Balmoral Resources Ltd. (TSX:BAR,OTCQX:BALMF) reported high-grade nickel-copper-PGE intercepts from each of the first eight holes targeting the Horizon 3 discovery at its 100 percent owned Grasset property. The property is located in Quebec. All eight holes intersected broad zones of high-grade nickel-copper-PGE mineralization similar to that of the original discovery hole.
As quoted in the press release:
Results were highlighted by holes GR-14-28 and GR-14-33, the latter being the deepest of the initial eight follow-up holes. Hole GR-14-28 returned a 102.86 metre intercept grading 1.03% nickel, 0.11% Cu, 0.22 g/t Pt and 0.53 g/t Pd from the bedrock collar. This included a higher-grade section almost 9 metres wider than the discovery hole at 54.08 metres grading 1.62% Ni, 0.18 % Cu, 0.36 g/t Pt and 0.88 g/t Pd. Hole GR-14-33 returned a similarly broad 99.50 metre intercept grading 0.95% Ni, 0.11% Cu, 0.21 g/t Pt and 0.48 g/t Pd which includes a very high grade core of 9.80 metres grading 2.73% Ni, 0.33% Cu, 0.68 g/t Pt, 1.64 g/t Pd and 0.11 g/t Au (see Figure 1, Figure 2 and Figure 3). In addition to nickel, copper, platinum and palladium values, several of the deeper intercepts from the current program returned significantly anomalous ( > 0.10 g/t) gold values.
Balmoral president and CEO, Darin Wagner, said:
Today’s results confirm the discovery, and begin to outline the potential, of a high-grade nickel-copper-PGE sulphide zone within the Grasset Ultramafic Complex. On-going drilling continues to intersect broad zones of sulphide mineralization, both along strike from, and beneath, the holes reported today. With continued strong results, regional geophysical work on-going and the tendency of magmatic nickel sulphide systems to host multiple zones of nickel mineralization we are increasingly optimistic about the potential of this trend, which is 100% controlled by Balmoral.