TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, July 27, 2017 /CNW/ - Garibaldi Resources
TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to report
that crews at the company's 100%-owned E&L Project at Nickel
Mountain in the heart of the Eskay Camp have made an important new
surface discovery following up on the first of four major VTEM
conductor targets.
Widespread pyrrhotite-chalcopyrite mineralization has been
identified on surface in gabbroic rocks that outcrop over a broad
area at previously unexplored "Anomaly A", approximately 6 km
north-northeast of the historic E&L nickel-copper-rich
mineralized zones where drilling commences shortly.
Geologists have not yet sampled the "hot zone" of the conductor,
where it is strongest, but initial field examinations covering
ground on the periphery of the conductor are extremely
encouraging:
- Gabbro outcrops extend at least 300 meters east-west and 700
meters north-south and contain disseminated, vein-style and breccia
sulphides intruding Hazelton Group sediments;
- A boulder field featuring strong sulphide mineralization (up to
30% in many instances) was traced for approximately 1.3 km
downslope from outcrop;
- The abundance, size and shape of the boulders suggests they did
not travel far and the source is "Anomaly A";
- 50 rock samples (approximately 30 chip and grab samples from
outcrop and 20 grab samples from the boulder field) have been
submitted for rush assaying and lithochemistry;
- The mineralized gabbros at "Anomaly A" are visually identical
to the mineralized gabbros at the E&L.
Steve Regoci, Garibaldi President
and CEO, commented: "Most importantly, this exciting new
sulphide discovery at Nickel Mountain, located at the exact
coordinates of strong VTEM conductor 'A', validates the VTEM survey
as we prepare for imminent drilling into 'Anomaly D' immediately
below the historic mineralized zones at the E&L."
The top of the strong, broad conductor beneath E&L "Anomaly
D" is estimated to be at a depth of 140 meters, approximately 20
meters below the deepest hole drilled by Silver Standard in the
1960's. A total of 12 shallow holes defined a
nickel-copper-rich massive sulphide system extending 175 m
east-west, highlighted by DDH-4-1966 which returned 37.8 meters
grading 1.3% nickel and 0.79% copper with 5.9% nickel and 1.7%
copper over 2.74 meters near the bottom of the hole (see
July 17 GGI news release).
Regoci adds, "The 'Anomaly A' surface discovery featuring
mineralized gabbro is extremely exciting and we look forward to
much more mapping and sampling there. Successful
ground-truthing of that VTEM target also suggests that the E&L
nickel-copper-rich magmatic massive sulphide occurrence is indeed
part of a much larger system than originally outlined from the only
surface drill program ever carried out at the property in the
1960's. We're eagerly anticipating the start of drilling at
the E&L as this has all the earmarks of a game-changing
discovery for our shareholders."
Anomalies "B" and "C" are also being investigated. The
north-northeast alignment of the four major anomalies ("A" through
"D") indicates a potential corridor prospective for a cluster of
deposits.
Eskay Camp Area Map
To view the location of the E&L Project, Garibaldi's other
large landholdings in the Eskay Camp, and properties of all other
companies in this prolific district, please visit GGI's web site or
the following URL:
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.