Intercept of bonanza grade gold vaults Balmoral 40%

Michael Allan McCrae | August 17, 2012 | 6:54 pm

Balmoral Resources (CVX:BAL) has added over 40% to its stock price in the last three days since announcing a gold intersect in its Martiniere property in Quebec, 273 g/t (8 oz/ton) gold over 3.88 metres.

The company said this discovery is a “. . . a new bonanza grade, gold bearing structure in the footwall to the Bug Lake Gold Zone.”

As of Friday noon PST, the stock is trading at 90 cents. Its 52-week high is $1.30. The stock started Wednesday at 65 cents.

“The Footwall discovery returned, on an uncut basis, 272.39 g/t (8.0 oz/ton) gold over 3.88 metres (12.7 feet) across the width of the mineralized structure. Included in this interval are adjacent bonanza grade intercepts of 1,530 g/t (44.6 oz/ton) gold over 0.55 metres (1.8 feet) and 409 g/t gold (11.9 oz/ton) over 0.50 metres (1.6 feet),” said Balmoral in a statement.

The Martiniere Property, located approximately 45 kilometres east of the Detour Lake gold deposit, is centrally located within Balmoral’s 82 kilometre long Detour Trend Gold Project in Quebec, Canada.