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Balmoral Resources Ltd.
Summary
| Project: | Fenelon | |
|---|---|---|
| Deposit: | Reaper | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 4/30/2020 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 30-4-2020: Balmoral Resources Ltd. announces an Exploration/Drilling Update report for its Reaper deposit at the Fenelon project. Drilling results incl. 2.97m @ 307.89g/t Au from 100.9m. (Vancouver, April 30, 2020) Balmoral Resources Ltd. (“Balmoral” or t | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Michael Tucker (Internal) | |
| ABSTRACT: | (Vancouver, April 30, 2020) Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) announced today a new, very high-grade gold discovery on its Fenelon Property in Quebec. The Reaper gold discovery returned an intercept of 858.00 g/t gold over 1.06 metres, as part of a broader 2.97 metre wide mineralized zone grading 307.89 g/t gold. The Reaper discovery occurs along the western margin of the Area 51 intrusion on the southern part (Area 52 segment) of the Company’s Fenelon Property (see Figure 1). Wallbridge Mining Company Limited’s (“Wallbridge”) high grade Tabasco Zone occurs along the eastern margin of the same intrusion on the adjacent Fenelon Mine Property. Balmoral’s Fenelon Property forms part of the Company’s district-scale Detour Gold Trend Project in Quebec. Balmoral and Wallbridge announced on March 2, 2020 (see NR20-04, March 2, 2020) that they had entered into a definitive arrangement agreement (the “Arrangement Agreement”) pursuant to which Wallbridge will acquire Balmoral by way of a plan of arrangement (the “Arrangement”). The proposed transaction (the “Transaction”) would consolidate the Area 51 gold system and create one of the best financed gold exploration companies in Canada. | |
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