TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Nov. 3, 2015 /CNW/ - Garibaldi Resources Corp.
(TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to report
that ongoing first-ever drilling at the company's 100%-owned
Grizzly Project has intersected key alteration and mineralogical
features associated with alkalic copper-gold porphyry deposits
defined on adjoining properties in northwest British Columbia's emerging Sheslay
district.
Garibaldi geologists report that visual analysis completed of
drill core from the first two holes along the western,
fault-bounded side of Grizzly Central has revealed the following
under an overburden cover of less than 30 meters:
- A robust and widespread hydrothermal system with abundant
pyrite, finely disseminated chalcopyrite, and magnetite
- Alteration zoning that is indicative of a copper-gold porphyry
environment
- K-feldspar and hydrothermal biotite forming potassic zones in
both diorite and quartz monzodiorite, commonly accompanied by
quartz veining, intense pervasive epidote alteration, and
widespread sericite
- The quartz monzodiorite commonly contains fine-grained
chalcopyrite disseminated and along select veinlets
Initial core samples are immediately being sent to a lab for
analysis. The system is open in all directions and appears to
be trending southwestward along the margin of the Kaketsa pluton, 2
km northwest of the first drill hole (GC-15-01).
In addition, while most of Grizzly Central is covered by a thin
to variable layer of glacial till, geologists have outlined a newly
mapped mineralized outcrop along trend up to 800 meters southwest
of current drilling. This area features intense potassic alteration
associated with quartz-chalcopyrite ± bornite veinlets within the
Stuhini group volcanics and sediments, and is expected to be
drill-tested shortly. This zone is related to an intermediate
magnetic anomaly and correlates with a 30-40 mv chargeability high
(the highest IP reading along the western side of Grizzly Central
is 70 mv).
Steve Regoci, Garibaldi President
and CEO, commented: "Ahead of assay results, it's very
encouraging to see the anticipated geological profile indicating a
potential new porphyry system within a sizable coincident
geophysical and geochemical anomaly.
"We're extremely excited about what our geologists have modelled
for these buried targets at Grizzly Central based on their
appraisal of the 30-km long Sheslay mineralized corridor. We
look forward to providing additional updates as this first phase of
drilling continues," Regoci concluded.
For maps and photos, please visit the Grizzly section on the
Garibaldi website at GaribaldiResources.com.
Grizzly Video
To view a short Garibaldi video on the Grizzly Project and the
Sheslay Corridor, please visit the Company's homepage or the
following URL:
http://www.garibaldiresources.com/s/Media.asp#Grizzly
Cautionary Statement
While Garibaldi is very encouraged by the exploration results to
date at the Grizzly, 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. Adrian Smith, P.Geo., an
on-site 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.