Garibaldi Exploration Update on Hyperspectral Target Evaluations at Tonichi/Onovas in Sonora State, Mexico

Property Update

Garibaldi Resources Corp. (TSX VENTURE:GGI)(FRANKFURT:RQM) (the "Company") is
pleased to provide an exploration update on its 100% owned 48,000 hectare
Tonichi/Onovas property in Sonora State, Mexico. Various stages of exploration
activity are ongoing on several high priority alteration target areas outlined
by the Company's hyperspectral survey. As part of the Company's "Rapid
Assessment Protocol" exploration strategy to develop and feed a project
pipeline, the Company is in the process of evaluating high priority
hyperspectral targets compiled from the 2100 km2 survey block covering the
Tonichi/Onovas property. This is a methodical low-cost exploration process
focused on an early stage systematic appraisal to try and quickly advance or
eliminate selected targets. A list of high priority targets is also being
compiled from 5 separate hyperspectral survey blocks covering more than 2,000
km2 of the Company's Sierra Madres concessions located in three States; Sonora,
Chihuahua and Durango.


On the Rembles prospect located in the southeast part of the Tonichi/Onovas
property, a total of 3 diamond drill holes, for a total of 425 m, were recently
completed using the companies NQ diamond drill rig. The drilling was part of an
originally proposed 8 hole, 1200 m drill program designed to test a
northeast-southwest striking, up to 50 m wide, quartz-hematite breccias zone
initially discovered by Garibaldi geologists prior to the interpretation of the
hyperspectral survey results. The initial 3 drill holes tested the down-dip
extension of the most eastern part of the 300 m long mineralized breccias zone
where surface grab samples from historic working returned grades of up to 21.7
g/t Au. The core samples from all 3 drill holes did not return any significant
Au assay results suggesting the Au mineralization has pinched out or is fault
off-set in this area. Any further drilling will await the results from more
detailed mapping, trenching and sampling as well as ground geophysics to better
understand and target the down-plunge continuation of this mineralized system
along strike to the southwest. Surface grab samples taken from a new road cut
approximately 600 m to the south of the Rembles workings also returned assay
grades of up to 3.4 g/t Au and 770 g/t Ag. 


Exploration activities in the Locust "gold in soil" target area, located 20 km
north of Rembles, are presently ongoing with the completion of a series of
access roads extending for more than 4 km. The access roads cross through the
main part of a high Au-Cu soil geochemical anomaly coincident with the intense
hematite-argillite alteration target outlined initially in the Company's
hyperspectral survey. The main part of the Locust "gold in soil" geochemical
anomaly continues east-west over a strike length of more than 650 m with peak
grades of up to 3.78 g/t Au and 0.16% Cu. A total of 6 trenches were dug
extending north-south from the main access road at 200 m to 300 m intervals over
a strike length of more than 1 km. These trenches crosscut the main trend of the
Locust target to facilitate surface mapping and sampling. A total of 342 chip
and grab samples were collected from the trenches and road cuts and sent to ALS
Chemex, in Hermosillo for geochemical analysis. Assays results are pending. 


Coinciding with the trenching program, a ground magnetometer survey was
completed over the Locust "gold in soil" anomaly using the company's own
technical staff and the Company's newly acquired GEM GSM-35P potassium
magnetometer system. The survey was carried out to assist with geological
mapping and targeting of the Au mineralization to the west into the sediment
covered arroyos. Based on the interpretation of the ground magnetic field data
and detailed mapping, the Au mineralization is expected to continue westward
along strike into the arroyos under overburden cover. Assay results from the
trenching program will determine the next stage of exploration which will likely
involve more detailed ground work and diamond drilling using the Company's NQ
diamond drill rig. A commercial diamond drill contractor is also being
considered for a potentially larger scale program. 


As part of the ongoing hyperspectral target evaluation process, Garibaldi
geologists conducted a preliminary field evaluation of the hyperspectral Target
10 area located approximately 15 km due west of Locust. Target 10 is a yet
un-named 6 km long by 3 km wide intense hematite-argillite alteration
hyperspectral anomaly potentially outlining a large porphyry or high
sulphidation epithermal system in this area. Initial field results seem to
indicate that, locally, the target is associated with intense hematite-argillite
alteration of a series of andesite volcanic and volcanoclastic rocks, suggesting
that a high sulphidation epithermal system may have developed in the area. It is
felt that the scale of the alteration outlined by the hyperspectral survey makes
it an ideal target next in line for further evaluation. A larger regional scale
soil geochemical sampling program along with a ground magnetometer survey is
planned for this area. 


Garibaldi continues to evaluate targets and analyze hyperspectral data from its
Badesi, Rodadero, Morelos and Iris concessions and will provide updates as
information become available. President and CEO Steve Regoci says, "Our
exploration team is fully committed to our highly effective low-cost rapid
assessment evaluation process and we are extremely excited about our prospects
of making a new discovery in the highly prospective Sierra Madres of northwest
Mexico."


Richard T. Osmond, P.Geo., a Qualified Person under the meaning of Canadian
National Instrument 43-101, is responsible for the technical content of this
news release.


About Garibaldi Resources

Garibaldi Resources Corp. is a Canadian junior mining company focused on the
exploration for gold, silver and base metal deposits along the central and
northern parts of the highly prolific Sierra Madre mining belt located in
northwestern Mexico. The Company controls seven district scale properties
covering more than 2,000 square kilometres of prospective stratigraphy
surrounding and along strike from some of the most robust gold and silver mining
projects ever discovered in Mexico including El Sauzal, Mulatos and Ocampo. As
part of the Company's "Rapid Assessment Protocol", the Company is committed to
utilizing the world's most sophisticated remote sensing technologies to
effectively target major alteration systems commonly associated with significant
gold, silver and base metal discoveries.


We seek safe harbour.

GARIBALDI RESOURCES CORP.

Steve Regoci, President
Garibaldi Resources (TSXV:GGI)
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から 6 2024 まで 7 2024