Balmoral’s Area 51 Gold System Program Continues - Preparation for Winter Drilling Underway

VANCOUVER, British Columbia, Jan. 16, 2020 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd.’s (“Balmoral” or the “Company”) (TSX: BAR; OTCQX: BALMF) previously announced ground geophysical survey targeting the Area 51 gold system (see News Release 19-27; Dec. 16, 2019) and related gold discoveries on its wholly-owned Fenelon Property in Quebec is continuing and on track to be completed later this month. Drill site permitting has already begun for those portions of the survey area completed to date, and drilling is anticipated to commence in February. The Fenelon Property forms part of the Company’s district-scale Detour Gold Trend Project located in west-central Quebec.

“We are very pleased with the early results from the extensive geophysical program being completed at Fenelon, and are in the process of permitting several additional drill sites targeting gold mineralization in Area 52, Area 51 West, and along the Ripley/Sunday Lake gold trends,” said Darin Wagner, President and CEO of Balmoral. “The positive results from our fall Area 52 and Ripley drill programs are aiding in the evaluation of the ongoing geophysical work and allowing us to move rapidly from receipt of survey results to targeting and drill permitting.”

It is currently anticipated that a minimum 5,000 metre diamond drill program will be conducted on several targets throughout the surveyed area during the current winter season. The focus will be on targeting extensions of the Area 51 gold system and on high-grade gold targets along and proximal to the Sunday Lake deformation zone which also transects the property.

2019 Highlights

Between late October and the end of 2019 the Company closed two private placements for gross proceeds totaling approximately $8.05 million dollars, and received a Quebec Exploration Tax Credit of slightly over $1.0 million dollars, to enter 2020 in the strongest financial position it has been in since early 2017.

During 2019 new gold discoveries in Area 52, including the high-grade Ripley discovery, and the on-going growth of the Area 51 gold system provided exciting new paths to growth and discovery in the Grasset-Fenelon-Area 51 (“GFA”) camp which will remain a focal point in 2020. This success built on an inventory of drill-ready gold discoveries and targets throughout the Detour Gold Trend Project and new drill-ready nickel discoveries made earlier in the year at RUM, Gargoyle, and in the central portion of the Grasset Ultramafic Complex. As a result Balmoral ended 2019 as one of the strongest performing mining equities – year over year – on the TSX.