QUEBEC – Vancouver-based Balmoral Resources has been drilling its Fenelon advanced gold property 73 km northwest of Matagami and discovered a new shear zone, Horizon 3. The discovery hole, FAB-15-50, assayed 216 g/t Au over 0.76 metres.
The hole had two separate intersections. From 242.63 to 243.41 (0.78 metres) core assayed 0.72% Ni, 0.13% Cu, 0.12 g/t Pt, and 0.41 g/t Pd as well as 216.00 g/t Au. The second intersection from 337.64 to 341.38 (3.75 metres) assayed 0.25% Ni, 0.05% Cu, 0.05 g/t Pt, 0.10 g/t Pd, plus 0.02 g/t Au.
Balmoral said the shear zone appears to be later than and cuts through a nickel-copper-PGE mineralized interval located at the base of the ultramafic sequence in this hole. The mineralized structure hosts abundant visible gold mineralization over a 10 to15 cm downhole interval. It occurs in a setting similar to the nearby high grade Fenelon gold zone that is also owned by the company.