TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Oct. 13, 2017 /CNW/ - Garibaldi Resources (TSX.V:
GGI) (the "Company" or "Garibaldi") is pleased to report that an
ongoing drill program utilizing two rigs continues to expand
northwest British Columbia's first
nickel-copper rich sulphide system at the Company's 100%-owned
Nickel Mountain Project near Eskay Creek.
Highlights:
- All 11 additional holes completed since EL-17-01 (see
September 1, 2017 news release) have
returned broad sections of disseminated to blebby net textured
sulphides (pyrrhotite-pentlandite-chalcopyrite), hosted in olivine
gabbro, consistent with a much larger scale mineralizing event than
ever previously suspected at Nickel Mountain;
- XRF analysis of drill core supports the very high tenor of the
sulphide at Nickel Mountain as previously disclosed by the Company
(photos of representative sulphide-bearing core from the new
discovery zone are available for viewing at
GaribaldiResources.com);
- Assaying of drill core is being carried out by SGS in
Vancouver and Garibaldi eagerly
anticipates reporting initial results as they become available
during the second half of this month.
Dr. Peter Lightfoot, an
internationally recognized nickel sulphide expert and a technical
adviser for Garibaldi, commented: "The host rocks at Nickel
Mountain comprise a differentiated sequence of variable-textured
and orbicular-textured gabbros and olivine gabbro with abundant
disseminated interstitial sulphide. The exceptional tenor of the
sulphide is a compelling feature of Nickel Mountain.
"When viewed in a global context," Dr. Lightfoot continued,
"Nickel Mountain is a classic example of an intrusion produced by
open system emplacement of silicate and sulphide magma through a
dynamic magma tube within a differentiated gabbroic complex. This
intrusion represents an open system magma highway along which
successive batches of silicate and sulphide magma were
emplaced."
New Discovery Zone
Two drill rigs have completed 12 holes so far, totaling just
over 3,000 meters at Nickel Mountain. Current drilling, aided
by SJ Geophysics Volterra borehole EM technology, is focused on a
new discovery area beginning approximately 100 meters
east-southeast of the historic northwest zone highlighted by Silver
Standard's 37.8-meter intercept grading 1.3% nickel and 0.79%
copper (DDH-04-1966) in a disseminated halo. Borehole data and
visual analysis of highly mineralized intersections from this new
discovery zone are vectoring geologists toward an interpreted
massive sulphide core.
While the nickel-copper-rich system remains open in all
directions at Nickel Mountain, at least two km of prospective
ground exists to the east-southeast while a northeast trend of
geophysical anomalies and surface mineralization continues for at
least 6 km.
Steve Regoci, President and CEO
of Garibaldi, stated: "Both the scale and the grade potential
of Nickel Mountain fit the profile of the rich Eskay
district. Shallow drilling half a century ago that discovered
the northwest zone literally just scratched the surface of Nickel
Mountain."
Qualified Person
Mr. Everett F. Makela, P.Geo.,
Director and VP Exploration Canada for the Company, a Qualified
Person as defined 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.