TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Feb. 24,
2016 /CNW/ - Garibaldi Resources is pleased to report
that its newly-acquired Golden Bear claims, approximately 7 km
southeast of the recently drilled Ultra 1 Zone discovery at Grizzly
Central in the prolific Sheslay District, show evidence of
gold-enriched structural zones broadly associated with highly
anomalous copper geochemical anomalies.
The 14 sq. km claim package acquired last year
forms the Grizzly South regional target area and includes the
historical Wolverine high-grade gold showing (ARIS 20945), a
gold-rich 8-meter massive sulfide vein along the northern boundary,
discovered during construction of the Golden Bear mine road in the
late 1980's.
Garibaldi's field program has identified new
overlapping gold and copper-in-soil anomalies and expanded
historical ones that measured at least 1.1 km in length and 700
meters in width over both the northwest and southern sections of
the claims.
A high priority target is the northwest area,
approximately 1.2 km southwest of the Wolverine showing, where
anomalous gold-in-soil (up to 1.1 g/t Au) sampled by Garibaldi
crews is located within a broad north-south trending structural
zone. Identifying the source of highly elevated gold-in-soil
for a potential drill target will be the focus of upcoming
work.
Historically, various operators invested
significant exploration dollars on geological, geochemical and
geophysical surveys for the Golden Bear claims without ever drill
testing any of the anomalous areas which Garibaldi will now follow
up on.
Steve Regoci,
Garibaldi President and CEO, stated: "With seven regional
centers covering 300 sq. km at Grizzly, we're building a big
pipeline of high value targets from each sector. The discovery of
the large-scale and exotic Ultra 1 Zone on first-ever drilling at
Grizzly Central, 2 km from the Kaketsa 'heat engine', suggests the
potential for multiple new finds. Grizzly South appears to be
another style of exciting mineralization following the Ultra 1 Zone
discovery of thick intersections of high-grade magnesium, nickel
and scandium in widely-spaced drill holes, while Grizzly West is a
well-defined copper-gold porphyry target.
"We eagerly anticipate updating shareholders in
the very near future with regard to the Ultra 1 Zone discovery as
soon as important metallurgical information is received and
reviewed," Regoci added.
Visit the Grizzly section of the Garibaldi web
site (www.GaribaldiResources.com) for additional information on the
Ultra 1 Zone and the entire 300 sq. km project, and the following
URL to directly view a map outlining the 7 Grizzly regional target
areas:
http://www.garibaldiresources.com/i/maps/Grizzly/Grizzly-regional-target-areas-feb2016.pdf
Quality Assurance & Control
Soil and rock samples were processed at the
Bureau Veritas Commodities Canada Ltd. Lab located in Vancouver, B.C. The rock samples were
pulverized to 200 mesh and analyzed using aqua regia digestion with
ICP-MS analysis. All samples were subject to in-house QA/QC control
checks performed by Bureau Veritas including running standard,
blank and duplicate samples in line with the Golden Bear soil and
rock samples.
Qualified Person
Adrian Smith,
P.Geo., an on-site consultant for the company's Grizzly Project and
a Qualified Person as defined by National Instrument 43-101
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.