KEY CLAIMS ACQUIRED ON STRIKE FROM ENGOLD
DISCOVERY
TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, April 13, 2017 /CNW/ - Garibaldi Resources
(TSX: GGI) (the "Company" or "Garibaldi") is pleased to provide an
update on its exploration activities in British Columbia, anchored by the advancement
of its flagship E&L Project in the prolific Eskay Camp in the heart of the Golden
Triangle.
Highlights of recent and current activity:
- Garibaldi continues final preparation to launch a heli-borne
electromagnetic survey ahead of diamond drilling at the E&L;
the location for a 12-man camp has been secured along the Eskay
Creek road and crews are ready to mobilize as soon as weather
permits;
- Garibaldi has acquired nearly 18 sq. km of strategic claims
contiguous to EnGold Mines' Lac La Hache Property, including along
strike to the southeast of EnGold's new drilling discovery;
- Garibaldi adds claims to Tora Tora following two initial
exploratory drill holes.
E&L Project - Nickel Mountain
The upcoming
heli-borne electromagnetic survey at the E&L, planned for the
last half of April, will focus on detecting conductive sulphide
bodies and identifying potential new target anomalies indicated
within the 4 km-long, 1.5-km wide E&L intrusion that hosts the
Eskay Camp's first and only known nickel-copper rich massive
sulphide system with platinum, palladium, gold and cobalt.
In addition, airborne geophysics will also be carried out over
the promising Brass Hill area
approximately 2.7 km northeast of the E&L deposit where
sampling by Garibaldi late last summer returned exceptionally high
zinc values as well as highly anomalous gold and copper (see
Oct. 28, 2016, news release).
Geological, geophysical and structural data for the E&L
deposit has been reviewed and interpreted by the company's expanded
nickel team (see March 10, 2017, news
release).
The results have revealed very high tenors and prospective
geophysical anomalies indicating possible complex structures
permissive for deposition and entrapment of massive sulphides in
areas well beyond the current deposit. Various views of the
E&L geologic model along with a table comparing tenor for known
nickel deposits are available on the home page of the Garibaldi web
site.
Lac La Hache Acquisition - Cariboo Copper-Gold Claims
Garibaldi has acquired two parcels of claims (Cariboo Copper-Gold
claims) comprising 1,753 hectares bordering EnGold Mines' new
copper-gold-silver discovery 20 km northeast of Lac La Hache - see attached map or visit the
following URL:
http://www.garibaldiresources.com/i/maps/GGI_Cariboo-copper-and-gold-LocationMap3.jpg
The underlying prospective rock units and contact zones relating
to mineralization at EnGold's Lac La Hache Property trend
northwest-southeast onto Garibaldi's southern block of claims.
Terms for a 100% interest are 200,000 Garibaldi shares within 10
days from TSX acceptance for filing and $10,000 in cash or Garibaldi shares within 45
days from TSX acceptance for filing and a further 500,000 Garibaldi
shares over 2 years. The vendor retains a 2% NSR of which Garibaldi
can purchase half of at any time for $1.5
million.
Tora Tora Property
In January, Garibaldi completed
two widely spaced diamond drill holes at the Tora Tora Copper-Gold
prospect 15 miles (25 km) north of the Copper Mountain Mine near
Princeton, B.C. This promising
grassroots property, contiguous to a large land package owned by
privately held High Power Exploration (HPX), has featured only
limited historical drilling.
Each of the first two test holes intersected propylitic
alteration throughout, associated with the outer distal zonation of
copper porphyries. The bottom of the second hole, drilled to
a depth of 190.5 meters, returned anomalous copper mineralization
in a pyrite dominated sulphide assemblage with minor chalcopyrite
occurring in quartz-carbonate veins, blebs and fine grained
disseminations. Garibaldi geologists were encouraged by the
extensive new information acquired from this exploratory drilling
which will provide important guidance for the next phase of
drilling. The Company has staked an additional 3 claims
attached to the northeast corner of the property.
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. 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.