Proactiveinvestors Australia Balmoral Resources https://www.proactiveinvestors.com.au Proactiveinvestors Australia Balmoral Resources RSS feed en Mon, 22 Jul 2019 01:01:09 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Balmoral Resources excited to be on the ground for first look at Hwy 810 property ]]> https://www.proactiveinvestors.com.au/companies/news/190926/balmoral-resources-excited-to-be-on-the-ground-for-first-look-at-hwy-810-property-190926.html Gold explorer Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) told investors it had started a first exploration program on its Hwy 810 property in Quebec.

The property, which was acquired by staking over the last two years, covers more than 250 sq km and is centred 15km northeast of Hecla Mining's multimillion-ounce Casa Berardi gold mine and 35km south of Balmoral's Martiniere gold property.

READ: Balmoral Resources successfully expanding the Bug South Gold deposit at depth

Martiniere is just one of several large, prospective properties in the firm's 1,000 sq km Detour Gold trend project.

At Hwy, Balmoral has commenced a minimum 120 line km induced polarization (IP) program targeting three areas of this district-scale land package.

These IP results will be included into the selection of targets for initial drill testing.

Like at Martiniere, historic exploration at Hwy 810 appears to have mainly focused on the base metal potential of the area, with only minor effort directed towards structurally controlled gold deposits similar to those at Detour, Casa Berardi and Martiniere.

"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.

READ: Balmoral Resources expands Horsefly gold discovery at Martiniere

Meanwhile, at Martiniere, the camp has been opened in preparation for winter geophysics and drilling, the company said.

The board has approved a winter 2018 exploration budget of US$2mln, which is fully financed from cash on hand, the firm added.

Shares lost 1.10% to stand at C$0.45.

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Wed, 31 Jan 2018 08:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190926/balmoral-resources-excited-to-be-on-the-ground-for-first-look-at-hwy-810-property-190926.html
<![CDATA[News - Balmoral Resources successfully expanding the Bug South Gold deposit at depth ]]> https://www.proactiveinvestors.com.au/companies/news/188465/balmoral-resources-successfully-expanding-the-bug-south-gold-deposit-at-depth-188465.html Gold firm Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF)  told investors it had successfully expanded the Bug South gold deposit on its flagship Martiniere property in Quebec.

The property is along the  Detour Gold Trend and hosts four known gold deposits (Bug North, Bug South, Bug Lower Steep and Martiniere West).

Drill highlights included an intercept of 10.62 metres grading 4.52 g/t (grams per ton) gold.

That included 2.14 metres (m) grading 17.58 g/t gold from the Lower Zone, one of the two primary zones which comprise the Bug South deposit.

Three holes successfully extended the Bug South gold deposit to a vertical depth of over 400 metres, below which it remains open for further expansion, the firm noted.

Assays here included 3.65 g/t (grams per ton) gold from an interval of 0.49 metres and an impressive 17.58 g/t gold from 2.14m.

Notably another hole hit the emerging West Contact Gold Zone. This new zone, first identified earlier in 2017, lies around 100metres to the west of the Bug Gold Trend.

Here, a 58.84 metre downhole interval graded 0.45 g/t (grams per ton) gold, including 2.18 metres grading 6.77 g/t gold. All three holes, which have  hit this new discovery have returned intercepts of greater than 6 g/t gold.

Balmoral is now currently finalizing plans for a $2mln dollar winter drilling and geophysical program on its Detour Gold Trend properties. This program is expected to begin in January, 2018.

Balmoral shares were unchanged on Thursday at C$0.44.

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Thu, 07 Dec 2017 10:06:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188465/balmoral-resources-successfully-expanding-the-bug-south-gold-deposit-at-depth-188465.html
<![CDATA[News - Balmoral Resources expands Horsefly gold discovery at Martiniere ]]> https://www.proactiveinvestors.com.au/companies/news/187040/balmoral-resources-expands-horsefly-gold-discovery-at-martiniere-187040.html Gold firm Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) says drilling has expanded the  Horsefly zone on its Martiniere property in Quebec.

Martiniere hosts four known gold deposits - Bug North, Bug South, Bug Lower Steep and Martiniere West, along with a series of recent gold discoveries - one of which is Horsefly.

The firm said gold mineralisation was hit over downhole widths of 4.17 to 52.82 metres, at vertical depths of between 120 and 160 metres, within a visually distinct zone of brecciation and veining.

Highlight assays include 0.67 grams per ton (g/t) gold over an interval of 52.82 meters (m) and 1.32 g/t over 13.22m in one hole.

Also discovered was 1.15 g/t gold over 2.56m.

Results from a further 22 holes completed on the Martiniere property during the summer/fall program, including a series of holes testing the Bug South gold deposit and the recent Bug Northwest discovery, remain pending.

Meanwhile, at the Detour East property, results from 15 holes drilled during the summer/fall program have now been received.

The  firm hit several broad (20 to over 300 metres wide) zones of strong to intense shearing, veining and alteration along the projection of the Sunday Lake deformation zone and its environs but gold values were generally disappointing

But the firm said findings did suggest the unrecognized potential for nickel-copper-PGE (platinum group elements) deposits on the Detour East property, similar to the company's Grasset nickel-copper-cobalt-PGE deposit located 60 kilometres to the east.

Balmoral shares eased 4.17% in Toronto to C$0.46.

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Thu, 09 Nov 2017 13:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187040/balmoral-resources-expands-horsefly-gold-discovery-at-martiniere-187040.html
<![CDATA[News - Lac du Doigt drilling throws up possibility of another significant gold deposit at Martiniere, says Balmoral Resources ]]> https://www.proactiveinvestors.com.au/companies/news/186290/lac-du-doigt-drilling-throws-up-possibility-of-another-significant-gold-deposit-at-martiniere-says-balmoral-resources-186290.html Latest drilling at the Lac du Doigt gold discovery on the Martiniere property in Quebec have underscored the site's potential and thrown up the strongest results to date, said Balmoral Resources Ltd (TSE:BAR, OTCQX:BALMF).

One hole returned an intercept of 26.33 metres grading 0.73 g/t (grams per ton) gold, including a high grade core of 2.21 metres grading 7.05 g/t gold.

Lac Du Doigt is the third gold mineralized trend discovered in the Martiniere property (The first two were the West and Bug Gold).

"We are encouraged to see improving gold grades and thicknesses in the Lac du Doigt area," said Darin Wagner, president and chief executive of Balmoral.

"The limited drilling to date along the Lac du Doigt Trend indicates potential for the discovery of another significant gold deposit on the Martiniere Property."

Significant gold mineralization has now been hit in five holes along 850 metres of the Lac du Doigt Trend, with the most recent suggesting the gold mineralization may be increasing in width and grade along strike to the west and to depth.

As well as the Lac de Doigt trend, the firm also announced today a new high-grade gold discovery in a previously untested portion of the Martiniere property.

Hole MDX-17-68  returned an intercept of 0.44 metres grading 30.40 g/t gold - representing the first significant gold intercept in the very sparsely tested southwest portion of the property.

In addition, the summer/fall 2017 drill program, consisting of 62 holes,  on the Detour Gold Trend project has now finished.

Results from 48 holes are still pending and it is anticipated that drilling will resume on the project during the first quarter of 2018.

Shares eased 3.06% to C$0.48.

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Thu, 26 Oct 2017 10:07:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186290/lac-du-doigt-drilling-throws-up-possibility-of-another-significant-gold-deposit-at-martiniere-says-balmoral-resources-186290.html
<![CDATA[News - Balmoral Resources brings in C$2mln from Quebec-based institutional investors ]]> https://www.proactiveinvestors.com.au/companies/news/185365/balmoral-resources-brings-in-c2mln-from-quebec-based-institutional-investors-185365.html Balmoral Resources Ltd (TSE:BAR, OTCQX:BALMF) has closed its previously announced private placing, raising C$2mln.

The placing was with four institutional investors.

They are the Caisse de depot et placement du Quebec/Sodemex, Fonds regionaux de solidarite FTQ, Sidex Limited Partnership and the Societe de development de la Baie-James, all based in the Province of Quebec.

The company issued over 3.44mln shares at 58 cents each and proceeds will go towards exploration of its Detour Gold Trend project in Quebec and for general working capital.

Balmoral shares stand today in Toronto at 55 cents.

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Tue, 10 Oct 2017 15:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185365/balmoral-resources-brings-in-c2mln-from-quebec-based-institutional-investors-185365.html
<![CDATA[News - Balmoral Resources to raise up to C$2mln from Quebec-based institutional investors ]]> https://www.proactiveinvestors.com.au/companies/news/184865/balmoral-resources-to-raise-up-to-c2mln-from-quebec-based-institutional-investors-184865.html Balmoral Resources Ltd (TSE:BAR, OTCQX:BALMF) has arranged for a non-brokered private placement of common shares with four institutional investors.

All four investors - the Caisse de depot et placement du Quebec/Sodemex, Fonds regionaux de solidarite FTQ, Sidex Limited Partnership and the Societe de development de la Baie-James – are based in the Province of Quebec.

The private placement will raise up to C$2mln through the issuance of up to 3.45mln shares at 58 cents a pop.

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Fri, 29 Sep 2017 15:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184865/balmoral-resources-to-raise-up-to-c2mln-from-quebec-based-institutional-investors-184865.html
<![CDATA[News - Brien Lundin sees "considerable" potential at Balmoral's Martiniere property ]]> https://www.proactiveinvestors.com.au/companies/news/184782/brien-lundin-sees-considerable-potential-at-balmoral-s-martiniere-property-184782.html Brien Lundin, editor of the Gold Newsletter, has taken a look at gold firm Balmoral Resources Ltd's (TSE:BAR, OTCQX: BALMF) and rates shares a 'hold'.

The Quebec-focused company is looking to raise up to C$7mln for activity on its Detour Gold project there and plans to issue 5.7mln flow-through shares at 71 cents a throw in Canada.

In a separate offering, only in Quebec, it is offering 3.33mln flow-through shares at 90 cents each.

Lundin supports these financings even though they are dilutive, noting the cash will likely be used to explore the Detour project's Martiniere property, where he sees "considerable" potential.

He will, it was reported,  keep Balmoral's stock as a hold while he waits to see how Balmoral spends its fresh cash.

Earlier in September, Balmoral announced it had started summer drilling at Detour and it had already discovered a new extension to the Bug gold trend.

The initial four holes testing the new Bug NW gold discovery threw up intercepts ranging from 16.39 to 64.70 metres in down-hole width, with grades ranging from 0.39 to 1.58 g/t (grams per ton) gold, the mining group said.

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Thu, 28 Sep 2017 11:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184782/brien-lundin-sees-considerable-potential-at-balmoral-s-martiniere-property-184782.html
<![CDATA[News - Balmoral Resources discovers "significant" extension to the Bug gold trend ]]> https://www.proactiveinvestors.com.au/companies/news/184160/balmoral-resources-discovers-significant-extension-to-the-bug-gold-trend-184160.html Summer drilling at Balmoral Resources Ltd's (TSE:BAR, OTCQX: BALMF) Detour Gold trend project in Quebec has already proved to be successful - with the discovery of  a new extension to the Bug gold trend.

The initial four holes testing the new Bug NW gold discovery threw up intercepts ranging from 16.39 to 64.70 metres in down-hole width, with grades ranging from 0.39 to 1.58 g/t (grams per ton) gold, the mining group said.

READ - Balmoral Resources brings in over C$4mln from financing WATCH - Balmoral Resources' Darin Wagner looking ahead to an 'exciting & busy summer' in Quebec

These broad gold-mineralized intervals include higher-grade vein mineralization, returning intercepts including 17.13 metres at 3.26 g/t gold, 1.05 metres grading 13.13 g/t gold and 0.87 metres grading 31 g/t gold from three separate holes.

"We are very excited to have discovered a new, broad zone of gold mineralization at shallow depths along the Bug Gold Trend," said Darin Wagner, the president and chief executive at Balmoral.

"The Bug NW discovery opens the system for further expansion into an untested area of the property which had previously been considered less prospective.

"Permits for an additional 19 holes along trend from the new discovery have been received and follow-up drilling is expected to commence in the next few days."

Balmoral also said it continues to extend the Bug south gold deposit down plunge.

Results from the first four holes of summer drilling at Bug south include a highlight intercept of 10.37 metres grading 6.95 g/t gold from the upper zone of the Bug south deposit, which includes a very high-grade core of 2.24 metres grading 30.30 g/t gold.

Drilling continues with two drills currently active on the Detour Gold trend project.

The first is currently completing additional down-plunge testing of the Bug south deposit and the second is completing several exploration holes on the nearby Detour east property, it added.

Drilling is  expected to continue through the end of September.

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Mon, 18 Sep 2017 11:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184160/balmoral-resources-discovers-significant-extension-to-the-bug-gold-trend-184160.html
<![CDATA[News - Balmoral Resources brings in over C$4mln from financing ]]> https://www.proactiveinvestors.com.au/companies/news/184145/balmoral-resources-brings-in-over-c4mln-from-financing-184145.html Quebec-focused Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) has closed its previously announced financing , and raised over $4mln.

Upon closing the mining group issued 5.72mln flow-through common shares, at 71 cents a throw for gross proceeds of $4,061,200, it told a brief statement today.

Last month the group has revealed it had increased its previously announced placing due to strong demand. The group had entered an agreement with PI Financial Corp,  which acted as lead agent for a syndicate.

"The gross proceeds from the offering will be used by the company to continue the exploration of its Detour Gold trend project located in the province of Quebec and for the exploration of other gold properties held by the company in Canada," Balmoral said today.

In consideration of the agents' services, Balmoral agreed to pay the agents a cash commission of $192,232.50.

The previously announced non-brokered offering of Quebec flow-through shares is now anticipated to close on or before September  29 this year.

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Mon, 18 Sep 2017 08:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184145/balmoral-resources-brings-in-over-c4mln-from-financing-184145.html
<![CDATA[News - Balmoral Resources raises offering to C$4.04mln after strong demand ]]> https://www.proactiveinvestors.com.au/companies/news/182545/balmoral-resources-raises-offering-to-c404mln-after-strong-demand-182545.html Quebec-focused Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) has increased its previously announced placing due to strong demand.

Earlier this month, the group unveiled plans to raise C$3mln to continue exploring its Detour Gold trend project and other properties and entered an agreement with PI Financial Corp,  which will act as lead agent for a syndicate.

The latter will now offer 5.7mln flow-through shares at a price of 71 cents each for total gross proceeds of C$4.047mln.

The revised offering has been fully subscribed and there is no further overallotment option. It is expected to close on or before September 15 this year.

Also today, Balmoral said it will offer, for shareholders and investors in Quebec, a non-brokered private placing of up to 3.3mln shares at 90 cents each for aggregate gross proceeds of $3mln.

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Wed, 16 Aug 2017 10:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182545/balmoral-resources-raises-offering-to-c404mln-after-strong-demand-182545.html
<![CDATA[News - Balmoral Resources unveils plans to raise $3mln to continue exploration in Quebec ]]> https://www.proactiveinvestors.com.au/companies/news/182212/balmoral-resources-unveils-plans-to-raise-3mln-to-continue-exploration-in-quebec-182212.html Quebec-focused Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) announced plans to raise C$3mln through a private placing to continue exploring its Detour Gold trend project and other properties.

It has entered an agreement with PI Financial Corp, which will act as lead agent for a syndicate, and will offer 4.225mln flow-through shares  at 71 cents each for total gross proceeds of $2.999mln

Balmoral shares are currently changing hands in Toronto for 64 Canadian cents.

At the end of last month, the group said that drilling had started again on its Detour Gold trend project.

The firm plans a minimum of 20,000 metres of drilling during the summer/fall program, bringing the 2017 drill program to 35,000 metres, it said.

The work will continue to focus on the expansion and delineation of the Bug Lake gold deposits and further evaluation of several recent near-surface gold discoveries within the broader Martiniere gold system.

Martiniere is just one of several large, highly prospective properties comprising the company's wholly owned, 1,000 sq km Detour gold trend project.

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Wed, 09 Aug 2017 10:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182212/balmoral-resources-unveils-plans-to-raise-3mln-to-continue-exploration-in-quebec-182212.html
<![CDATA[News - Balmoral Resources upgraded to 'buy' by Lundin ]]> https://www.proactiveinvestors.com.au/companies/news/181512/balmoral-resources-upgraded-to-buy-by-lundin-181512.html Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF)  was upgraded to 'buy' from 'hold' by Brien Lundin in the July edition of the Gold Newsletter.

Balmoral is exploring its Martiniere gold project in Quebec within the Detour Gold Trend project.

Recent highlights from drilling include 6.05 metres of 6.23 grams per tonne (g/t) gold at the Bug Southeast zone, and 21.06 metres of 2.85 g/t gold at the ME-23 zone.

There was also 22.15 metres of 2.04 g/t gold at the Horsefly zone, notes Lundin.

Lundin says Balmoral will need to conduct more drilling at Martiniere to really "move the needle," but he approves of the company's steady exploration results and mining-friendly district.

He has said 'buy' the stock three times between July 2014 and July 2016, at prices ranging from 87 cents to $1.54.

Balmoral Resources shares are currently at 64 Canadian cents each.

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Wed, 26 Jul 2017 11:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181512/balmoral-resources-upgraded-to-buy-by-lundin-181512.html
<![CDATA[Media files - Balmoral Resources' Darin Wagner looking ahead to an 'exciting & busy summer' in Quebec ]]> https://www.proactiveinvestors.com.au/companies/stocktube/7810/balmoral-resources-darin-wagner-looking-ahead-to-an-exciting-busy-summer-in-quebec-7810.html Wed, 19 Jul 2017 08:52:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/7810/balmoral-resources-darin-wagner-looking-ahead-to-an-exciting-busy-summer-in-quebec-7810.html <![CDATA[News - Balmoral Resources hails latest assays from Quebec, which extend Bug South gold deposit ]]> https://www.proactiveinvestors.com.au/companies/news/180781/balmoral-resources-hails-latest-assays-from-quebec-which-extend-bug-south-gold-deposit-180781.html Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) is celebrating more good results from latest drilling at its Detour Gold trend project in Quebec.

There the Bug South deposit has now been extended to a depth of around 385 metres with a broad intercept of 14.28 metres grading 3.51 g/t (grams per ton) gold.

That included a very high grade interval of 0.46 metres grading 66.60 g/t gold, the mining group said.

Remains open down-plunge..

Bug South remains open down-plunge to the south-southeast and drilling is currently focused on additional expansion to depth.

"The summer program is now in full swing. It is designed to continue the growth of the Bug Lake gold deposits, while also exposing our shareholders to the broadest range of discovery opportunities since 2014 when the Grasset discovery resulted in significant share price appreciation," Darin Wagner, the chief executive and president at Balmoral, told investors.

"Gold exploration targets throughout the Martiniere Property, and the broader Detour Gold Trend Project, are on tap for drill testing.

"This includes a number of targets located on the Detour East Property which covers over 20 kilometres of the same geological environment which hosts the multi-million ounce Detour Lake gold mine on adjoining property to the west."

Broad zones of mineralization...

Also pleasing was that broad zones of gold mineralization at Bug South continue near surface.

Highlight intercepts were 48.70 metres grading 1.26 g/t gold and 38.78 metres grading 1.77 g/t gold in two infill holes testing the deposit between 150 and 200 metres of vertical depth, Balmoral said.

Balmoral is expanding a series of gold deposits on its Martiniere Property in the prolific Abitibi greenstone belts in Quebec, Canada.

Martiniere is one of several large, highly prospective properties on its wholly owned, 1,000 sq km Detour Gold Trend Project. 

Balmoral shares gained 1.52% in Toronto to $0.67.

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Wed, 12 Jul 2017 09:51:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180781/balmoral-resources-hails-latest-assays-from-quebec-which-extend-bug-south-gold-deposit-180781.html
<![CDATA[News - Balmoral Resources kick starts drilling again at Detour trend in Quebec ]]> https://www.proactiveinvestors.com.au/companies/news/179912/ Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) says drilling has started again on its Detour Gold trend project in Quebec.

The firm plans a minimum of 20,000 metres of drilling during the summer/fall program, bringing the 2017 drill program to 35,000 metres, it said.

The work will continue to focus on the expansion and delineation of the Bug Lake gold deposits and further evaluation of several recent near-surface gold discoveries within the broader Martiniere gold system, the mining group said.

"With delineation and expansion drilling progressing to deeper levels of the Bug Lake gold deposits this summer we are provided with the opportunity, for the first time in nearly three years, to get back to the discovery process on our broader landholdings along the Detour Gold trend," said Darin Wagner, Balmoral's president and chief executive.

He said the firm planned to test 15 new gold-focused targets during the program which, given success to date on the exploration front, was an "exciting prospect".

The winter/spring program at Martiniere just gone successfully expanded each of the Bug South, Bug North and Bug Lower Steep gold deposits.

The majority of drilling during late 2016 and early 2017 targeted the rapidly expanding Bug South gold deposit, with over 95% of the holes successfully hitting the gold mineralized zones forming the deposit.

Notable assays included a whopping 51. 34 g/t (grams per ton) gold from a 1.54m interval from Bug South.

The fall 2016 and winter 2017 programs also produced the highest-grade results to date from the Bug Southeast gold zone, which has now been traced for 750 metres along strike but only intermittently tested so far.

The Detour Gold trend project extends for over 100 kilometres along the Sunday Lake and Lower Detour deformation zones -- two regional gold-bearing faults similar to those associated with the vast majority of historic gold production in the Abitibi region.

Historic and recent work by the company on the Detour East property has outlined a 13 km long trend of gold occurrences along the Lower Detour deformation zone which lies to the south of, and runs parallel to, the Sunday Lake deformation zone.

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Tue, 27 Jun 2017 10:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/179912/
<![CDATA[News - Balmoral Resources hits 6.05 metres of 6.23 g/t gold at Martiniere ]]> https://www.proactiveinvestors.com.au/companies/news/178923/balmoral-resources-hits-605-metres-of-623-gt-gold-at-martiniere-178923.html Shares in Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF)  nudged higher in Toronto as it hit 6.05 metres (m) of 6.23 g/t of gold at the Martiniere property in Quebec.

The mining junior released today further encouraging near-surface, high-grade gold drilling results from its Detour Gold trend project.

READ - Balmoral continues to expand mineralisation at Martiniere, Quebec READ THE BIG PIC - Balmoral Resources opening up new gold zones in the Abitibi

Hole MDE-17-274 returned the best drill intercept so far from the Bug Southeast zone, with the intercept mentioned above

Notably, this find gives Balmoral another high-grade gold target along the Bug Lake gold trend -  joining the Bug North, Bug South and Bug Lower Steep gold deposits.

Drilling also extended both the ME-23 and the recently discovered Horsefly gold zones, the group said.

These zones lie around 260 and 500 metres, respectively, east of the Bug North gold deposit.

Highlight assays from here include 5.49 metres grading 6.64 g/t gold, at only 170 vertical metres.

Significantly, the ME-23 zone remains open downplunge and along strike to the south for further expansion.

Follow-up testing at Horsefly  has now extended the zone down dip and to the south with an intercept of 22.15 metres grading 2.04 g/t gold, including a high-grade core of 8.38 metres grading 4.79 g/t gold, Balmoral said.

The final results from the winter/spring Martiniere drill program are expected over the next three weeks, it added, having been delayed due to exceptionally heavy sample inflows at ALS Minerals facilities in Eastern Canada.

Summer drilling at Martiniere is expected to begin before the end of June and to continue through the summer months.

It will be focused on expanding multiple deposits and zones comprising the Martiniere gold system and exploring for new discoveries near to known deposits.

Shares in Toronto added 1.45% to $0.70.

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Wed, 07 Jun 2017 11:13:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178923/balmoral-resources-hits-605-metres-of-623-gt-gold-at-martiniere-178923.html
<![CDATA[News - Balmoral continues to expand mineralisation at Martiniere, Quebec ]]> https://www.proactiveinvestors.com.au/companies/news/177250/balmoral-continues-to-expand-mineralisation-at-martiniere-quebec-177250.html Balmoral Resources Ltd (TSE:BAR; OTCQX: BALMF) reported further encouraging drill results from Quebec, where it continues to expand the Bug South and Bug North deposits.

The firm released more high-grade gold results from the sites at the Detour Gold trend project at the Martiniere property.

READ - Balmoral Resources opening up new gold zones in the Abitibi

The winter drill program at Martiniere continues and has been expanded for a second time to 11,000 metres for further testing of the Bug South deposit.

Highlight assays from Bug South include an intercept of 54.89 metres at 2.29 grams per tonne (g/t) gold.

That included  13.68 metres at 6.87 g/t gold from in near-surface infill drilling.

There was also 9.16 metres at a grade of  3.27 g/t gold, including 2.86 metres of  7.40 g/t gold from down-plunge expansion drilling of the Upper Bug zone.

Balmoral also reported 12.91 metres at a grade of 2.84 g/t of the yellow metal, including 4.89 metres grading 5.67 g/t gold from the emerging mid-level Lower Bug zone.

From the Bug North gold deposit, Balmoral reported findings from one hole  -  MDE-17-263 - which hit multiple intervals of high-grade gold mineralization.

Included was an intercept of 10.13 metres grading 0.73 g/t gold, including 0.73 metres of 6.61 g/t gold along the southern margin of the West zone gabbro, in the footwall to the Bug North deposit.

This indicates potential to extend Martiniere West deposit-style mineralization for up to 600 additional metres along strike and to previously untested depths, the firm pointed out.

Balmoral shares were unchanged in Toronto at 70 cents each.

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Wed, 03 May 2017 11:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177250/balmoral-continues-to-expand-mineralisation-at-martiniere-quebec-177250.html
<![CDATA[News - Who will the winners be as gold and silver push onwards and upwards? ]]> https://www.proactiveinvestors.com.au/companies/news/176447/who-will-the-winners-be-as-gold-and-silver-push-onwards-and-upwards-176447.html Geopolitical uncertainty is supporting gold, but which companies are set to benefit?

There are the obvious answers of course – Goldcorp Inc (TSE:G), Barrick Gold Corp (TSE:ABX), B2Gold (TSE:BTO) and established mid-tiers like Eldorado (TSE:ELD) and Osisko (TSE:OSK).

But with their size and scale, the gains these companies are likely to book even in the face of a full-blown bull market - which we aren’t even approaching yet – are likely to pale in percentage terms to those enjoyed by the juniors.

The most cautious previous metals investors of all - those who are seeking safe haven assets only – will always go for the ETFs. Those looking for gains, yield and only modest levels of risk have Barrick, Goldcorp and the diversifieds, like Anglogold (NYSE:AU) and Freeport McMoRan (NYSE:FCX).

But for those really interested in upside in a rising precious market, there is no other place to be than down and in amongst the junior stocks.

There are many reasons for this. First, with pure play exploration a major discovery adds the most value in percentage terms, as a company transforms from an idea and some seed money into something tangible and with value.

Second, the juniors are the obvious take out targets for larger companies looking to build inventory in a rising market in a fast and effective way.

And third, ongoing investment in the junior mining sector is indicative of an optimistic mind-set in the equities market and that can feed upon itself.

What’s an ounce of gold in the ground worth?

Answer: it depends on market conditions. In a bear market, never mind a low discovery cost, an ounce of gold in the ground can be virtually ignored when it comes to valuing a company. That’s because if a company can’t get funded the ounces are going nowhere anyway and a negative feedback loop develops.

But in a rising market the opposite can happen. A greater chance of finance renders an ounce of gold in the ground more likely to come out of the ground, and that fact in itself gives the ounce more value.

Companies like Dalradian Resources Inc (TSE:DNA) bear this out. Some of the best intercepts from Dalradian’s Irish project have showed over 100 metres mineralised at more than 1 gram per tonne gold, but it’s the strong financial position of the company that’s really supporting ongoing positive sentiment.

The shares have risen by around 40% in the past 12 months allowing more than US$20 mln of new money to come in via the exercise of in-the-money warrants.

And this positivity is by no means isolated. Shares in Balmoral Resources (TSE:BAR) have risen by around 60% in the past 12 months as it continues to deliver attractive drilling results from its exploration ground in Quebec, including most recently one intercept of over 75 metres grading more than 1 gram per tonne.

Having said that, not all gold miners are on a tear, yet.

Pilot Gold Inc (TSE:PLG), which has made major discoveries in Nevada, is broadly flat over the past year, partly because of a perception that the best exploration news is already behind it.

Similarly, market stalwart Moneta Porcupine (TSE:ME) is also broadly flat on the year, although it did spike in the summer on US election uncertainty and dollar weakness.

Now, we have dollar strength, which will to some extent sort out the wheat from the chaff in the gold space. But the uncertainty is back with a vengeance as tension ratchets up in North Korea and Syria.

All the losses booked by gold since the election of Donald Trump in November have now been recovered. US$1,300 looks within easy reach.

In response, the Canadian gold miners are likely to go from strength to strength.

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Thu, 13 Apr 2017 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176447/who-will-the-winners-be-as-gold-and-silver-push-onwards-and-upwards-176447.html
<![CDATA[News - Balmoral Resources expanding gold mineralisation at Bug South ]]> https://www.proactiveinvestors.com.au/companies/news/176237/balmoral-resources-expanding-gold-mineralisation-at-bug-south-176237.html Quebec-focused Balmoral Resources Ltd (TSE:BAR; OTCQX: BALMF) reported further encouraging drill results from its Martiniere property, which have expanded the Bug South deposit.

The first seven holes of this winter program tested the Bug South deposit above the south-southeast trending plunge line of the core of the deposit.

READ - Balmoral Resources' assays yield some eye-catching results READ - Balmoral Resources starts drilling at Martiniere

Chief executive and president Darin Wagner told investors it was a "solid start to the winter program, with the initial holes successfully confirming broad near surface gold mineralisation above the central core of the Bug South deposit and increasing the size of the central high-grade core".

"Drilling has now moved on to testing the down-plunge extensions of the Bug South and Bug North deposits, as well as our recent high-grade gold discoveries located proximal to the Bug Lake Gold Trend.

"Each of these target areas represent near term growth opportunities for the expanding gold inventory at Martiniere."

Highlights include 75.45 metres grading 1.11 g/t (grams per ton) gold.

There was also an intercept of 53.8 metres grading 1.12 g/t gold; 50.21 metres grading 1.08 g/t gold and 46.89 metres grading 1.26 g/t gold.

Drilling continues at Martiniere and the winter program has now been expanded from the planned 7,000 - 8,000 metres to over 10,000 metres, weather permitting.

So far, over 8,500 metres of drilling has been completed over 25 holes testing the Bug South and Bug North deposits, as well as recent near surface high-grade gold discoveries located to the northeast and southeast of the deposits.

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Mon, 10 Apr 2017 09:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176237/balmoral-resources-expanding-gold-mineralisation-at-bug-south-176237.html
<![CDATA[News - Balmoral Resources rated 'hold' in March Gold Newsletter ]]> https://www.proactiveinvestors.com.au/companies/news/174774/balmoral-resources-rated-hold-in-march-gold-newsletter-174774.html Quebec-focused gold explorer Balmoral Resources Ltd (TSE:BAR; OTCQX: BALMF) has been rated as a 'hold' in the March edition of the Gold Newsletter.

Balmoral spent last fall drilling at its Martiniere gold project and has been releasing a steady stream of results, some of which have been eye- catching.

Brien Lundin at the newsletter says highlights have included 11.66 metres of 6.25 grams per tonne (g/t) gold, 8.22 metres of 4.13 g/t gold and 51.28 metres of 1.19 g/t gold.

The most prospective areas of the Martiniere property are Martiniere West, Bug Lake North and Bug Lake South but the first intersection above was comes from hole 237, which targeted an area seen as a potential extension to the Bug Southeast zone.

Balmoral will be targeting this area as part of a 25,000-metre drill program this year. Success on this front could change the size and scope of Martiniere, says Lundin.

Lundin has said 'buy' the stock three times from July, 2014, to July, 2016, at prices ranging from 87 cents to $1.54 a share.

The current price is $0.75. Lundin will consider making it a 'buy' if this year's drill program turns up more discoveries.

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Tue, 14 Mar 2017 09:38:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174774/balmoral-resources-rated-hold-in-march-gold-newsletter-174774.html
<![CDATA[News - Balmoral Resources' assays yield some eye-catching results ]]> https://www.proactiveinvestors.com.au/companies/news/173206/balmoral-resources-assays-yield-some-eye-catching-results-173206.html Balmoral Resources Ltd’s (TSE:BAR; OTCQX: BALMF) remaining assays from its summer/fall campaign on the Detour Gold Trend Project, Quebec, yielded some eye-catching results.

The highlight was the extension of the Bug South gold deposit on the Martiniere Property to a vertical depth of 350 metres.

In the Upper Bug Zone it encountered 9.16 metres grading 3.51 grams per tonne of gold, including 1.36 metres grading 20.30 grams.

Balmoral’s best intercept to date from its Detour East Property, 40 kilometres to the west, was a near-surface 14.15 metres grading 0.91 grams per tonne of the precious metal gold, including a high grade interval of 1.58 metres at 5.53 grams.

The winter drill program on the Martiniere Property, home to the Bug Lake and Martiniere West gold deposits, is “currently in full swing”, the company said, and will continue through to the end of March.

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Wed, 15 Feb 2017 13:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173206/balmoral-resources-assays-yield-some-eye-catching-results-173206.html
<![CDATA[News - Balmoral Resources starts drilling at Martiniere ]]> https://www.proactiveinvestors.com.au/companies/news/172937/balmoral-resources-starts-drilling-at-martiniere-172937.html Balmoral Resources Ltd.'s (TSE:BAR) 2017 drilling program is under way with the primary focus being the continued expansion and delineation of the Bug Lake gold deposits and other recent high-grade, near-surface gold discoveries on its Martiniere property, part of the Detour Trend project, in Quebec, the company said on Thursday.

It is expected a minimum of 25,000 metres of drilling will be completed this year along the Bug Lake gold trend, with expansion of the size of the program as the year progresses being a strong possibility given the excellent results from the fall 2016 program.

The update came a week after Balmoral’s president and chief executive officer Darin Wagner spork with Stocktube.

Watch: Fourth new discovery at Martiniere 'great news', says Balmoral's Darin Wagner

"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," said Wagner.

"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 Bug South gold deposit is one of three deposits now recognized along the length of the Bug Lake gold trend located central to the Martiniere property. The summer/fall program led to the identification of a broad central core to the Bug South deposit located at depths of less than 275 vertical metres and highlighted by intercepts of:

 

115.45 metres grading 1.40 grams per tonne gold including 10.75 metres grading 3.73 g/t gold 88.36 metres grading 1.07 g/t gold including 7.77 metres grading 2.99 g/t gold 78.17 metres grading 1.65 g/t gold including 17.00 metres grading 4.50 g/t gold 41.95 metres grading 3.24 g/t gold including 11.58 metres grading 6.30 g/t gold 35.16 metres grading 2.16 g/t gold including 9.08 metres grading 7.10 g/t gold 32.29 metres grading 3.39 g/t gold including 18.26 metres grading 5.41 g/t gold 25.90 metres grading 2.73 g/t gold including 10.75 metres grading 4.17 g/t gold

 

To date the Bug South deposit has been intersected for approximately 300 metres along strike, to a vertical depth of approximately 275 metres and down plunge for approximately 425 metres. It remains open to depth and down plunge. One drill is currently testing the Bug South deposit with a second slated to begin turning over the next several days.

Drilling will also target the rapidly expanding Bug Lower Steep gold deposit which has now been intersected for over 850 metres down plunge and which, like the Bug South deposit, remains open to depth and down plunge. The sparsely drilled Lower Steep deposit has demonstrated excellent potential to rapidly add to the overall potential of the gold system at Martiniere.

The current winter drill program will also follow up on three high-grade, near-surface gold discoveries made during the fall program. The first of these three targets, the 221 zone, has already been intersected in several holes and occurs in the hangingwall to the Bug South deposit. The discovery intercept of 26.90 metres grading 4.51 g/t gold included two higher-grade subintervals grading 15.89 g/t gold over 2.80 metres and 10.89 g/t gold over 6.80 metres.

The other two new discoveries occur approximately 300 metres to the east of the Bug Lake gold trend. The first, from hole BLD-16-03, returned 5.80 metres grading 10.51 g/t gold. The second discovery is located approximately 1,000 metres to the south and returned 11.58 metres grading 6.25 g/t gold. Both intercepts occur at depths of less than 100 vertical metres and are open in all directions. This area, 300 to 500 metres east of the Bug Lake trend, is virtually untested and based on the recent intersections appears to have good potential to add meaningful zones of gold mineralization in the near surface to the project.

 

Finger Lake (Lac du Doigt) fault corridor

The north-south-oriented Bug Lake gold trend is located between two east-west-trending deformation/fault zones, the Sunday Lake deformation zone to the south, host to the large Detour Lake gold mine located 45 kilometres to the west, and the subparallel Finger Lake fault corridor to the north. The Finger Lake fault corridor was first identified by Balmoral in late 2014.

Limited drill testing along the Finger Lake fault corridor during the 2016 summer/fall drill program successfully extended the known gold mineralization along the corridor with an intercept of 1.28 g/t gold over 7.18 metres (43.27 to 50.45 metres downhole) including a higher-grade core of 3.46 g/t gold over 2.37 metres in hole MDX-16-55. A second zone of weaker deformation and quartz-tourmaline veining occurs directly below (56.93 to 73.47 metres) and returned anomalous gold mineralization grading 0.17 g/t gold over 16.54 metres.

MDX-16-55 is the westernmost hole drilled to date along the Finger Lake corridor. Three holes across 750 metres of this structure have all successfully intersected gold mineralization of a similar nature which is open in all directions.

"We continue to be very intrigued by the evolving potential along the Finger Lake fault system," said Wagner.

"The style of mineralization suggests a favourable environment which has been tested by only three holes to date, is open in all directions, and which has shown evidence for good gold grades and thicknesses. Additional testing is currently being planned for the summer 2017 season."

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Thu, 09 Feb 2017 10:35:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172937/balmoral-resources-starts-drilling-at-martiniere-172937.html
<![CDATA[Media files - Fourth new discovery at Martiniere 'great news', says Balmoral's Darin Wagner ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6852/fourth-new-discovery-at-martiniere-great-news-says-balmoral-s-darin-wagner-6852.html Fri, 03 Feb 2017 10:15:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6852/fourth-new-discovery-at-martiniere-great-news-says-balmoral-s-darin-wagner-6852.html <![CDATA[News - Balmoral Resources unveils fourth Discovery at Martiniere; Mackie repeats 'speculative buy' ]]> https://www.proactiveinvestors.com.au/companies/news/172581/balmoral-resources-unveils-fourth-discovery-at-martiniere-mackie-repeats-speculative-buy--172581.html Gold explorer Balmoral Resources Ltd (TSE:BAR) says it made a fourth new discovery in its Fall 2016 drill programme at the Martiniere property in Quebec.

The new discovery returned an intercept of 11.66 metres at a grade of 6.25 g/t (grams per tonne) gold, it said.

That included a higher-grade core of 5.47 metres at a grade of 12.48 g/t gold.

It's from a hole drilled in a previously untested area some 300 metres south of the main Bug Lake area.

The firm also reported new intercepts from the Bug Lower Steep gold deposit, including 51.28m at 1.19 g/t gold, including 1.17 metres grading 7.52 g/t gold.

Additional results from the fall drill program, and on Balmoral's Detour East property, remain pending.

Work on the winter road into the Martiniere camp has been slowed due to unusually warm winter conditions; however, drilling is still expected to start within the next seven days.

Darin Wagner, president and chief executive officer, of Balmoral, said: "This new discovery further broadens the footprint of the Martiniere gold system and opens up exciting new opportunities on the exploration/growth front proximal to the expanding deposits along the Bug Lake gold trend.

"Along with continued strong results from the Bug South deposit and today's positive results from the Bug Lower Steep deposit the scale and scope of the opportunity at Martiniere has taken some major steps forward over the last few months. We are excited to be rolling the drills back out imminently."

Broker Mackie said this was more "evidence of a large mineralising" system.

Barry Allan, an analyst, noted that "drilling continues to show the Bug Lake discovery has potential, this time with an additional intercept outside of the known resource area".

However, he added that the overall geometry remains complex and not readily discernable, composed of a number of mineralized structures, which have increased in number.

Mackie repeated its target price of $1.50 and a 'speculative buy' stance.

Shares added 4.44% to C$0.94.

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Thu, 02 Feb 2017 12:07:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172581/balmoral-resources-unveils-fourth-discovery-at-martiniere-mackie-repeats-speculative-buy--172581.html
<![CDATA[News - Balmoral drills 41.95 m of 3.24 g/t gold at Martiniere ]]> https://www.proactiveinvestors.com.au/companies/news/172045/balmoral-drills-4195-m-of-324-gt-gold-at-martiniere-172045.html Gold explorer Balmoral Resources Ltd.'s (TSE:BAR) shares jumped more than 6% on Monday after the company said Bug South gold deposit on the company's Martiniere property in Quebec continues to return broad intersection of high-grade gold mineralization and show good continuity between sections.

Results were released from seven holes testing Bug South completed during the fall program and were highlighted by:

 

41.95 metres grading 3.24 grams per tonne gold, including 11.58 m grading 6.30 g/t gold from the Upper Bug zone -- hole MDE-16-246B; 13.93 m grading 4.07 g/t gold from the Upper Bug zone -- hole MDE-16-250; 10.13 m grading 7.34 g/t gold, including 5.34 m grading 13.54 g/t gold from the hangingwall zone -- hole MDE-16-247; 13.79 m grading 2.80 g/t gold, including 2.22 m grading 16.33 g/t gold from the 221 zone -- hole MDE-16-247.

The Upper Bug zone of the Bug South deposit continues to exhibit excellent continuity ranging in downhole thickness in the holes released today from 5.83 to 88.36 metres. The Upper Bug zone continues to exhibit a well-defined, south-southeast-plunging area of enhanced thickness and grade. Updated cross-sections for the Bug South deposit featuring the results of the holes released today are available at the company's website. Strong gold values also continue to be intersected throughout the deposit area in the hangingwall porphyry (HWP), hangingwall and recently discovered 221 zones.

The company also intersected a new zone of zinc-lead-silver-gold veining at shallow depth in hole MDE-16-245. The 5.36-metre-wide interval between 54.79 and 60.15 metres downhole returned an average grade of 2.80% zinc, 2.67 per cent lead, 99.11 grams per tonne silver and 0.19 g/t gold. This is the first time that mineralization of this nature (Zn-Pb-Ag-Au) has been intersected on the Martiniere property, although high-grade silver mineralization is known from the Martiniere East area. This new discovery appears to crosscut the local stratigraphy. Its origin and relationship to the Bug Lake gold deposits and/or the VMS (volcanogenic massive sulphide) system in the Martiniere East area are currently unknown.

Balmoral will have drill core from the Bug South gold deposit on display in the core shack, booth 820, at the 2017 Mineral Exploration Round-Up in Vancouver, B.C., on Jan. 23 and Jan. 24, and at the Prospectors and Developers Association of Canada convention in Toronto, Ont., on March 5 and March 6.

Balmoral shares were up 6.8% at C$0.79 on Monday.

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Mon, 23 Jan 2017 10:44:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172045/balmoral-drills-4195-m-of-324-gt-gold-at-martiniere-172045.html
<![CDATA[News - Balmoral Resources opening up new gold zones in the Abitibi ]]> https://www.proactiveinvestors.com.au/companies/news/172029/balmoral-resources-opening-up-new-gold-zones-in-the-abitibi-172029.html Latest drilling results from Balmoral Resources Ltd (TSE:BAR) continued to show the clear promise of its Martiniere gold project in Quebec.

The latest show high grade gold results from the Detour trend, and it has expanded the Bug South and Bug North deposits.

The winter drill program has now been expanded for a second time to 11,000 metres for further testing of Bug South.

Highlight assays from Bug South included an intercept of 54.89 metres at 2.29 grams per tonne (g/t) gold. That included  13.68 metres at 6.87 g/t gold from in near-surface infill drilling.

These are just some of a host of eye-catching results in recent months. Last month, there was  an intercept of 53.8 metres grading 1.12 g/t gold; 50.21 metres grading 1.08 g/t gold and 46.89 metres grading 1.26 g/t gold.

In January, it hit 41.95 metres grading 3.24 grams per tonne gold and 78.15 metres grading 1.65 grams at the Bug South prospect. It's also hit 5.8 metres grading 10.51 grams per tonne at Martiniere East lately.

A work programme at Martiniere has been ongoing for some time, and which aims to develop the property into a significant gold producer in due course.

Major upside at Martiniere in a well-established gold producing region  

Balmoral is positioned at the northern end of one of the most prolific gold producing regions in the world, the Abitibi greenstone belt which spans the border of west-central Quebec and east-central Ontario.

The most prospective areas of the Martiniere property are Martiniere West, Bug Lake North and Bug Lake South. These have the potential to make up the core of a future mining unit. It’s a typical Abitibi high grade gold deposit district, although the bulk of our drilling to date is very shallow by Abitibi standards.

Another outlying gold project to the west is Detour East, which lies just a few kilometres away from the 15 million ounce Detour Lake Gold mine, which was brought into production in 2013.

So far, there’s no 43-101 resource estimate to hang around Martiniere, but there’s no doubt that the grade is there.

One intercept from Bug Lake even hit 9,700 grams per tonne gold, although the bulk of the intercepts are in the typical range for an Abitibi gold deposit, with over 50% of the holes drilled intersecting at least one interval grading more than 10 grams per tonne.

Still, Balmoral can also boast of additional highlights of 1,138 grams per tonne over 4.87 metres, 273 grams over 3.88 metres, and 197 grams over 0.83 metres.

Typically, the higher grade zones are surrounded by lower-grade haloes, and importantly significant gold mineralization between the zones.

The best opportunities for targets of scale, says chief executive Darin Wagner

“Balmoral grows out of the concept that in the Abitibi there are five prime gold-bearing structures and that the bulk of the gold that has come out of the ground there in the last 100 years has been from these five corridors,” says Darin Wagner, Balmoral’s chief executive.

“The northernmost of these structures is the least explored as it’s completely covered with overburden. But that means it presents the best opportunities for targets of scale to emerge after 100 years of exploration.”

Wagner is no stranger to the ins and outs of the Canadian mining scene. On an extensive CV perhaps the highlight is his involvement as chief executive of West Timmins Mining, the company that co-discovered the high grade Thunder Creek gold zone in Timmins and which was subsequently taken out by Lake Shore Gold in a US$424 mln all-share deal.

After that coup, Wagner set his sights further north in the Abitibi and during 2010 and into 2011 pulled together an impressive land package which now resides inside Balmoral. The company ran its drills out 2011 and almost immediately made a high grade gold discovery. It’s been adding discoveries ever since.

Takeover potential?

“Twelve months out, if we continue to intercept the kind of thicknesses we’ve seen, I would almost be surprised if we’re not gone,” says Wagner.

“Assets of grade and scale tend to move into the hands of producers at a relatively early stage on the Abitibi. It’s rare for the junior that makes the discovery to be the one to turn the mill on.”

---Updates for latest drill results--- ]]>
Mon, 23 Jan 2017 07:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172029/balmoral-resources-opening-up-new-gold-zones-in-the-abitibi-172029.html
<![CDATA[Media files - 'We're seeing gold everywhere out there' says Balmoral Resources President ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6747/-we-re-seeing-gold-everywhere-out-there-says-balmoral-resources-president-6747.html Tue, 17 Jan 2017 15:53:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6747/-we-re-seeing-gold-everywhere-out-there-says-balmoral-resources-president-6747.html <![CDATA[News - Balmoral Resources reveals new gold zones in Quebec ]]> https://www.proactiveinvestors.com.au/companies/news/171476/balmoral-resources-reveals-new-gold-zones-in-quebec-171476.html Balmoral Resources Ltd (TSE:BAR) has hit two new shallow zones of gold mineralisation at its Bug North and Lower Steep gold deposits in Quebec. The company has also hit its deepest high grade results to date at the Martiniere project.

Chief executive Darin Wagner struck a seasonal note in describing his pleasure at being able to announce such good news.

“Today’s results are like that gift that arrives in the mail after Christmas from your favorite relative - worth waiting for and a great way to usher in the New Year,” he said.

“We got a very good bang for our drill dollars from these holes with two new shallow gold discoveries, extensions to the Bug North and Lower Steep gold deposits, continued confirmation of the ME-23 Zone and our deepest high-grade gold intercepts to date.”

Among the best near-surface intercepts at Bug North was 5.8 metres of 10.51 grams per tonne gold.

Shares in Balmoral have doubled over the past 12 months and are currently trading at C$0.71.

 

 

 

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Wed, 11 Jan 2017 13:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171476/balmoral-resources-reveals-new-gold-zones-in-quebec-171476.html
<![CDATA[News - Balmoral appoints Petryshen as corporate secretary ]]> https://www.proactiveinvestors.com.au/companies/news/170944/balmoral-appoints-petryshen-as-corporate-secretary-170944.html Balmoral Resources Ltd. (TSE:BAR) said on Friday Frances Petryshen has joined the board as corporate secretary.

Petryshen brings over 25 years of management experience with a specialization in corporate compliance and governance for public, private and not-for-profit organizations.

She has been a director and officer of several public and private companies. Petryshen is an accredited director (AccDir) and a fellow with the Institute of Chartered Secretaries and Administrators (FCIS) where she currently serves as director of the British Columbia branch of the institute.

Petryshen will be replacing Sue Chipperfield who was the first company secretary and has retired after seven years with the company.

"While we are sorry to see Ms. Chipperfield retire we are very pleased to have been able to replace her with an individual as experienced and professional as Ms. Petryshen," said Darin Wagner, president and chief executive officer of Balmoral.

Balmoral shares were 1.4% higher at C$0.71 on Friday.

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Fri, 23 Dec 2016 12:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/170944/balmoral-appoints-petryshen-as-corporate-secretary-170944.html
<![CDATA[Media files - Balmoral Resources Ltd chief ‘really excited about Bug South potential’ ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6610/balmoral-resources-ltd-chief-really-excited-about-bug-south-potential-6610.html Wed, 14 Dec 2016 16:04:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6610/balmoral-resources-ltd-chief-really-excited-about-bug-south-potential-6610.html <![CDATA[News - Martiniere gold project continues to shine for Balmoral Resources ]]> https://www.proactiveinvestors.com.au/companies/news/170334/martiniere-gold-project-continues-to-shine-for-balmoral-resources-170334.html Canadian gold explorer Balmoral Resources Ltd (TSE:BAR) continues to report solid findings from the expansion drill programme at the Bug South gold deposit on its Martiniere property in Quebec.

The company told investors on Monday that four of the five holes tested most recently intersected broad zones of gold mineralization.

One interval at the Upper Bug zone intersected 78 metres (m) at 1.65 grams per tonne (g/t) of gold, while a smaller but richer vein yielded an intersect of 17m at 4.5g/t of gold.

These results are the first from a series of holes drilled to expand the Bug South deposit after Balmoral identified a "rapid broadening" of the deposit near the surface earlier this year.

Drilling has also intersected high-grade gold mineralisation in the footwall, hanging wall and lower bug zones of the deposit, Balmoral said, with all zones remaining open at shallow depths for further exploration.

“Today's results continue to confirm the significance and potential of the Bug South deposit and further demonstrate the upside of the Bug Lake Gold Trend," said President and chief executive Darin Wagner.

Balmoral is still waiting on the drill results from 42 holes, while drilling has been suspended until the first quarter of 2017 to allow for the completion of a winter road to the site.

Shares closed on Friday at C$0.78.

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Mon, 12 Dec 2016 09:21:00 +1100 https://www.proactiveinvestors.com.au/companies/news/170334/martiniere-gold-project-continues-to-shine-for-balmoral-resources-170334.html
<![CDATA[News - Balmoral Resources' deep hole increases extent of Bug North ]]> https://www.proactiveinvestors.com.au/companies/news/169414/balmoral-resources-deep-hole-increases-extent-of-bug-north-169414.html Continued good results are coming from Balmoral Resources Ltd's (TSE:BAR)  Martiniere property, where it has now extended the Bug North gold deposit to a depth of up to 550 metres.

It comes after the firm drilled the deepest hole so far on the site - the first of three deep holes.

This has increased the known vertical extent of Bug North by 140 metres (or 36%) and confirms that the deposit remains open down-plunge for further expansion.

The hole, which is named BLD-16-01, hit the Bug North Footwall Zone over a down-hole width of 48.55 metres, and returned an average grade of 1.07 g/t (grams per tonne) of gold.

Two higher grade sections were also found in the interval which returned 1.57 metres grading 6.66 g/t gold and a deeper intercept of 6.43 metres grading 4.36 g/t gold, including 1.50 metres grading 10.75 g/t gold.

Darin Wagner, Balmoral Resources' president and chief executive, said the result of the first of the deep holes represented "a significant expansion" of the deposit and confirmation of the group's working model.

"With the successful expansion of the Bug North deposit to depth, the extension of the Trend to the southeast (see below) and the recent rapid growth of the Bug South deposit we have made significant strides forward in our evaluation and testing of this important new gold environment in the Detour region, and plan to continue with our expansion and delineation drill programs in early 2017."

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Wed, 23 Nov 2016 09:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/169414/balmoral-resources-deep-hole-increases-extent-of-bug-north-169414.html
<![CDATA[News - Balmoral Resources finds new gold zone adjacent to Bug South ]]> https://www.proactiveinvestors.com.au/companies/news/167513/balmoral-resources-finds-new-gold-zone-adjacent-to-bug-south-167513.html Balmoral Resources Limited (TSE:BAR) has unveiled more positive drill results from the Martiniere Property in Quebec.

In total there are now three established near surface gold deposits on Balmoral’s  Martiniere property - Bug West and Martiniere West, and Bug South.

Today's news highlight was the discovery of a new high-grade gold bearing vein zone in the hanging wall to the Bug South gold deposit.

The hole there, around 90 metres above the Upper Bug Zone of the Bug South deposit, returned 4.51 grams per tonne gold (g/t) gold over 26.90 metres, including separate intercepts of 10.89 g/t gold over 6.80 metres and 15.89 g/t gold over 2.80 metres.

Another hole tested the Bug Southeast Zone and returned 1.74 grams per tonne (g/t) gold over 17.16 metres, including two higher grade sub-intervals of 6.00 g/t gold over 1.72 metres and 7.40 g/t gold over 1.71 metres.

Elsewhere, the firm noted that drill testing on the Detour East property had begun.

Six holes are planned to test target areas, including potential extensions to the Lynx and Rambo gold zones.

The Detour East property stretches for 20 kilometres east from the Ontario-Quebec border and is centered around 25 kilometres from the Martiniere property.

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Mon, 17 Oct 2016 10:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167513/balmoral-resources-finds-new-gold-zone-adjacent-to-bug-south-167513.html
<![CDATA[Media files - Balmoral Resources just scratching the surface at Martiniere ]]> https://www.proactiveinvestors.com.au/companies/stocktube/5936/balmoral-resources-just-scratching-the-surface-at-martiniere-5936.html Fri, 09 Sep 2016 10:42:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/5936/balmoral-resources-just-scratching-the-surface-at-martiniere-5936.html <![CDATA[News - Balmoral Resources stuns with huge gold intercept at Bug South ]]> https://www.proactiveinvestors.com.au/companies/news/163600/Balmoral-Resources-stuns-with-huge-gold-intercept-at-Bug-South-163600.html Balmoral Resources Limited (TSE:BAR) is moving fast at Bug South.

This is a company that may well already be on the radars of some major predators, and one reason is the types of drill hits that are coming out of Bug South, one of a suite of properties the company holds on the Abitibi gold belt in one of Canada’s most prolific mining districts.

The latest hits include a composite 115.45 metres at 1.4 grams per tonne gold in one hole, and 80.7 metres at 0.96 grams per tonne in another.

The company’s also hit higher grade, including 18.26 metres grading 5.41 grams per tonne and 22.2 grams over 3.64 metres.

The net effect is a broadening at shallow depth of the mineralisation at Bug South and chief executive Darin Wagner called a “potential game-changer” for the Bug South area.

In total there are now three established near surface gold deposits on Balmoral’s wider Martiniere property - Bug West and Martiniere West, and now Bug South.

Drilling continues.

 

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Wed, 07 Sep 2016 08:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163600/Balmoral-Resources-stuns-with-huge-gold-intercept-at-Bug-South-163600.html
<![CDATA[News - Balmoral Resources is opening up new high grade areas of the Abitibi ]]> https://www.proactiveinvestors.com.au/companies/news/157502/Balmoral-Resources-is-opening-up-new-high-grade-areas-of-the-Abitibi-157502.html Shares in Balmoral Resources Ltd (TSE:BAR) have been on the move lately, up by more than 250% since the start of the year, to their current C$1.16. And that’s even after a minor softening of the price over the past few days, as sentiment towards gold has cooled slightly.

What’s behind this stellar rise?

Partly, it’s a sector-specific: the market has recovered its nerve and bought back into the mining sector with increasing gusto as 2016 has gone on, and with particular interest in the gold space as the gold price has surged on dollar weakness, Brexit, global uncertainty, and a host of other factors.

But there’s more to it than that.

Balmoral is positioned at the northern end of one of the most prolific gold producing regions in the world, the Abitibi greenstone belt which spans the border of west-central Quebec and east-central Ontario.

“Balmoral grows out of the concept that in the Abitibi there are five prime gold-bearing structures and that the bulk of the gold that has come out of the ground there in the last 100 years has been from these five corridors,” says Darin Wagner, Balmoral’s chief executive.

“The northernmost of these structures is the least explored as it’s completely covered with overburden. But that means it presents the best opportunities for targets of scale to emerge after 100 years of exploration.”

Wagner is no stranger to the ins and outs of the Canadian mining scene. On an extensive CV perhaps the highlight is his involvement as chief executive of West Timmins Mining, the company that co-discovered the high grade Thunder Creek gold zone in Timmins and which was subsequently taken out by Lake Shore Gold in a US$424 mln all-share deal.

After that coup, Wagner set his sights further north in the Abitibi and during 2010 and into 2011 pulled together an impressive land package which now resides inside Balmoral. The Company ran its drills out 2011 and almost immediately made a high grade gold discovery. It’s been adding discoveries ever since.

Now though, Balmoral is starting to build real momentum.

Behind the scenes sits a very attractive nickel project that’s on something of a backburner until the nickel price recovers, but to the fore is the Martiniere gold project, which will be the subject of at least 20,000 metres of drilling this summer, and possibly as much as 30,000 metres.

It is here that the immediate future of Balmoral will be decided.

“Martiniere is currently home to three gold deposits,” says Wagner.

“There’s Martiniere West, Bug Lake North and Bug Lake South. These have the potential to make up the core of a future mining unit. It’s a typical Abitibi high grade gold deposit district, although the bulk of our drilling to date is very shallow by Abitibi standards.”

The initial focus this summer will be on Bug Lake, although the Martiniere West zone will also be tested, as will another outlying gold project to the west, Detour East, which lies just a few kilometres away from the 15 million ounce Detour Lake Gold mine, which was brought into production in 2013.

So far, there’s no 43-101 resource estimate to hang around Martiniere, but there’s no doubt that the grade is there.

One intercept from Bug Lake even hit 9,700 grams per tonne gold, although the bulk of the intercepts are in the typical range for an Abitibi gold deposit, with over 50% of the holes drilled intersecting at least one interval grading more than 10 grams per tonne.

Still, Balmoral can also boast of additional highlights of 1,138 grams per tonne over 4.87 metres, 273 grams over 3.88 metres, and 197 grams over 0.83 metres.

Typically, the higher grade zones are surrounded by lower-grade haloes, and importantly significant gold mineralization between the zones.

This, says Wagner, could allow the company to get going with shallow starter pits and then move quickly into underground mining.

“It’s got a footprint that should see a headframe on it at some time.”

Whether it will be Balmoral that eventually gets Martiniere up and running and into production is another matter.

“Twelve months out, if we continue to intercept the kind of thicknesses we’ve seen, I would almost be surprised if we’re not gone,” says Wagner.

“Assets of grade and scale tend to move into the hands of producers at a relatively early stage on the Abitibi. It’s rare for the junior that makes the discovery to be the one to turn the mill on.”

Certainly the current drill season will mark a decisive step in Balmoral’s development, although it won’t just be about counting ounces.

“I’m less focussed on the production of a resource than I am about getting my hands around the size and scale of the resource potential here - the rough parameters of what it’s going to be – so that I can get that built into the share price for our shareholders.”

 

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Tue, 06 Sep 2016 06:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/157502/Balmoral-Resources-is-opening-up-new-high-grade-areas-of-the-Abitibi-157502.html
<![CDATA[News - Balmoral Resources says preliminary tests show gold recovery as high as 99.5% at Northshore ]]> https://www.proactiveinvestors.com.au/companies/news/129781/Balmoral-Resources-says-preliminary-tests-show-gold-recovery-as-high-as-99.5%25-at-Northshore-129781.html Balmoral Resources (TSX:BAR) said Monday that preliminary metallurgical testing of two composite samples from its Northshore Property in Ontario returned peak gold recoveries of 96.3% and 99.5%. 

Balmoral received the results from joint venture partner GTA Resources and Mining Inc. (CVE:GTA), the current operator of the project.  In addition to its 48.6% interest in the Northshore Property, Balmoral holds approximately 7.65% of GTA’s outstanding common shares.

The 96.3% result came from the property’s Afric Zone.  A composite sample weighing 43.90kg, with assayed head grade varying from 2.65 to 2.93 g/t gold, was used for this test.  The sample reached 94.8% in 24 hours and peaked at 96.3% after 48 hours.

The 99.5% number was reported from the high-grade Audney vein system.  The Audney vein sample weighed 9.60kg and had an assayed head grade varying from 10.90 to 11.60 g/t gold.  Peak recoveries were achieved after 24 hours for the Audney vein sample.

The testing was performed by Activation Labs in Thunder Bay, Ontario, and consisted of standard cyanide bottle roll tests with atomic absorption analysis for gold.

Jennifer Steyn, Metallurgy Manager for Activation Labs, commented the results “indicate that the mineralization is free milling and excellent recoveries can be made using conventional cyanidation.”

GTA has advised Balmoral that it anticipates resuming the current drill program at Northshore in early September and that it should take one month to fully complete the phase.  GTA is currently evaluating the Afric Gold Zone’s near-surface potential.

The Northshore Property is located along the north shore of Lake Superior and is home to one of the oldest known gold discoveries in Ontario (in 1898, prospector Peter McKellar discovered multiple gold-bearing veins on the property).  Accessible by local road, the property is situated some 4km south of the Trans-Canada Highway.

Balmoral signed an option agreement covering the Northshore Property with GTA in July 2011, and in July 2014 announced that GTA had vested its initial 51% interest.  The Property was acquired by Balmoral in late 2010.

A full version of the “Gold Cyanidation Report” is available at www.balmoralresources.com.

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Mon, 29 Aug 2016 12:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/129781/Balmoral-Resources-says-preliminary-tests-show-gold-recovery-as-high-as-99.5%25-at-Northshore-129781.html
<![CDATA[News - Balmoral Resources reports high grades from latest Martiniere assays ]]> https://www.proactiveinvestors.com.au/companies/news/126898/balmoral-resources-reports-high-grades-from-latest-martiniere-assays-126898.html Balmoral Resources Ltd’s (TSX:BAR) final assays from winter drilling at  Martiniere in Quebec all showed high grades of gold.

The results were for a 375m segment of the southern Bug Lake Trend and showed a continuation of the Upper Bug Lake gold zone near the surface.

Gold mineralized intervals ranging from 25.02 to 48.46m wide were identified in four of the five holes while  the fifth hole, MDE-16-206 showed an intercept of 7.16 g/t gold over 1.08m at the base of the zone.

Other results included 3.44 g/t gold over 7.14m and 3.14 g/t gold over 8.76m.

The results hihglighted the broad nature of the Upper Bug Lake gold zone said Darin Wagner, Balmoral’s chief executive.

"Two drills are set to return to the property and begin further expansion of the Bug Lake Gold Zones and broader Martiniere gold system within the next two weeks." 

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Wed, 08 Jun 2016 09:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/126898/balmoral-resources-reports-high-grades-from-latest-martiniere-assays-126898.html
<![CDATA[News - Balmoral set for sale of non-core Discovery zone ]]> https://www.proactiveinvestors.com.au/companies/news/126385/balmoral-set-for-sale-of-non-core-discovery-zone-126385.html Balmoral Resources Ltd (TSX:BAR, OTCQX:BALMF) is set to sell  its interest in the non-core Discovery Zone property in Quebec to Wallbridge Mining Company Limited.

It has struck a letter of intent with the latter over the 10.5 sq km part of the larger Fenelon property, which forms part of Balmoral's over 700 square kilometre Detour trend project located in west-central Quebec.

Balmoral chief Darin Wagner said: "We are pleased to have found a group with a background of safe and environmentally responsible project management to potentially move the Discovery Zone forward.

"The funds acquired in this transaction will support our on-going efforts to delineate and expand the nearby Martiniere Gold System and our continued exploration efforts throughout the Detour Trend Project area."

Under the terms of the agreement, Balmoral will receive an immediate payment of 2.38mln Wallbridge shares, cash totalling either $3.4 or $3.5 million dollars over the next 60 to 120 days and will retain a 1% Net Smelter Return Royalty (NSR) on all future production from the property.

The Discovery Gold Zone was last targeted by Balmoral in 2011. It is currently flooded but has established underground ramp access and was bulk sampled in 2004 by previous operators.

Over 50,000 metres of surface and underground drilling has defined a number of narrow, but high-grade, gold mineralized veins from the bedrock surface to a depth of around 250 vertical metres.

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Wed, 25 May 2016 10:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/126385/balmoral-set-for-sale-of-non-core-discovery-zone-126385.html
<![CDATA[News - Balmoral hits high grades at Bug Lake ]]> https://www.proactiveinvestors.com.au/companies/news/125878/balmoral-hits-high-grades-at-bug-lake-125878.html Balmoral Resources Ltd (TSX:BAR OTCQX: BALMF) has reported more high gold grades from drilling on the Detour Trend project in Quebec. 

Best intercepts were 14.08 g/t gold over 12.56m, which included 199g/t gold over 0.85m, 11.55 g/t gold over 4.47m and 3.31g/t gold over 15.42m.

"This is a strong first set of results from our winter drilling along the southern portion of the Bug Lake Gold Trend.

“All three holes confirm and expand on a series of high-grade gold intercepts from our initial, widely spaced drilling along this portion of the Trend" said Darin Wagner, chief executive.

"Continued expansion and delineation work along the Bug Lake Gold Trend, and throughout the broader Martiniere gold system, will be our primary focus throughout 2016."

“Results from eight additional holes drilled along the Bug Lake Gold Trend remain pending. The fully funded, summer-fall $4.0mln, 20,000+ metre diamond drill program is anticipated to commence within the next 30-40 days”

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Thu, 12 May 2016 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/125878/balmoral-hits-high-grades-at-bug-lake-125878.html
<![CDATA[News - Balmoral "one of best exploration companies in Canada" says Mackie ]]> https://www.proactiveinvestors.com.au/companies/news/125831/balmoral-one-of-best-exploration-companies-in-canada-says-mackie-125831.html Balmoral Resources (TSE:BAR) shares advanced by nearly 11% on Wednesday after the company was described as "one of the best exploration companies in Canada" in a Mackie Research note.

The analyst says Balmoral remains a Speculative Buy with a price target of C$1.30. The stock ended the day up 10.6% at C$0.73.

"We are of the opinion BAR represents one of the best exploration companies in Canada. Not only has a major new nickel resource been confirmed by an initial resource, but BAR is also getting excellent gold results from the Bug Lake gold discovery, which remains to be fully delineated by drilling. Both projects are excellent new discoveries," said note author Barry Allan.

BAR has released results for the initial three drill holes on the Bug Lake Gold Trend at the Martiniere property designed to test lateral and vertical continuity of mineralisation previously discovered on the southern end of the overall trend.

All three holes intersected gold, with highlight intercepts in each hole being 14.1 g/t over 12.6 metres (hole 205), 11.6 g/t over 4.5 metres (hole 203) and 6.1 g/t over 5.3 metres (hole 204). All three intercepts are very good, and once again illustrates the Bug Lake gold discovery has an excellent tenor of mineralisation.

"While the gold intercepts are very good, the initial interpretation of the intercepts suggests a fairly complex geometry of the mineralization, which will require extensive drilling before an accurate understanding can be made. Nevertheless, the tenor of gold mineralisation is high and provides excellent encouragement to explore further, justifying the decision to execute a winter drill campaign," Mackie said.

BAR released an initial resource for the Grasset nickel discovery in West-Central Quebec, which lived up to our expectation and represented a new nickel discovery that has achieved an initial critical mass. Importantly, the resource remains open to depth and along strike.

BAR is drilling both the nickel and gold discoveries, and there is a very good probability that both should yield further results, allowing resources to grow.

"While still early days, the drill holes on Bug Lake confirms why BAR should be drilling. There is every indication of a significant new gold resource, and more drilling is warranted," Mackie said.

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Wed, 11 May 2016 17:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/125831/balmoral-one-of-best-exploration-companies-in-canada-says-mackie-125831.html
<![CDATA[News - Balmoral Resources: grade, location, financing equal multiple value drivers ]]> https://www.proactiveinvestors.com.au/companies/news/98541/balmoral-resources-grade-location-financing-equal-multiple-value-drivers-49950.html With grade, location and financing all in place, Balmoral Resources (TSE:BAR) (OTCQX:BALMF) is in a situation many other juniors can only envy.

The company’s flagship project, the Detour Gold Trend Project, and its nearby N1/N2 Properties are located in the Abitibi region of Quebec, an area home to a greenstone belt that represents the second largest accumulation of high grade deposits “on the planet”, says president and CEO, Darin Wagner. 

Crucial, from an investor standpoint, is the fact that gold deposits in this region are known for their high grades.

"And by high grade we’re not talking a gram and a half,” says Wagner. “We consider the historic average mine grade in the belt to be just under eight grams per ton and our discoveries are tracking very nicely in that frame of reference – they’re all in the near surface and are all open."

It is this quality of grade that Wagner sees as the most important factor operating in Balmoral’s favour in the current challenging environment, as such grades will “see you through, wherever the [per ounce] price is.”

“Mines have been producing in Abitibi around that 6 to 8 gram level and making money whether gold was $350 per oz or $1900 per oz, so we think that’s a fairly fundamental reason right there for focusing our efforts there.”

The principal focus of Balmoral’s activities on its Detour Gold Trend Project -- which encompasses more than 600 square kilometres -- is the 100 per cent owned 3,000 metre long open-ended high-grade Martiniere Gold system. This series of new discoveries shows such standout gold intercepts as 272.79 g/t gold over 3.88 metres from the Footwall discovery and 195.50 g/t gold over 0.97 metres in the Hanging Wall zone.  Beyond that, Balmoral is spoiled for choice, as the projects hosts numerous other gold and base metal prospects along its 80+ kilometre length.

The company is thus able to continue to advance the core of the Martiniere system towards an initial resource element, while continuing the expansion of several earlier stage discoveries and exploring for new projects to fill up its pipeline. 

Certainly, the jurisdiction in which these discoveries reside has much to recommend it, and is a part of the world in which Wagner has already enjoyed success – an experience that played into the choice. Wagner’s pedigree includes time spent as president, CEO, and director of West Timmins Mining, a tenure which included the discovery of the high-grade Thunder Creek Gold Zone in Timmins, Ontario and the acquisition of West Timmins by Lake Shore Gold (TSE:LSG) in deal valued at $424 million.

"Certainly, what we found with West Timmins was that the metrics we were able to achieve for shareholders in that process were significantly greater than the metrics other companies were achieving elsewhere in the world on similar projects, so there is a premium to be had for quality high grade gold projects in politically safe jurisdictions like Ontario and Quebec. 

“Quebec certainly qualifies as one of the better jurisdictions on the planet."

Among Quebec’s advantages are the abundance of skilled labour available close to hand, be they experienced exploration teams, drill contractors or helicopter pilots, and La Belle Province’s “outstanding” permitting regime under which drill permits take weeks to get back, rather than months or even years, says Wagner.

Most mouth-watering for any explorer is the province’s northern exploration incentive program, which sees exploration companies receive a 35 cent rebate for every dollar spent exploring. This  “stretches our exploration dollar way further,” adds the chief executive. “If we raise $10 million for exploration, it’s more in the order of $13.5 million having been raised.  That’s a huge advantage for any jurisdiction – especially in today’s challenging financing regime.”

Added to these attractions is the fact that Balmoral enjoys a familiarity with the space, its players, and -- crucially -- its geology, such that "there's no big learning experience for the team in terms of what they're looking for and how they need to go about their business." It makes, Wagner says, for a level of comfort and should therefore equate into a quicker path to success. And this success is being recognized by others in the industry. The Balmoral team was recently named the “Prospectors of the Year” in the Province of Quebec for its gold discoveries along the Bug Lake Gold Trend – part of the size XL Detour Gold Trend Project. 

Not coincidentally, the project has attracted the attention of a number of gold producing companies. “We have run a number of site tours for gold producers over the last few months as the project has become more advanced and better known. Surprisingly, several of the interested parties don’t have any significant Canadian gold production so they are maybe looking for something a little closer to home given the number of issues which have emerged in overseas jurisdictions over the last few years,” says Wagner. 

Other investors have been flocking to Balmoral too, as demonstrated by the recently closed $6 million financing. Indeed, the financing, which was largely sourced from within Balmoral’s shareholder base and with institutional partners in Quebec and Ontario, was oversubscribed to the point where an expansion was necessary, an eventuality Wagner sees as the ultimate vote of confidence.

“I don’t think there’s much stronger feedback you can get from your shareholders than their faith to reach into their wallets and assist in funding the next round of drilling. We are as always very appreciative of their support.”

With 2 to 3 years of working capital now filling the company’s treasury, first call on the funds is work on the Martiniere project, with its multiple high grade zones and the aim of “putting some more ounces in the box”. Drilling out some of the property’s high grade zones is consistent with Balmoral’s determination to stay active. 

“We don’t believe that investors give us money to sit on the sidelines -- people give us money to go take the shot, to do our very best to create value and to quote one of the industries stalwarts, ‘make the next big score’. We remain one of the most active explorers in Quebec and while some may criticize the decision to spend in a bear market, it’s pretty tough to create value sitting on your hands in Vancouver.”

Thus, the next 6 to 12 months for Balmoral include plans to grow both ounces and the system itself while also conducting some exploration on the rest of the property.

“So we’ve got multiple value drivers,” sums up Wagner, “which is a really neat place to be.”

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Mon, 18 Nov 2013 13:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/98541/balmoral-resources-grade-location-financing-equal-multiple-value-drivers-49950.html