TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, May 25, 2017 /CNW/ - Garibaldi Resources (TSX.V:
GGI) (the "Company" or "Garibaldi") is pleased to announce that a
recently completed helicopter-borne Versatile Time-Domain
Electromagnetic (VTEM) and Magnetics survey over the Company's
100%-owned E&L deposit and immediate surrounding claims in the
heart of the Eskay Camp has revealed multiple conductive anomalies
with scale and signatures highly prospective for the discovery of
new areas of nickel-copper-rich massive sulphide
mineralization.
Steve Regoci, Garibaldi President
and CEO, commented: "While these interpretations are preliminary,
as final review of a broad range of new data is completed over the
next few weeks, there's no question that first-ever modern
geophysics at the E&L has further bolstered the case for a much
larger mineralized system than what historical explorers assumed
more than half a century ago.
"We eagerly look forward to additional detailed analysis of the
recently completed geophysics and the start of our ground
exploration program in advance of this summer's exciting drilling
campaign," concluded Regoci.
Early highlights of the 600-line kilometer VTEM and
Magnetics survey:
- Five conductors (A-E) exhibit multi-line airborne
electromagnetic (AEM) anomalies ranging from 500 meters to 900
meters in length;
- Each of the five conductors features core areas of B-field
responses, indicative of highly conductive bedrock sources as would
be expected for significant accumulations of massive
sulphides;
- Anomaly signatures at A, B and C to the northeast indicate that
these responses may in fact be part of the same mineralized system
over a 3 kilometer trend;
- EM response to the south of the high tenor E&L mineralized
zones confirms the potential of this under-explored area to host
massive sulphides.
Garibaldi Arranges Financing For $1.28
Million
Garibaldi is pleased to announce a non-brokered private
placement to raise total gross proceeds of $1,280,000 CDN.
The Company will issue 4,000,000 units at 14 cents per share (gross proceeds of
$560,000) and 4,000,000 units of
flow-through shares at 18 cents per
share (gross proceeds of $720,000).
Each common share unit at 14 cents
comprises one common share in the capital of the Company and one
full non-transferable share purchase warrant. Each warrant is
exercisable into one common share at a price of 20 cents for a period of two years.
Each flow-through unit at 18 cents
contains one flow-through and one half of a non-transferable share
purchase warrant. Each full warrant is exercisable into
one common share in the capital of the Company at a price of
25 cents for a period of two
years.
All units from the private placement are subject to a 4-month
hold period from the date of issuance.
The financing will include finder's fee commissions and is
subject to TSX Venture approval. The proceeds from the flow-through
financing will be used to advance the Company's British Columbia properties. Proceeds from the
non-flow-through financing are intended for the Company's
Mexico operations as well as
general working capital purposes.
E&L Geologic Model
To view the E&L geologic model, and a comparative of nickel
tenors, please visit the company's homepage or the following
URL:
http://www.garibaldiresources.com/i/pdf/GGI-E-and-L-Tenor-Comparative.pdf
New Eskay Camp Area Map
http://www.garibaldiresources.com/i/photos/king/Eskay_Camp_May_2017_Inner_Core_Area_Map-min.jpg
Qualified Person
Mr. Everett F. 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.
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.