By The Gold Report

Source: The Gold Report   01/23/2017

View Original Article: https://www.streetwisereports.com/pub/na/balmorals-positive-drill-results-lead-to-resource-estimate-target-increase

Drilling at Balmoral Resources’ Bug South gold deposit continues to return high-grade gold mineralization, leading one analyst to increase his estimated resource target at Martiniere.

Balmoral Resources Ltd. (BAR:TSX; BALMF:OTCQX) reported this morning that drilling at the Bug South gold deposit at its Martiniere property in Quebec “continues to return broad intersection of high grade gold mineralization and show good continuity between sections.”

The results have been well received by analyst Philip Ker of PI Financial. In a Jan. 23 research report, Ker stated, “Step-out drilling along the Bug Lake gold trend has been successful on various fronts in results delivered thus far from Balmoral’s fall drilling campaign. Today’s assays continue to confirm good continuity in mineralization at Bug South which exhibited increasing thicknesses from 5.83 – 88.36m.” In addition, he noted, “Balmoral also intersected a new zone of zinc-lead-silver-gold veining that has been relatively undefined across the Martiniere property. . .The current origin and relationship of this new mineralization is unknown at this time. However, further results from the fall program are anticipated in the coming weeks along with Balmoral commencing its winter exploration campaign.”

Ker also noted that the winter exploration program, which is fully funded, should begin in the coming weeks: “The winter season will include ~7,500-8,000m of drilling dominantly across the Bug Lake targets with specific holes designed for infill drilling to support data required for a maiden resource estimate.”

His conclusion on results released today: “Impact: Positive. Continuity and grades supporting to a larger maiden resource,” adding, “after updating our model, we have pushed back our outlook on a start-up operation at Grasset in 2019 to 2021 and re-defined and increased our estimated resource target at Martiniere from 1.25Moz to 2Moz.”

Balmoral released results from seven holes, including hole MDE-16-246B in the Upper Bug Zone, which reported 41.95m grading 3.24 g/t gold, including 11.58m grading 6.30 g/t gold.

The company said that the Upper Bug Zone of the Bug South deposit “continues to exhibit excellent continuity ranging in down-hole thickness in the holes released today from 5.83 to 88.36 metres. The Upper Bug Zone continues to exhibit a well-defined, south-southeast plunging area of enhanced thickness and grade. . .Strong gold values also continue to be intersected throughout the deposit area in the Hanging Wall Porphyry (“HWP”), Hanging Wall and recently discovered 221 Zones.”

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Disclosure:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, shares of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: Balmoral Resources Ltd. Streetwise Reports does not accept stock in exchange for its services. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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Additional Disclosures for this Content

Disclosure from PI Financial, Balmoral Resources Ltd., Corporate Update, Jan. 23, 2017

I, Philip Ker, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.

Research Disclosures:

1) PI Financial Corp. and its affiliates’ holdings in the subject company’s securities, in aggregate exceeds 1% of each company’s issued and outstanding securities. No

2) The analyst(s) responsible for the report or recommendation on the subject company, a member of the research analyst’s household, and associate of the research analyst, or any individual directly involved in the preparation of this report, have a financial interest in, or exercises investment discretion or control over, securities issued by the following companies. No

3) PI Financial Corp. and/or its affiliates have received compensation for investment banking services for the subject company over the preceding 12-month period. No

4) PI Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company. Yes

5) PI Financial Corp. and/or its affiliates have managed or co-managed a public offering of securities for the subject company in the past 12 months. No

6) The following director(s), officer(s) or employee(s) of PI Financial Corp. is a director of the subject company in which PI provides research coverage. No

7) A member of the research analyst’s household serves as an officer, director or advisory board member of the subject company. No

8) PI Financial Corp. and/or its affiliates make a market in the securities of the subject company. No

9) Company has partially funded previous analyst visits to its projects. Yes

PI Financial Corp. and its affiliates, as well as their respective partners, directors, shareholders, and employees may have a position in the securities mentioned herein and may make purchases and/or sales from time to time. PI Financial Corp. may act, or may have acted in the past, as a financial advisor, fiscal agent or underwriter for certain of the companies mentioned herein and may receive, or may have received, a remuneration for their services from those companies.