Balmoral Resources Now Controls Entire Grasset Complex, Abitibi
The company already owned most of the property covering the extent of the Grasset Ultramafic Complex, and with the three Jeremie properties acquired today, Balmoral has secured the remaining 2.3 kilometers of its projected strike length. If there is any further nickel mineralization in the area, Balmoral will be the one to find it.
Balmoral Resources (TSX:BAR) has drawn plenty of positive attention from the mining community lately, and it's easy to see why. With the acquisition of three properties today, the company has secured the last 2.3 kilometers of the projected strike extent of the Grasset Ultramafic Complex in Quebec's Abitibi region. Grasset is the site of Balmoral's recent high-grade nickel discovery, and the company wanted to make sure it got every slice of the proverbial pie. Headed by seasoned exploration geologist Darin Wagner — and much of the same management team that led West Timmins Mining when it was acquired by Lake Shore Gold (TSX:LSG) in 2009 — the Canadian exploration and development company has a substantial portfolio of both early and advanced exploration projects in the Abitibi region. Balmoral is working hard on its Martiniere and Grasset advanced-stage projects, actively drilling at both sites in order to further delineate its gold and base metals deposits. Today, the company completed the purchase of the Jeremie (ABE), 5 and 8 properties to ensure that it owns the entirety of the Grasset Ultramafic Complex. As Wagner told Nickel Investing News, "there's about a 2.3-kilometer swath at that northern end of the host intrusion that we didn't own, and this ties that up. So now we have the whole thing, and we have the whole thing 100 percent to Balmoral's credit." Strategic purchase Investors may be wondering why Balmoral was so keen to secure the entire formation, but Wagner explained that the reasoning behind the transaction was fairly straightforward. "I think we just wanted to make sure that it's us who finds it if there's additional mineralization similar to the nickel mineralization elsewhere along that trend," he said.