Balmoral Resources Intersects 92.57 Metres @ 0.77% Nickel, Including 53.50 Metres @ 1.11% Nickel - Expands Grasset Ni-Cu-Co-PGE Deposit
• EXTENDS H1 ZONE OF DEPOSIT TO 775 METRES VERTICAL DEPTH
VANCOUVER, British Columbia, Feb. 06, 2019 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) announced that the Company’s first expansion drilling on the Grasset nickel-copper-cobalt-PGE deposit since 2015 has both expanded the H3 Zone of the deposit with broad mineralized intercepts and successfully intersected the lower H1 Zone of the deposit at a vertical depth of approximately 775 metres. This latter intercept adds over 230 metres to the known vertical extent of high-grade and disseminated nickel sulphide mineralization at Grasset. The late 2018 drill program also extended both zones of the deposit by approximately 100 metres to the northwest (see Figure 1). The deposit continues to remain open to depth and along strike to the northwest.
Drilling expanded the known extent of one of the broadest portions of the deposit, located near the base of the currently delineated resource. The high grade core of the Grasset deposit currently hosts an Indicated Resource estimated at 3.45 million tonnes grading 1.56% nickel, 0.17% copper, 0.03% cobalt, 0.34 g/t platinum and 0.85 g/t palladium to a vertical depth of just under 500 metres (see full disclosure regarding this resource estimate in NR16-04, March 7, 2016).
Drill holes GR-18-90D and GR-18-107 both returned nickel sulphide mineralized intercepts of over 90 metres in down-hole width (see Figure 2, table below and updated cross-sections at www.balmoralresources.com). Both holes contain a high grade core which returned 23.03 metres grading 1.08% nickel, 0.12% copper, 0.03% cobalt, 0.20 g/t platinum and 0.51 g/t palladium in hole 90D, and 53.50 metres grading 1.11% nickel, 0.12% copper, 0.03% cobalt, 0.22 g/t platinum** and 0.55 g/t palladium** in hole 107.
Additional drilling to further expand the H3 and H1 Zones of the deposit, via wedging from a pilot hole completed during this program (see below), is planned to commence later in the first quarter.
|GR-18-104||052||-53||Lost in Overburden|
|GR-18-106||049||-53||Lost in Overburden|
* Reported drill intercepts are down-hole widths, not true widths. At this time there is insufficient data with respect to the shape of the mineralized zones for the majority of the intercepts to calculate true width orientations in space. Where a greater density of data is available true widths are estimated to range between 70 and 82% of reported widths.
** Pt and Pd analysis for sub-intervals 454.12-460.48 and 514.00-546.69 metres in hole GR-18-107 remain pending. These intervals have been assigned zero values in calculating the values reported above. Thus Pt and Pd values reported are anticipated to increase once PGE analysis are available.
Drill hole GR-18-102A, the pilot hole for planned expansion drilling of the H3 Zone of the deposit between 500 and 700 metres vertical depth, successfully intersected the lower, H1 Zone of the Grasset deposit within less than 25 metres of its predicted location. This intercept is over 375 metres deeper than any previous intercepts of the H1 Zone and 230 metres deeper than any previous intercept of the deposit. The lower margin of the host ultramafic unit, and the H1 Zone located along this lower contact, continue without significant interruption to at least 775 vertical metres (see Figure 3). The H1 intercept in Hole 102A returned a high-grade intercept of 2.76% nickel, 0.15% copper, 0.05% cobalt, 0.40 g/t platinum and 0.98 g/t palladium over 0.51 metres at the base of a broader 17.79 metre wide nickel sulphide zone (see Table 1 above).
Hole 102A intersected a broad quartz porphyry unit along the projection of the H3 Zone, which is typically weakly developed along its southeastern margin at depth. A narrow nickel sulphide intercept along the lower contact of the dyke indicates that the H3 Zone is present at a vertical depth of 620 metres, but disrupted by the dyke in this hole.
Both the H1 and H3 Zones were also intersected in hole GR-18-105, the most northwesterly hole to test the deposit to date. Hole 105 returned a 3.10 metre intercept with grades almost identical to the current resource grade of the deposit from the H1 Zone, indicating potential to further expand the high-grade portion of the deposit to the northwest. The H1 Zone of the Grasset deposit has now been intersected for 1,140 metres along strike and from the bedrock surface to a vertical depth of 775 metres, while the broader H3 Zone has now been intersected for 700 metres along strike and to a vertical depth of approximately 620 metres (see Figure 1). Both zones of the deposit remain open along strike to the northwest and to depth.
- Drilling has expanded the Grasset deposit by as much as 230 metres vertically to a depth of 775 metres, and by 100 metres along strike to over 1,100 metres with the deposit remaining open in both directions.
- Broad intercepts of nickel-copper-cobalt-PGE bearing sulphides continue to expand the core of the deposit near the base of the currently delineated resource where it remains open
- The H1 Zone of the deposit exhibits no significant disruption to the deepest level tested (775 vertical metres) and shows increased grade and thickness to the northwest, enhancing the potential for resource growth
- The pilot hole for deep testing of the H3 Zone has been completed and drilling is currently anticipated to resume later in the first quarter
Mr. Michael Tucker (P. Geo. B.C., Ont. and Temporary Permit, Que.), Project Geologist for the Company, is the non-independent qualified person for the technical disclosure concerning the Grasset property in this release. Mr. Tucker supervised the fall 2018 drill program described herein and has worked on the Grasset and Fenelon properties since 2014. Mr. Darin Wagner (P.Geo. B.C., Ont. and Restricted Permit, Que.), President and CEO of the Company, is the non-independent qualified person for the balance of the technical disclosure contained in this news release. Mr. Wagner has supervised the Company’s exploration activities since inception. Both individuals have reviewed the technical content of this release.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a multi-award winning Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The Company’s flagship, 1,000 km2 Detour Gold Trend Project hosts the resource stage Bug and Martiniere West gold deposits and the Grasset nickel-copper-cobalt-PGE deposit. Employing an aggressive, drill focused exploration style in one of the world’s preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade, Canadian gold and base metal assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
President and CEO
For further information contact:
John Foulkes, Vice-President, Corporate Development
Tel: +1 (604) 638-5815 / Toll Free: +1 (877) 838-3664
This press release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the nature and potential of certain zones of mineralization, the anticipated results from outstanding assays, and anticipated results and timing of the Company’s exploration programs in general are forward-looking statements. Forward-looking statements are typically identified by words such as: believes, expects, anticipates, intends, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company’s expectations include those related to the mineral tenor of mineralization intersected on the properties, the success or failure of the geophysical contractors to survey individual drill holes and interpret the results from the surveys, factors relating to weather, staffing and costs which may be beyond the control of the Company, metal prices and economic considerations related to mining and exploration, access to financing to continue the Company’s exploration activities and the financial stability of the other companies mentioned and the market fluctuations in prices for securities of exploration and mining stage companies. Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company’s mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.