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Balmoral Resources Ltd.
Summary
| Project: | Northshore | |
|---|---|---|
| Deposit: | Afric Gold Zone | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 11/1/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Scoping Study | |
| Report details: | 1-11-2016: Balmoral Resources Ltd. announces an Exploration/Drilling Update report for its Afric Gold Zone deposit at the Northshore project. JV with GTA Resources and Mining Inc. - drilling results incl. 21.50m @ 2.24g/t Au from 3m. (Vancouver, November | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Wayne Reid (GTA Resources and Mining Inc.) | |
| ABSTRACT: | (Vancouver, November 1, 2016) Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) has received, from joint venture partner GTA Resources and Mining Inc. (“GTA”; TSXV:GTA), the results from 15 shallow drill holes from the second and final phase of the summer 2016 drill program on the Northshore Property located near Schreiber, Ontario. The Phase Two drilling program was designed to both expand in the near surface and more clearly define the outer margins of the Afric Gold Zone. It appears to have successfully extended the Zone in several areas. In addition drilling continues to intersect high-grade, commonly visible gold bearing quartz vein hosted mineralization within the core of the broader zone. The current phase of drilling returned near surface intercepts of 27.90 g/t gold and 25.80 g/t gold, each over 1.00 metre downhole intervals, in holes A-16-20 and A-16-29 respectively (see table below). Two holes were drilled during this phase of the program to determine the continuity of the Gino Vein system, initially discovered in 2013. The Gino Vein system is located north of the Afric Gold Zone and proximal to the former producing North Shore gold mine. Both holes appear to have successfully intersected the Gino Vein, with an intercept of 6.13 g/t gold over 1.00 metre in G-16-02 indicating the system remains open to the east and down-dip. The Northshore Property is a joint venture between Balmoral and GTA. GTA is the current operator of the joint venture and, prior to the summer 2016 program, held a 51.4% interest in the Property. In addition to its 48.6% interest in the Northshore Property Balmoral currently holds a share position in GTA for investment purposes. | |
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