Balmoral Resources Intersects 10.62 Metres Grading 4.52 g/t Gold, Including 2.14 Metres Grading 17.58 g/t Gold, as Bug South Gold Deposit Continues to Expand to Depth

VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX:BAR) (OTCQX:BALMF) today reported the successful expansion of the Bug South gold deposit on its flagship Martiniere Property in Quebec. Drill results were highlighted by an intercept of 10.62 metres grading 4.52 g/t gold, which included 2.14 metres grading 17.58 g/t gold from the Lower Zone, one of the two primary zones which comprise the Bug South deposit. The Bug South and other nearby gold deposits located along the Bug Gold Trend remain open for expansion to depth and will continue to be the focus of the planned winter 2018 drill program.

Balmoral’s wholly owned Martiniere Property is located along the Detour Gold Trend 45 kilometres east of the Detour Lake Gold Mine and 45 kilometres north of the Casa Berardi Gold Mine in west-central Quebec. The Property hosts four known gold deposits (Bug North, Bug South, Bug Lower Steep and Martiniere West; see Figure 1), which are currently in delineation. The Property also features a series of recent, shallow gold discoveries which, like the recently discovered NW Zone (see below), continue to provide evidence for a large, robust gold system on the Property.

Holes MDE-17-300, 308 and 309 successfully extended the Bug South gold deposit to a vertical depth of over 400 metres, below which it remains open for further expansion (see Figure 2 and Figure 3). Each of these holes sits outside the current deposit outline with MDE-17-308 representing one of the strongest Lower Zone intercepts to date within the Bug South deposit.

* Reported drill intercepts are not true widths. At this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space. All values presented uncapped.

Hole MDE-17-309A intersected a previously unknown zone of gold-copper mineralization at shallow depths. The 4.33 metres interval starting at a down-hole depth of 168.12 metres returned 1.01 g/t gold and 0.19% copper within a zone of semi-massive sulphide mineralization.

Drilling also tested the down-plunge extent of the Bug North gold deposit intersecting a broad mineralized interval of 70.82 metres grading 0.54 g/t gold in hole MDE-17-307.

West Contact Gold Discovery

Hole MDE-17-307 also intersected the emerging West Contact Gold Zone. This new Zone, which was first identified earlier in 2017, is located approximately 100 metres to the west of the Bug Gold Trend and occurs at the contact between the West Gabbro and overlying sedimentary sequence. Hole MDE-17-307 intersected a broad gold mineralized zone at a vertical depth of slightly over 600 metres proximal to the contact. A 58.84 metre down hole interval graded 0.45 g/t gold, including 2.18 metres grading 6.77 g/t gold. All three holes which have intersected this new discovery have returned intercepts of greater than 6.0 g/t gold surrounded by a broad gold mineralized halo providing further evidence for the continuation of the Martiniere gold system to depth. The West Contact discovery occurs in a setting similar to the Martiniere West gold deposit located 600 metres further to the west. Large areas of the contact regime at depth remain untested and the discovery is open both up and down dip/plunge.

Drill hole MDE-17-305 tested the Southeast Zone but intersected heavy dyking near and along the Southeast Bug porphyry contact and as a result failed to return any intercepts of interest. Previous drilling suggests this dyking is spatially limited and that additional testing along strike/dip remains warranted.

Bug NW Gold Zone

On September 18, 2017 (see NR 17-16) Balmoral announced the discovery of the Bug NW Gold Zone. A series of holes were collared to follow-up this new discovery. Drilling successfully expanded the NW Zone before encountering the Lac du Doigt (“LdD”) fault corridor along its northern margin. Based on observations to date the LdD fault appears to have potentially offset the Bug Gold Trend to the west into an untested area of the Property. Geophysical surveys will target this potential offset prior to drill testing during the latter half of the first quarter of 2018.

* Reported drill intercepts are not true widths. At this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space. All values presented uncapped.
** Terminated in mineralized interval

Winter 2018 Detour Gold Trend Program

Balmoral is currently finalizing plans for a $2.0 million dollar winter drilling and geophysical program on its Detour Gold Trend properties. This program is anticipated to commence in January of 2018. The Board of Directors of the Company have approved a minimum $8.2 million dollar 2018 budget which is fully funded.

As currently outlined the winter 2018 program will include additional testing of the Bug gold deposits, the gold mineralized LdD fault corridor, the recently discovered Horsefly Gold Zone, and other gold discoveries on the Martiniere Property. It will also tentatively include the first ground work on the large Hwy 810 Property located between the Martiniere Property and the Casa Berardi Gold Mine and further testing of targets throughout the central and eastern portion of the Company’s extensive holdings along the Detour Gold Trend.

Three dimensional modelling (“wire framing”) of the known gold deposits and zones which comprise the Martiniere gold system is on-going. The Company anticipates that this will be completed during the first quarter of 2018 to allow incorporation of the summer/fall drill results. The models developed will help to guide future expansion drilling and outline, if necessary, any infill drilling that might be required prior to completion of an initial resource estimate on the near surface portion of the Martiniere gold system. The Company will provide further guidance on the timing of an initial resource estimate once the wire framing process has been completed