VANCOUVER, BC–(Marketwired – August 29, 2016) – Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR) (OTCQX: BALMF) has received, from joint venture partner GTA Resources and Mining Inc. (TSX VENTURE: GTA), the results from preliminary metallurgical testing of two composite samples from the Northshore Property, in Ontario. Results from standard bottle roll tests for the two samples, one from the core of the Afric Zone and one from the high-grade Audney vein system, returned peak gold recoveries of 96.3% and 99.5% respectively.
The preliminary metallurgical work was performed by Activation Labs in Thunder Bay, Ontario and consisted of standard cyanide bottle roll testing with atomic absorption analysis for gold. Sample “A”, from the central core of the Afric Zone weighed 43.90 kilograms and had an assayed head grade varying from 2.65 to 2.93 g/t gold. Sample “D”, from the high-grade Audney vein system (see NR16-17, August 22, 2016 for recent drill results), weighed 9.60 kilograms and had an assayed head grade varying from 10.90 to 11.60 g/t gold.
Jennifer Steyn, Metallurgy Manager for Activation Labs, stated “These results indicate that the mineralization is free milling and excellent recoveries can be made using conventional cyanidation”. A full version of the “Gold Cyanidation Report” can be found on the company website at www.balmoralresources.com
The two samples were composited from assay reject samples from the recently completed phase of drilling on the property which were split and pulverized to 95% passing 105 micron prior to testing. Peak recoveries were achieved after 24 hours for sample D at 99.5%. Sample A reached 94.8% recoveries in 24 hours, peaking at 96.3% after 48 hours. Cyanide and lime consumption during the tests are considered by Activation Labs to be “fairly average” and that comparable recoveries are also likely achievable using a lower initial/maintained cyanide consumption.
GTA, as operator of the Northshore Property, is currently evaluating the near surface potential of the Afric Gold Zone on the Northshore Property. The Company has been advised that GTA anticipates resuming the current drill program on the Property in early September and that it should be completed within one month of commencement.
The Northshore Property is a joint venture between Balmoral and GTA. GTA is the current operator of the joint venture and holds a 51.4% interest in the Property. In addition to its 48.6% interest in the Northshore Property Balmoral currently holds approximately 7.65% of the issued and outstanding shares of GTA.
Quality Control and Assurance: GTA has implemented a quality control program for the drill programs on the Northshore Property to ensure best practice in sampling and analysis. GTA maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by Actlabs in Thunder Bay, Ontario with ISO 17025 accreditation. Samples are transported in sealed bags to Actlabs and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA and/or gravimetric finish.
The planning, execution and monitoring of GTA’s exploration programs on the Northshore Project are under the supervision of Robert (Bob) Duess, P. Geo. (Ontario), VP Exploration of GTA. Mr. Duess is a qualified person as defined by National Instrument 43-101 and is also the Qualified Person for this release. Mr. Duess has supervised the work programs on the Northshore Property, supervised the collection of the samples described herein and reviewed the results presented by Activation Labs. Mr. Duess has also reviewed this release. Mr. Darin Wagner, P. Geo., has consulted with Mr. Duess, reviewed the results contained herein and approved the release on behalf of the Company.
Metallurgical work as summarized in this press release was performed by Activation Labs in Thunder Bay, Ontario which is an ISO 17025 accredited facility.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a well-funded, Canadian-based company actively delineating and expanding the high-grade Bug Lake Gold Trend on its wholly owned, 700 square kilometre Detour Trend Project in Quebec, Canada. Employing an award winning exploration team, Balmoral has a philosophy of creating value through the drill bit. By focusing our efforts in proven productive precious/base metal belts in one of the world’s preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold and base metal assets.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
“Darin Wagner“
President and CEO
This press release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, the projection of future metallurgical recoveries based on limited testing and business and financing plans and trends are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company’s expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company’s projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company’s ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company’s ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative.All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company’s mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
For further information contact:
John Foulkes
Vice-President
Corporate Development
Tel: (604) 638-5815 / Toll Free: (877) 838-3664
E-mail: [email protected]
