gold Corporation - https://s22.q4cdn.com/327131108/files/doc_presentations/2019/05/DGC_19_05_22-23-Site-Visit-Presentation.pdf