Balmoral Releases Initial Resource Estimate for Grasset Deposit

Balmoral Resources (TSX:BAR,OTCQX:BALMF) reported its initial resource estimate for its Grasset nickel-copper-cobalt PGE deposit in Quebec.
As quoted in the press release:

At a 1.00% NiEq* cutoff grade the H3 + H1 zones contain a combined resource of:
Indicated Resource – 3.45 million tonnes @ 1.79% NiEq* = 1.56% Nickel, 0.17% Copper, 0.03% Cobalt, 0.34 g/t Platinum and 0.84 g/t Palladium; which equates to 136,279,000 nickel equivalent lbs
Inferred Resource – 91,100 tonnes @ 1.19% NiEq* = 1.06% Nickel, 0.11% Copper, 0.02% Cobalt, 0.20 g/t Platinum and 0.48 g/t Palladium; which equates to 2,393,900 nickel equivalent lbs

• 99% of the Indicated Resource is contained within the H3 Zone
• 97.5% of the estimated resources are in the Indicated Category

Balmoral president and CEO, Darin Wagner, said:

The initial resource estimate focusses on the higher-grade central core of the Grasset deposit, which should provide the clearest path to delineation of a potentially viable project. At this tonnage and grade it would represent an opportunity similar in scale (tonnage and metal equivalent grade) to the currently producing Bracemac-McLeod base metal mine 55 kilometres to the east, or to the original (pre-Thunder Creek) Timmins West gold mine which a number of our shareholders will be familiar with. As demonstrated by the tables below, this higher grade central core is surrounded by a larger volume of nickel sulphide mineralization of similar character. As an example, at a cut-off grade of 0.50% NiEq* the Grasset deposit would yield an estimated indicated tonnage of 9.43 mt @ 1.09% NiEq* (see Table 2a below). This larger sulphide mass outlines the potential for possible resource growth through further optimization of the initial resource model parameters (improvements in metallurgical recoveries through more extensive testing, estimated mining costs and evaluation of alternative mining methods, processing/smelting costs, shipping costs, etc.), increases in metal prices/currency exchange ratios from those incorporated into this initial estimate, and/or via additional drilling to expand the higher-grade resource base.

Click here for the full press release.