- Visible gold mineralization intersected in first follow-up hole
VANCOUVER, British Columbia, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) is pleased to announce that it has resumed drilling in Area 52 on its Fenelon Property, part of the Company’s larger Detour Gold Trend Project, in Quebec. Area 52 covers an extensive, untested segment of the Sunday Lake deformation zone, the southern extension of the recently identified Area 51 corridor, and the intersection of these two gold bearing structural zones (see NR19-12; July 18, 2019 for more details on the Area 52 gold target). The Sunday Lake deformation zone is the crustal scale, east-west trending fault system which controlled the emplacement of the nearby, >20 million ounce Detour Lake gold deposit.
Four drill holes were completed during the first phase of drilling in Area 52 (see NR19-15; August 26, 2019) testing a variety of gold targets. Visible gold mineralization was observed at shallow depths in two of the four holes. Visible gold mineralization has already been noted in the first hole of the current follow-up program. Final assay results from the first phase of drilling are anticipated within the next two weeks.
Additional information on the geological setting of the mineralized zones intersected in the first phase of drilling, and the targets for the follow-up program will accompany the release of results from the initial Area 52 drill program.
Qualified Person
Mr. Michael Tucker (M.Sc., P.Geo. B.C., Ontario, Temp. Permit, Quebec), is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Tucker is currently supervising the Area 52 drill program and has 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, appears to, potential, 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.