SECOND STAGE OF DRILLING TO COMMENCE
IMMEDIATELY
TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Aug. 5, 2014 /PRNewswire/ - Further to its
news releases of May 14, 2014, and
June 19, 2014, Garibaldi Resources
Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to
report that several additional diamond drill holes have confirmed
the discovery of a shallow, high-grade mineralized system with
apparent open-pit potential at the Company's Silver Eagle target
(Rodadero North Project) in central Sonora State, Mexico. A second stage of drilling is starting
immediately with SE-14-07 and will continue through the Mexican
rainy season.
Highlights:
- Drilling along almost 100 meters of strike length has returned
significant high-grade silver intersections within 50 meters of
surface, and mineralization remains open in all directions;
- SE-14-03 intersected 1,935 g/t Ag (62.2 oz/t)
between 4 and 5 meters' depth while the most recent hole (SE-14-06)
- the farthest step-out from previously reported discovery hole
SE-14-01 - has produced the widest mineralized intercept to
date;
- Surface sampling at three target areas immediately southeast
and east of Silver Eagle has returned high-grade silver (up to
8,000 g/t Ag) in addition to high-grade gold (up to 52.6
g/t Au) as explained further in this update;
- As Garibaldi commences a second round of drilling at Silver
Eagle, the total number of mineralized target areas within the 45
sq. km Rodadero North Project has increased from eight to 11.
Steve Regoci, Garibaldi President
and CEO, commented: "The shallowness of this mineralization at
Silver Eagle is striking, and that may have important implications
as we continue to advance this target and the overall project. The
potential scale of the mineralizing system at Rodadero North is
evident by the number of 'hot spot' signatures defined by our
hyperspectral remote sensing data. Follow-up surface sampling of
these silicified zones and the excellent drill results at Silver
Eagle suggest the possibility that some of these targets may be the
collective surface expression of a very robust system.
"Given these exciting developments at Rodadero North, upcoming
second stage drilling at the La Patilla Gold Property - another
shallow potential deposit - and of course the Grizzly Cu-Au
Porphyry Project that we're vigorously advancing to the drilling
stage, this summer through year-end is shaping up to be the most
active and dynamic period in our Company's history."
Silver Eagle Drilling
Of particular significance, the mineralized zone at Silver Eagle
appears to widen to the south. Similar siliceous bodies are exposed
for several hundred meters along a ridge to the south.
SE-14-03, collared 25 meters south of SE-14-01, intersected
11.45 meters of 266 g/t Ag including 1,935 g/t Ag (62.2
oz/t) at a depth between just 4.3 and 5.2 meters.
Meanwhile, SE-14-06, collared approximately 85 meters south of
SE-14-01, returned a consistent, well-mineralized 24.4 meter
section within 46.5 meters of surface, including 262 g/t Ag (8.4
oz/t) and 4.1% Pb over 4.6 meters.
The geometry of the mineralized zone at Silver Eagle is not yet
clear after the limited drilling to date. Mineralization appears to
be controlled by a steep tabular structure under the wider
silicified zone exposed at the surface, but mineralization could
also be controlled by a relatively flat lying zone within the
silicified "cap". These possibilities are not mutually
exclusive.
This second phase of drilling is designed to test the expansion
of the mineralized zone to the south and at depth to the east, as
well as test the base of the silicified zone in other areas.
Silver Eagle features excellent road and water access while
power lines also run through the target area.
Significant Assay Results - Phase 1 Drilling (First 6 Holes)
at Silver Eagle
|
Hole
|
From
(m)
|
To
(m)
|
Width
(m)
|
Ag
(g/t)
|
Ag
(oz/t)
|
|
SE-14-01
|
19.50
|
26.50
|
7.00
|
2,010
|
65.0
|
|
includes
|
19.50
|
21.50
|
2.00
|
68.7
|
2.2
|
|
and
|
21.50
|
22.50
|
1.00
|
7,633
|
245.4
|
|
and
|
22.50
|
26.50
|
4.00
|
1,574
|
51.6
|
|
SE-14-02*
|
0.00
|
5.00
|
5.00
|
106
|
3.4
|
|
SE-14-02A*
|
0.00
|
9.00
|
9.00
|
144
|
4.6
|
|
includes
|
0.00
|
3.00
|
3.00
|
269
|
8.7
|
|
SE-14-02B*
|
0.00
|
10.63
|
10.63
|
115
|
3.7
|
|
includes
|
0.00
|
6.80
|
6.80
|
171
|
5.5
|
|
SE-14-03
|
3.05
|
14.50
|
11.45
|
266
|
8.6
|
|
includes
|
3.05
|
4.33
|
1.28
|
222.9
|
7.2
|
|
and
|
4.33
|
5.20
|
0.87
|
1,935
|
62.2
|
|
and
|
5.20
|
9.90
|
9.30
|
116
|
3.7
|
|
SE-14-04
|
30.20
|
36.30
|
6.10
|
203
|
6.5
|
|
includes
|
31.20
|
32.50
|
1.30
|
860
|
27.7
|
|
SE-14-06
|
22.10
|
46.50
|
24.40
|
87
|
2.8
|
|
includes
|
27.57
|
46.50
|
18.93
|
104
|
3.3
|
|
includes |
35.80
|
40.40
|
4.60
|
262
|
8.4
|
|
Above widths are
downhole core lengths (431 meters in total was completed) and true
width for the drill intercepts remains to be determined. A cut-off
of 20 g/t Ag was used for all intercepts. Grades have been
converted from g/metric ton to oz/metric ton; conversion to
oz/short ton would result in a slightly lower number.
|
|
|
*Holes SE-14-02 and
2A experienced technical issues and were stopped short; only 2B was
completed to the target depth.
|
All holes contained intersections with elevated levels of lead
and zinc ranging from anomalous to as high as 6.1% Pb and 2.1% Zn
over 1.3 meters in SE-14-04.
Hole SE-14-05 was drilled to offset mineralization in holes
SE-14-01 and SE-14-04 to the north. SE-14-05 was drilled at a
different orientation than the other holes and cut a zone of
silicification but with low silver values. More work is needed to
determine the possible orientation of a mineralized body extending
to the north.
Updated Maps
An updated Rodadero Project map can be viewed later today by
going to the following web site URL:
http://www.garibaldiresources.com/i/maps/Rodadero/RodaderoProjectMap.pdf
A Silver Eagle map showing locations for drill holes SE-14-01
through SE-14-06, along with the updated Rodadero Project map, will
be available later today in the Mexico section under "Rodadero" at
GaribaldiResources.com
Surface Sampling Returns High-Grade Silver and Gold Near
Silver Eagle
Distinct from the two most northern targets La Guata and
Batuc at Rodadero North, a group
of eight targets strike to the south, southeast and east of Silver
Eagle. This cluster, which includes new targets La Tortuga, Reales and La Estrella, is situated within a 30 sq. km
area forming the lower two-thirds of Rodadero North, and exhibits
common mineralogical features.
Initial sampling prior to drilling at Silver Eagle consistently
returned high-grade silver exclusively (see June 19, 2014 news release), whereas sampling at
La Tortuga, Igualama and
La Fortuna has encountered both
high-grade silver and high-grade gold. Of a total of 218 samples
from those areas, 24 returned silver values greater than 200 g/t
while 17 returned gold values of 3 g/t or more. Assays ranged from
below detection to as high as 8,000 g/t Ag and 52.6 g/t Au from
selected vein and dump samples. The average values for all samples
were 121 g/t Ag and 0.98 g/t Au, respectively.
Reales, immediately to the south of Silver Eagle (within 1,000
meters), gave very encouraging hyperspectral signatures and shows
areas of silicification similar to those seen at Silver Eagle.
Data from Reales and other target areas are being received and
interpreted, and the Company looks forward to releasing additional
results in the near future. The relationships among all the targets
identified so far at Rodadero North are a focus of the ongoing
exploration program.
By the nature of the biases of sampling, the above sampling
results are not necessarily representative of mineralization at
Rodadero North in general or, specifically, within the zones,
structures or geological features that were sampled.
Cautionary Note
While Garibaldi is highly encouraged by these initial drill
results and other data collected at Silver Eagle and elsewhere at
Rodadero to date, there has been insufficient exploration to define
a mineral resource, and it is uncertain if further exploration will
result in any of the targets being delineated as a resource.
Quality Assurance & Control
Garibaldi maintains strict QA-QC protocols for all aspects of
its exploration programs that include the systematic insertion of
blanks and standards into each sample batch. Acme Labs (now part of
the Bureau Veritis group that includes BSI Inspectorate) performed
assay analyses on core reported in this release, and ALS Global
(formerly ALS Chemex) performed analyses on rock samples. All
samples were assayed using certified and industry standard assay
techniques for gold and multi-element packages for other elements
and for over-limits. Au was analyzed by 30 or 50 gram fire assay
with an atomic absorption finish, and other elements were analyzed
by multi-element ICP. Samples in excess of 1,500 g/t Ag were
analyzed by gravimetric methods.
Qualified Person
Dr. Craig Gibson, Certified
Professional Geologist and a director of Garibaldi, is a non-arms
length Qualified Person for the Company's Mexico projects and the direct manager of the
technical programs operated under contract by Prospeccion Y
Desorrollo Minera del Norte (ProDeMin). Dr. Gibson has reviewed
this news release and approved the content thereof.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior
exploration company focused on creating shareholder value through
discoveries and strategic development of its assets in some of the
most prolific mining regions in Mexico and British
Columbia.
We seek safe harbor.
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.
