TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, April 26, 2016 /CNW/ - Garibaldi Resources
Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") (the "Company")
is pleased to report the following progress at its 100%-owned
Grizzly Project in the Sheslay district of northwest British Columbia:
- Initial "proof of concept" metallurgical testing by Bureau
Veritas has confirmed that high-grade magnesium and nickel
intersected in widely spaced drill holes at Grizzly Central (Ultra
1 Zone discovery) are both recoverable from the Kaketsa "black
unit"
- Met-Solve Laboratories, specialists in mineral beneficiation
using state-of-the-art technologies, have been engaged by Garibaldi
to carry out advanced testing of the Ultra 1 Zone material and
develop methods for extracting and converting the magnesium and
nickel into marketable final products
- A further review of the late 2015 drill program has identified
prospective areas where gold mineralization may have formed within
the Ultra 1 Zone
Steve Regoci, Garibaldi President
and CEO, commented: "The Ultra 1 Zone, which to this point features
highly elevated scandium above a magnesium-nickel 'black unit' of
apparently very large scale, is a major advancement in the
geological understanding of the Grizzly and the entire Sheslay
district. As large of a discovery area as this is, defined by
broadly spaced holes, wide intercepts and a compelling geophysical
signature, the Ultra 1 Zone represents just 1/300th of
the entire Grizzly property package where there are no less than 7
comprehensive regional target centers.
"Further examination of the high-grade gold potential of Grizzly
South is our immediate priority at this project outside of Grizzly
Central. Elsewhere in B.C. we're focused on capturing value with
our now 100%-owned King Property featuring high-grade gold, silver
and base metal targets in the heart of the Golden Triangle, and
also with our Red Lion Cu-Au porphyry property contiguous to the
Kliyul Project optioned by Teck Resources. We're preparing for a
busy summer on these three fronts in B.C.," Regoci concluded.
Ultra 1 Zone Metallurgical "Proof of Concept" Testing
Initial metallurgical testing of Ultra 1 zone samples carried
out by Bureau Veritas involved a low heat (650 degrees Celsius)
process. The solids were filtered out through leaching to produce a
residue of magnesium-rich material from the serpentinite with
removal of up to 85% of the silica from the magnesium concentrate.
Meanwhile, the primary source of nickel in the "black unit" is
hosted in sulphides and 80% to 90% of the total nickel from a
sample was recovered by Bureau Veritas using a weak acid leach
test.
Met-Solve Testing
Since its founding in 2007, Vancouver-based Met-Solve Laboratories has
worked with mining projects of all sizes and at all stages of
production, specializing in mineral processing and extractive
metallurgy. Met-Solve is currently completing extensive leach work
testing on selected samples from the "black unit" using sulfuric
acid at various concentrations. Once the leaching behavior is fully
understood, Met-Solve can proceed to potential methods for
extracting and converting the magnesium into marketable final
products including magnesium sulphate, magnesium carbonate and
magnesium oxide while also investigating techniques for producing a
high-grade nickel concentrate.
Initial discussions with the engineers from Met-Solve have been
positive and Garibaldi is confident that more progress will soon be
made toward achieving high potential recovery rates for both the
magnesium and nickel using processing methods that may be viable at
large tonnages.
Geological Follow-Up
Further analysis of the Ultra 1 Zone discovery has revealed the
potential for listwanite-associated lode gold deposits in this part
of Grizzly Central that may have formed along faults in altered
serpentinite. These faults were not tested in the initial drilling.
Meanwhile, the type of rock intersected in drill hole GC-15-05,
collared east of the Ultra 1 Zone and drilled toward the east, has
been determined from petrographic analysis to be an excellent
source for copper. An ideal environment for a copper porphyry in
this area of Grizzly Central would be where an intrusive interacts
with this rock. GC-15-05 returned highly elevated scandium
throughout, and the potential significance of that continues to be
investigated.
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
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.