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Balmoral posts initial gold resources for Martiniere

Balmoral Resources Ltd. posted an initial estimate of gold resources at its Martiniere project, which forms part of the company's Detour Gold Trend property in Quebec.

Indicated resources contain a total of 591,000 ounces of gold, comprising open pit resources of 6.8 million tonnes at 1.96 g/t and underground resources of 1.1 million tonnes at 4.54 g/t.

Martiniere also hosts inferred resources containing 53,000 ounces of gold, comprising open pit resources of 132,000 tonnes at 2.50 g/t and underground resources of 231,000 tonnes at 5.75 g/t.

The analysis uses cutoffs of 0.5 g/t for open pit material and 2.5 g/t for underground material, according to the March 27 release, and incorporates data from 91,988 meters of diamond drilling.

Balmoral said that about 93% of initial resources are contained within the top 350 meters of the mineralized system, with expansion drilling below this level underway and expected to continue for the rest of the year.

The company also noted that the estimate does not include recent gold discoveries, including an extension of Bug Northwest mineralization.

"The 2016 discovery of the Bug South deposit, and the multiple near-surface discoveries since then, have provided the opportunity to outline a significant open pit resource at Martiniere, which could then potentially give way to underground development several years into any envisaged future operation," Balmoral President and CEO Darin Wagner commented.