Gold firm Balmoral Resources Ltd (TSE:BAR, OTCQX: BALMF) told investors it had successfully expanded the Bug South gold deposit on its flagship Martiniere property in Quebec.
The property is along the Detour Gold Trend and hosts four known gold deposits (Bug North, Bug South, Bug Lower Steep and Martiniere West).
Drill highlights included an intercept of 10.62 metres grading 4.52 g/t (grams per ton) gold.
That included 2.14 metres (m) grading 17.58 g/t gold from the Lower Zone, one of the two primary zones which comprise the Bug South deposit.
Three holes successfully extended the Bug South gold deposit to a vertical depth of over 400 metres, below which it remains open for further expansion, the firm noted.
Assays here included 3.65 g/t (grams per ton) gold from an interval of 0.49 metres and an impressive 17.58 g/t gold from 2.14m.
Notably another hole hit the emerging West Contact Gold Zone. This new zone, first identified earlier in 2017, lies around 100metres to the west of the Bug Gold Trend.
Here, a 58.84 metre downhole interval graded 0.45 g/t (grams per ton) gold, including 2.18 metres grading 6.77 g/t gold. All three holes, which have hit this new discovery have returned intercepts of greater than 6 g/t gold.
Balmoral is now currently finalizing plans for a $2mln dollar winter drilling and geophysical program on its Detour Gold Trend properties. This program is expected to begin in January, 2018.
Balmoral shares were unchanged on Thursday at C$0.44.