Dec 15 2010
Balmoral Resources Ltd. (TSX VENTURE:BAR) announced today that it has entered into an initial 13,000 metre diamond drill contract and will begin drill testing of its high-grade Fenelon and Martiniere gold projects in central Quebec on or about January 10, 2011.
Drilling will be conducted out of the Company's Fenelon exploration camp.
"Balmoral will commence its initial drill program only two months after completion of its reactivation and we are very excited with the opportunities presented at Fenelon and Martiniere," said Darin Wagner, President and CEO of Balmoral Resources Ltd. "Fenelon provides the Company with an opportunity to rapidly expand one of the highest grade, shallow gold systems in Canada. The Martiniere Property, based on limited drilling, hosts a high-grade, shallow gold system which can be traced for over 800 metres and which remains open in all directions."
Fenelon Project, Quebec
Historic drilling on the high-grade Fenelon Discovery Zone has returned an average, uncut grade of 38.99 g/t gold (19.61 g/t cut). The Discovery Zone, which was the focus of pre-feasibility level studies and initial underground development between 2001-2004, has been only shallowly tested and remains open below the 100 metre vertical level.
The high grade gold-sulphide mineralization at Fenelon is hosted by a series of silicified shear zones which cut an ultramafic intrusion, a common host to gold mineralization throughout the Abitibi. The Fenelon deposit shares several similarities with the high-grade portion of the 20+ million ounce Detour Lake deposit, including its location proximal to the Sunday/Detour Lake Deformation Zone. The Fenelon Project extends along the Sunday/Detour Lake Deformation Zone for approximately 12 kilometres.
Initial drilling at Fenelon will focus on confirmation, in-fill and expansion of the Discovery Zone with a goal of providing a current resource estimate for the deposit during 2011. Additional testing will also target a 2007 discovery located along the same mineralized shear system, 600 metres northwest of the Discovery Zone, which returned 6.20 g/t gold over 3.00 metres. This discovery is open in all directions.
Martiniere Property, Quebec
The Martiniere Property is centred 22 kilometres west of the Fenelon Project, proximal to the Sunday/Detour Lake Deformation Zone. The Ultramafic Zone on the Martiniere Property is hosted within a sheared ultramafic intrusion, a setting similar to both the Fenelon and Detour Lake gold deposits. Shallow drilling has traced this gold bearing structure for 800 metres along strike returning a number of high-grade gold intercepts including 14.40 g/t gold over 4.20 metres, 5.91 g/t gold over 6.50 metres, 6.20 g/t gold over 4.10 metres and 12.40 g/t gold over 2.50 metres.
Initial drilling at Martiniere will focus on extending the high-grade gold mineralization within the Ultramafic Zone to depth and along strike as well as testing additional targets on the property.
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 visited the properties and reviewed the technical documents from the projects.