TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Jan. 30, 2017 /CNW/ - Garibaldi Resources
(TSX: GGI) (the "Company" or "Garibaldi") is pleased to report that
as 3D modeling of the company's 100%-owned E&L historic
near-surface deposit and associated "Q" magnetic anomaly in the
Eskay Camp nears completion, new data are showing geological
structures and mineralizing processes suggestive of a large-scale
nickel-copper-platinum group element system with robust grade
potential that formed through a dynamic mafic-ultramafic magmatic
event.
Highlights of new information:
- Significantly, Hazelton Group black shales are interpreted to
be a critical source of sulphur that has saturated the magmas at
the brecciated and gabbro-hosted E&L Intrusion, contributing to
high nickel-copper tenors in a pyrrhotite-chalcopyrite-pentlandite
mineral assemblage (4.8% to 8% Ni and 2.1% to 10.9% Cu in 100%
sulphide as previously disclosed in Garibaldi's November 10, 2016, news release).
- Geological Survey of Canada
regional geophysical data has revealed that the E&L deposit
rests on the western flank of a massive gravity high approximately
35 km long and 15 km wide. This "Bouguer" anomaly is adjacent to
another gravity high, a linear feature extending 65 km north-south
immediately east of the E&L Project boundary. These gravity
highs truncate the regional fabric. Together, they are interpreted
to signify the presence of deep penetrating crustal structures and
provide evidence for a very large mafic-ultramafic intrusive event
at the 63 sq. km E&L Project.
E&L - Unique Discovery In Prolific Eskay Camp
The under-explored E&L features the first nickel-copper rich
massive sulphide zones discovered in the Eskay Gold-Silver-Copper
Camp, 11 miles southwest of Eskay
Creek and 20 miles west of Pretium's high-grade Brucejack
gold mine that's expected to commence production later this year.
The sulphide zones drilled into in the 1960's at the E&L have
not been delimited in any direction.
Advances in district knowledge, geophysics and data processing
since the 1960's, combined with major infrastructure improvements
in the Eskay Camp and a better understanding of nickel-copper
discoveries such as Voisey's Bay, have sparked a major
reinterpretation of the E&L which has laid the foundation for a
planned aggressive 2017 exploration and drilling campaign at the
property.
E&L 3D Geologic Model Due Shortly
Steve Regoci, Garibaldi President
and CEO, commented: "The sulphur source and the overall gravity
signature take on added significance given E&L information
confirmed earlier including the historical drill holes and
mineralized zones, the mineral assemblage, high Ni-Cu tenors,
platinum-palladium values, the Q magnetic anomaly and the district
setting.
"We look forward to completing and presenting the E&L 3D
model very shortly," Regoci continued. "The model will drive our
upcoming exploration and drilling program. Modern heliborne
electromagnetic systems can now detect conductive sulphide bodies
up to 350 meters in depth, providing far superior drill target
selection."
E&L Project Google Earth View
For a Google Earth view of the E&L Project, featuring the
E&L nickel-copper rich deposit and the Brass Hill high-grade zinc-copper-gold-silver
showing approximately 3 km to the northeast, please visit the
following URL:
http://www.garibaldiresources.com/i/maps/GGI-EL-Dec-2016.jpg
E&L & PSP "Red Line" Map
Between its E&L and Palm Springs (PSP), Garibaldi controls
approximately 160 sq. km of highly prospective terrain immediately
north and west-southwest of the past producing Eskay Creek mine. The Kyba-Nelson "Red Line", an
important stratigraphic contact, traverses through both the E&L
and the PSP. To view this map, please visit the following URL:
http://www.garibaldiresources.com/i/photos/king/GGI-EL-PSP-Red-Line-Map.jpg
Qualified Person
Mr. Everett Makela, P.Geo., 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.