TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Nov. 16, 2016 /CNW/ - Garibaldi Resources (TSX.V:
GGI) (the "Company" or "Garibaldi") is pleased to announce that it
has tripled the size of its 100%-owned E&L Project in the Eskay
Camp of the Golden Triangle to 63 sq. km with the acquisition of
the strategic "QU" claims contiguous in all directions to the
Company's E&L deposit, the district's first Ni-Cu-rich system
with platinum, palladium, gold and cobalt values.
In exchange for a 100% interest in the "QU" claims, Garibaldi
will issue vendor Gold Fountain Resources Inc. (Xia Yan Qu), a private Richmond, B.C. company, 500,000 shares of
Garibaldi Resources Corp.
Steve Regoci, Garibaldi President
& CEO commented: "Given the growing significance of the E&L
deposit, and the untested km-wide 'Q' magnetic anomaly with its
conduit-shaped keel to the south, an immediate high priority was to
further extend our land position around this asset with 100%
ownership. The evidence is overwhelming that much was overlooked in
this area by historical explorers.
"The 'QU' claim additions also capture a 6 km east-west belt of
the 'Red Line', one of the most important geological features of
the richly endowed Eskay Camp mineral district," Regoci continued.
"We'll be commenting more on the 'Red Line' and its importance to
the E&L Project shortly as our geological team collects and
interprets additional data. In the meantime, we are delighted to
have Xia Yan Qu and her company as
significant new shareholders of Garibaldi."
An updated map of the E&L will be posted on the Garibaldi
website in the coming days.
With the expansion of the E&L, Garibaldi now controls major
portions of key ground extending 20 km east-west between Colorado
Resources' KSP Project and Eskay
Creek and 20 km north-south from the AltaGas McClymont Creek
access road to the E&L. In total, Garibaldi's landholdings in
the district now exceed 200 sq. km.
The transaction for the "QU" claims is subject to the approval
of the TSX Venture Exchange.
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
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.