Balmoral to Acquire Gargoyle Nickel Sulfide Discovery in Ontario

Balmoral Resources (TSX:BAR) announced today that it has entered into an option agreement to acquire the Gargoyle property in Ontario where nickel sulfide mineralization was recently discovered in intermittent outcrop exposure over a strike length in excess of 1,000 metres.

Grab samples collected from the property have returned grades of 0.25 percent to 0.71 percent nickel, with anomalous copper and cobalt values.

As highlighted in the press release:

• New nickel-copper-cobalt discovery traced in intermittent outcrop for over 1,000 metres
• Hosted in 10+ kilometre long ultramafic unit with numerous associated and proximal airborne conductors which have never been drill tested
• Geological sequence analogous to the prolific Kambalda camp – which hosts the most extensive collection of nickel sulfide deposits in Australia – and to other Abitibi region nickel sulphide camps, including Balmoral’s Grasset deposit.

To acquire 100 percent of the property, Balmoral has agreed to pay C$140,000 and issue 390,000 shares over three years with the current owner.

Click here to read the full Balmoral Resources (TSX:BAR) press release.