Balmoral Resources (OTC Other: BALMF; TSX-V: BAR), along with its joint venture partner GTA Resources, released results from a Phase 1 drilling program, highlighted by holes WB-11-07, WB-11-09 and WB-11-11 in the Afric Gold Zone, which returned respectively capped intercepts of 150.00 metres grading 0.99 g/t gold, 159.00 metres grading 1.05 g/t gold and 149.50 metres grading 1.20 g/t gold. All of these holes collared and ended within the mineralized system. High-grade intervals in all holes were capped for reporting of the broader intercepts at 28.79 g/t gold, which represents the 99th percentile of the values obtained from the current drill program.
The high-grade Audney and Caly vein systems also demonstrated good continuity with the Audney vein system being intersected to a depth of 110 vertical metres. The Audney vein system returned intercepts of 13.23 g/t gold over 6.50 metres, including a bonanza grade intercept of 131.99 g/t gold over 0.50 metres and 10.28 g/t gold over 4.30 metres, which represents the deepest intercept of the Audney vein to date. The Caly vein system returned shallow high-grade intercepts of 12.49 g/t gold over 33.20 metres including a bonanza grade intercept of 760.15 g/t gold over 0.40 metres; 17.25 g/t gold over 3.70 metres, and 14.94 g/t gold over 4.00 metres. Both systems remain open to depth.
GTA has an option to earn up to a 70% interest in the Northshore Property from the Company by spending $5.5 million dollars on exploration expenditures, issuing 3.5 million shares to Balmoral and making cash payments totaling $150,000. GTA is the operator for exploration activities on the Northshore Property during the option period. Balmoral currently holds approximately 7% of the issued and outstanding stock in GTA.