VANCOUVER, B.C., April 25, 2019 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) has now received and reviewed the results from the fall 2018 detailed airborne geophysical survey of the RUM Nickel Properties in Central Quebec. Results are highlighted by several moderate to strong electromagnetic (“EM”) conductors associated with interpreted mafic/ultramafic intrusions of the Lac Rocher suite. The intrusions of the Lac Rocher suite are known to host high-grade nickel sulphide mineralization, including the nearby Lac Rocher nickel deposit. Massive nickel sulphide mineralization typically produces a distinct EM response which can range in strength depending on the nature, tenor, quantity and spatial orientation of the sulphide mineralization.
The pipe-like mafic/ultramafic intrusions of the Lac Rocher suite, in a Canadian context, share geological similarities with those in the Lynn Lake camp of Manitoba, home to the former producing Lynn Lake and EL Mines. The two principal deposits in the Lynn Lake camp produced approximately 22.2 million tonnes of nickel-copper ore at an average grade of 1.02% nickel and 0.54% copper and were foundation assets for Sherritt Gordon Mines Limited (now Sherritt International).
As in the Lynn Lake camp, nickel sulphide mineralization at Lac Rocher is associated with the marginal phases of relatively small, zoned mafic/ultramafic intrusions. The nickel/copper ratios are very similar for the deposits in both camps, as are the cobalt and PGE levels. Both regions are also characterized by elevated nickel tenors with massive sulphide intercepts locally exceeding 10% nickel at Lac Rocher (see NR18-13, Sept. 20, 2018).
Based on available public information, the Lac Rocher Ni-Cu deposit does not produce an airborne EM anomaly due to the limited quantity of high-grade massive sulphide mineralization within the deposit. Balmoral is therefore very encouraged to see a number of moderate to strong conductors located within, or along the margins of, the interpreted mafic/ultramafic intrusive bodies on the RUM properties. These have the potential to represent larger accumulations of massive nickel-bearing sulphide mineralization than observed at Lac Rocher. None of these conductive targets have ever been drill tested.
Ground follow-up – prospecting, mapping, geochemical and geophysical surveying – to the airborne survey will commence in the second quarter of 2019 with the goal of outlining drill targets for testing as soon as the third or fourth quarter. The Company will provide progress reports as exploration proceeds on the properties.
Located approximately 140 kilometres northeast of Matagami, Quebec (Figure 1), the RUM project features excellent infrastructure. It is road accessible from either Matagami or Chapais, Quebec on recently expanded logging road networks. Major regional powerlines cut directly through the project area.
On the RUM South Property a series of moderate to strong conductors extend for several hundred meters along the western and northern margins of a prominent magnetic feature, interpreted to be a mafic/ultramafic intrusion of the Lac Rocher suite (see Figure 2). Ultramafic rocks are mapped by the Quebec government proximal to this magnetic anomaly, outboard of the EM anomalies. Figure 3 shows the excellent correlation between the strong EM response and a secondary magnetic feature located on the northern margin of the main magnetic body. This coincident Mag/EM feature extends for approximately 600 metres. Analysis of the main magnetic anomaly suggests it may dip shallowly to the east-southeast, with the anomalous western and northern flanks therefore potentially exposing deeper levels.
A secondary target occurs along the western flank of a prominent southwest tail (conduit?) connected to the main magnetic body. Anomalous EM responses occurring along the tail for 400 to 500 metres are associated with discrete, secondary magnetic anomalies. Numerous other EM anomalies occur within the southern block, several of which are proximal to smaller magnetic features and are thus also priority targets for follow-up ground work.
On the Southeast Property numerous round to ovoid, pipe-like magnetic features are present which can be interpreted to represent either a larger composite intrusive body or multiple smaller intrusions (Figure 4). The largest of these magnetic features is similar in scale to the Lac Rocher intrusion and features a weak to moderate strength, flanking EM anomaly (Anomaly 1 – Figure 4), associated with an isolated magnetic high extending out from the main body. A strong, multiple source EM anomaly also flanks one of the smaller magnetic highs to the northeast (Anomaly 2 – Figure 4).
The strongest EM anomalies in the survey area trends north-northwest and extends for over 4,000 metres (Anomaly 3 - Figure 4). This anomaly appears to be in large part related to unmapped graphitic or sulphide bearing metasediments. However a 1,400 metre long, linear magnetic high occurs within this highly conductive package and shows excellent correlation with the strongest part of the EM anomaly. This may indicate a previously unrecognized iron formation or other exhalative unit on the property. Copper-zinc VMS mineralization is known to occur elsewhere in the region and to the Company’s knowledge RUM area has not been evaluated for similar deposits. As with the other EM anomalies outlined, this trend has never been drill tested.
On the Central Property the Company’s detailed airborne survey identified several discrete, pipe-like magnetic anomalies, three of which are associated with EM conductors (Figure 5). Of the four RUM properties, the Central is the most heavily overburden covered and future drill testing will likely be required to evaluate these anomalies.
The RUM North Property was covered by a similar airborne survey to the one completed by the Company in 2011 and thus was not re-flown. Analysis of the data from the 2011 survey indicates the presence of a prominent conductor proximal to a strong magnetic anomaly on the property. The central portion of this magnetic high, located approximately 1,000 metres from the conductor, was drill tested by a previous operator. Drilling confirmed the presence of a zoned ultramafic intrusion of the Lac Rocher suite as the source of the magnetic high. Thus the conductor located along the flank of this ultramafic intrusion is another priority target for follow-up and testing.
“We are very encouraged by the results of the airborne survey at RUM and in particular with the number of conductors identified within and proximal to the targeted magnetic bodies in what is dominantly a non-magnetic and non-conductive granitic terrane,” said Darin Wagner, President and CEO of Balmoral. “Given the excellent access to the area and relatively shallow overburden we believe we can very quickly evaluate the targets identified and, where warranted, move them to the drill testing stage”.
Mr. Darin Wagner (M.Sc.; P.Geo. B.C., Ontario, Res. Permit, Quebec), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner reviewed and approved of the technical information contained within 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 anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the potential for untested geophysical anomalies to be sourced by nickel-copper mineralization, and the potentially discoveries of mineralization on the properties are forward-looking statements. Forward-looking statements are typically identified by words such as: believes, may, could, 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 weather, equipment and staff availability; performance of third parties; timing of receipt of assay results from third party analytical facilities; risks related to the exploration stage of the Company’s projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company’s ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company’s ability to produce minerals from the properties successfully or profitably. 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 news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties.
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