TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Nov. 10, 2016 /CNW/ - Garibaldi Resources (TSX.V:
GGI) (the "Company" or "Garibaldi") is pleased to report that
recent trenching at the E&L deposit in the Eskay Camp of
northwest B.C.'s Golden Triangle has returned strong nickel and
copper grades in addition to important platinum, palladium, gold
and cobalt values in a pyrrhotite-pentlandite-chalcopyrite
assemblage.
Significantly, the very high tenor (Ni content in 100% sulphide)
of the sampled zone from outcrop at the top of Nickel Mountain
confirms the E&L magmatic system has robust grade
potential. This underscores the importance of the broad,
untested "Q" magnetic anomaly approximately 800 meters south and
400 meters below the historic deposit.
Highlights from continuous channel sampling across the widest
part of a 12-meter mineralized zone at E&L:
- 12 meters @ 1.6% Ni and 1.57% Cu
(12.8% S)
- Includes 8 meters @ 2.3% Ni and 2.2% Cu
(14.3% S)
- Grade range or tenor of 4.8% to 8.0% Ni and
2.1% to 10.9% Cu in 100% sulphide (S
analysis)
Steve Regoci, Garibaldi President
and CEO, commented: "It is highly significant that in an
under-explored district that has produced world class discoveries
such as Eskay Creek, Brucejack and
KSM, the E&L represents the first magmatic Ni-Cu-Au-PGE system
in this prolific area with cobalt now confirmed in the sulphides as
well.
"In addition," Regoci continued, "with this exciting new
information regarding tenor, we now have evidence to target
high-grade magmatic sulphide zones with a more robust grade profile
than shallow historical drilling outlined in the 1960's at Nickel
Mountain. Our immediate focus is potentially large concentrations
of nickel-copper rich sulphides related to the newly-identified 'Q'
anomaly. Discovering the full potential of the E&L deposit and
property has important implications for the district and our
shareholders. Further updates will be provided shortly."
E&L Trenching
Highlight Table
8-meter continuous
section of semi-massive (SM), massive (M) and disseminated (D)
sulphides
|
Sample
#
|
Length
(m)
&
type
|
Ni%
|
Cu%
|
Pt
(g/t)
|
Pd
(g/t)
|
Au
(g/t)
|
Co%
|
S%
|
2545
|
1
m/SM
|
2.42
|
2.16
|
0.37
|
0.36
|
0.21
|
0.10
|
10.8
|
2546
|
1
m/SM
|
1.60
|
3.53
|
0.49
|
0.58
|
0.27
|
0.08
|
11.6
|
2547
|
1
m/SM
|
2.05
|
2.47
|
0.23
|
0.28
|
0.22
|
0.09
|
11.5
|
2548
|
1
m/M
|
3.05
|
3.12
|
0.33
|
0.55
|
0.23
|
0.14
|
22.5
|
2549
|
1
m/M
|
4.02
|
1.46
|
0.38
|
0.35
|
0.22
|
0.16
|
24.8
|
2550
|
1
m/M
|
2.87
|
2.12
|
0.29
|
0.41
|
0.17
|
0.12
|
18.5
|
2551
|
1
m/D
|
1.70
|
1.40
|
0.20
|
0.35
|
0.13
|
0.07
|
9.5
|
2552
|
1
m/D
|
0.80
|
1.55
|
0.25
|
0.27
|
0.10
|
0.03
|
4.9
|
Targeted E&L Grade Range In Sulphides
When considering the sulphide assemblage present at the E&L,
the above assay results are extremely encouraging for high tenors
wherever sulphides may have accumulated at the property.
Using Kerr's (2003) guidelines, samples in the above assay table
with greater than 10% S content indicate a calculated range for the
E&L of 4.8% to 8.0% Ni and 2.1% to
10.9% Cu in 100% sulphide. Garibaldi cautions that potential
grades at E&L as an exploration target are conceptual in
nature.
Reference: Kerr, A., 2003 - "Guidelines for the Calculation
and Use of Sulphide Metal Contents in Research and Mineral
Exploration", Newfoundland Department of Mines and Energy
Geological Survey, Report 03-1, pages 223-229.
The E&L deposit (MINFILE 104B 006) has not been delimited in
any direction from the 19 drill holes that were completed
half a century ago. Garibaldi continues to review current and
historic data related to the E&L with further details on the
"Q" anomaly expected shortly from ongoing geophysics studies. The
Company also looks forward to updating shareholders this month on
progress at properties elsewhere in the Eskay Camp, north central
British Columbia and Mexico.
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
Quality Assurance/Control
A 12-meter long trench was marked on outcrop. Using a diamond
blade cut-off saw, two parallel cuts spaced 8 cm apart where cut to
a depth of 8 cm. Samples were measured and marked every meter.
Using a chisel and hammer, material was removed from the trench and
placed in a marked poly bag with a corresponding sample tag for
each meter-long sample. Samples were then delivered directly to ALS
Global in North Vancouver. Samples
were analyzed by ALS for gold, platinum and palladium by fire assay
with ICP-AES (inductively coupled plasma-atomic emission
spectroscopy) finish while nickel and copper were digested with a
sodium peroxide fusion.
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.