High-Grade / Regional-Scale / Multiple Discoveries / Tier-One Jurisdiction
Balmoral Resources (TSX: BAR) (OTCQX: BALMF) is a well-funded Canadian explorer advancing precious and base metal assets along their Detour Trend Project in west-central Quebec. The Company is led by an award-winning exploration and management team who were named Quebec ‘Explorer of the Year’ two out of the last four years, and previously operated West Timmins Mining, which was acquired by Lake Shore Gold for $424 million in 2009 following the team’s Thunder Creek gold discovery in Timmins, Ontario. This successful team has reunited and set their sights on exploring the prolific Abitibi greenstone belt in Quebec, where high-grade gold deposits and M&A activity are the name of the game.
- Experienced, award winning exploration team
- One of the world's preeminent high-grade gold mining districts
- Aggressive, drill-focused exploration style
- High grade Canadian gold and base metal assets
- Proven formula of maximizing shareholder value
The Abitibi Greenstone Belt
Balmoral builds shareholder value through the drill bit. Since inception, the company has had annual exploration budgets ranging from $5-10 million, making them easily one of the most active junior mining companies in the sector.
Exploration efforts are focused on the northern most portion of the Abitibi greenstone belt, which is host to the second-largest accumulation of high-grade gold deposits on earth.
Balmoral’s Detour Trend Project is a regional-scale land package that covers over 700 square kilometers, including 110 kilometers of the highly prospective Sunday Lake and Lower Detour deformation zones, which hosts Detour Gold Corp's (TSX: DGC) massive (>15 million ounce) Detour Lake gold mine and lies off the west border of Balmoral’s property package. Hecla Mining’s (NYSE: HL) Casa Berardi mine lies less than 50 kilometers south.
The Company’s key assets include the Martiniere gold system in the western portion of their property package, and the Grasset nickel-copper-PGE deposit in the east. Both are high-grade, near-surface deposits that could prove to be highly attractive to majors looking to replenish reserves and supplement grade.
Regional-Scale Overview of Detour Trend Gold Project
Martiniere Gold System
The Martiniere gold system is the company’s current focus and features a number of high-grade gold deposits and gold-bearing structural zones immediately proximal to the Sunday Lake Deformation zone to the south.
To date Balmoral has defined the Martiniere West, Bug North, and Bug South gold deposits, which are currently the focus of intensive resource delineation drilling and remain open to depth and along strike. In addition, the Bug SE, ME 16, Bug Lower Steep, West Extension and other zones are the current focus of extensive exploration drilling to potentially define additional gold deposits in the overall Martiniere system.
Grassroots exploration for additional gold deposits along the Detour Trend project also continues, with drill programs expected on the Detour East and Finger Lake projects as part of the winter 2016 program.
Recent diamond drill assay results have included:
- 12.56 metres of 14.08 g/t gold in MDE-16-205 starting 192 metres from surface
- 44.79 metres of 1.18 g/t gold in MDE-16-210 starting 88 metres from surface
- 115 metres of 1.40 g/t gold in MDE-16-218 starting 74 metres from surface
- 48 metres of 1.15 g/t gold in MDE-16-207 starting 112 metres from surface
- 78.17 metres of 1.65 g/t gold, including 17 metres of 4.5 g/t gold, in MDE-16-242 starting 162 metres from surface
- NEW ZONE: 5.8 metres of 10.51 g/t gold in BLD-16-03 within a broader 18.06 metre zone located at vertical depths of only 45 and 110 metres
Grasset Ni-Cu-PGE Deposit
The Company’s aggressive exploration has also led to the discovery of a high-grade polymetallic base metal deposit. Balmoral has reported an initial N.I. 43-101 compliant mineral resource for the Grasset Deposit that outlines 3.5 million tonnes grading 1.79% nickel equivalent (NiEq) using a 1% NiEq cutoff. The deposit balloons to over 10 million tonnes containing over 220 million pounds of NiEq when the cutoff grade is dropped to 0.5% NiEq.
The deposit extends for 500 metres along strike and offers significant opportunity for expansion to depth, with the last drill hole completed returning one of the best intersections to date of 7.5m of 10.5% nickel at the ~550m vertical level.
Preliminary metallurgical testing from Grasset returned nickel recoveries of over 87% utilizing a simple and conventional flowsheet, generating a nickel concentrate of 13.6% with no significant quantities of penalty elements and non-acid generating tailings.
Darin Wagner / President / CEO / Director
Mr. Wagner is a Professional Geologist with 25 years of exploration and corporate development experience. He spent the first 10 years of his career with two of Canada’s largest and most successful exploration and mining companies- Noranda (now Glencore) and Cominco (now Teck) as a project geologist and manager in North and South America. Mr. Wagner and the Balmoral team have been twice recognized as Explorers of the Year in Quebec for Balmoral’s Martiniere Gold and Grasset Nickel discoveries. He and the team at Platinum Group Metals were awarded the NWOPA Explorer of the Year Award in 2004 for the Seagull Pt-Pd discovery near Thunder Bay, Ontario. In addition to his duties with Balmoral, Mr. Wagner currently serves on the Board of Directors of Palamina Corp., was a co-founder Falco Resources, and a founding director of NewCastle Gold.
Lawrence W. Talbot / Director
Mr. Talbot is a mining lawyer with over 23 years experience representing a wide range of clients in the mining industry, from individual prospectors and junior and mid-size explorers and producers through to major mining companies, in both the hard-rock and industrial mineral fields. He has extensive experience acting for public natural resource companies and providing advice on all aspects of their businesses, including corporate finance, securities and regulatory matters, corporate governance and shareholder issues, and all aspects of corporate acquisitions, takeovers, divestitures and reorganizations.
Graeme Currie / Director
Mr. Currie most recently served as Director, Investment Banking at Canaccord Genuity Limited where he concentrated specifically on the junior mining sector. He retired from Canaccord in August 2012. Prior to his role in investment banking Mr. Currie was with Canaccord as a Senior Mining Analyst for over 22 years, focusing specifically on the junior mining sector. Mr. Currie brings to the Board over three decades of experience evaluating junior exploration and development companies worldwide and extensive knowledge of the capital markets as they relate to the mineral exploration and development industry.
Daniel MacInnis / Lead Director
Mr. MacInnis recently retired as the President and CEO of TSX-listed MAG Silver Corp. During his tenure at MAG, he directed the financing of over $140 million dollars, and led one of the silver sector’s most successful explorers through the discovery of the high-grade Juanicipio/Valdecanas silver veins and the Upper Manto and Pegaso silver, lead and zinc mantos at Cinco de Mayo in Mexico. Mr. MacInnis has forty years’ experience in mineral exploration worldwide. He has managed and directed multi-million dollar exploration programs for MAG Silver, Noranda Exploration, Battle Mountain Gold/Hemlo Gold, and Sargold Resources. Mr. MacInnis has extensive global experience in property acquisitions and joint venture, management and operation. A significant number of mineral discoveries have been made under his guidance, including gold and base metal deposits in the US, Canada and Mexico. Mr. MacInnis is a Registered Professional Geoscientist (P.Geo) and is a graduate of Saint Francis Xavier University with a BSc. in Geology.
Bryan Disher / Director
Bryan Disher (CPA,CA) spent 38 years with PricewaterhouseCoopers in Canada, Australia and Ukraine. He was admitted to partnership in PwC Canada in 1991 and from 2011 until his retirement in June 2015 was a partner with PwC Central and Eastern Europe, where he served as both Managing Partner of its 400+ person Ukrainian practice and leader of its Ukrainian audit and assurance group. Bryan worked in PwC’s Mining and Metals practice in Canada and Ukraine, serving both privately held and Canadian and US listed companies. He has assisted companies with initial public offerings and secondary offerings in both Canada and the US, going private transactions, acquisitions, audit, financial reporting and regulatory compliance and filings. Bryan was elected to PwC Canada’s Partnership Board in 2001 and his 8 years on the Board included a term as Chair of the Board. He was elected to the board of directors of the American Chamber of Commerce in Ukraine, where he served as Chair and Vice-Chair, and also served on a number of not-for-profit boards in Canada.
Peggy Wu / CFO
Ms. Wu has served as an advisor to the Company on financial matters since 2011. She is a Chartered Professional Accountant with strong working knowledge of International Financial Reporting Standards, Canadian and US Generally Accepted Accounting Principles and public company reporting requirements. She is currently the CFO for Indico Resources Ltd. and Corvus Gold Inc. Ms. Wu’s previous experience includes acting as Financial Reporting Specialist for a number of resource based companies including Balmoral. As well, she served as Supervisor at Smythe Ratcliffe LLP, Chartered Accountants from 2007 to 2010, where she oversaw all aspects of financial reporting for several publicly traded companies.
Richard Mann / Vice President of Exploration
Mr. Mann has over 16 years experience in the mineral exploration industry and has served with Balmoral Resources as V.P. Exploration and Exploration Manager since initiation of Quebec exploration in early 2011. Prior to his work at Balmoral he held positions for Barrick Gold Corporation, where he led exploration efforts on and around the world-class Porgera gold deposit in Papua New Guinea. He has also held exploration positions in Canada with Cominco Ltd. and the Hope Bay/Miramar joint venture. During his career Mr. Mann has gained extensive experience exploring for a wide range of base and precious metal mineral deposit styles in active mine to extremely remote grassroots environments. Mr. Mann is responsible for day to day management of Balmoral’s exploration programs and is part of Balmoral’s project evaluations team.
John Foulkes / Vice President of Corporate Development
Mr. Foulkes has over 20 years of experience as both a successful explorer and manager of corporate development and investor relations programs for Canadian and US public companies. During this time he has helped raise over $120M for mineral exploration and development projects around the world. Mr. Foulkes’ most recent corporate activities included managing the corporate development and investor relations programs of Candente Copper, Platinum Group Metals, and MAG Silver. He also served as the Manager of Corporate Development, and was actively involved in the investor relations programs for West Timmins Mining prior to their 2009 acquisition by Lakeshore Gold. Before his corporate roles, Mr. Foulkes had a notable seven year career in mineral exploration, including leading the teams that discovered the Jericho and Gahcho Kué diamond mines in the Canadian Arctic. He holds Bachelor degrees in Geology and Education from the University of British Columbia.
Contact: John Foulkes
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