Mr. Darin Wagner reports
BALMORAL ACQUIRES FOUR NEW NICKEL-COPPER SULPHIDE EXPLORATION PROPERTIES; LAC ROCHER REGION, QUEBEC
Balmoral Resources Ltd. has acquired, by staking, four new nickel sulphide exploration properties in the Lac Rocher district in Quebec. The Rocher ultramafic (RUM) properties cover four ultramafic intrusions belonging to the intrusive suite which hosts the nearby Lac Rocher nickel-copper deposit. Three of the four intrusions have never been drill tested and the fourth has only been tested by a single hole. Importantly, the properties staked by Balmoral feature a number of airborne electromagnetic anomalies from widely spaced, historic government geophysical surveys. These EM anomalies represent potential massive nickel-copper sulphide targets, directly associated with, or proximal to, the magnetic highs marking the ultramafic intrusions. There is no record of these EM anomalies having been drill tested on any of the properties acquired.
Located approximately 140 kilometres northeast of Matagami, Que., the RUM project features excellent infrastructure. It is road accessible from either Matagami or Chapais, Que., on recently expanded logging road networks. Major regional power lines cut directly through the project area and, like Balmoral's Detour gold trend project, the RUM project is located within the James Bay settlement agreement area in Quebec.
The Lac Rocher nickel district
The Lac Rocher nickel-copper sulphide deposit was discovered in 1999. Initial drilling intercepted a massive sulphide interval of 3.2 metres grading 10.8 per cent nickel, within a broader 61.5-metre nickel sulphide zone which averaged 1.69 per cent nickel.* The deposit currently features a measured and indicated resource of approximately 800,000 tonnes at 1.12 per cent nickel and 0.68 per cent copper.**The deposit is hosted within one member of a suite of mafic-ultramafic intrusions which span approximately 50 kilometres.
The Lac Rocher deposit, like Balmoral's Grasset nickel deposit, predominantly comprises disseminated to net-textured sulphide mineralization. Like Grasset, it did not produce an airborne EM anomaly in historic geophysical data due to the limited volume of higher grade massive sulphide material. Thus, the presence of numerous EM anomalies on Balmoral's properties may indicate the potential for a larger volume of high-grade nickel-copper mineralization than observed at Lac Rocher.
"The RUM acquisitions add a third district-scale nickel sulphide exploration project to our portfolio. Like the recent Gargoyle project acquisition, the RUM project combines exciting exploration upside in an area of very limited historic exploration and excellent infrastructure at low cost," said Darin Wagner, president and chief executive officer of Balmoral. "Establishing a portfolio of nickel sulphide exploration and delineation projects, to complement our established nickel resource at Grasset, at a time when the demand for class 1 nickel sources is increasing in lockstep with the expansion of the electric vehicle market, will help cement Balmoral's position as a 'go-to' North American nickel exploration and development opportunity."
Exploration plans
Balmoral has contracted Geotech Ltd. of Aurora, Ont., to conduct a detailed airborne magnetic and electromagnetic survey of the RUM properties with its latest generation VTEM Plus system. The survey is anticipated to commence in October. Following completion of the survey, and weather permitting, the company will begin a program of locally detailed mapping and prospecting this fall. This may be followed by ground-based geophysical work during the winter of 2018-2019 in preparation for initial drill testing.
Darin Wagner (MSc, PGeo, British Columbia, Ontario, res. permit Quebec), president and CEO of the company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner reviewed and approved of the technical information contained within this release.
* Victory Nickel website.
** Victory Nickel website.
About Balmoral Resources Ltd.
Balmoral is a well-financed, multiaward-winning Canadian-focused exploration company actively exploring a portfolio of nickel and gold properties located within prolific greenstone belts of Ontario and Quebec. The company's flagship, 1,000-square-kilometre Detour gold trend project hosts the resource stage Bug and Martiniere West gold deposits and the Grasset nickel-copper-cobalt-PGE (platinum group element) deposit. Employing an aggressive, drill-focused exploration style in one of the world's preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade, Canadian gold and base metal assets.
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