TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Feb. 11, 2016 /CNW/ - Garibaldi Resources
Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to
report that initial assay results from the first five holes ever
drilled by the Company at its 300 sq. km, 100%-owned Grizzly
Project have revealed unique Sheslay district mineral discoveries
along a 1.2-km wide portion of Grizzly Central including a
potential large-scale deposit in a "Kaketsa multi-element
ultramafic". The fertile Kaketsa pluton towers approximately
2.5 km west of the "Ultra 1 Zone" defined by three of the
holes.
A fully winterized camp allows for the immediate continuation of
Garibaldi's program while the discovery of the Ultra 1 Zone
supports the theory that a series of "masked" deposits may exist at
Grizzly Central which is almost entirely overburden-covered.
Garibaldi is the Sheslay district's dominant landholder with seven
regional target areas adjacent to Cu-Au porphyry deposits on two
other properties, 120 km west of the Red Chris mine.
Ultra 1 Zone
Widely-spaced drill holes GC-15-01, GC-15-03 and
GC-15-04 in the Grizzly Central Ultra 1 Zone
intersected a very thick, homogeneous ultramafic "black unit",
including a 206-m section in GC-15-03, consisting of
high-grade magnesium (grades ranging between 21.7% and
23.5% Mg) and elevated nickel (ranging between 0.11% and
0.15% Ni). This structure is preceded by consistent, highly
elevated scandium at the top of each hole including 54 meters
grading 34 g/t in GC-15-03.
All three holes bottomed in the strongly magnetic, fine-grained
and intensely altered black unit. Notably, nickel appears to be
associated with sulfides as indicated by a preliminary nickel weak
acid leach extraction test carried out by Bureau Veritas. Ongoing
metallurgical testing of the black unit will determine, among other
things, the potential for high purity magnesium oxide. Results are
expected shortly.
GC-15-03, collared 200 meters south of GC-15-01 and 586 meters
east of GC-15-04, was the deepest hole drilled (308 m), angled at
65 degrees toward the east.
- Speculatively, this unique ultramafic package discovered in the
Sheslay district could be a layered intrusive with the potential to
host even higher grade zones along with other types of
mineralization including PGM's and gold which were detected above
background levels in some of the core samples
- The above holes cover only the southern portion of a 5-km
north-south belt of elevated magnetic response trending north to
northeast over Grizzly Central, consisting of three separate
magnetic highs as much as 2000 meters in width
- The Ultra 1 Zone is open in multiple directions and is
interpreted through geophysics to expand significantly toward the
south in terms of distance, width and depth
Steve Regoci, Garibaldi President
and CEO, commented. "Given our gold-silver success in Mexico and now these discoveries on first-ever
drilling at Grizzly Central, we're extremely confident in our
geological team's ability to track the geochemical and geophysical
signatures of potential blind deposits that may exist elsewhere at
Grizzly Central and other regional areas. It's very clear why the
Association of Mineral Exploration British Columbia refers
to this region as the #1 greenfield district in the entire
province."
Easternmost Drill Hole Returns Scandium Throughout
GC-15-05, collared 650 meters east of GC-15-03 on a small ridge
just beyond the Ultra 1 Zone, returned consistent, highly
elevated scandium in all assayed 3-meter core samples (20 in total)
at various depths throughout its 253-meter length. This
included a 33-meter section (from 19 meters to 52 meters) grading
34 g/t Sc, while the final 3 meters of the hole returned the
highest scandium grade of 39 g/t.
Eastward, a very large and highly prospective area of Stuhini
volcanics exists in the Grizzly Central valley beginning about 200
meters downslope from GC-15-05 (drilled toward the east).
"A big arrow points toward the east with this unusual hole and
that has us very excited," commented Regoci.
Garibaldi is conducting extensive analysis of GC-15-05 and looks
forward to providing additional information on this hole in an
upcoming Grizzly Central update.
Given the pervasiveness and grades of scandium in GC-15-05, and
similar grades above the black unit in GC-15-01, GC-15-03 and
GC-15-04 to the west, Garibaldi geologists will be investigating
the potential for higher concentrations of this important element
at Grizzly Central. Five out of nine surface samples taken along a
hill 50-200 meters south of GC-15-04 returned scandium values
grading between 34 g/t and 45 g/t while the other four samples
assayed between 20 g/t and 25 g/t Sc.
Moving Forward
- Metallurgical and petrographic details, more assay results and
consultation with various experts will drive the company's
important follow-up strategy on the ground at Grizzly Central
- The north-south fault bounded Ultra 1 Zone appears to bisect
Stuhini volcanics to the east from the Kaketsa porphyry environment
to the west (multiple domains)
- The area covered by this first-ever drilling represents just
4% of the entire 25 sq. km Grizzly Central regional target
as defined to date, highlighting scale and the potential for
additional discoveries elsewhere at Grizzly Central and throughout
the entire Grizzly Project
Porphyry System Potential Closer To Kaketsa
Alteration zonation, vein density and lithology, coupled with an
increasing westward trend of gold-in-soil results in an ionic leach
survey, suggest the potential for a Cu-Au porphyry core west of the
Ultra 1 Zone along the immediate periphery of the 30 sq. km
multi-phase Kaketsa pluton. Hole GC-15-02, drilled toward the west,
intersected a diorite and quartz monzodiorite package featuring
high temperature alteration consistent with a nearby porphyry
environment.
For further details on the 5 holes completed to date, project
maps, core photos and additional information regarding the Grizzly
and the Sheslay district, please visit the Garibaldi web site at
www.GaribaldiResources.com.
Cautionary Statement
The potential quantity and grade of the mineralization at
Grizzly Central are currently conceptual in nature. There has been
insufficient exploration to define a mineral resource and it is
uncertain if further exploration will result in the target being
delineated as a mineral resource.
Mexico Update
Crews are on the ground, advancing Garibaldi's high-grade
Rodadero Silver-Gold Project in central Sonora State, Mexico, which features the Silver Eagle
near-surface deposit and a minimum of 11 other target areas over a
land package encompassing 45 sq. km.
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
Quality Assurance & Control
As part of the drilling program Garibaldi conducted a QA/QC
program whereby standard samples with known elemental
concentrations were inserted into the drill core sample stream
prior to being sent to the laboratory. Samples were prepared and
analyzed by Bureau Veritas Commodities Canada Ltd. (Acme Labs) at
their facility in Vancouver.
Samples generally consisted of 2-6 kg of material. Gold, platinum
and palladium analyses were performed by 30 gram fire assay fusion
with ICP-ES finish. Base metals and other elements including
magnesium were analyzed as part of a 45 multi-element 4 Acid
digestion ICP-MS package. Additional nickel analysis was conducted
on select samples to determine presence of nickel outside of
silicates using weak ammonium citrate leach. Additional QA/QC was
conducted on behalf of Garibaldi by Bureau Veritas Commodities
Canada Ltd including duplicating select drill core samples and
analyzing additional in-house standards.
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.