TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Nov. 10, 2015 /CNW/ - Garibaldi Resources Corp.
(TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to report
that the ongoing first-ever drill program at the company's
100%-owned Grizzly Project in the Sheslay district of northwest
British Columbia continues to
reveal a robust system.
The third hole, collared 200 meters due south of GC-15-01, has
intersected a very thick mafic unit from near-surface to a depth of
at least 308 meters. Fine-grained disseminated chalcopyrite was
observed between 31 m and 86 m, beginning directly beneath the
glacial till. This transitioned into an intensely altered zone
between 86 m and 102 m featuring 40% quartz veins hosting sulfides.
Creamy white quartz contains black and grey sulfides with pyrite
along the margins, cut by clear aphanitic chalcedony veins. The
rock in this 16-m zone is dark red to maroon, magnetic and
fine-grained.
Notably, throughout a 205.6-m intersection from 102.4 m
to 308 m, pyrite occurs as very fine-grained polished shear
surfaces in a black, strongly magnetic unit.
Both GC-15-03 and GC-15-01 were drilled toward the east into a
chargeability and magnetic high. A 1-km long north-south trending
geochemical anomaly has been outlined approximately 500 m east of
where these holes were collared.
Steve Regoci, Garibaldi President
and CEO commented, "Visual evidence from the first three holes
firmly indicates the powerful influence exerted by the Kaketsa
pluton 2 km west of Grizzly Central drill targets. Geological
processes appear to have involved a tremendous amount of heat and
fluids. It's exciting to see what Mother Nature has cooked up in
these rocks over the millennia. The geology speaks volumes for the
potential to add to the unfolding story of the Sheslay district
where two porphyry deposits have already been defined including
Doubleview Capital's gold-rich Hat discovery 10 km east of our
current drilling.
"We look forward to consistent news flow from the Grizzly and we
eagerly anticipate initial assay results," Regoci continued.
"In addition, we expect to update shareholders in the near future
with regard to progress at Garibaldi's Red
Lion property in north-central B.C., contiguous to the
Kliyul Project recently drilled by Teck Resources Ltd., and on
developments at our high-grade discoveries in Mexico. Between B.C. and Mexico, we are well positioned for an exciting
finish to the year and a strong start to 2016."
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
Corporate Fact Sheet
To view the updated corporate Fact Sheet for Garibaldi
Resources, please visit the Company's homepage or the following
URL:
http://www.garibaldiresources.com/i/pdf/GGI_Factsheet.pdf
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.