TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER,
Nov. 7, 2013 /PRNewswire/ - Garibaldi
Resources Corp. (TSXV: GGI) (the "Company" or "Garibaldi") is
pleased to report that drilling has resumed at the Locust target,
part of the Company's large Tonichi Project in Sonora State, Mexico, to immediately follow up on the
discovery of an important mineralized intercept in drill hole
MAR-13-02 that may be indicative of a Au-Cu porphyry system.
Drilling to date at Locust (2745 meters in 16 widely-spaced holes)
has outlined a broad envelope of near-surface mineralization that
measures at least 5 km along trend and 1-2 km across.
Hole MAR-13-02, drilled 191 meters vertically
from a topographically high area, cut a perched supergene zone
above the water table and a hypogene gold-copper zone deeper in the
hole. A 104.6-meter interval between 57 and 161.6 meters graded
0.24 g/t Au and 0.16% Cu. This intercept includes 37 meters of 0.42
g/t Au and 0.21% Cu. Mineralization generally improved with depth
within the intercept. This is the westernmost hole drilled to date
at the Locust target.
Based on these results, MAR-13-03 is being
drilled below MAR-13-02 from the valley floor to test geological
continuity of the hypogene zone. This next hole from a lower
elevation will test the potential to penetrate sulphide
mineralization and a second supergene zone at increased depth.
Mr. Steve Regoci,
President and CEO of Garibaldi Resources, commented: "We're very
encouraged by the intercept in MAR-13-02, the style of
mineralization is extremely interesting to our
geologists. Having our own diamond drill rig makes it
convenient and cost effective to follow up immediately on this
promising result."
MAR-13-02 was part of a recently completed
6-hole program. Five shallow holes (LCT-13-11 through
LCT-13-14 and MAR-13-01) encountered anomalous Au-Cu mineralization
along the extremities of a shear zone, 1000 to 2500 meters
east-northeast of MAR-03-02. Intervals are downhole lengths, true
thickness to be determined.
Gold-copper mineralization at Locust is
associated with intermediate intrusive rocks and tourmaline breccia
bodies. Known porphyry systems in the region include the nearby
Cuatro Hermanos copper-moly
deposit, the San Javier
copper-gold deposit and the Suaqui Verde copper deposit.
The Tonichi Project is one of three 100%-owned
district-scale projects Garibaldi is advancing, along with the
stand-alone La Patilla Gold Property, in some of the most robust
gold, silver and copper producing regions of Mexico. In addition, a pilot coal
program at Tonichi continues to
generate royalty income for Garibaldi. The company will be
extending its drilling efforts in Mexico beyond Tonichi this quarter.
Quality Assurance:
Garibaldi has conducted a QA/QC program whereby
blind sample blanks are inserted in the drill core sample stream
prior to being sent to the laboratory. Samples were prepared and
analyzed by ALS Chemex in their facilities in Mexico and Vancouver, respectively. Samples generally
consisted of 1-3 kg of material. Gold analyses were performed by 30
gram fire assay with an AA finish. Silver and base metals were
analyzed as part of a multi-element ICP package using an aqua regia
digestion
Dr. Craig Gibson,
Certified Professional Geologist and Director, is the Qualified
Person for the Tonichi Project and the direct manager of the
technical programs operated under contract by Prospeccion Y
Desarrollo Minero del Norte (ProDeMin). Dr. Gibson has reviewed and
approved the contents of this news release.
We seek safe harbour.
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.
PDF available at:
http://stream1.newswire.ca/media/2013/11/07/20131107_C5527_DOC_EN_33138.pdf