Balmoral Resources Ltd. (BAR:TSX; BALMF:OTCQX) announced that the first of three deep holes it recently drilled at its Martiniere property in Quebec has increased the vertical depth of the Bug North gold deposit to 550 vertical meters, an increase of 36%. Darin Wagner, president and CEO of Balmoral Resources, stated that this represents "a significant expansion of the deposit and confirmation of our working model."
Barry Allan, an analyst with Mackie Research, noted that "drilling continues to show the Bug Lake discovery has potential, this time to depth." He also stated, "Prior drilling has indicated a very complex system of mineralization comprised of a number of mineralized structures. The current drilling did not help resolve the complexity of the system, except to illustrate the mineralization continues to depth with a good degree of strength. More drilling is pending which may help resolve the overall geometry of the system." Allan added that the drill results confirm "a decision to drill the discovery in more detail."
Phillip Ker, an analyst with PI Financial, stated that "Balmoral announced positive exploration news from its efforts at the Bug Lake Gold target on its Martiniere property in Quebec," noting that "drilling at Bug North targeted the deepest gold mineralization to date with positive results which increased the known vertical extent of the deposit by 140m. Mineralization in this zone also remains open down plunge and is supporting Balmoral's geologic model while rapidly growing the potential size of the deposit."
Ker also stated, "We note that although today's assays confirm management's geologic theory, we believe that the exploration work at Martiniere continues to identify new zones of gold mineralization at various depths and adds further complexity to the expanding deposit."
Ker concluded by noting, "We are impressed with the project developments across Martiniere and highlight that Balmoral continues to discover additional gold occurrences across its property. We note that no formal resource estimate exists on its gold projects and expect the company to continue to delineate the Bug Lake project with infill and extensional drill efforts."
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