Balmoral Resources Ltd. reports that it has acquired, through staking, an additional large scale gold exploration property located proximal to the currently producing Casa Berardi gold mine in West Central, Quebec.
The Hwy 810 Property covers an area of over 250 square kilometres and is centered 15 kilometres northeast of Casa Berardi, and 35 kilometres south of Balmoral's Bug Lake and Martiniere West gold deposits.
The Hwy 810 Property was acquired as a result of ongoing regional compilation activities making use of Balmoral's proprietary airborne and geological databases. The property includes, or surrounds, several known precious metal occurrences and features structural elements similar to those hosting significant gold deposits elsewhere in the Abitibi region and in greenstone sequences throughout Canada. As the name indicates, the property enjoys excellent access, via an extensive logging road network connected to regional Hwy 810 which cuts north-south through the property. The Company currently uses Hwy 810 for access to its Detour Trend Project.
"We are pleased to have added another well located, large scale and geologically attractive asset to our property portfolio in west central Quebec," said Darin Wagner, President and CEO of Balmoral Resources. "The Hwy 810 Property features several unique geological features which we feel can quickly become drill targets, shares logistical advantages with our work on the Detour Trend Project and is well located between two regionally significant deposits; Casa Berardi on the gold side and the former producing Selbaie Cu-Zn-Ag-Au mine."
Like the Company's Detour Trend Project to the north, historic exploration on the Hwy 810 Property appears to have predominantly focused on the base metal potential of the area with only minor effort directed toward structurally controlled gold targets similar to Detour, Casa Berardi and the Martiniere discoveries. Balmoral does not anticipate that the acquisition of the Hwy 810 Property will significantly impact its summer/fall 2016 budget with initial target testing on the property likely to take place during the winter 2017 season.
Balmoral Receives Property Payments
The Company also reports that it has received the initial cash payment of $200,000 from Wallbridge Mining Company Limited ("Wallbridge"), as well as 2,381,575 common shares of Wallbridge, under the terms of the now finalized Fenelon Mine (Discovery Zone) Property Purchase Agreement (the "Agreement") between the Companies. Under the Agreement the cash portion of the purchase price for the Fenelon Mine Property is $3.5 million with the remaining cash payments of $800,000 and $2,500,000 dollars payable to Balmoral on August 22 and September 21, 2016 respectively.
The Company has also recently received 148,477 common shares of Wealth Minerals Ltd. ("Wealth") in partial settlement of the debt owed to the Company by Wealth. A final payment of $133,334, or an equivalent payment in common shares of Wealth, is due from Wealth on or before October 1, 2016.
The Company holds its shares in Wallbridge and Wealth for investment purposes. The Company reviews its investment holdings from time to time and may increase or decrease its holdings as future market trends and circumstances dictate.
The summer 2016 drill program on the Martiniere Property continues with two drills currently working to continue expanding and further delineating the Bug Lake gold deposit and testing exploration targets within the broader gold system at Martiniere. To date a total of 7,375 metres of drilling in 23 holes has been completed.
Initial drill results from the summer program at Martiniere are expected within the next 2-4 weeks and it is currently anticipated that drilling will continue through the summer and fall on the Detour Trend Project.