TSXV: GGI
Frankfurt: RQM
VANCOUVER,
Sept. 26, 2013 /PRNewswire/ -
Garibaldi Resources Corp. (TSX.V: GGI) (the "Company" or
"Garibaldi"), active year-round with projects in Mexico and British
Columbia, is pleased to provide the following exploration
and corporate update.
Highlights:
- Mexico: Six new holes
drilled at gold-copper target, assays pending
- Mexico: Pilot program at
Tonichi generating royalty
income
- British
Columbia: Garibaldi attacks the Grizzly
Mexico
Garibaldi has just completed six additional
drill holes (LCT-13-11 through LCT-13-16) totalling 987 meters at
the Locust target in Sonora State
where a broad envelope of gold and copper mineralization is being
tested at shallow depths. Results are expected in the near
future. Locust covers 1,200 hectares within the
47,000-hecatre Tonichi land
package, one of three 100% owned district-scale projects Garibaldi
is advancing in some of the most robust gold, silver and copper
producing regions of Mexico.
Additional drilling is planned during the upcoming fourth
quarter.
Garibaldi is also pleased to report that it's
conducting a pilot program with a private arms-length Mexican
company to exploit near-surface coal seams over certain areas of
Tonichi. This is at no cost to
Garibaldi, and since commencing the program in February 2013 the Company has received
royalties totaling 701,000
pesos ($56,000 USD). Garibaldi
is very satisfied with the early results of this ongoing initiative
and is exploring ways to maximize the value of this asset for
shareholders. Sonora coal
districts are also favourable exploration targets for
microcrystalline graphite deposits, and random graphite surface
samples from a zone at Tonichi,
prospected by a Garibaldi geologist, have been sent to a lab for
analysis.
Grizzly Property - Northwest British Columbia
Garibaldi has just completed, through Precision
GeoSurveys Inc., a high resolution heli-borne aeromagnetic and
radiometric survey over "Grizzly West", a priority target area
within the northwest portion of its 175 sq. km Grizzly Property
(100% owned, see updated maps at www.GaribaldiResources.com).
Results are expected shortly and will guide the next phase of
exploration in the weeks ahead. Recent fieldwork at Grizzly West
has outlined several areas of exposed porphyry copper
mineralization and sizeable, open-ended copper-in-soil
anomalies.
The Grizzly Property adjoins the western and
southern borders of Prosper Gold Corp.'s Sheslay Cu-Au Porphyry
Project where a Phase 1 drill program is in progress (see
Prosper Gold news release Sept.18,
2013). Based on historical data, known geological structures
and associated mineralization, Garibaldi geologists consider the
potential within this area of highly prospective Stikine Arch
Terrane to be significant. The Grizzly is 50 km northwest of
Telegraph Creek and 30 km east of
the past producing high-grade Golden
Bear gold mine.
Multiple Targets - Grizzly West To Grizzly
Central
Since acquiring the Grizzly claims in 2006,
Garibaldi has identified multiple target areas stretching 15
kilometres from the northwestern portion of the property through
Grizzly Central, a large area of low relief immediately below a
cluster of copper-gold porphyry targets on the Sheslay
Property. A Fugro airborne magnetic survey carried out in
2007, over both the southern half of the Sheslay (then known as
Copper Creek) and the central part of the Grizzly, showed that the
rock units and structures at Grizzly Central are similar to those
that underlie the Sheslay Property.
Given the increasing strategic importance of the
Grizzly, Garibaldi has added the experienced geological consulting
group of C.J. Greig & Associates
to its team.
Garibaldi President and CEO Steve Regoci commented: "We've built a solid
foundation for the company in Mexico, resulting in a healthy working capital
position and a pipeline of advanced opportunities. Our
strategy in Mexico involves
exploring large land packages and efficiently narrowing down the
most prospective areas. In B.C., we're utilizing that
experience in taking the Grizzly to the next level. The
strength of our new neighbour (Prosper
Gold) in the Sheslay River Valley will complement our
exploration efforts at Grizzly. We are well-positioned to seize
immediate opportunities in both Mexico and B.C."
Carl von
Einsiedel, P.Geo., a non-independent geological consultant
and a qualified person as defined by NI- 43-101, has reviewed this
release and approved the geological content thereof.
Garibaldi Retains Investor Relations
Garibaldi is pleased to announce it has retained
the services of MarketSmart Communications Inc. ("MarketSmart") to
provide public relations programs and shareholder and investor
communication services effectively immediately. MarketSmart is a
Vancouver-based investor
communications service that has been in business since 2002.
Pursuant to the terms of the agreement,
MarketSmart will be paid $6,000 per
month and will receive incentive stock options as described below.
The agreement is for an initial term of three months and can be
terminated by either party at any time, without cause, by giving 30
days' notice of termination in writing to the other party.
The agreement is renewable at the Company's option and is subject
to the acceptance of the TSX Venture Exchange.
Stock Option Grant
In conjunction with entering into the agreement
with MarketSmart, the Company announces that it has granted
MarketSmart Incentive Stock Options for 250,000 shares of the
Company's capital stock, exercisable for one year, at a price of
$0.20 per share, which price is not
lower than the last closing price of the Company's shares prior to
this announcement, less the applicable discount. The options
are granted pursuant to the Company's Stock Option Plan and will be
subject to applicable regulatory vesting requirements and hold
periods.
GARIBALDI RESOURCES CORP.
per: "Steve Regoci"
Steve Regoci, President
Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or the accuracy of this release.
SOURCE Garibaldi Resources Corp.
