Balmoral deepens zone at Martiniere West

Vancouver – Balmoral Resources (BAR-V) continues to establish and deepen a high-grade gold structure at its Martiniere West target along the Detour-Sunday Lake deformation zone in central Quebec.

In the latest results, hole 11-17 cut 72 metres grading 4.45 grams gold per tonne from 30 metres, including a 21.5-metre interval grading 8.14 grams gold from 52 metres. Hole 19, collared on the same platform as hole 17 but drilled at a steeper angle, returned 24.9 metres carrying 5.6 grams gold from 135 metres downhole. The company reports the two holes seem to be slightly oblique cuts through the zone and represent thicknesses roughly 2-3 times greater than true thickness.

Hole 11-14, collared 50 metres east of holes 17 and 19, cross-cut the zone just below the high-grade section in hole 11-17 with a 7.1-metre interval grading 11.13 grams gold from 69 metres downhole.

Balmoral stated that the latest results push the Martiniere West zone to a vertical depth of 130 metres, while the broader zone of mineralization in the zone ranges between 35 and 72 metres in thickness. The company also notes that the zone remains open in all directions. Hole 15 was drilled behind the West Gold zone and did not hit significant mineralization, while hole 18 was lost in overburden.

Results from holes 24, 25 and 27, drilled from the same platform and designed to push known mineralization deeper, are still pending. Holes 20, 21 and 22, also pending, are designed to test for mineralization northward along the zone.

The high-grade discovery holes at Martiniere West from earlier this year include hole 11-01 that hit 72 metres averaging 2.7 grams gold and included 12 metres averaging 13.01 grams gold, and hole 11-04 that returned 72.4 metres grading 2.58 grams gold and included numerous intercepts over 10 grams gold.

The company notes that the zone is structurally controlled and hosted within a broad zone of silicification, weak to moderate carbonate and sericite alteration, which is cut by multi-phase quartz veining. Gold mineralization is most commonly observed in association with trace to 5% pyrite, arsenopyrite/chalcopyrite and minor tourmaline.

Balmoral secured its Martiniere, Fenelon, NS and Northshore properties last November by paying American Bonanza Gold (BZA-T) $3.7-million and issuing the company  4.5 million shares. To secure 100% of the properties, the company has to pay a former property owner US$450,000 before commercial production, while certain net smelter royalties remain. The company secured its Detour East, or Massicotte, project from Radisson Mining Resources (RDS-V) at the same time.

Thanks to Balmoral staking a further 243 claims in the area earlier this year, the company now controls a land package that extends for over 82 km along the Detour gold trend in the Abitibi Greenstone Belt. The latest staking was prompted by the company’s gold discovery on the Grasset project, announced in early July.

Balmoral’s share price closed up 6¢ or 5.4% to $1.18 on the latest drill results. The company has a 52-week share price range between 82¢ and $1.88 and 65.5 million shares outstanding.