Releases Initial Resource Estimate For Grasset Deposit - Detour Trend Project
Vancouver, Mar 7, 2016 AEST (ABN Newswire) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (
TSE:BAR) (BALMF:OTCMKTS) today reported the initial resource estimate for the Company's Grasset Ni-Cu-Co-PGE deposit. The Grasset deposit is located on the Company's wholly owned and royalty free Grasset Property, part of the Detour Trend Project in West-Central Quebec.
The Grasset deposit is comprised of the sub-parallel H3 and H1 zones The H3 zone has been intersected from the bedrock surface to a depth of approximately 550 vertical metres and remains open below that level for further expansion. The H1 zone, targeted by considerably less drilling to date, has been intersected for over 1,000 metres along strike and to a vertical depth of 450 metres. It remains open along strike to the northwest and to depth across its entire strike length.
INITIAL RESOURCE ESTIMATE
The initial independent resource estimate for the Grasset deposit has been prepared by Mr. Pierre-Luc Richard (P.Geo., M.Sc.) and Mr. Carl Pelletier (P.Geo., B.Sc.) of InnovExplo Inc. and is summarized below. Mr. Richard and Mr. Pelletier are independent Qualified Persons pursuant to NI 43-101.
At a 1.00% NiEq cutoff grade the H3 + H1 zones contain a combined resource of:
Indicated Resource - 3.45 million tonnes @ 1.79% NiEq = 1.56% Nickel, 0.17% Copper, 0.03% Cobalt, 0.34 g/t Platinum and 0.84 g/t Palladium; which equates to 136,279,000 nickel equivalent lbs
Inferred Resource - 91,100 tonnes @ 1.19% NiEq = 1.06% Nickel, 0.11% Copper, 0.02% Cobalt, 0.20 g/t Platinum and 0.48 g/t Palladium; which equates to 2,393,900 nickel equivalent lbs
- 99% of the Indicated Resource is contained within the H3 Zone
- 97.5% of the estimated resources are in the Indicated Category
"The initial resource estimate focusses on the higher-grade central core of the Grasset deposit, which should provide the clearest path to delineation of a potentially viable project. At this tonnage and grade it would represent an opportunity similar in scale (tonnage and metal equivalent grade) to the currently producing Bracemac-McLeod base metal mine 55 kilometres to the east, or to the original (pre-Thunder Creek) Timmins West gold mine which a number of our shareholders will be familiar with" said Darin Wagner, President and CEO of Balmoral. "As demonstrated by the tables below, this higher grade central core is surrounded by a larger volume of nickel sulphide mineralization of similar character. As an example, at a cut-off grade of 0.50% NiEq the Grasset deposit would yield an estimated indicated tonnage of 9.43 mt @ 1.09% NiEq (see Table 2a below).
This larger sulphide mass outlines the potential for possible resource growth through further optimization of the initial resource model parameters (improvements in metallurgical recoveries through more extensive testing, estimated mining costs and evaluation of alternative mining methods, processing/smelting costs, shipping costs, etc.), increases in metal prices/currency exchange ratios from those incorporated into this initial estimate, and/or via additional drilling to expand the higher-grade resource base."
The current mineral resource estimate is based on results from 111 diamond drill holes (39,999metres) completed by the Company since 2014. As indicated below, the base case current resource is reported above a 1.00% NiEq cutoff grade after incorporation of estimates for mining recoveries, mining dilution, milling recoveries, smelting and refining charges and certain penalties, as well as estimated operating costs based on those associated with mines currently operating in the local region.
Figures 1 and 2 in link below show the grade shell block model and the location of the Indicated and Inferred Resources contained in the base case estimate. The majority of the Resources are contained within the steeply plunging core of the H3 zone from surface to a vertical depth of approximately 550 metres. This core zone remains open to depth for potential expansion. Two additional lenses are separated from the main body by localized zones of deformation. More closely spaced drilling in this areas would have the potential to increase the size of the two secondary bodies.
Tables 2a and 2b (in link below) provide an analysis of the volumetric resources at a range of cut-off grades for the combined H3 and H1 zones as calculated by the Qualified Persons. The Base Case Current Resource (>1.00% NiEq cut-off) is highlighted for comparison.
To view tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/82942-TSE-BAR-20160307.pdf
About Balmoral Resources Ltd
Balmoral Resources Ltd. (
TSE:BAR) (OTCMKTS:BALMF) is a Canadian-based discovery company focused on high-grade nickel and gold discoveries on its wholly owned, 700+ square kilometre Detour Trend Project in Quebec, Canada. With a philosophy of creating value through the drill bit and a focus on proven productive precious/base metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian base metal and gold assets.
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