Quebec-focused gold explorer Balmoral Resources Ltd (TSE:BAR; OTCQX: BALMF) has been rated as a ‘hold’ in the March edition of the Gold Newsletter.
Balmoral spent last fall drilling at its Martiniere gold project and has been releasing a steady stream of results, some of which have been eye- catching.
Brien Lundin at the newsletter says highlights have included 11.66 metres of 6.25 grams per tonne (g/t) gold, 8.22 metres of 4.13 g/t gold and 51.28 metres of 1.19 g/t gold.
The most prospective areas of the Martiniere property are Martiniere West, Bug Lake North and Bug Lake South but the first intersection above was comes from hole 237, which targeted an area seen as a potential extension to the Bug Southeast zone.
Balmoral will be targeting this area as part of a 25,000-metre drill program this year. Success on this front could change the size and scope of Martiniere, says Lundin.
Lundin has said ‘buy’ the stock three times from July, 2014, to July, 2016, at prices ranging from 87 cents to $1.54 a share.
The current price is $0.75. Lundin will consider making it a ‘buy’ if this year’s drill program turns up more discoveries.
Story by ProactiveInvestors