Gold explorer Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) told investors it had started a first exploration program on its Hwy 810 property in Quebec.
The property, which was acquired by staking over the last two years, covers more than 250 sq km and is centred 15km northeast of Hecla Mining's multimillion-ounce Casa Berardi gold mine and 35km south of Balmoral's Martiniere gold property.
Martiniere is just one of several large, prospective properties in the firm's 1,000 sq km Detour Gold trend project.
At Hwy, Balmoral has commenced a minimum 120 line km induced polarization (IP) program targeting three areas of this district-scale land package.
These IP results will be included into the selection of targets for initial drill testing.
Like at Martiniere, historic exploration at Hwy 810 appears to have mainly focused on the base metal potential of the area, with only minor effort directed towards structurally controlled gold deposits similar to those at Detour, Casa Berardi and Martiniere.
"It is always exciting for us, and Balmoral's shareholders, to begin the exploration of a new, large scale property package in such a mineral rich region," said Darin Wagner, president and chief executive officer of Balmoral Resources.
"With logistical support from our nearby activities we will look to quickly move selected areas of the Hwy 810 property to the drill testing stage.
Meanwhile, at Martiniere, the camp has been opened in preparation for winter geophysics and drilling, the company said.
The board has approved a winter 2018 exploration budget of US$2mln, which is fully financed from cash on hand, the firm added.
Shares lost 1.10% to stand at C$0.45.