Balmoral Resources Ltd.’s (TSE:BAR) 2017 drilling program is under way with the primary focus being the continued expansion and delineation of the Bug Lake gold deposits and other recent high-grade, near-surface gold discoveries on its Martiniere property, part of the Detour Trend project, in Quebec, the company said on Thursday.
It is expected a minimum of 25,000 metres of drilling will be completed this year along the Bug Lake gold trend, with expansion of the size of the program as the year progresses being a strong possibility given the excellent results from the fall 2016 program.
The update came a week after Balmoral’s president and chief executive officer Darin Wagner spork with Stocktube.
“Our summer/fall 2016 drill program more than doubled the known footprint of the Bug South and Bug Lower Steep gold deposits and continued to extend the Bug North deposit down plunge,” said Wagner.
“Those results included some of the broadest gold-mineralized intercepts from the property to date from our expansion drilling of the Bug South deposit, which is the initial focus of drilling this winter.”
The Bug South gold deposit is one of three deposits now recognized along the length of the Bug Lake gold trend located central to the Martiniere property. The summer/fall program led to the identification of a broad central core to the Bug South deposit located at depths of less than 275 vertical metres and highlighted by intercepts of:
To date the Bug South deposit has been intersected for approximately 300 metres along strike, to a vertical depth of approximately 275 metres and down plunge for approximately 425 metres. It remains open to depth and down plunge. One drill is currently testing the Bug South deposit with a second slated to begin turning over the next several days.
Drilling will also target the rapidly expanding Bug Lower Steep gold deposit which has now been intersected for over 850 metres down plunge and which, like the Bug South deposit, remains open to depth and down plunge. The sparsely drilled Lower Steep deposit has demonstrated excellent potential to rapidly add to the overall potential of the gold system at Martiniere.
The current winter drill program will also follow up on three high-grade, near-surface gold discoveries made during the fall program. The first of these three targets, the 221 zone, has already been intersected in several holes and occurs in the hangingwall to the Bug South deposit. The discovery intercept of 26.90 metres grading 4.51 g/t gold included two higher-grade subintervals grading 15.89 g/t gold over 2.80 metres and 10.89 g/t gold over 6.80 metres.
The other two new discoveries occur approximately 300 metres to the east of the Bug Lake gold trend. The first, from hole BLD-16-03, returned 5.80 metres grading 10.51 g/t gold. The second discovery is located approximately 1,000 metres to the south and returned 11.58 metres grading 6.25 g/t gold. Both intercepts occur at depths of less than 100 vertical metres and are open in all directions. This area, 300 to 500 metres east of the Bug Lake trend, is virtually untested and based on the recent intersections appears to have good potential to add meaningful zones of gold mineralization in the near surface to the project.
Finger Lake (Lac du Doigt) fault corridor
The north-south-oriented Bug Lake gold trend is located between two east-west-trending deformation/fault zones, the Sunday Lake deformation zone to the south, host to the large Detour Lake gold mine located 45 kilometres to the west, and the subparallel Finger Lake fault corridor to the north. The Finger Lake fault corridor was first identified by Balmoral in late 2014.
Limited drill testing along the Finger Lake fault corridor during the 2016 summer/fall drill program successfully extended the known gold mineralization along the corridor with an intercept of 1.28 g/t gold over 7.18 metres (43.27 to 50.45 metres downhole) including a higher-grade core of 3.46 g/t gold over 2.37 metres in hole MDX-16-55. A second zone of weaker deformation and quartz-tourmaline veining occurs directly below (56.93 to 73.47 metres) and returned anomalous gold mineralization grading 0.17 g/t gold over 16.54 metres.
MDX-16-55 is the westernmost hole drilled to date along the Finger Lake corridor. Three holes across 750 metres of this structure have all successfully intersected gold mineralization of a similar nature which is open in all directions.
“We continue to be very intrigued by the evolving potential along the Finger Lake fault system,” said Wagner.
“The style of mineralization suggests a favourable environment which has been tested by only three holes to date, is open in all directions, and which has shown evidence for good gold grades and thicknesses. Additional testing is currently being planned for the summer 2017 season.”
Story by ProactiveInvestors