Balmoral Acquires New Gold Project in West Central Quebec
VANCOUVER, BC --(Marketwired - August 02, 2016) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) reports that it has acquired, through staking, an additional large scale gold exploration property located proximal to the currently producing Casa Berardi gold mine in West Central, Quebec. The Hwy 810 Property covers an area of over 250 square kilometres and is centered 15 kilometres northeast of Casa Berardi, and 35 kilometres south of Balmoral's Bug Lake and Martiniere West gold deposits (see Figure 1).
The Hwy 810 Property was acquired as a result of ongoing regional compilation activities making use of Balmoral's proprietary airborne and geological databases. The property includes, or surrounds, several known precious metal occurrences and features structural elements similar to those hosting significant gold deposits elsewhere in the Abitibi region and in greenstone sequences throughout Canada. As the name indicates, the property enjoys excellent access, via an extensive logging road network connected to regional Hwy 810 which cuts north-south through the property. The Company currently uses Hwy 810 for access to its Detour Trend Project.
"We are pleased to have added another well located, large scale and geologically attractive asset to our property portfolio in west central Quebec," said Darin Wagner, President and CEO of Balmoral Resources. "The Hwy 810 Property features several unique geological features which we feel can quickly become drill targets, shares logistical advantages with our work on the Detour Trend Project and is well located between two regionally significant deposits; Casa Berardi on the gold side and the former producing Selbaie Cu-Zn-Ag-Au mine."
Like the Company's Detour Trend Project to the north, historic exploration on the Hwy 810 Property appears to have predominantly focused on the base metal potential of the area with only minor effort directed toward structurally controlled gold targets similar to Detour, Casa Berardi and the Martiniere discoveries. Balmoral does not anticipate that the acquisition of the Hwy 810 Property will significantly impact its summer/fall 2016 budget with initial target testing on the property likely to take place during the winter 2017 season.
Balmoral Receives Property Payments
The Company also reports that it has received the initial cash payment of $200,000 from Wallbridge Mining Company Limited ("Wallbridge"), as well as 2,381,575 common shares of Wallbridge, under the terms of the now finalized Fenelon Mine (Discovery Zone) Property Purchase Agreement (the "Agreement") between the Companies. Under the Agreement the cash portion of the purchase price for the Fenelon Mine Property is $3.5 million with the remaining cash payments of $800,000 and $2,500,000 dollars payable to Balmoral on August 22 and September 21, 2016 respectively.
The Company has also recently received 148,477 common shares of Wealth Minerals Ltd. ("Wealth") in partial settlement of the debt owed to the Company by Wealth. A final payment of $133,334, or an equivalent payment in common shares of Wealth, is due from Wealth on or before October 1, 2016.
The Company holds its shares in Wallbridge and Wealth for investment purposes. The Company reviews its investment holdings from time to time and may increase or decrease its holdings as future market trends and circumstances dictate.
The summer 2016 drill program on the Martiniere Property continues with two drills currently working to continue expanding and further delineating the Bug Lake gold deposit and testing exploration targets within the broader gold system at Martiniere. To date a total of 7,375 metres of drilling in 23 holes has been completed.
Initial drill results from the summer program at Martiniere are expected within the next 2-4 weeks and it is currently anticipated that drilling will continue through the summer and fall on the Detour Trend Project.
About Balmoral Resources Ltd. -- www.balmoralresources.com
Balmoral is a well-funded, Canadian-based company actively delineating and expanding both high-grade gold and nickel-copper-PGE discoveries on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. Employing an award winning exploration team, Balmoral has a philosophy of creating value through the drill bit. By focusing our efforts in proven productive precious/base metal belts in one of the world's preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through 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
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 programs and expenditures, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results and resource estimates, the prospective nature of the Company's land holdings, the nature and style of the mineralization discussed and its interpreted continuity, interest of investors in the results generated by the Company's exploration activities and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, 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; 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 uncertain nature and interpretation of geological and geophysical models, 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.
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.
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