Balmoral intersects 11.42 g/t gold over 9.30 metres at ME-16 target; confirms additional high grade gold discovery at Martiniere
Friday, Mar 30, 2012Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) today reported drill results from the first four holes of its winter 2012 drill program on its Detour Gold Trend Project in Central Quebec. Follow-up testing of the ME-16 discovery, announced December 5, 2011 (NR11-31), returned an intercept of 9.30 metres grading 11.42 g/t gold from drill hole MDE-12-20. This compares favourably with discovery hole MDE-11-16 which returned 9.33 metres grading 12.93 g/t gold. The reported intercept from hole MDE-12-20 includes a bonanza grade section which returned 41.22 g/t gold over a 2.50 metre interval.
Holes MDE-12-19 and MDE-12-20 where both drilled from the same collar location, approximately 30 metres along strike to the southwest from the collar of MDE-11-16 and were drilled to the northwest across the interpreted strike of the ME-16 discovery at dip angles of -55 and -69 degrees. Both holes intersected the gold mineralized zone at shallow depths, approximately 26 and 37 metres below surface respectively. Results from four additional holes collared further to the southwest along the interpreted strike of the gold mineralized system in the ME-16 area remain pending.
"The initial results from the Martiniere East - ME-16 drilling confirm the presence of another high-grade gold bearing feature on the Martiniere Property," said Darin Wagner, President and CEO of Balmoral. "Located approximately one kilometre east of the Martiniere West Zone, the ME-16 area may have the potential to add additional high-grade, near surface ounces to the expanding discovery at Martiniere West."
Holes MDE-12-17 and MDE-12-18 were collared 30 metres directly behind the high-grade intercept in MDE-11-16. Both holes intersected felsic intrusive rocks (quartz porphyry) at the projected intercept point of the gold mineralization system, with hole MDE-12-18 returning a narrow high-grade intercept above the unmineralized intrusion. A similar unmineralized porphyry body marks the lower contact of the gold mineralized zone in hole MDE-11-16. Additional drilling is required in this area to determine if the gold mineralization continues beneath the porphyry body.
Drilling also intersected a zone of quartz sulphide veining, with strongly anomalous gold and silver content in holes MDE-12-19 and MDE-12-20. The high silver content of these intercepts separate them from the gold mineralization in the immediate ME-16 area. They could potentially be associated with the same mineralizing event as the high-grade gold-silver intercept reported in December 2011 (NR11-31) from hole MDE-11-09 which returned 74.60 g/t gold and 1,390 g/t silver over 0.50 metres.
Drilling continues on the Martiniere Property with 2 drill rigs currently concentrating on the expansion of the high-grade Martiniere West Zone. Initial results from the Martiniere West drill program are anticipated within the next 2-3 weeks. Based on the strength of today's results, additional follow-up drilling in the ME-16 area is currently being planned. Drilling also continues on the Grasset Property 40 kilometres to the east.
Balmoral's Martiniere Property is part of the Company's Detour Gold Trend Project which extends for 82 kilometres along the Detour-Sunday Lake Deformation Zone in Central Quebec. In addition to the Martiniere gold discoveries the Project includes the near-surface Lynx and Rambo Gold Zones on the Detour East Property, the high-grade Fenelon Gold Zone and the Grasset Gold Discovery.