Mexico’s proposed higher mining royalties could block nearly $7bn in investments
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VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 24, 2011) – Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX VENTURE:BAR) reported results from the first six holes of its summer 2011 drill program on the Martiniere Gold Property located along the Detour Gold Trend in Quebec. Results were highlighted by broad, low-angle, high-grade gold intercepts of 8.14 g/t gold over 21.47 metres in hole MDW-11-17 and 5.65 g/t gold over 21.60 metres in hole MDW-11-19. The two high-grade intercepts are centered at 60 and 130 metres vertical depth, are surrounded by broader halos of lower grade mineralization and contain numerous occurrences of visible gold.
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Hole From To Interval(i) Gold
Number (Metres) (Metres) (Metres) (g/t)
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MDW-11-14 68.75 115.00 46.25 2.07
including 68.75 75.85 7.10 11.13
and including 75.00 75.85 0.85 71.93
including 91.80 92.70 0.90 5.00
including 110.00 111.00 1.00 3.44
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No Significant Intercepts - Collared
MDW-11-15 Behind Zone
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MDW-11-16 17.30 18.63 1.33 5.95
39.86 40.42 0.56 5.29
56.80 103.00 35.36 1.17
including 57.80 58.30 0.50 4.67
including 79.00 79.48 0.48 3.29
including 95.00 100.55 5.55 5.79
and including 98.00 98.96 0.96 22.50
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MDW-11-17 30.00 102.04 72.04 4.45
including 39.52 40.92 1.35 20.71
including 51.50 73.04 21.47 8.14
and including 66.87 72.23 5.34 21.05
including 80.00 80.94 0.94 44.00
including 101.04 101.54 0.50 131.00
138.27 140.76 2.49 4.35
174.00 174.36 0.36 165.00
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MDW-11-18 Lost in Overburden
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MDW-11-19 107.00 165.00 58.00 2.70
including 135.50 160.42 24.92 5.60
and including 147.00 147.80 0.80 121.50
and including 158.13 159.00 0.87 13.30
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(i) West Zone Intercepts highlighted; insufficient drilling has been
completed to date to determine the true thickness of the mineralized zones -
core angles for the veins comprising the West Zone in holes 17 and 19 are
10-40 degrees to core axis.
The high-grade gold intercepts reported are located central to a broader zone of gold mineralization which ranges between 35.36 and 72.04 metres in thickness (see also NR11-06; April 15, 2011). Today’s results extend the Martiniere West Zone to a vertical depth of 130 metres (see Figure 1 – Long Section). The Zone remains open in all directions. Screen metallic gold assays remain pending for the intercepts announced today, and will be made available as they are received. Two drills remain active on the Martiniere Property.
“The Martiniere West Zone continues to demonstrate continuity and promising grade x thickness at shallow depths. It has now passed from a promising target to a significant gold discovery and is just one part of the larger Martiniere gold system,” said Darin Wagner, President and CEO of Balmoral Resources. “On-going drilling has recently intersected a second similar looking zone of alteration and sulphide mineralization in the footwall to the West Zone for which initial assays are pending.”
Geology and Orientation
Like many gold deposits throughout the Abitibi gold mineralization in the Martiniere West Zone is structurally controlled and hosted within a broad zone of silicification, weak to moderate carbonate and sericite alteration which is cut by multi-phase quartz veining. Gold mineralization is most commonly observed in association with trace to 5% pyrite, arsenopyrite and/or chalcopyrite and minor tourmaline. Traces of molybdenite and finely disseminated visible gold mineralization are observed locally within the multi-phase quartz veins. A broad halo of lower grade gold mineralization, associated with minor disseminated pyrite, narrower quartz veins and moderate alteration surrounds the high-grade core reaching drill indicated thicknesses of up to 75 metres.
The gold bearing corridor is hosted within a southeast dipping multi-phase gabbro body which extends for several hundred metres across the Martiniere Property. To date the higher grade gold mineralization in the Martiniere West Zone has been most commonly observed cutting a distinct quartz gabbro unit.
On-going testing of the Martiniere West Zone indicates that the high-grade core of the Zone has an overall north-northeast strike, sub-parallel to the host gabbro, and a northwest 80 degree dip in the area tested to date. Both strike and dip appear to be subject to local variations of 10-20 degrees (see Figures 2 and 3). As a result holes MDW-11-17 and MDW-11-19 appear to represent low angle, and slightly oblique, cuts through the Zone. Drill indicated thicknesses quoted above are anticipated to be 2-3 times true thickness for this portion of the Zone. Holes MDW-11-14 and MDW-11-16 were drilled to test for a NE plunge to the high-grade core of the West Zone and are also oblique cuts through the Zone. Additional drilling will be required to demonstrate continuity between the area tested to date and high-grade gold intercepts known from historic drilling to the northeast and southwest.
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 also includes the near-surface Lynx and Rambo Zones on the Detour East Property, the high-grade Fenelon Gold Zone and the recent Grasset Gold Discovery.
Quality Control
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner has supervised the work programs on the properties, visited the properties on multiple occasions, examined the drill core from the holes summarized in this release and reviewed the analytical and quality control results.
Balmoral has implemented a quality control program for all of its drill programs to ensure best practice in the sampling and analysis of the drill core which includes the insertion of blind blanks and certified standards into sample stream. NQ sized drill core is saw cut with half of the drill core sampled at intervals based on geological criteria including lithology, visual mineralization and alteration. The remaining half of the core is securely stored on-site at the Company’s Fenelon camp in Central Quebec. Drill core samples are transported in sealed bags to ALS-Chemex’s Val d’Or, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30 g aliquots. For samples returning greater than 5.0 g/t gold the sample is re-analyzed via fire assay with a gravimetric finish. The Company has also requested that any samples returning greater than 10.0 g/t gold undergo screen metallic assay. Following receipt of assays visual analysis of mineralized intercepts are conducted and additional analysis may be requested to insure the accurate representation of mineralized zones. ALS Chemex is an ISO 9001-200 and ISO 17025 certified laboratory.
About Balmoral Resources Ltd. – www.balmoralresources.com.
Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in politically favourable jurisdictions in North America. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
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 discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, 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; 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 press release is not, and is not to be construed in any way as, an offer to buy or sell securities in theUnited States
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