Balmoral Announces Resumption of Drilling on Northshore Property, Ontario
VANCOUVER, BC — Balmoral Resources Ltd. (“Balmoral” or the “Company”) CA:BAR -3.19% (otcqx:BALMF) has been advised by GTA Resources and Mining Inc. (“GTA”) that drilling has resumed on the Company’s Northshore Property located in the Hemlo-Schreiber greenstone belt of Northwestern Ontario. The current drill program will follow-up on the encouraging results from the fall 2011 program which were announced on February 14, 2012 (NR12-03). The fall 2011 program intersected a broad zone of gold mineralization – the Afric Zone – which returned capped intercepts of 150.00 metres grading 0.99 g/t gold, 159.00 metres grading 1.05 g/t gold and 149.50 metres grading 1.20 g/t gold from holes WB-11-07, WB-11-09 and WB-11-11 respectively. All of these holes collared and ended within the gold mineralized system. See NR12-03 for additional information on intercepts and capping parameters.
In addition to expanding on the broader gold mineralized system at Northshore, the current program will also target extensions to the high-grade Audney and Caly vein systems, as well as testing other high-grade gold-bearing vein networks on the property. The Audney vein system returned a number of high-grade intercepts including 13.23 g/t gold over 6.50 metres (Hole WB-11-01, 28.50 to 35.00 metres) during testing in late 2011 (see NR12-03 as above). The Caly vein system similarly returned multiple high-grade gold-bearing intercepts including 12.49 g/t gold over 33.20 metres (WB-11-11 2.80 – 36.00 metres). The two vein systems are located approximately 70 metres apart.
GTA has indicated that drilling has commenced and is anticipated to continue through mid to late May, with a brief hiatus anticipated to allow the property to dry out during spring break-up.
The Northshore Property is located immediately south of the town of Schreiber, Ontario and is road accessible from the Trans-Canada Highway. The property hosts a number of known zones of gold mineralization including the former producing North Shore Mine and the Afric Gold Zone. Located in the Hemlo-Schreiber greenstone belt, approximately 70 kilometres west of the Hemlo gold deposit, the structurally controlled, intrusive-hosted gold mineralization on the Northshore Property shares certain similarities with gold deposits in the Kirkland Lake and West Timmins camps in Eastern Ontario.
Under the terms of an Option Agreement, GTA may earn an initial 51% interest in the Northshore Property by making cash payments to Balmoral of $50,000, issuing to Balmoral 2,500,000 common shares of GTA and incurring a minimum of $2,500,000 in eligible exploration expenditures on the property over a three year period from receipt of regulatory approval. Balmoral currently controls approximately 6.9% of the issued and outstanding common shares of GTA.
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner has examined samples collected from the Northshore Property, examined the drill core and QC data from the fall 2011 drill program noted above, visited the property and reviewed the analytical results provided to the Company by GTA.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in North America. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
