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Balmoral Intersects 1,138 g/t (33 oz/ton) Gold Over 4.9 M, Bug Lake Footwall Zone

By Balmoral Resources- BAR.to •Posted on

VANCOUVER, BC–(Marketwired – May 12, 2014) – Balmoral Resources Ltd. (TSX: BAR) (OTCQX: BALMF)

  • Extends Bug Lake Zone to 400 metres vertical depth, high grade intercept of 8.25 g/t gold over 14.53 metres
  • Intersects 9.35 g/t over 5.17 metres — new high-grade “steep” section, south extension

Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR) (OTCQX: BALMF) today reported the results of the winter 2014 drill program on the Company’s wholly owned Martiniere Property. Results are highlighted by an intercept of 1,138 g/t (33 oz/ton) gold over 4.87 metres from the Bug Lake Footwall Zone, which includes a property record intercept of 9,710 g/t (312 oz/ton) over 0.57 metres. This intercepts sits within a 71.05 metre wide gold mineralized interval cutting the Footwall and Bug Lake Gold Zones. This high-grade intercept and others in today’s release continue to emphasize the high to bonanza-grade nature of the Bug Lake Footwall Zone. Holes MDE-14-143 and -144 also successfully extended the Bug Lake and related gold zones to a vertical depth of 400 metres, including an intercept of 8.25 g/t gold over 14.53 metres associated with the lower steep (see Figure 1 – Cross Section 1+62.5 North and “Steeps and Flats” below). The Zones remain open below this depth for potential expansion.

Testing of the southern extension of the Bug Lake Gold Trend, (see Figure 2 – Plan Map and Figure 3 – Cross Section 3+25 South) 500 metres to the south of MDE-13-143, has identified high-grade gold mineralization associated with a newly identified “steep” section of the Bug Lake Fault Zone. Hole MDE-14-142 returned intercepts of 9.35 g/t gold over 5.17 metres and 4.78 g/t gold over 2.65 metres from the upper and lower contacts of the Bug Lake porphyry in the deepest hole to date along the southern extension.

“As impressive as the bonanza grades continue to be at Bug Lake, the confirmation of continued high-grade intercepts at depth and the discovery of another high-grade “steep” along the southern extension of the Bug Lake Gold Trend emphatically demonstrate the continued up side and expansion potential of this system” said Darin Wagner, President and CEO of Balmoral. “With excellent results from Martiniere and a very exciting new nickel-PGE discovery at Grasset our exploration team is firing on all cylinders and unlocking numerous opportunities for Balmoral and its shareholders.”

Northern Segment – Bug Lake Gold Trend

During the winter 2014 program Balmoral completed fifteen holes along the northern segment of the Bug Lake Gold Trend. Drilling was successful on multiple fronts, extending open ended portions of the Bug Lake and related gold zones in the near surface, extending the zones to depth beyond the limits of previous drilling, confirming the current exploration model, intersecting high-grade gold mineralization from the second, down-dip, “steep” along the Bug Lake structure and returning the single highest grade intercept to date from the Detour Gold Trend Project.

Table 1 – Significant Intercepts from the Northern Segment of the Bug Lake Gold Trend

Hole North Easting Dip From To Interval* Gold Zone
Number (Metres) (Metres) (Metres) (g/t)
MDE-14-124 0+40 N 1+85 W -45 82.96 91.34 8.38 5.71 Hanging Wall
including 82.96 83.52 0.56 52.90 “
163.04 175.15 12.11 0.76 Bug Lake
including 164.34 166.02 1.68 3.02 “
MDE-14-125 0+40 N 1+85 W -52 81.28 100.77 19.49 1.59 Hanging Wall
including 84.32 85.00 0.68 30.20 “
MDE-14-126 0+40 N 2+50 W -45 104.33 110.12 5.79 4.65 Hanging Wall
including 105.98 107.27 1.29 17.65 “
MDE-14-127 0+40 N 2+50 W -58 46.80 53.96 7.16 0.77 Upper Vein
including 48.93 49.40 0.47 4.14 “
MDE-14-128 0+40 N 1+15 W -45 50.77 51.34 0.57 16.20 Upper Vein
143.93 148.49 4.56 1.35 Hanging Wall
including 144.98 145.64 0.66 7.50 “
228.60 247.00 18.40 0.53 Bug Lake
260.20 273.60** 13.40 3.98 Footwall
including 262.54 264.15 1.61 30.12 “
MDE-14-129 1+35 N 1+95 W -47 148.00 203.20 55.20 0.89 Bug Lake
including 164.06 181.26 17.20 1.69 “
which includes 170.56 172.23 1.67 3.51 “
and 174.62 175.01 0.39 7.50 “
and 199.95 201.56 1.61 3.29 Footwall
MDE-14-130 1+15 N 2+40 W -53 49.15 56.04 6.89 2.54 Hanging Wall
including 55.60 56.04 0.44 29.60 “
88.07 132.44 44.37 0.96 Bug Lake
including 88.07 90.52 2.45 6.77 “
MDE-14-131 1+15 N 2+40 W -64 119.90 181.50 61.60 1.08 Bug Lake
including 147.15 148.09 0.94 40.40
MDE-14-132 0+75 N 2+45 W -47 53.24 54.50 1.26 3.17 Hanging Wall
78.93 91.40 12.47 0.46 Bug Lake
MDE-14-133 0+75 N 2+45 W -60 33.00 40.80 7.80 1.07 Hanging Wall
including 37.85 38.95 1.10 5.90
111.95 141.00 29.05 0.35 Bug Lake
including 140.00 141.00 1.00 4.72
MDE-14-134 0+75 N 1+95 W -55 132.13 210.35 78.22 1.40 Bug Lake
including 147.42 162.27 14.85 3.02 “
which includes 148.42 149.84 1.42 6.12 “
and 156.12 162.27 6.15 5.03 “
which includes 159.59 160.05 0.46 17.90 “
and 176.15 176.65 0.50 17.40 “
and 181.76 182.48 0.72 21.10 “
and 198.32 206.25 7.93 2.12 Footwall
MDE-14-135 0+75 N 1+95 W -61 95.82 111.00 15.18 3.01 Bug Lake
including 95.82 96.50 0.68 50.30 “
108.45 109.45 1.00 9.08 “
MDE-14-143 1+75 N 4+00 W -50 65.00 136.05 71.05 1.69*** Bug Lake + FW
including 83.09 116.37 33.28 2.92*** “
which includes 106.93 111.80 4.87 1138.38 Footwall
which