TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Oct. 28, 2016 /CNW/ - Garibaldi Resources (TSX.V:
GGI) (the "Company" or "Garibaldi") is pleased to report that
recent regional sampling of several sulphide and precious metal
occurrences has returned exceptionally high zinc values and highly
anomalous gold and copper at the new Brass Hill target within the Company's
expanded E&L Project. Brass
Hill is 2.7 km northeast of the E&L Ni-Cu-Au deposit at
Nickel Mountain in northwest B.C.'s prolific Golden Triangle.
The newly-acquired Brass Hill
area rests along faults trending east-west toward the E&L
Ni-Cu-Au deposit and the associated "Q" magnetic anomaly which
remains untested below the massive sulphide outcrop. Located in a
volcanogenic setting that's geologically distinct from the
nickel-rich massive sulphide system to the southwest, Brass Hill forms what Garibaldi is now
referring to as E&L "East" which is about 15 km southwest of
Eskay Creek.
Steve Regoci, Garibaldi President
and CEO, stated: "Brass Hill helps
confirm the geologically robust diversity of this very
under-explored area which covers the 23 sq. km E&L Project,
highlighted by the Ni-Cu-Au deposit we're advancing at Nickel
Mountain where detailed progress updates are expected soon. Much
has been overlooked the last 50 years in this rich district, and
we're taking full advantage of that."
The impressive outcrops at Brass
Hill feature a cluster of mineralized surface showings of
different styles in close proximity to one another, while the
potential scale of a mineralized system or systems has expanded due
to a nearby receding glacier. Significantly, for the first time,
this area and these showings discovered in the late 1980's are
being systematically investigated for extent and continuity of
mineralization.
Chip Samples Return 55.9% Zn and 42.4% Zn
Rock samples were recently taken from outcrop at two of several
MINFILE showings at Brass Hill
(formerly called Colagh, MINFILE 104B352).
Showing "A" (three chip samples) returned zinc values of
55.9% and 42.4% from strongly disseminated to massive
chalcopyrite, sphalerite and pyrite in two samples from different
sections of a zoned sulphide lens, while the third sample from
adjacent wall rock in disseminated sulphides returned 1.2% Zn.
Copper grades ranged from 1.0% to 7.2% Cu in the
three samples while silver values ranged from 11 g/t to 56 g/t Ag.
Highly anomalous gold is also present in all three samples.
At Showing "B", a gold-bearing quartz-carbonate breccia zone 100
meters west-southwest of Showing "A", assays from 9 samples, all
but one from outcrop, ranged from anomalous to 7.4 g/t
Au (4 samples >1.0 g/t Au), anomalous to 0.94% Cu, and
highly anomalous to 3.7% Zn (3 samples >2.0% Zn).
Garibaldi cautions investors that the above samples are
selective samples and are not considered to be representative of
the mineralization hosted within the target area.
Regoci concluded, "Zinc is a common denominator in all samples
at both showings and that bodes well for the Brass Hill target given what is known about
other areas in the broader district.
Garibaldi Adds Strategic Claims South and Northwest of
E&L Ni-Cu-Au Deposit
Garibaldi has acquired 100% ownership of two new claim blocks
contiguous to the main claims hosting the E&L Ni-Cu-Au deposit
from an arms-length vendor in exchange for 75,000 shares of the
Company. The transaction is subject to the approval of the TSX
Venture Exchange.
The new claims total 89 hectares and were added due to their
potential strategic importance.
The "Q" Map
Please visit GaribaldiResources.com or the following URL for a
map showing the E&L deposit and the "Q" magnetic anomaly to the
south.
http://www.garibaldiresources.com/i/maps/The-Q-at-EL_Ni-Cu-Au_Deposit_Map.pdf
Why GGI? Video
Garibaldi is also pleased to announce the release of an updated
short corporate video. You can view the video on the
GaribaldiResources.com homepage or by visiting the following
URL:
http://www.garibaldiresources.com/s/Media.asp#video
Quality Assurance/Control
Samples from the Brass Hill
target were collected from outcrop, placed in a marked sample bag
with a corresponding sample tag, then zip-tied. All samples were
then placed in a rice bag and secured and delivered for assaying.
Samples were analyzed by ALS Global in Vancouver, B.C. Gold and silver samples were
determined by fire assay with ICP-AES finish. Base metal values
were determined by four-acid digestion and ICP-AES. Zn-VOL50
analysis was used for zinc over-limits (>30%).
Qualified Person
Mr. John Buckle, P.Geo.,
P.Geoph., a Qualified Person as defined by NI 43-101, has reviewed
and approved the scientific and technical disclosure in this news
release.
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.