Balmoral Resources Ltd. (Balmoral) recently announced that it has entered into an option agreement to acquire the Gargoyle Property in Ontario where nickel sulphide 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% to 0.71% nickel, with anomalous copper and cobalt values.
The road-accessible Gargoyle Property is situated within the Lumby Lake greenstone belt, approximately 55kms northeast of Atikokan, Ontario. The property, which comprises of 42 claim units in two blocks, covers a series of recent nickel sulphide discoveries made by Bjorkman Prospecting. The nickel occurrences are hosted within a poorly exposed ultramafic komatiite sequence traceable through the property for over 10kms in available government airborne magnetic data.
Like Balmoral’s Grasset nickel-copper-cobalt-PGE deposit, the Gargoyle nickel sulphide discoveries are disseminated in nature, and nickel dominant. The presence of numerous airborne EM conductors along the projected strike of the discoveries suggests potential for more massive, high-grade nickel sulphide mineralization on the property.
Upon successful exercise of the agreement, Balmoral will grant a 2% NSR royalty to the vendor, half of which the company may repurchase at any time for the sum of USD 1,000,000.
Balmoral plans to conduct a detailed airborne Mag/EM program over the Gargoyle Property during the fall of 2018, along with additional prospecting and mapping. This will be tentatively followed by ground based geophysical work during the winter of 2018-2019 in preparation for initial drill testing.