Balmoral Resources and GTA Resources Drill Results Promising for Northshore Property
Balmoral Resources Ltd has received, from joint venture partner GTA Resources and Mining Inc. (“GTA”), results from three drill holes completed on the Northshore Property located near Schreiber, Ontario late in 2018.
Two holes tested the Afric Gold deposit beneath the previously outlined resource, successfully expanding the deposit and leaving it open for additional delineation at depth, in particular to the east and northeast. The Afric Gold deposit continues to demonstrate significant mineralized widths to depth, highlighted by an intercept of 124.50 metres grading 1.05 g/t gold (0.86 g/t gold “cut”) in hole WB-18-54.
As with previous drilling this broad mineralized envelope includes a high grade core, which returned 7.00 metres grading 11.15 g/t gold (7.65 g/t gold “cut”), including 1.00 metre grading 56.50 g/t gold. This intercept extends the high grade core of the deposit by approximately 100 vertical metres in the area tested. The deposit, and the high grade core, have now demonstrated continuity to a little over 250 vertical metres depth, the deepest level tested to date at Northshore.
“We are pleased to see the expansion of the Afric Gold deposit, and in particular to see the continuity being demonstrated by the higher grade component of the deposit at depth,” said Darin Wagner, President and CEO of Balmoral.
The third hole of the program, WB-18-55, tested an exploration target outside the Afric Gold deposit and outside the host intrusive unit.
Future work on the Northshore Property will be reviewed by the joint venture following completion of the sale of GTA’s mineral property assets, which remains pending.
About the Northshore Property
The Northshore Property is resource stage gold property located in Priske Township, Ontario, immediately south of the town of Schreiber and three kilometres south of the Trans-Canada Highway. The property hosts a number of known zones of gold mineralization including the former producing North Shore Mine and the Afric Gold deposit, the latter the current focus of activity. Located in the Hemlo-Schrieber greenstone belt approximately 70 kilometres west of the world class Hemlo gold deposit, the structurally controlled, intrusive-hosted gold mineralization on the Northshore Property shares similarities with gold deposits in the Kirkland Lake and West Timmins areas of Ontario.
The Northshore Property is a joint venture between Balmoral and GTA. GTA is the current operator of the joint venture and holds an approximate 54% interest in the Property with Balmoral holding the remaining 46%.
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