It comes after the firm drilled the deepest hole so far on the site – the first of three deep holes.
This has increased the known vertical extent of Bug North by 140 metres (or 36%) and confirms that the deposit remains open down-plunge for further expansion.
The hole, which is named BLD-16-01, hit the Bug North Footwall Zone over a down-hole width of 48.55 metres, and returned an average grade of 1.07 g/t (grams per tonne) of gold.
Two higher grade sections were also found in the interval which returned 1.57 metres grading 6.66 g/t gold and a deeper intercept of 6.43 metres grading 4.36 g/t gold, including 1.50 metres grading 10.75 g/t gold.
Darin Wagner, Balmoral Resources’ president and chief executive, said the result of the first of the deep holes represented “a significant expansion” of the deposit and confirmation of the group’s working model.
“With the successful expansion of the Bug North deposit to depth, the extension of the Trend to the southeast (see below) and the recent rapid growth of the Bug South deposit we have made significant strides forward in our evaluation and testing of this important new gold environment in the Detour region, and plan to continue with our expansion and delineation drill programs in early 2017.”
Story by ProactiveInvestors