Balmoral Resources (BAR.TO) has announced it has mobilized drill crews to its Martinière and Fenelon exploration camps in order to prepare for the start of the 2014 drill program at the Detour gold trend in Québec. We’re looking forward to the infill and expansion drilling of the high-grade Bug Lake and related gold zones on the Martiniere Property.
Balmoral expects to drill 5-6,000 meters in this winter drill program, but said it could easily expand the program as the company has access to C$6.8M in working capital as of the end of September 2013 and has raised C$6.05M in Q4 2013, bringing the total cash balance to approximately C$12M. Unfortunately, according to canadianinsider.com, insiders sold approximately 150,000 shares in the past three weeks.
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Disclosure: The author holds no position in Balmoral Resources. Please see our disclaimer for current positions.
