Drill Tracker Weekly: Balmoral Closes Off 2015 Winter Drilling With Bug Lake Results


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: $0.75

Market cap: $82 million

Cash estimate: $12.5 million

Project: Martiniere

Country: Quebec, Canada

Ownership: 100 percent

Resources: N/A

Project status: Resource drilling

graph Balmoral Resources announced the final results from an additional 11 holes drilled on the Bug Lake trend on the Company's Martiniere project in northern Quebec. Highlights from the Lower Bug Lake Zone returned 38.19 meters grading 4.16 g/t Au starting at a depth of 74.23 meters including 5.10 meters of 25.05 g/t Au and an uncut 0.85 meter interval of 137.0 g/t Au. Drilling in the Footwall B intersected 9.00 metres grading 17.71 g/t Au. True width is not determined. The project is host to at least four separate gold deposits along a 2,700 meter long corridor, all of which remain open including; the Hangingwall, Upper Bug Lake, Lower Bug Lake and the Footwall Zones two or more of which may be intersected in each hole. As is typical in shear hosted gold deposits, the grade and thickness of each zone is variable as the zones pinch and swell along strike and down plunge. The current drilling is focused on the near surface Footwall zone where the bulk of the mineralization occurs above the 150 meter level. 90 percent of the drilling to date on the overall Bug Lake Trend has occurred above the 250 meter level. The winter drill program tightened up the drill spacing to 25 meters across the four zones to facilitate a well constrained resource estimate. The four subparallel mineralized zones occur across a 100 to 175 meter mineralized corridor with a minimum strike length of 1,200 meters. The core of the 2015 drilling focused on a 300 meter long by 150 to 200 meter panel through the central portion of the deposit. The drilling density should be sufficient to estimate a well-defined initial resource estimate that may be expanded incrementally with subsequent drilling. The zone remains open along strike to the south-southeast as well as to depth. The deepest hole to date returned 8.25 g/t gold over 14.53 starting at a depth of 400 meters.


Discovery History (Cyprus Canada -1997): 2.5 meters at 12.44 g/t gold

Balmoral purchased rights to a 100 percent interest in the project from American Bonanza in November 2010

Current holes: 38.19 meters at 4.16 g/t gold including 5.10 meters at 25.05 g/t gold


Risk 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 company: Balmoral Resources Ltd. (TSX.BAR). Balmoral Resources (TSX.BAR) 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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