TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Aug. 18, 2017 /CNW/ - Garibaldi Resources
TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to provide an
exploration and corporate update pertaining to the Company's 63 sq.
km and 100%-owned E&L Project at Nickel Mountain in the heart
of northwest British Columbia's
prolific Eskay Camp.
Highlights:
- Crews, including Full Force Drilling out of Peachland, B.C., have mobilized to commence
diamond drilling within the next several days at the historic
E&L deposit, the Eskay Camp's only nickel-copper massive
sulphide system just 11 miles southwest of Eskay Creek;
- SJ Geophysics has been carrying out ground-based loop EM
geophysics to ensure even greater accuracy at targeting known
nickel-copper-rich mineralized zones at the E&L and the strong,
broad VTEM conductor estimated to begin within 20 to 40 meters
below the deepest hole drilled (122 meters) by Silver Standard in
the mid-1960's;
- Garibaldi's initial drill holes targeting the VTEM conductor
will be drilled from the west and the east in a scissor pattern to
ensure successful intersections of the as yet unknown orientation
of the anomaly in the third dimension.
Steve Regoci, President and CEO,
stated: "It has been nearly 50 years since drilling has been
carried out at the top of Nickel Mountain where massive sulphides
were originally found in outcrop in the early 1960's. I commend our
team of nickel sulphide experts for the exceptional work they have
done to compile and reinterpret historic data while merging that
with our own geological and geophysical data covering the E&L
and a potential multi-kilometer-long mineralized structural
corridor. We will issue a news release upon the commencement of
drilling."
All 12 Silver Standard holes drilled in the mid-1960's
intersected nickel-copper mineralization highlighted by a
37.8-meter interval in DDH-4-1966 that returned 1.3% nickel and
0.79% copper, including 5.9% nickel and 1.7% copper over 2.74
meters near the bottom of the hole.
Regional Exploration
An update will be provided soon on the company's exploration
efforts along an apparent structural corridor at the E&L
Project stretching for at least 6 km northeast of the historic
deposit. Work is also being carried out elsewhere on the
company's large landholdings in the district. In total,
Garibaldi controls one of the largest land positions among juniors
in the Eskay Camp with just over 200 sq. km.
Private Placement Closed
Garibaldi has closed a $934,720
private placement to certain strategic investors, issuing 2,032,000
units at 46 cents per unit. Each unit
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 60 cents for a period of two years.
All units from the private placement are subject to a four-month
hold period ending December 18,
2017.
The financing includes a finder's fee commission of $6,440 (7%) payable to Canaccord Genuity, subject
to TSX Venture Exchange approval.
Options Granted
Garibaldi has granted to certain directors, officers and
employees of the Company incentive stock options on up to 1,500,000
shares of the Company's capital stock, exercisable for up to 5
years at a price of 50 cents per
share pursuant to its stock option plan. The stock option grant is
subject to applicable regulatory hold periods and the approval of
the TSX Venture Exchange.
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/GGI-Eskay-Camp-Area-Map-Aug-10.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.