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
Risks AnalysisData contained in DRILL TRACKER WEEKLY is based on early stage exploration activity. The results are obtained at the very early stages of exploration and therefore, individual results may not be reproducible with additional trenching or drilling, nor may the results ultimately lead to the discovery of an economic deposit. Delineation of a resource body requires an extensive data gathering exercise according to guidelines set out in National Instrument 43-101 before investors can be reliably assured of a competent body of mineralization that may be of economic interest. DRILL TRACKER WEEKLY is designed to highlight individual trench or drill results, which stand out as being materially anomalous and are particularly worth of note - a type of early warning flag for a particular property that warrants further attention. Hence, DRILL TRACKER WEEKLY does not provide a recommendation to buy, sell or hold a specific equity - it is an information reference source to help quantify the meaning and relevance of early stage exploration results. Relevant Disclosures Applicable to: Drill Tracker Weekly 1. The research analyst or a member of the research analyst's household owns and/or has options to acquire shares of the subject issuer. At the date of this release the author, Wayne Hewgill, owns shares in the following company: Balmoral Resources Ltd. (TSX.BAR). Analyst Certification I, Wayne Hewgill certify that the information in this report is sourced through public documents that are believed to be reliable but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report. This report makes no recommendations to buy, sell or hold. Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.