TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Dec. 22, 2014 /PRNewswire/ - In preparation
for a dynamic exploration season in British Columbia in 2015, Garibaldi Resources
Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to
announce that it has closed a non-brokered private placement of
5,953,310 flow-through units at $0.21
cents per unit (see details below) for gross total proceeds
of $1,250,000 CDN. This strategic
financing will be used to further advance the Company's B.C.
properties including the Canadian flagship Grizzly Project in the
Sheslay district.
"Exceptional results from Garibaldi's Rodadero discovery in
Sonora State and our La Patilla Gold Project in Sinaloa State
already ensures that our shareholders have a great deal of exciting
news to look forward to, near-term and throughout 2015, from
ongoing exploration in Mexico
which is accelerating," stated President and CEO Steve Regoci. "Additionally, Garibaldi
management believes strongly in the significant leveraged
opportunity offered shareholders by the Company's portfolio of B.C.
properties led by the Grizzly. We have the means to unlock
the value in these excellent prospects during 2015 which will build
on our success in Mexico."
Garibaldi B.C. Projects Overview
Grizzly Project
A comprehensive NI-43-101 Technical Report on the Grizzly Cu-Au
Porphyry Project is currently being completed by C.J. Greig & Associates Ltd. following
successful 2014 programs that have further refined preliminary
drill targets along with identifying new ones over a
northwest-trending mineralized corridor that stretches for 30
km. The Company has been granted a multi-year permit for
drilling at the Grizzly from the B.C. Ministry of Mines.
Garibaldi has expanded the Grizzly to 272 sq. km through staking
to extend the western border of the Grizzly West porphyry by 1
km. Significant drilling discoveries 10 km apart at the Star
and Hat porphyries contiguous to Grizzly are strong evidence as to
the scale of mineralization in this district. A new drill
program recently commenced at the Hat Property as reported by
Doubleview Capital Corp. Dec. 12,
2014.
King
Exploration targets at the 1700 hectare King Property,
approximately 10 km north-northeast of the past producing
high-grade Snip Mine in the Eskay Creek region, range from
high-grade gold to high-grade silver-lead-zinc. Recent power
and infrastructure projects have significantly improved access to
the claim area. Four mineralized zones are considered highly
prospective for potential new discoveries on this under-explored
property.
Red Lion
The Red Lion Property, 60 km south of AuRico Gold's Kemess mine in north central B.C.,
is contiguous to the northern border of Kiska Metals' Kliyul Cu-Au
Porphyry Project under option to Teck Resources Ltd. Kliyul
has yielded promising results from drilling including 76 m of 1.16
g/t Au and 0.33% Cu, and 218 m of 0.52 g/t Au and 0.23% Cu.
Garibaldi's initial land position at Red Lion, characterized by
extremely strong Cu-Au stream sediment geochemistry in both RGS and
follow-up proprietary surveys, was increased recently to a total of
45 sq. km with additional staking covering a broad, high-tenor
Cu-Au soil geochemical anomaly.
Access and infrastructure at Red Lion are excellent with the
power line to the Kemess South mine only 3 km away.
MSM
The MSM prospect, comprising 58 sq. km, is located approximately
50 km northeast of Imperial Metals' Red
Chris mine and is underlain by similar Triassic and Jurassic
volcanic and plutonic rocks. At least eight Cu-Ag-Au showings have
been documented on the property. During this year, Garibaldi
compiled all previous exploration data, interpreted satellite
imagery lineaments, conducted an airborne magnetic survey and
collected stream sediment geochemical samples in preparation for
more detailed ground work that will help identify potential drill
targets.
Tora Tora
Garibaldi's Tora Tora Property near Princeton, 25 km north of the producing Copper
Mountain mine, is largely overburden covered but features a
prominent circular shaped magnetic anomaly which management
believes may be the expression of a buried intrusive body. The
company is following up on last year's aeromagnetic survey of this
distinct target located 2 km west of Sego Resources' 2012 discovery
hole (DDH-12-21, 100.4 m of 0.95% Cu, 0.55g/t Au and 3.5 g/t
Ag).
Black Gold
Garibaldi's Black Gold claims near Grand Forks, British Columbia, are potentially
suitable for extraction of dimension stone quality "black
granite". The Company continues to examine ways to unlock the
value of this legacy asset.
Private Placement Details
The flow-through private placement consists of units of the
Company's securities at a price of $0.21 per unit. Each unit contains one
flow-through share in the capital of the Company and one-half of a
non-transferable share purchase warrant with each full warrant
entitling the holder to acquire one additional common share of the
Company at a price of $0.30 for a
period of 18 months. Secutor Capital Management Corporation acted
as exclusive finder in connection with this non-brokered private
placement and was paid a cash commission of $87,500 CDN. The units from this private
placement are subject to a hold period and may not be traded until
April 23, 2015. The proceeds from the
private placement will be used for exploration of the Company's
B.C. properties.
Qualified Person
Carl von Einsiedel, P.Geo., a
non-independent geological consultant and a Qualified Person as
defined by NI-43-101, has reviewed this news release and approved
the content thereof.
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.
