Balmoral reports further expansion, new high grade discoveries within Afric Gold System, Northshore Property, Ontario
Wednesday, Jan 09, 2013
Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) today reported results from eight holes completed on the Company's Northshore Property in Ontario. The intercepts reported today expand the Afric Gold Zone along strike to the northeast and to depth. Results continue to point to the presence of several high-grade gold bearing structures within a very broad corridor of anomalous gold mineralization. Exploration on the Northshore Property is being funded and operated by GTA Resources and Mining Inc. ("GTA") under a previously announced option agreement between the companies.
Holes WB-12-32 and WB-12-33, the deepest holes ever drilled on the Northshore Property, undercut the Afric Zone at depth with both holes intersecting significant gold values. The intersection in WB-12-33 (1.37 g/t gold over 68.0 metres, including 12.16 g/t gold over 4.00 metres) represents one of the deepest gold intersections ever encountered on the property, at approximately 390 metres vertically below surface. Hole WB-12-33 was terminated within a zone of anomalous gold mineralization at 563 metres indicating that the Afric Zone remains open at depth.
Holes WB-12-29, WB-12-30 and WB-12-35 were drilled to further evaluate the northeast extension of the Afric Zone and all three holes encountered significant gold mineralization. WB-12-29 returned an intercept of 1.95 g/t gold over 44.50 metres (including 9.78 g/t over 5.00 metres) at approximately 200 metres vertically below surface and hole WB-12-35, the most northeasterly hole of the current program, intersected 1.06 g/t gold over 16.00 metres. These intercepts indicate that the system remains open for expansion to the northeast beyond the limits of current drilling.