Drill Tracker Weekly: Balmoral Confirms Long Intervals with Metallurgical Hole at Grasset

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Drill Tracker Weekly is not exclusive to Resource Investing News and is published with permission from Mackie Research Capital Corporation. It highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.

Balmoral Resources (TSX:BAR)

Price: $0.91

Market cap: $104 million

Cash estimate: $11 million

Project: Grasset

Country: Quebec, Canada

Ownership: 100 percent

Resources: N/A

Project status: Resource Definition

balmoral Balmoral Resources Ltd. announced results from the final holes of the 2015 winter drilling program on its 100% owned Grasset nickel project in Quebec. The drilling included assay results from a hole drilled into an area of known mineralization to obtain a metallurgical sample. The Grasset project is located 55 kilometres from the railhead at Matagami and 25 kilometres from an existing hydro grid. Highlights from the metallurgical hole include 91.11 metres grading 1.10% Ni, 0.13% Cu, 0.24 g/t Pt, 0.61 g/t Pd and 0.17 g/t Au including a high-grade interval of 17.10 metres of 2.77% Ni, 0.38% Cu, 0.69 g/t Pt, 1.76 g/t Pd and 0.81 g/t Au. The hole was drilled 10 metres below a previously released hole (GR-14-33) which returned comparable results. Recently announced (May 26, 2015) regional exploration drilling along the relatively underexplored 16 km long Grasset ultramafic trend intersected a lower grade but interesting interval of 7.67 metres grading 0.36% Ni and 0.04% Cu, as well as sniffs of VMS mineralization and a high-grade gold hit of 0.76 metres of 216 g/t Au. The nickel mineralization is situated 3.3 and 4.6 kilometres to the northwest of the main high-grade Horizon 3. It should be remembered that the discovery hole at Grasset that lead to the discovery of the H3 Horizon in 2014 (GR-14-16) returned comparable values of 16 metres grading 0.55% Ni, 0.06% Cu, 0.10 g/t Pt and 0.23 g/t Pd. Based on the drilling to date, the Company believes that there are at least three sub-parallel mineralized horizons extending over 900 metres of strike with the zone remaining open along strike to the northwest as well as to depth. The H3 Horizon is the most significant zone with wide zones of high-grade nickel sulphide over 480 metres of strike. The 2015 summer budget stands at $3.0-3.5 million and will focus on the resource delineation in the H3 Horizon, as well as following up on the new discoveries to the northwest.

balmoral2

Discovery Hole ( 2014): 16 meters at 0.55 percent nickel, 0.06 percent copper, 0.10 g/t Pt, 0.23 g/t Pd

Current Holes: 91.11 meters at 1.01 percent nickel, 0.13 percent copper, 0.24 g/t Pt, 0.61 g/t Pd, 0.17 g/t gold

Risks Analysis

Data 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 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 companies: Fission Uranium Corp. (TSX.FCU), Balmoral Resources Ltd. (TSX.BAR) Balmoral Resources Ltd. is currently covered at Mackie Research Capital Corp. by analyst Peter Campbell

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.

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