Balmoral confirms and expands three high-grade gold zones in Bug Lake Area, Martiniere Property, Quebec
Thursday, Nov 01, 2012Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) today reported that the results for the remaining 17 holes from the summer drill program on the Company's Martiniere Property have confirmed the very high-grade nature of the Footwall discovery, demonstrated continuity to the high-grade Hanging Wall Zone and have also continued to expand the broad Bug Lake Gold Zone. All three sub-parallel zones are located within a 100 metre wide, north-south (350 degree) trending corridor centered 600 metres east of the Company's high-grade Martiniere West Zone.
"Over the course of the summer drill program at Martiniere we have gone from defining/expanding one high-grade gold zone (Martiniere West), to now having four zones contributing to the expanding gold inventory on the Property," said Darin Wagner, President and CEO of Balmoral Resources. "With four zones now positioned to add shallow, high-grade ounces at Martiniere, and additional gold discoveries already identified throughout this large system, we have a clear growth path ahead of us and the financial means to drive that growth. Our exploration team is to be commended for the tremendous success of the summer drill program."
With the definition of three new gold-bearing zones along the Bug Lake corridor, the Martiniere Property now hosts four high-grade gold zones. The Property also features two advanced prospects in the ME-16 and Central areas and a number of additional gold occurrences. All of these zones and prospects occur within a 1,500 metre long corridor and thus could potentially be developed as part of a single mine/mill complex on the Property.
Drilling continues to return individual multi-ounce gold assays from both the Footwall and Hanging Wall Zones (see table below). New longitudinal sections through the three gold zones in the Bug Lake area are now available on Balmoral's website - www.balmoralresources.com.