Balmoral Resources Discovers Precious Metal Rich Nickel Sulphide Zone at RUM
- Surface outcrop yields 0.54% nickel, 0.19% copper, and 1.62 g/t 3E (gold + platinum + palladium)
VANCOUVER, British Columbia, July 30, 2019 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) announces that it has discovered a new zone of nickel-copper-cobalt-gold-platinum-palladium mineralization during its first (and so far only) day of mapping and prospecting on its recently acquired RUM North Property in Central Quebec.
This new discovery – the Bluenose Zone - is characterized by a high 3E (gold + platinum + palladium) to nickel + copper ratio, with gold and PGE values significantly exceeding those of the nearby Lac Rocher nickel deposit. The mineralized samples (Table 1, below) were collected from outcrop within a previously undiscovered ultramafic intrusion on the RUM North Property. Balmoral has increased the size of the RUM North Property to cover potential extensions of this discovery.
Prior to the commencement of the current Area 52 drill program, Balmoral’s crews conducted a short, first-pass mapping and prospecting program on the RUM properties which the Company staked in 2018. The RUM Project is located in the Lac Rocher nickel district of Central Quebec (see Figure 1).
The field program was very successful. It identified 4 new ultramafic intrusions in outcrop on the properties as well as the Bluenose nickel sulphide zone. The latter was discovered using historic airborne geophysical coverage and Balmoral’s new geological model for the Lac Rocher district.
Two representative hand samples were collected from a small, low-lying outcrop on the southern part of the RUM North property (see Figure 2 and Photo 1). Both samples returned strongly elevated nickel, copper, cobalt, gold, platinum and palladium values, which are particularly significant given the relatively low sulphide contents observed in the hand samples (see Photo 2).
|% Ni||% Cu||% Co||g/t Au||g/t Pd||g/t Pt||% S||3E/Cu+Ni ratio|
As can be seen in Figure 3, the samples were collected within an ovoid shaped magnetic anomaly, which is now known to be an ultramafic (pyroxenite) intrusion. This pyroxenite intrusion appears to have been emplaced along a trend of conductive (sulphide bearing?) country rocks. There are significant conductivity responses on both the eastern and western edges of the magnetic high correlating to the newly discovered pyroxenite body, potentially indicative of massive sulphide development on either flank of the intrusion in areas of overburden cover.
Balmoral’s crews were also able to confirm the presence of a similar ultramafic intrusive body to the northeast in isolated outcrops which is associated with a larger magnetic anomaly. None of the airborne EM anomalies inspected by the crew across the project area occur in outcrop, likely as a consequence of selective erosion of sulphide-rich material during glaciation.
“The discovery of the Bluenose Zone at RUM North and its proximity to significant EM conductors is an exciting start to our exploration of the RUM project,” said Darin Wagner, President and CEO of Balmoral Resources. “This short program has not only confirmed our geological model for the Lac Rocher district with the discovery of precious metal rich nickel sulphide mineralization, but has also served to highlight the potential of this underexplored nickel sulphide camp”.
Upon completion of the current phase of drilling in Area 52 Balmoral’s exploration crew will return to the RUM North property to further evaluate this new discovery and determine what additional work is necessary prior to initial drill testing.
Mr. Michael Tucker (M.Sc., P.Geo. B.C., Ontario, Temp. Permit, Quebec), is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Tucker supervised the RUM field program, is currently supervising the Area 52 drill program and has 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 continuation of certain geological features, 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, appears to, potential, 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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