TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Sept. 17, 2015 /CNW/ - Garibaldi Resources Corp.
(TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to report
that geochemical and geophysical results ahead of first-ever
drilling have identified significant porphyry-style targets along a
distinct 5 km N-S and E-W trend at Grizzly Central.
These targets are considered highly prospective for new Cu-Au
porphyry discoveries in the heart of northwest B.C.'s prolific
Sheslay district where two deposits 10 km apart have already been
defined.
Garibaldi's 2015 program is fully-funded and proceeding
aggressively toward drilling.
Crews remain on the ground at Grizzly Central, rapidly
finalizing drill targets within this previously untested north to
northwest trending corridor in the central part of the Company's
100%-owned, 286 sq. km Grizzly Project.
Grizzly Central is one of seven major regional target areas
outlined at the Grizzly and each has the potential to host
mineralized porphyry centers (see map by visiting the following
URL:
http://www.garibaldiresources.com/i/maps/Grizzly/Grizzly-regional-target-areas-2015.jpg).
Grizzly Central Area Historically Overlooked
It should be emphasized that the 25 sq. km area of intense
interest at Grizzly Central is relatively low relief and mostly
overburden covered (thin to variable) with very limited outcrop,
thereby "masking" potential deposits. This significant factor has
required modern technology to help locate targets hidden from
earlier prospectors. Several sizeable anomalies at Grizzly Central
have been prioritized by the company following systematic
geochemical and geophysical work completed over the last two
years.
Steve Regoci, Garibaldi President
and CEO, commented: "The geochemical and geophysical data over
Grizzly Central targets provide a clear roadmap. Results are
consistent with the signatures that have produced outstanding drill
results in the district, and attest to the scale of the
mineralizing system in this emerging mining camp."
Grizzly Central Highlights
- A 5-km north-south belt of elevated magnetic response trends
north to northeast over Grizzly Central. It consists of three
separate magnetic highs ranging from 500 to 2,000 meters in
width;
- Several promising multi-element copper anomalies correspond
with the magnetic trends. The anomalies are consistent with
results obtained from other overburden covered copper-gold porphyry
deposits;
- The strike length of one open-ended geochemical anomaly in the
Grizzly Central West grid has been expanded to over 1,000 meters
with copper values ranging from background levels up to 1,525
ppm;
- Soil samples at Grizzly Central show a strong correlation
between copper and other pathfinder elements including silver.
Drill targets at Grizzly Central are defined by NNE striking
structures producing a series of magnetic highs and coincident
geochemical anomalies that run parallel to sizeable magnetic
lows. These features appear to cross-cut the dominant NW-SE
striking regional fabric.
Dominant rock types at Grizzly Central, and elsewhere throughout
the property, are related to the Late Triassic-Early Jurassic
Kaketsa intrusions and their host volcanic rocks, the Upper
Triassic Stuhini Group. These intrusive and volcanic rocks
are a key feature at Doubleview Capital's gold-rich copper porphyry
discovery 10 km east of Grizzly Central.
The Company looks forward to providing additional updates on
Grizzly Central in the very near future.
Grizzly Subdivided Into 7 Regional Target Areas
The 286 sq. km Grizzly Project is underlain by the same
lithlogic units that host the Red Chris mine 100 km to the
southeast. In addition to Grizzly Central, Garibaldi is extremely
encouraged by its ongoing compilation of new and historical data
for the Grizzly West, West Kaketsa, Grizzly Southwest, Grizzly
South and Grizzly Southeast areas, in addition to Grizzly East
which is immediately adjacent to Doubleview's growing
discovery.
C.J. Greig & Associates Ltd.,
a respected British Columbia
geological consulting firm, is handling data compilation for the
Grizzly. Their work on a comprehensive NI-43-101 technical
report for the project continues.
Regoci concluded, "We're very proud of the work our Grizzly team
has done to move this large scale project forward in such a
systematic way. So much has been learned about this district over
the last two years. That puts us in a unique position entering
first-ever drilling. Building on successful strategies developed in
Mexico, our growing understanding
of Sheslay mineralization and the structural fabric of the Grizzly
have defined a series of exceptional drill target
opportunities."
Grizzly Video
To view a short Garibaldi video on the Grizzly Project,
featuring drone video footage from Grizzly Central, please visit
the following URL:
http://www.garibaldiresources.com/s/Media.asp#Grizzly
Exploration/Drilling Permit & Stakeholder
Discussions
Garibaldi is carrying out its 2015 program at the Grizzly in
accordance with the 5-year, area-based Notice of Work permit that
was approved by the B.C. Ministry of Mines during the summer of
2014. The Company is maintaining an active and positive dialogue
with all stakeholders in this important region to help advance the
Grizzly and the district in a way that respects the framework and
the guiding principles set out in British
Columbia's historic 2011 Land Use Plan covering this
area.
First Nations issues and concerns - social, cultural,
environmental and economic - are a high priority for Garibaldi. The
Company points to the successful Tahltan-Imperial Metals Corp.
co-management agreement for the Red Chris mine as a model for how
First Nations and resource companies can work together effectively
for the benefit of all concerned while enhancing British Columbia's reputation as one of the
world's top jurisdictions for exploration and sustainable mining
development.
Cautionary Statement
While Garibaldi is very encouraged by the exploration results to
date at the Grizzly, particularly in the context of the Sheslay
district, the Company wishes to emphasize that there is no
certainty it will identify a deposit or resource on the property.
In addition, other porphyry deposits in the Sheslay district may
not be indicative of the mineralization that may be found on the
Grizzly.
Qualified Person
Mr. Charles Greig, M.Sc. P. Geo.,
a consultant for the Company's Grizzly Project and a Qualified
Person as defined by NI-43-01 regulations, has reviewed this news
release and approved the contents 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.