Company Reports > Balmoral Resources Ltd.

 
 

Report Date :  

 March 2013

Contact :  

 John Toporowski

Symbol :  

 BAR, Toronto Venture

Telephone :  

 604.708.3788

URL :  

 www.balmoralresources.com

eMail :  

 jtoporowski@balmoralresources.com
 

 

If management's past performance is any indication of future success, then Balmoral Resources (TSX-V; BAR) may indeed have a bright future.. Their President and CEO, Darin Wagner, was President and CEO for West Timmins Mining when it progressed from its formation in 2006 to a $424 million buyout by Lake Shore Gold in an all-share transaction in 2009.

 

Balmoral was founded in late 2010 with the objective of building shareholder value through the acquisition, exploration and development of gold projects located in major gold districts of North America.  The choice of North America is of particular importance given the company's determination to avoid countries such as Egypt, Ecuador, Mali, Venezuela, etc. where risk of high taxation, nationalization of properties, social violence or regulatory uncertainties are particularly high.

 

In contrast, Balmoral's projects are located in the mining-friendly provinces of Quebec and Ontario within the politically secure Dominion of Canada.  Their most important properties are located in central Quebec where the Company controls a 100% interest in an 82 kilometer land position along the Detour Gold Trend, itself located inside the historically prolific Abitibi Greenstone Belt.

 

Gold deposits within the Abitibi typically cluster along major, regional-scale faults and are renowned for their tremendous vertical continuity and very high average gold grades.

 

The company's holdings are centered on the on the high-grade Martiniere Gold System which is the primary focus of current exploration and development.  During 2012, approximately 26,000 meters of drilling was accomplished and these results, combined with earlier activity, have delineated several high-grade zones within a 2,000 by 500+ meter corridor.  More recent discoveries have included the N-S trending Bug Lake/Footwall/Hanging Wall discovery and the uncovering of new discoveries identified 500 meters NW and 2,500 meters S of the core area as this large high grade gold system continues to expand..

 

Other company project areas along the Detour Gold Trend include the advanced Fenelon deposit,  Detour East (located less than 11 km from the massive Detour Gold deposit), Harri and East Doigt. Roughly 100 kilometres to the south Balmoral also controls the N2 property which hosts a historic gold resource located immediately next to the now producing Vezza gold deposit.

 

In addition to its Detour Gold Trend properties, in late 2010 Balmoral also acquired the Northshore Property located just to the north of Lake Superior in the Hemlo-Schrieber Greenstone Belt of northwestern Ontario.  The company signed an agreement with GTA Mining and Resource Inc in July, 2011 which calls for GTA to spend $5.5 million at Northshore over the next five years in order to earn a 70% interest.  In addition, GTA was required to issue 3.5 million GTA shares to Balmoral, giving Balmoral a strong ownership interest in GTA, and make $150,000 in cash payments.

 

GTA has been actively working the project and in March, 2013 they resumed drilling at Northshore with the current program calling for 2,500 meters.

 

On their flagship asset Balmoral  is planning extensive exploration and development work for 2013 including 40,000 meters of drilling focused on the Martiniere high-grade discoveries; expanded geophysical and geochemical programs through the project areas; preparation of an initial NI 43-101 Resource Estimate at Martiniere and an updated resource estimate at Fenelon.

 

The company is well financed with approximately $13.0 million Working Capital as of early 2013.  Their management team is led by CEO and President Wagner; Richard Mann (Geol.), Manager Exploration; and John Toporowski, Manager, Corporate Development.

 

An in-depth report will be completed following a property visit now scheduled for very early May, 2013.


An in-depth report will be completed following a property visit now scheduled for very early May, 2013.

 

 
Balmoral Resources Ltd.

Suite 2300 - 1177 West Hastings Street
Vancouver, BC
Canada V6E 2K3

Toll Free :

  1.877.838.3664

Telephone :

  604.638.3664

Facsimile :

  604.648.8809
 
 

The Melman Report

244 - 2465 Apollo Dr.
Nanoose Bay, BC
V9P 9K2
 
T. 250.947.5505
F. 250.468.7027

D I S C L A I M E R
 
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