Balmoral’s string of assay results released over the last few weeks includes new discoveries as well as extensions of high-grade zones on its Quebec properties.
Balmoral Resources Ltd. (BAR:TSX; BALMF:OTCQX) announced on Feb. 15 that drilling has extended the Bug South gold deposit on the Martiniere Property in Quebec to a depth of 350 vertical meters and it “remains open down-plunge below this level.” The company also announced the best intercept to date at the Detour East Property, 40 miles to the west.
Prior to that, Balmoral reported the discovery of a new, near-surface zone of high-grade mineralization on its Martiniere Property, the “fourth new discovery from the summer/fall 2016 drill program.” The intercept returned 11.66 meters grading 6.25 g/t gold. According to the company, the “new discovery is located 250 to 300 metres east of the projection of the main Bug Lake Gold Trend in a largely untested area of the property.”
The company also announced the commencement of a 25,000-meter drill program for 2017, focusing on the “continued expansion and delineation of the Bug Lake gold deposits and other recent high-grade, near surface gold discoveries on its Martiniere Property.”
Darin Wagner, president and CEO of Balmoral, noted, “Our summer/fall 2016 drill program more than doubled the known footprint of the Bug South and Bug Lower Steep gold deposits and continued to extend the Bug North deposit down-plunge. Those results included some of the broadest gold mineralized intercepts from the property to date from our expansion drilling of the Bug South deposit, which is the initial focus of drilling this winter.”
The new results have caught the attention of analysts and experts. Analyst Philip Ker of PI Financial noted that Balmoral “continues to hit these high-grade zones while continuing to step-out and better define known …read more