Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) today reported additional broad, high-grade gold intercepts from the Bug Lake area of the Company's Detour Gold Trend Project in Quebec. Drill hole MDE-12-72 returned the highest grade intercept to date from the Bug Lake Zone - 6.73 metres grading 23.82 g/t gold - from a vertical depth of only 25 metres. The same hole intersected the Footwall Zone which returned a similarly high-grade intercept of 16.53 g/t gold over 6.21 metres (at a vertical depth of only 49 metres).
Drilling continues to confirm the continuity of at least three closely spaced, high-grade gold zones, the Footwall, Bug Lake and Hanging Wall Zones, within the Bug Lake Fault corridor. The Bug Lake Zone continues to demonstrate good overall widths including intercepts of 8.54 g/t gold over 19.08 metres and 1.98 g/t gold over 44.48 metres, frequently with higher grade sub-intercepts. The Hanging Wall Zone, located approximately 60 metres east of the Bug Lake Zone, continues to return high grade values including 36.01 g/t gold over 2.07 metres from hole MDE-12-70. Results for an additional 11 holes completed during the fall 2012 drill program remain pending. Winter road construction is now underway in preparation for the next phase of drilling which is slated to begin in early January 2013.
"With further confirmation of exceptional grades, over good widths, at extremely shallow depths, in multiple zones the Bug Lake discoveries are providing Balmoral with another high-value gold asset at a time when global gold discovery rates continue to fall," said Darin Wagner, President and CEO of Balmoral. "As exciting as the Martiniere area results continue to be, the best news for our shareholders as we head into 2013 may be that these discoveries occupy less than 0.5% of our extensive land holdings along the Detour Gold Trend and that we are fully funded to continue aggressive expansion/exploration of the Martiniere discoveries and this outstanding land package through 2013."
Drill holes MDE-12-67, 68, 69 and 70 were collared from the same collar location at progressively steeper angles. All four holes tested the Bug Lake Zone. Holes MDE-12-67 and 68 tested for potential extensions of the Footwall Zone and holes MDE-12-68, 69 and 70 intersected the Hanging Wall Zone. Holes MDE-12-71a and 72 were collared to test the up-plunge projection of the Footwall Zone. Hole MDE-12-72, the steeper of the two holes, also intersected the western margin of the Bug Lake Zone immediately beneath overburden cover. Revised long-sections for each of the Footwall, Bug Lake and Hanging Wall Zones have now been posted on the Company's website at www.balmoralresources.com.