Balmoral Resources Ltd. (TSX: BAR) released final results this morning from the 2012 drill program at its 100% owned Martinere Property. Martinere is located within the Abitibi Greenstone belt in Quebec, Canada.
The company announced just last week that it has commenced a 2013 drill program that will initially test high priority targets at Martinere.
Today’s results included the final 11 assay results from the highly successful 2012 campaign. Highlighted intercepts included 7.05 meters of 7.66 g/t gold in MDE-12-74 and 8.90 meters of 11.74 g/t gold, including 1.16 meter of 58.80 g/t gold, in DE-12-83.
Commented Balmoral President and CEO Darin Wagner: “Today's results continue to demonstrate the continuity and growth potential of the multiple zones in the Bug Lake area of the Martiniere Property and they set the stage for an exciting 2013 drill campaign.”
Under the leadership of Mr. Wagner, Balmoral is forging ahead with a strategy similar to his last position at West Timmins Mining Inc. West Timmins was acquired by Lake Shore Gold (TSX: LSG) in a $424 million buyout deal after Wagner’s team discovered the Thunder Creek Gold Zone located adjacent to Lake Shore’s operating Timmins West Mine.
Similarly, Balmoral is exploring a land package located directly east of Detour Gold’s (TSX: DGC) 16 million ounce Detour Lake Gold Mine, which is slated to commence production within the next few months.
Balmoral continues to conduct drill heavy exploration with Wagner’s goal again focused proving up and becoming a buyout target.
Thus far the strategy has treated shareholders well- shares of Balmoral are up 15% over the last 52-week period. The company is well financed with over $15 million in treasury and has commenced a heavy 2013 drill program that could lead to another solid year of gains while the Venture Index continues to stumble along.