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VANCOUVER, BRITISH COLUMBIA, Oct 03, 2011 (MARKETWIRE via COMTEX) — Balmoral Resources Ltd. (“Balmoral” or the “Company”) CA:BAR -4.76% reported today that the high-grade Martiniere West Gold Zone continues to expand and demonstrate excellent continuity. Results from 10 holes reported more than double the strike extent of the Zone and indicate that the high-grade gold mineralization remains open in all directions at shallow depths.
Over 90% of the holes targeting the West Zone have been successful in intersecting high-grade gold mineralization. Highlights of the current drill program include gold intercepts of 23.57 g/t gold over 3.74 metres (MDW-11-24); 18.66 g/t gold over 3.15 metres (MDW-11-25) and 22.57 g/t gold over 2.22 metres (MDW-11-29). An updated long section of the Martiniere West Zone is available on the Company’s website at www.balmoralresources.com
“The Martiniere West Zone is demonstrating excellent continuity and very good gold grades throughout.” said Darin Wagner, President and CEO of Balmoral Resources Ltd. “We have progressed from target testing, through exploration, to the early stages of defining a high-grade gold resource at Martiniere West.”
With the increased number of drill intercepts a number of vein zones in the footwall and hanging wall to the main gold-bearing structure are also being defined, which have potential to add to the resource potential of the Martiniere West Zone. Results from an additional 12 expansion holes drilled east and west along the strike remain pending. Drill holes MDW-11-23 and MDW-11-26 were collared north of the Martiniere West Zone as part of a regional stratigraphic “fence”, intersecting only weakly anomalous gold mineralization.
Balmorals Martiniere Property is part of the Company’s Detour Gold Trend Project which extends for 82 kilometres along the Detour-Sunday Lake Deformation Zone inCentral Quebec. In addition to the Martiniere gold discoveries the Project 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. Drilling is on-going on the Grasset property and is set to commence within shortly on the Detour East Property.
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 Martiniere property, visited the property on multiple occasions, examined the drill core from a number of 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, duplicates 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 inCentral Quebec. Drill core samples are transported in sealed bags to ALS-Chemex’sVal d’Or,Quebecanalytical 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 follow-up analysis fire assay with a gravimetric finish is completed. The Company has also requested that any samples returning greater than 10.0 g/t gold undergo screen metallic fire assay. Following receipt of assays visual analysis of mineralized intercepts is 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 inNorth 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 andUnited Statessecurities 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.
