March 29, 2012
Balmoral Resources (OTCQX: BALMF; TSX-V: BAR) has assays back on the first four drill holes of the winter 2012 drill program. Follow-up testing of the ME-16 discovery, announced December 5, 2011 (NR11-31), returned an intercept of 9.30 metres grading 11.42 g/t gold from drill hole MDE-12-20. This compares favourably with discovery hole MDE-11-16 which returned 9.33 metres grading 12.93 g/t gold. The reported intercept from hole MDE-12-20 includes a bonanza grade section which returned 41.22 g/t gold over a 2.50 metre interval.
According to Darin Wagner, President and CEO of Balmoral, “The initial results from the Martiniere East – ME-16 drilling confirm the presence of another high-grade gold bearing feature on the Martiniere Property. Located approximately one kilometre east of the Martiniere West Zone, the ME-16 area may have the potential to add additional high-grade, near surface ounces to the expanding discovery at Martiniere West.”
March 19, 2012
Balmoral Resources (OTCQX: BALMF; TSX-V: BAR) has four drills active. Two drills are currently expanding high-grade gold discoveries on the Martiniere Gold Property and a third is conducting follow-up drilling and testing additional targets on the Grasset Gold Property. Both properties are part of the Company’s 85 kilometre long Detour Gold Trend Project which adjoins the Detour Gold development project. The fourth drilling, being operated in conjunction with GTA Resources and Mining, has recently commenced drilling on the Company’s Northshore Gold Property in Ontario following up on positive results released March 12, 2012 (NR12-06). Initial results from the Detour Gold Trend winter drill campaign are anticipated within the next 3-4 weeks.
March 13, 2012
Balmoral Resources (OTCQX: BALMF; TSX-V: BAR) has closed its previously announced bought deal private placement offering involving the issuance of 2,000,000 flow-through common shares of the Company at a price of $1.52 per flow-through common share for aggregate gross proceeds of $3,040,000. The issue price represents a 67% premium to the March 12, 2012 closing price of Balmoral’s common shares on the TSX Venture Exchange.
March 13, 2012
Balmoral Resources (OTCQX: BALMF; TSX-V: BAR) has resumed drilling at the Company’s Northshore Property as a follow up on the encouraging results from the fall 2011 program. As a reminder, the fall 2011 program intersected a broad zone of gold mineralization, the Afric Zone, which returned 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 from holes WB-11-07, WB-11-09 and WB-11-11 respectively.
In addition to expanding on the broader gold mineralized system at Northshore, the current program will also target extensions to the high-grade Audney and Caly vein systems, as well as testing other high-grade gold-bearing vein networks on the property. The Audney vein system returned a number of high-grade intercepts including 13.23 g/t gold over 6.50 metres during testing in late 2011.
February 23, 2012
Balmoral Resources Ltd. (TSX-V: BAR; OTCQX: BALMF) announced today that the common shares of the Company commenced trading on OTCQX International, the highest tier of the OTC market in the United States, under the symbol BALMF today. The Company’s common shares will continue to trade on the TSX Venture Exchange under the symbol BAR.
“We are pleased to provide our U.S. shareholders with increased convenience and to allow a broader spectrum of U.S. investors access to Balmoral moving forward through the OTCQX,” said Darin Wagner, President and Chief Executive Officer of Balmoral.
February 21, 2012
Balmoral Resources Ltd. announced today that it has entered into an agreement with Casimir Capital Ltd., under which the Underwriter has agreed to purchase $3,040,000 in securities of the Company, and to place the purchased securities on a flow-through private placement basis. The Offering will consist of 2,000,000 flow-through common shares of the Company at a price of $1.52 per flow-through common share. The share price of the Offering represents a 46.2% premium to the February 17, 2012 closing price of common shares of Balmoral. The proceeds raised from the Offering will be used to accelerate the exploration of the Company’s Detour Gold Trend projects, including the Martiniere, Grasset, and Fenelon gold discoveries, located in the province of Quebec.
February 15, 2012
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.