TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, April 12,
2016 /CNW/ - Garibaldi Resources Corp. (TSX.V: GGI)
(the "Company" or "Garibaldi") (the "Company") is pleased to
announce that it has exercised its option to acquire a 100%
interest in the King Property featuring high-grade silver-lead-zinc
and gold-copper mineralization over several known target zones 12
km north of the Iskut River in northwest B.C.'s Golden
Triangle.
The 15 sq. km King Property is proximal to
several historic mines including Snip and Eskay Creek in an area that has recently
benefited from dramatic advances in infrastructure with the
completion of the Forrest Kerr hydroelectric project. These
improvements have aided the development of Pretium Resources'
Brucejack mine now under construction and Seabridge Gold's massive
Kerr-Sulphurets-Mitchell deposits.
295 g/t Ag & 19.4% Pb-Zn Over 6 Meters
From Trenching At King
Limited recent trenching and sampling carried out
by Garibaldi over part of the North Zone, one of the target areas
identified in the 1980's at the King, supports historic results and
returned a high-grade interval in one trench that averaged 295 g/t
Ag with 19.4% combined Pb-Zn over six meters across the strike of
the mineralized zone.
The South Zone is also prospective for high-grade
silver-lead-zinc mineralization while the Central Zone has returned
high-grade gold values from historical surface sampling at the
Chubby Creek prospect. A follow-up exploration program is being
prepared in order to define and prioritize preliminary drill
targets.
Steve Regoci,
Garibaldi President and CEO, commented: "The Iskut River gold camp
remains exceptionally prospective. King is within favorable geology
along trend, and large underexplored areas directly south of King
will be the focus of upcoming extensive programs as announced by
Skeena Resources and Colorado Resources at the past producing Snip
mine and the KSP Property, respectively. This camp has the
potential to produce important new discoveries this summer.
Limited historical work at King has been encouraging and receding
glaciers have revealed new exposures at surface.
"With our flagship Grizzly Project, the Red Lion
and now 100% of the King, we're in position to capture more value
than ever in British Columbia as
we continue drilling and building on our success in Mexico," Regoci concluded.
King Terms
The final outstanding payment to the vendor was
satisfied in exchange for expanding an internal cell retained by
the vendor as provided for under an amendment to the original
agreement dated August 15, 2009.
Grizzly Project Update
Samples from the recent drilling discovery at
Grizzly Central (Ultra 1 Zone) are undergoing advanced
metallurgical testing in order to determine the potential for
recovery of both high-grade magnesium and nickel from what appears
to be a very large deposit based on widely-spaced drill holes, a
homogenous "black unit", and a geophysical signature 3 km long and
up to 1 km wide. Garibaldi expects to be able to report preliminary
results during the week of April
18.
Rodadero Project Update
First-ever drilling continues at the Rambo
high-grade gold-silver target contiguous to a known robust vein
system on the eastern edge of the Rodadero Project in Sonora State,
Mexico. The discovery model for
Rambo closely parallels the one developed by the same Garibaldi
geologist for the high-grade Don Ese vein system, now an important
part of Coeur Mining's Palmarejo mine in Chihuahua State.
Corporate Fact Sheet
To view the updated corporate Fact Sheet for
Garibaldi Resources, please visit the following URL:
http://www.garibaldiresources.com/i/pdf/GGI-Fact-Sheet-April-6.pdf
Quality Assurance and Control
Samples from the King Property were sealed in
plastic sample bags and shipped by bonded commercial transport to
ALS Chemex in North Vancouver. All
samples were prepared and analyzed by ALS Chemex. Samples were
dried, crush to -100 mesh and analyzed by AA23 for gold and by ICP
421 for copper and a suite of 41 elements. All over-limit silver,
lead and zinc analyses were performed by gravimetric methods with
an error range of 0.01%.
Qualified Person
Carl Von Einsiendel, a non-independent geological
consultant and a Qualified Person as defined by NI-43-101, has
reviewed this release and approved the geological content
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.