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Balmoral Resources (TSX:BAR) Completes Acquisition of 100% Ownership of Entirety of Grasset Ultramafic Complex
Vancouver, Canada (ABN Newswire) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSE...
About this update from Barranco Gold Mining Corp.
[{"type":"text","content":"Balmoral Resources (TSX:BAR) Completes Acquisition of 100% Ownership of Entirety of Grasset Ultramafic Complex\nVancouver, Canada (ABN Newswire) - Balmoral Resources Ltd. (\"Balmoral\" or the \"Company\") (TSE:BAR) (OTCMKTS:BALMF) reported today that it has completed three property acquisition agreements which secure 100% ownership of the remaining 2.3 kilometres of projected strike extent of the Grasset Ultramafic Complex (\"GUC\") not previously held by the Company. The GUC hosts the Company's high-grade Grasset Nickel-Copper-PGE discovery 13.5 kilometres to the south of the properties acquired. As a result of today's acquisitions, Balmoral controls a 100% interest in a 23 kilometre long northwest-trending belt underlain by strongly magnetic rocks marking the Grasset Ultramafic Complex and potential extensions. In addition to nickel-copper-PGE mineralization the belt has confirmed potential for both gold and zinc-copper (VMS) discoveries. \"With our drill program progressing well on the Grasset Nickel-Copper-PGE discovery it was important to tie up the remaining mining claims along the projection of the GUC and secure the entirety of the exploration upside in this exciting discovery for our shareholders,\" said Darin Wagner, President and CEO of Balmoral Resources. \"We thank the vendors for working with us on these transactions and agreeing to become shareholders of Balmoral\"A number of historically defined, and dominantly untested, airborne EM conductors are documented on the newly acquired (Jeremie (ABE), Jeremie 5 and Jeremie 8) properties. All three properties will be included in the Company's planned low-level, high resolution airborne EM survey of the entire Grasset trend which is expected to begin within the next two weeks. There is no recorded drill testing of the projection of the GUC on any of the newly acquired properties. AgreementsJeremie (ABE) Property Balmoral has agreed to acquire a 100% interest in the Jeremie (ABE) Property from ABE Resources Inc. (\"ABE\") in exchange for the issuance of 60,000 common shares of the Company and granting to ABE of a 1% NSR royalty on the 17 claims which comprise the Property. Balmoral will have the right, at any time, to purchase from ABE 50% of the NSR for $500,000 and shall have a right of first refusal on the sale or transfer of ABE's royalty interest. In addition, Balmor...