Mr. Darin Wagner reports
BALMORAL COMMENCES INITIAL EXPLORATION PROGRAM ON HWY 810 PROPERTY, QUEBEC
Balmoral Resources Ltd. has commenced its first exploration program on the Hwy 810 property in Quebec. The wholly owned Hwy 810 property was acquired by Balmoral through staking in 2016/2017. The property covers over 250 square kilometres and is centred 15 kilometres northeast of Hecla Mining's multimillion-ounce Casa Berardi gold mine and 35 kilometres south of Balmoral's Martiniere gold property.
Balmoral has commenced a minimum 120-line-kilometre induced polarization program targeting three areas of this district-scale land package. The target areas were identified through a compilation of historic work and modelling as having potential for mesothermal gold mineralization using criteria derived from the company's knowledge of the numerous deposits and active gold mines in the region. The IP results will be incorporated into the selection of targets for initial drill testing.
Like the company's Martiniere property, 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 deposits similar to those at Detour, Casa Berardi and Martiniere.
The Hwy 810 property extends across three Archean geological domains and contains regionally extensive structural elements similar to those hosting significant gold deposits elsewhere in the Abitibi region. The northern part of the property is characterized by mixed mafic/felsic volcanic rocks and gabbroic intrusions, while the central and southern parts are characterized by mafic volcanic rocks with interbedded pyrite-rich, graphitic sediments. This latter sequence is intruded, along a structural corridor, by a large intermediate pluton.
The property includes, or surrounds, several known precious and base metal occurrences, as well as a regionally extensive iron formation sequence. In addition to gold, there may be potential for the discovery of copper-zinc VMS (volcanogenic massive sulphide) mineralization on the property given its location between the former producing, plus-50-million-tonne Selbaie Cu-Zn-Ag-Au (copper-zinc-silver-gold) mine to the north and the Estrades gold-rich VMS system to the south. 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 Martiniere and Grasset deposits.
"It is always exciting for us, and Balmoral's shareholders, to begin the exploration of a new, large scale property package in such a mineral rich region," said Darin Wagner, president and chief executive officer of Balmoral Resources. "With logistical support from our nearby activities we will look to quickly move selected areas of the Hwy 810 property to the drill testing stage."
At Martiniere, the camp has been opened in preparation for winter geophysics and drilling. The board of directors of the company has approved a winter 2018 exploration budget of $2.0-million which is fully financed from cash on hand. Details on the winter 2018 drilling and geophysical program at Martiniere will be forthcoming shortly.
Adrian Newton,PGeo, British Columbia, temp permit, Quebec, exploration manager of the company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Newton has reviewed and approved all of the technical information contained herein.
About Balmoral Resources Ltd.
Balmoral is a well-financed, Canada-based company actively delineating and expanding a series of gold deposits and recent discoveries on its Martiniere property located within the prolific Abitibi greenstone belts in Quebec, Canada. The Martiniere property is just one of several large, highly prospective properties comprising the company's 1,000-square-kilometre Detour gold trend project. Employing a drill-focused exploration strategy in one of the world's pre-eminent 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.
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