TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Dec. 30, 2016 /CNW/ - Garibaldi Resources Corp.
(TSX; GGI) (the ''Company" or "Garibaldi") is pleased to provide an
update on several of its British
Columbia properties as it follows a strategic path to make
2017 a breakthrough "Discovery Year" for the Company in both B.C.
and Mexico.
E&L Project
Detailed 3D modeling of the E&L magmatic Ni-Cu-PGE-Au-Co
system, the first deposit of its type in northwest British Columbia's prolific Eskay camp, is
expected to be completed in the coming weeks and will provide
further insight into the morphology and distribution of the
intrusions and massive sulphide component of the system. The
Garibaldi E&L team, led by Special Advisor Everett Makela, P.Geo., is incorporating
historical data pertaining to the deposit with new information
obtained by the Company during the last several months, including
high Ni-Cu tenors and the broad "Q" magnetic anomaly with a
600-m-long conduit-shaped "keel" (see Nov.
10, 2016, news release). The "Q" is immediately south of the
original discovery at the top of Nickel Mountain and is already a
prime target for the 2017 E&L drill program.
The E&L deposit is 11 miles southwest of Eskay Creek and 20 miles west of Pretium's
high-grade Brucejack gold mine which is progressing toward
production during the second half of 2017.
Elsewhere at Garibaldi's 63 sq. km and 100%-owned E&L
Project, geologists continue to review the recently confirmed
Brass Hill target in a volcanic
package approximately 2.7 km northeast of the E&L deposit.
Exceptionally high-grade Zinc assays were recently obtained from
chip samples at Brass Hill within
a cluster of mineralized showings (Zn-Cu-Au-Ag) near a receding
glacier (see Oct. 28, 2016, news
release).
Updates on Garibaldi's other holdings in the district are
expected during Q1. In total, Garibaldi controls just over 200 sq.
km in this high-profile mining camp.
Red Lion Property: 10-Km-Long Mineralized
Corridor Above Kliyul
Extensive geophysical and surface sampling programs carried out
by Garibaldi, combined with compilation and contouring of
historical soil sampling results from RL Ridge, has revealed a
10-km long northwest-southeast trending mineralized corridor at its
100%-owned Red Lion Cu-Au Project in the dynamic Quesnel Trough.
This large corridor is parallel to the Omineca mining road and
power lines to Kemess that strategically pass through the Red Lion
claims.
The Red Lion, never previously drilled, was gradually expanded
to 75 sq. km from the original 35 sq. km acquired by Garibaldi in
early 2014. The property is contiguous to Kiska Metals' Kliyul
Project and drill permits are pending.
On December 22, AuRico Metals
announced that it's acquiring all of the issued and outstanding
securities of Kiska by way of a statutory plan of arrangement under
the Business Corporations Act (British
Columbia).
Three Major Target Areas Along Red Lion Corridor
- An extensive copper-in-soil anomaly at the RL Ridge target
stretches NW-SE for 4.2 km and east-west for 400 meters to
800 meters within a broader anomaly up to 1.7 km wide;
- Parallel to the east of this large geochemical anomaly is a
2.4-km-long IP chargeability high, open to the north and
south, that continues up slope from the Omineca road. The IP high
coincides with anomalous copper-gold rock, soil and stream sediment
results along with a magnetic high that's known to be underlain by
a diorite to a monzodiorite intrusive in a largely
overburden-covered area (RL East target);
- A second chargeability high, 1.8-km-long, is located
less than 2 km northwest of RL Ridge at the RL West target, and
also coincides with anomalous copper-gold rock, soil and stream
sediment results and a magnetic high underlain by a diorite
intrusive.
Significantly, the 4 chip samples at RL West with the highest
measured chargeability were associated with abundant pyrite and
assayed the highest grades in gold, copper and cobalt. Those values
ranged from 1.07 g/t Au to 37.5 g/t Au, 0.21% Cu to
13.6% Cu, and anomalous Co to 0.55% Co. Extensive
outcropping exists at RL West and numerous areas have yet to be
sampled. The fact that the chargeability high appears to
be related to sulphides carrying mineralization is extremely
encouraging.
The IP chargeability highs at Red Lion are similar to those
measured at the adjoining Kliyul Property to the south.
More details on the Red Lion are expected in the near
future.
Steve Regoci, Garibaldi President
and CEO, commented: "The Red Lion has proven to be an exceptional
acquisition near the bottom of a bear market cycle in the resource
sector. The quality of these targets that have been systematically
identified over a 10-km-long corridor speaks to the Red Lion's
exciting exploration upside. Surrounding infrastructure and the
prolific nature of the Quesnel Trough district make the Red Lion
even more compelling. We are currently examining all options to
unlock the full value of this significant asset for Garibaldi
shareholders."
Near-Term Drilling At Tora Tora Property
Garibaldi's 100%-owned Tora Tora Property, 25 km north of the
producing Copper Mountain mine and contiguous to a large block of
claims held by High Power Exploration Inc., a private mineral
exploration company indirectly controlled by mining entrepreneur
Robert Friedland, is expected to be
drilled early in the New Year. Tora Tora lies within the historic
Princeton placer gold-palladium
and porphyry copper-gold camp.
Garibaldi Acquires Au-Ag-Zn-Pb Past Producer
Garibaldi is pleased to announce the acquisition of an option to
acquire a 100% interest in the 24 sq. km SID gold-silver-zinc-lead
polymetallic prospect at Sidina Mountain, 22 km northeast of
Hazelton, B.C. Primary targets are
broadly defined intrusive-related vein deposits. According to
MINFILE 093M038, 143 tonnes of mined material in 1981 from the
Silverton deposit at SID produced
250,655 grams of silver, 415 grams of gold, 9,168 kilograms of lead
and 13,066 kilograms of zinc. The property features excellent road
access and overall nearby infrastructure.
Acquisition terms for the SID are two million Garibaldi shares
over a 4-year period (100,000 upon signing followed by 100,000
shares, 200,000 shares, 600,000 shares and 1 million shares in the
second, third and fourth years, respectively) and a total work
commitment over 4 years of $1 million
($25,000, $100,000, $250,000
and $625,000 from the first to fourth
year, respectively).
Corporate Developments
Garibaldi has closed a non-brokered private placement of
flow-through shares at 15 cents per
share (no warrants) with strategic investors for total gross
proceeds of $350,000. Proceeds from
the financing will go toward exploration of the Company's B.C.
properties, including near-term drilling at Tora Tora, and the
shares are subject to a hold period ending April 30, 2017. In connection with the offering,
the Company paid $22,000 in cash
finders' fees.
Garibaldi extends best wishes to all shareholders for a safe,
healthy and prosperous New Year.
Corporate Fact Sheet
To view the latest corporate Fact Sheet for Garibaldi Resources,
please visit the following URL:
http://www.garibaldiresources.com/i/pdf/GGI-Fact-Sheet-December-2016.pdf
Quality Assurance/Control
Chip samples from Red Lion were taken directly from outcrop and
placed in a marked poly sample bag with an identifying sample tag.
Sample bags were then sealed and subsequently placed into a rice
bag which was also sealed and secured for transport. The samples
were then delivered directly to Bureau Veritas Mineral Laboratories
by Garibaldi personnel. All samples underwent 4 acid digestion with
ICP-MS analysis and 50g fire assay fusion Au by ICP-ES. Samples
which returned greater than 10 g/t Au subsequently underwent lead
collection fire assay 50G fusion with a gravimetric finish. Samples
greater than 1% Cu subsequently underwent a 4-acid digest with AAS
finish.
Duplicates, standards and blanks were tested by the qualified
laboratory. No significant QA/QC issues are present in the
results.
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.
Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release includes certain
"forward-looking statements" which do not comprise historical
facts. Forward-looking statements include estimates and statements
that describe the Company's future plans, objectives or goals,
including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would",
"will", or "plan". Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management's expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information.
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.