Balmoral Bug Lake Gold Trend

A look at a few of the mining headlines out this morning with additional comments.

Balmoral Resources - (BAR:TSX) - Balmoral has released the final drill results from the 2015 winter drill program at the Bug Lake trend project on the Martiniere project in Quebec.

Drill intercepts continue to hit high grade gold highlighted by intercepts of 4.16 g/t gold over 38.19 metres (Lower Bug Lake Zone) and 17.71 g/t gold over 9 metres (Footwall Zone).

The Bug Lake gold trend hosts 4 parallel zones.

  • Hangingwall;
  • Upper Bug Lake;
  • Lower Bug Lake;
  • Footwall

Martiniere is located approximately 45 km east of the large Detour Gold mine.  The property is large at 9.5 by 7 km and has plenty of exploration targets left untested.

"The winter drill program has allowed us to more confidently delineate a number of high-grade zones and subzones along the Bug Lake trend, locally added to the previously defined gold system, and will aid considerably in targeting extensions to the zones and overall gold system on the Martiniere property," said Darin Wagner, president and chief executive officer of Balmoral. "Exploration activities have resumed, and we look forward to more strong results as we continue to delineate the opportunities at Martiniere and Grasset and continue our evaluation of our extensive holdings in the area."

Balmoral 2 year chart

A strong team with some excellent drill results have made Balmoral one of the top exploration stories in the market over the last 12-18 months.. The stock has sold off near the end of the year and has continued to do so in 2015. Investors may be selling to take profits in this distressed market.

Balmoral was at the Metal Investor Forum recently and below are the notes I added to CEO Live.

Balmoral Metals Investor Forum

Read: Balmoral Intersects 38.19 Metres Grading 4.16 g/t Gold, Bug Lake Gold Trend, Martiniere Property, Quebec

Related: This nickel exploration discovery has Balmoral up 4x in 2014

Kivalliq Energy - (KIV:TSXV) -  Kivalliq has released plans for the 2015 exploration season at the Hatchet Lake project in Saskatchewan.

A small summer program with a $500,000 budget will be used for mapping, sampling, and ground geophysics. The goal is to find drill targets.

"Our primary goal is to advance targets to drill readiness through a combination of follow-up geochemical and geophysical surveys covering two priority areas," stated Jeff Ward, Kivalliq's president. "Hatchet Lake's proximity to one of the world's premiere uranium mining and milling districts, the recent acquisition of high-quality data available from previous operators Hathor and Rio Tinto, and logistical synergies with exploration on the nearby Genesis property, all combine to make Hatchet Lake an excellent addition to Kivalliq's portfolio."

Kivalliq Energy stock chart

Kivalliq is down to a market cap of about $26 million. The company has a steady slide in share price over the past two years.

Management states in the May presentation "Kivalliq is Very Well-Positioned to Take Advantage of Upswing in Uranium Market" so far the market disagrees.

Working capital at the end of April was $2.3 million.

KIV does own the Angilak property in Nunavut which hosts 43 million pounds of uranium at a grade of 0.69%. A $1.5 summer exploration program is expected to commence shortly which will include a minimum of 1000m of drilling.

Read: Kivalliq Commences 2015 Exploration Program at Hatchet Lake, Saskatchewan

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This is not investment advice. All facts are to be checked and verified by reader. As always please do your own due diligence.