“Given the rising tide in the gold market, in particular in relation to gold opportunities in Canada, we are pleased to get the N1 and N2 properties back unencumbered,” said Darin Wagner, President and CEO of Balmoral. “This provides Balmoral with the flexibility to find an alternative path to advance the properties while having captured some benefit for the shareholders over the last 12 months.”
The Properties
Balmoral’s N1 and N2 Properties are located along the Casa-Berardi-Douay Gold Trend which hosts the multi-million ounce Casa-Berardi gold mine and the immediately adjacent Vezza gold deposit. Work by previous operators has identified 6 separate zones of gold mineralization on the N2 Property. The most extensive of these zones, the A Zone, has been traced in shallow drilling for well over 1,000 metres along strike. Drill testing to date has been limited to depths of 25 to 350 vertical metres. All known zones of gold mineralization remain open for expansion. In 2011 the Company completed a VTEM airborne survey of the N2 Property which outlined several areas of interest which remain to be tested.
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