In a research report following the Sept. 7 announcement, Barry Allan of Mackie Research noted that Balmoral Resources Ltd.'s drill results "have materially added to the resource potential of Bug Lake, causing us to increase the target price to $1.50 from $1.30 [per share]."
In his Sept. 7 report, Allan called the results from seven holes "excellent," noting, "drilling continues to highlight good mineral potential" at Bug Lake South.
Also commenting on the Balmoral discovery in a Sept. 7 research report, Philip Ker of PI Financial stated, "Wide intervals of gold mineralization encountered at Bug South adds another near surface deposit and expands the potential across the Martiniere property."
Ker also noted that "opportunities exist to further grow the mineralized zone with upcoming drill results which are presently pending final assays while mineralization remains open at depth and down plunge."
Noting that gold is not the only "discovery" the company has made, Allan also commented on the initial resource for Balmoral's Grasset nickel asset. The resource "lived up to our expectation and represent[s] a new nickel discovery that has achieved an initial critical mass. Importantly, the resource remains open to depth and along strike," the analyst wrote.
"We are of the opinion BAR represents one of the best exploration companies in Canada," Allan stated in his report.
According to Balmoral, "Thirty additional holes have now been completed on the Martiniere property with results pending and two drills active. Drilling will continue to focus on the expansion of the Bug South Gold Deposit in the near term."
"We are impressed with the project developments across Martiniere," Ker commented in his report, "and highlight that by adding yet another significant gold occurrence, Balmoral now has increasing options and targets to spread [its] efforts across."
Commenting on his company's progress in the Balmoral press release, President and CEO Darin Wagner stated, "The rapid expansion of the Bug South deposit and the strengthening of the mineralized system apparent from today's results are potential game-changers for the Bug Lake South area."