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Balmoral Resources Extends Depth of Quebec Deposit

Wednesday, November 23, 2016 12:26
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(Before It's News)

Balmoral Resources’ announcement that summer drilling has increased the vertical depth of the company’s Bug North deposit by 36% prompted a pair of analysts to comment on the company’s discovery prospects.

Balmoral Resources Ltd. (BAR:TSX; BALMF:OTCQX) announced that the first of three deep holes it recently drilled at its Martiniere property in Quebec has increased the vertical depth of the Bug North gold deposit to 550 vertical meters, an increase of 36%. Darin Wagner, president and CEO of Balmoral Resources, stated that this represents “a significant expansion of the deposit and confirmation of our working model.”

Barry Allan, an analyst with Mackie Research, noted that “drilling continues to show the Bug Lake discovery has potential, this time to depth.” He also stated, “Prior drilling has indicated a very complex system of mineralization comprised of a number of mineralized structures. The current drilling did not help resolve the complexity of the system, except to illustrate the mineralization continues to depth with a good degree of strength. More drilling is pending which may help resolve the overall geometry of the system.” Allan added that the drill results confirm “a decision to drill the discovery in more detail.”

Phillip Ker, an analyst with PI Financial, stated that “Balmoral announced positive exploration news from its efforts at the Bug Lake Gold target on its Martiniere property in Quebec,” noting that “drilling at Bug North targeted the deepest gold mineralization to date with positive results which increased the known vertical extent of the deposit by 140m. Mineralization in this zone also remains open down plunge and is supporting Balmoral’s geologic model while rapidly growing the potential size of the deposit.”

Ker also stated, “We note that although today’s assays confirm management’s geologic theory, we believe that the exploration work at Martiniere continues to identify new zones of gold mineralization at various depths and adds further complexity to the expanding deposit.”

Ker concluded by noting, “We are impressed with the project developments across Martiniere and highlight that Balmoral continues to discover additional gold occurrences across its property. We note that no formal resource estimate exists on its gold projects and expect the company to continue to delineate the Bug Lake project with infill and extensional drill efforts.”

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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. The companies mentioned in this article were not involved in any aspect of the article preparation. 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.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview or article until after it publishes.

Additional Disclosures for this Content

( Companies Mentioned: BAR:TSX; BALMF:OTCQX, )

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