Balmoral Resources (TSX:BAR)
Market cap: $95 million
Cash estimate: $12.5 million
Country: Quebec, Canada
Ownership: 100 percent
Project status: Resource drilling
Balmoral Resources announced results from an additional 11 holes drilled on the Bug Lake trend on the Company's Martiniere project in northern Quebec. The road accessible Martiniere project is located adjacent to the Sunday Lake Deformation Zone, which is host to the 17 million ounce Detour Lake Mine 45 located kilometres to the east. Highlights from the Footwall zone returned 15.75 metres grading 9.30 g/t Au starting at a depth of 171 metres including 7.51 metres of 18.11 g/t Au. The interval is situated 12 metres vertically below the previously released (April 20, 2015) high-grade section of 44.45 metres grading 19.55 g/t Au which included 24.14 metres of 34.84 g/t Au. The overburden covered Martiniere project is host to at least four separate gold deposits along a 2,700 metre long corridor, all of which remain open including; the near surface Martiniere West zone, the original Central zone discovered by Cypress Canada in the 1990's, the Bug Lake Zone (including the Footwall zone) and the ME-16 zone. The 2015 drilling campaign has focused on expansion and delineation of the near surface potential of the Footwall zone within the Bug Lake Trend. The current drilling is focused on the near surface Footwall zone where the bulk of the mineralization occurs above the 150 metre level. 90% of the drilling to date on the overall Bug Lake Trend has occurred above the 250 metre level. The deepest hole to date returned 8.25 g/t Au over 14.53 starting at a depth of 400 metres. Nine additional holes from the winter drilling are pending assays. The Company is also exploring the recently discovered nickel bearing massive sulphides on the Grasset property approximately 60 kilometres to the east on the Sunday Lake Deformation Zone. Drilling to date has intersected wide zones of 57.8 metres grading 1.85% Ni, 0.21% Cu, 0.40 g/t Pt and 0.95 g/t Pd as well as high-grade massive sulphide intervals of 1.51 metres of 14.96% Ni, 0.74% Cu, 3.03 g/t Pt and 5.61 g/t Pd from Horizon 3.
Discovery hole: 2.5 metres @ 12.44 g/t Au. Balmoral purchased rights to a 100% interest in the project from American Bonanza in November 2010.
Current drilling: 15.75 metres @ 9.30 g/t Au including; 7.5 metres @ 18.11 g/t Au