Balmoral announces nickel-copper-PGE discovery at Grasset, Detour Gold Trend Project, Quebec
VANCOUVER, BRITISH COLUMBIA–(Marketwire – May 23, 2012) – Balmoral Resources Ltd. (TSX VENTURE:BAR)(OTCQX:BALMF) (“Balmoral” or the “Company”) today reported a new discovery of nickel-copper-platinum group metal mineralization on the Company’s wholly owned Grasset Property. Drill hole GR-12-09 intersected a 9.17 metre interval which returned 0.51% nickel, 0.09% copper and 0.50 g/t platinum+palladium+gold. Individual assays returned a high of 1.34% nickel, 0.17% copper and 0.71 g/t platinum+palladium+gold over 0.40 metres from a band of semi-massive sulphide mineralization.
The magmatic, Ni-Cu-PGE sulphide discovery is hosted in an ultramafic intrusion near its contact with the Sunday Lake Deformation Zone. Mineralization occurs in the form of disseminated pyrrhotite and pendlandite with a pyroxenite body. The mineralized interval is located at, or near, the extreme southeastern end of a 1,000 metre long airborne electromagnetic conductor. The same suite of ultramafic rocks had previously returned anomalous Ni-Cu-PGE mineralization over 8,300 metres to the northwest on the Company’s Fenelon Property. There is little drill testing along the interpreted trend of the ultramafic host unit between the discovery announced today and the historic work noted above. A map highlighting the new discovery can be viewed at www.balmoralresources.com.
“The Abitibi is home to a wide array of deposit types including nickel producers,” said Darin Wagner, President and CEO of Balmoral Resources. “The discovery of nickel-copper-PGE mineralization at Grasset continues to enhance the potential of our Detour Trend Project and adds another target for follow-up and expansion. With a kilometre long conductor remaining to be tested, and anomalous mineralization of this nature known over 8.0 kilometres to the northwest, there is an opportunity for a nickel-copper-PGE system of considerable scale to emerge across the Grasset and Fenelon properties.”