TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Feb. 28, 2017 /CNW/ - Garibaldi Resources (TSX:
GGI) (the "Company" or "Garibaldi") is pleased to report that
further compilation and interpretation, including 3D modeling, of
historic and current data for its 100%-owned E&L deposit has
revealed that the first magmatic nickel-copper-rich massive
sulphide system in the heart of northwest British Columbia's prolific Eskay mining camp
reflects a much larger scale intrusive event than ever previously
envisioned.
Garibaldi geologists are now viewing the E&L as a
large-tonnage, high-grade exploration target within an intrusion
defined over a length of 4 kilometers and a width of 1.5
kilometers.
Given the compelling data, including indications the E&L
Intrusion may host more than one nickel-copper-cobalt sulphide
deposit with associated precious metals and high tenors, the
Company is immediately proceeding with a full-scale heli-borne
electromagnetic (EM) survey that can detect conductive sulphide
bodies up to 350 meters in depth (survey to be carried out as soon
as weather conditions permit).
The EM survey will add to a wealth of information on the E&L
and will greatly assist Garibaldi geologists in targeting drill
holes for a planned major 2017 drill program as outlined in
a Notice of Work filed with the British Columbia Ministry of Energy
& Mines.
Dr. Raymond Goldie, Garibaldi
director and mining analyst, commented: "Geological, geophysical
and geochemical studies have demonstrated that the property that
hosts the E&L deposit could contain economic concentrations of
nickel-copper-cobalt-precious metal sulphides. Garibaldi's plans
for an EM survey, followed by a drilling campaign, are an
appropriate and exciting response to uncover this potential."
Highlights of the E&L modelling are as follows:
- Using inversion analysis for the aeromagnetics, outcrop maps,
diamond drilling and trenching information, a model has been
created of the E&L as an irregular lobate body with chambers
and bulges connected by conduit dykes and pipes. Mineralized zones
encountered through historic drilling occur at the southern margin
of the largest chamber, up-plunge of an interpreted pipe connecting
to the "Q" magnetic anomaly area to the south. Overall, the
interpreted morphology features very encouraging distinctive forms,
suggesting numerous possible traps and depositional sites for
massive sulphide accumulation.
- The E&L Intrusion features a younger sulphide mineralized
olivine gabbro phase that has intruded a barren gabbro-diorite
phase. As reported in the Company's November
10, 2016, news release, continuous channel sampling across
the widest part of a 12-meter mineralized zone at the E&L gave
a tenor range of 4.8% to 8% nickel and 2.1% to 10.9% copper for the
E&L in 100% sulphide based on a six-meter section of
semi-massive and massive sulphides.
- Rocks hosting the E&L Intrusion include Hazleton Group
black shales, an abundant source of sulphur for the mineralizing
process. A review of the abbreviated drill information available
suggests that there may have been significant incorporation of
country rocks during the E&L intrusive events.
- At a regional scale, massive gravity signatures (see
January 30, 2017, news release)
suggest that a deep seated crustal structure focused intrusion and
emplacement of a large mafic parent for the E&L system. These
are fundamental characteristics of numerous nickel camps worldwide,
including Voisey's Bay, Norils'k, Raglan and others.
Everett Makela, Garibaldi VP
Exploration Canada, commented: "The Garibaldi team, in
collaboration with industry leading consultants including
geophysicist Alan King, have arrived
at an E&L model with observations and interpretations that
provide powerful encouragement for a nickel-copper-rich sulphide
deposit, or series of deposits, in the center of a prolific mining
camp that includes the past producing Eskay
Creek and Snip mines, Seabridge's massive KSM copper-gold
porphyry deposit, and Pretium's high-grade Brucejack gold deposit
on schedule to commence production this year."
Images of the E&L 3D geologic model will be released and
added to the Garibaldi web site within the next seven days.
E&L Fact Sheet
To view an updated E&L Fact Sheet, please visit the
company's homepage or the following URL:
http://www.garibaldiresources.com/i/front/GGI_E-L_Project_Fact_Sheet_2017.pdf
Qualified Person
Mr. Everett Makela, P.Geo.,
director and VP Exploration Canada for the Company, 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.