Balmoral Resources Ltd. ($BAR:CA) ($BALMF) announced that the company has intersected a very high-grade sulphide vein-breccia system in hole GR-15-97 in the immediate footwall to the H3 Nickel Zone. This milestone discovery returned 10.50% Ni, 0.74% Cu, 1.87% Pt and 4.87 g/t Pd over 7.50 metres at the 425 metre vertical level.
"The discovery of this type of footwall vein-breccia system beneath H3 provides additional encouragement for further discoveries of very high-grade semi-massive to massive nickel sulphide bodies within the Grasset Ultramafic Complex," said Darin Wagner, President and CEO of Balmoral.
GR-15-97 intersected the H3 Zone approximately 50 metres down dip and 40 metres southwest of GR-15-87, confirming the continuation of the high-grade core of the Zone to depth. Drilling also continued to expand the overall scale of the mineralized system with nickel bearing sulphides now intersected to a vertical depth of 540 metres along the projection of the H3 Zone.
"The timing of this discovery is excellent as work towards producing an initial resource estimate for the H3 Zone, which will incorporate the results released today, is underway,” said Wagner. “We expect these results early in 2016."
A Canadian-based discovery company, Balmoral is focused on the delineation of high-grade gold and nickel-copper-PGE discoveries on its Quebec-based Detour Trend Project. In recent months, the company has reported a number of positive developments. Earlier this month, the company’s drill program confirmed the discovery of a new, gold bearing, fault system - the Lac du Doigt Fault Zone. In October, Balmoral successfully completed a non-brokered private placement for gross proceeds of $4,535,734, which is slated to be used for further delineation of its Martiniere Gold and Grasset Nickel Discoveries and continued exploration of its Detour Gold Trend Project.
Following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade assets, Balmoral has another notable discovery in the mining sector. This highly undervalued company, together with a multi-award winning exploration team and their focus on the discovery and delineation of high quality assets in proven, low political risk mining districts, continues to demonstrate promising growth.
For more information about Balmoral Resources, visit www.balmoralresources.com.
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