Jul 17 2013
Balmoral Resources Ltd. ("Balmoral" or the "Company") today reported that it has acquired a 100% interest, by staking, in a new property asset located proximal to the Company's existing N2 property and the now producing Vezza gold deposit in Central Quebec.
The new N1 Property is located 10 kilometres west of the N2 Property and 9 km west of the Vezza gold deposit along the projection of the horizon hosting the South Gold Zone on the N2 Property. The N1 Property straddles the southern boundary of the Casa Berardi deformation zone which hosts the operating Casa Berardi and Vezza gold deposits to the west and east respectively. Acquisition costs for the property were $325.
"The N1 acquisition represents a very low cost, prospective acquisition located along a major gold bearing structure in the Abitibi," said Darin Wagner, President and CEO of Balmoral. "The new property shares logistical synergies with our N2 property which is located adjacent to Quebec's newest gold mine."
Accessible from regional highway 109, and located between the Vezza gold deposit and the Sleeping Giant mill complex, the N1 Property has a very limited exploration history with available assessment records indicating the presence of only three drill holes on/near the property. A map showing the location of the new property is available at www.balmoralresources.com.
Exploration Update
On the Company's Detour Gold Trend Project, located approximately 100 kilometres northwest of the N1-N2 area, line cutting has been completed on the Martiniere grid expansions and geophysical surveying is now underway. Drilling is anticipated to resume within the next 2-3 weeks, once the first portion of the Bug Lake area geophysical survey has been completed. Drilling will initially target expansions to the high-grade Hanging Wall, Footwall and Bug Lake Gold Zones.
In addition to a major expansion of the Martiniere geophysical grid, specific targets on the Doigt, Harri and Grasset properties will also see geophysical coverage during the summer program prior to first pass, or follow-up, drill testing. On-going geochemical sampling is targeting portions of these same properties, as well as the large Detour East Property, as Balmoral continues its target generation program across the wholly owned, 600+ square kilometre Detour Gold Trend Project.
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.
About Balmoral Resources Ltd.
Balmoral is a Canadian-based precious metal exploration and development company focused on high-grade gold discoveries along the Detour Gold Trend in Quebec, Canada. 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 and definition of high-grade, Canadian gold assets.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO