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Balmoral Resources Ltd

Balmoral Resources expands Horsefly gold discovery at Martiniere

The firm said gold mineralisation was hit over downhole widths of 4.17 to 52.82 metres, ..

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Highlight assays include 0.67 grams per ton (g/t) gold over an interval of 52.82 meters (m) and 1.32 g/t over 13.22m in one hole.

Gold firm Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) says drilling has expanded the  Horsefly zone on its Martiniere property in Quebec.

Martiniere hosts four known gold deposits - Bug North, Bug South, Bug Lower Steep and Martiniere West, along with a series of recent gold discoveries - one of which is Horsefly.

The firm said gold mineralisation was hit over downhole widths of 4.17 to 52.82 metres, at vertical depths of between 120 and 160 metres, within a visually distinct zone of brecciation and veining.

Highlight assays include 0.67 grams per ton (g/t) gold over an interval of 52.82 meters (m) and 1.32 g/t over 13.22m in one hole.

Also discovered was 1.15 g/t gold over 2.56m.

Results from a further 22 holes completed on the Martiniere property during the summer/fall program, including a series of holes testing the Bug South gold deposit and the recent Bug Northwest discovery, remain pending.

Meanwhile, at the Detour East property, results from 15 holes drilled during the summer/fall program have now been received.

The  firm hit several broad (20 to over 300 metres wide) zones of strong to intense shearing, veining and alteration along the projection of the Sunday Lake deformation zone and its environs but gold values were generally disappointing

But the firm said findings did suggest the unrecognized potential for nickel-copper-PGE (platinum group elements) deposits on the Detour East property, similar to the company's Grasset nickel-copper-cobalt-PGE deposit located 60 kilometres to the east.

Balmoral shares eased 4.17% in Toronto to C$0.46.

Quick facts: Balmoral Resources Ltd

Price: $0.23

Market: TSX
Market Cap: $33.98 m
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Balmoral Resources' Darin Wagner looking ahead to an 'exciting & busy...

Darin Wagner, chief executive and president at Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) tells Proactive they're continuing to see more good results from recent drilling at their Detour Gold trend project in Quebec. There the Bug South deposit has now been extended to a depth of...

on 07/19/2017

2 min read