Balmoral Resources Ltd. announced a new, very high-grade gold discovery on its Fenelon Property in Quebec. The Reaper gold discovery returned an intercept of 858.00 g/t gold over 1.06 metres, as part of a broader 2.97 metre wide mineralized zone grading 307.89 g/t gold. The Reaper discovery occurs along the western margin of the Area 51 intrusion on the southern part (Area 52 segment) of the Company’s Fenelon Property. Wallbridge Mining Company Limited’s (“Wallbridge”) high grade Tabasco Zone occurs along the eastern margin of the same intrusion on the adjacent Fenelon Mine Property. Balmoral’s Fenelon Property forms part of the Company’s district-scale Detour Gold Trend Project in Quebec. Balmoral and Wallbridge announced on March 2, 2020 that they had entered into a definitive arrangement agreement (the “Arrangement Agreement”) pursuant to which Wallbridge will acquire Balmoral by way of a plan of arrangement (the “Arrangement”). The proposed transaction (the “Transaction”) would consolidate the Area 51 gold system and create one of the best financed gold exploration companies in Canada. The Transaction would combine Wallbridge’s development stage Fenelon gold mine and recent high-grade Tabasco Zone gold discovery with Balmoral’s dominant land position along the Detour Gold Trend, which includes the Fenelon Property and nearby gold and nickel resource stage assets at Martiniere and Grasset. The Reaper Gold discovery was intersected at a shallow depth – approximately 70 vertical metres below surface – in hole A52-20-18. A52-20-18 was the western-most hole of the winter 2020 drill program and is the western-most hole drilled to date in Area 52 by the Company. The discovery intercept is characterized by the occurrence of moderate to very fine-grained visible gold mineralization located within quartz-chlorite filled micro-fractures and veinlets. The gold mineralization is hosted by sericite-altered, weakly pyritic, moderately deformed fine-grained siltstone. Four separate assay results from the interval between 100.90 and 101.96 in hole A52-20-18, returned assays ranging from 136 g/t gold to the reported 858 g/t gold, the wide range anticipated due to the abundance of free gold in that interval. Drill hole A52-20-18 also returned, in a separate intersection, the broadest, continuous zone of gold mineralization – 164.11 metres averaging 0.38 g/t gold - intersected to date within the expanding Ripley Gold Zone. The Ripley Gold Zone, which was discovered by Balmoral in 2019, has now been traced along strike in an east-west direction for approximately 550 metres and remains open in all directions. Hole A52-20-18, commenced on March 8 and was completed to a depth of 587 metres on March 12, 2020.