Garibaldi options Aurora claim bordering Locust drill target, Tonichi project, Sonora, Mexico
VANCOUVER, Sept. 27, 2012 /CNW/ - Garibaldi Resources Corp. (TSX-V: GGI) (the "Company") is pleased to announce that it has acquired an option to purchase a 100% interest in the Aurora concession, a 120 hectare inlier claim contiguous to the Company's Locust drill target at the Tonichi project, Sonora State, Mexico.
Garibaldi's ongoing exploration program at Locust utilizing the Company owned diamond drill (see news release of August 16, 2012) continues to test a gold in soil anomaly within a significant zone of alteration that extends onto the Aurora claim adjacent to the Locust drill target to the south. The anomaly was originally defined by the Company's fixed wing hyperspectral air survey. Drill results to date indicate the potential for Locust to host a bulk tonnage gold deposit.
The agreement with the vendors includes a commitment by Garibaldi to drill a minimum of 1,000 meters within the first year of the option. The option payments over 4 years total $650,000 USD and the terms of the agreement are as follows:
First Year - $15,000 USD down payment (PAID) and two bi-annual payments of $22,500 USD totaling $60,000 USD.
Second year- Two bi-annual payments of $37,500 USD totaling $75,000 USD.
Third year - Two bi-annual payments of $62,500 USD totaling $125,000 USD.
Fourth Year - Two bi-annual payments of $195,000 USD totaling $390,000 USD.
Garibaldi's geologists have begun a sampling and mapping program to delineate drill pad locations.
About the Tonichi Project:
The Tonichi project is located in the prolific Sierra Madre Precious Metal Belt eastern Sonora State, Mexico, and covers 47,000 hectares (please visit www.garibaldiresources.com to view project maps). The project land package abuts the properties surrounding several exploration projects including Promontorio (Kootenay Silver) and the Luz de Cobre-San Antonio de la Huerta (Red Tiger Mining, formerly Zaruma Resources).
We seek safe harbour
GARIBALDI RESOURCES CORP.
per: "Steve Regoci"
Steve Regoci, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
Image with caption: "Tonichi Gold Project (CNW Group/Garibaldi Resources Corp.)". Image available at: http://photos.newswire.ca/images/download/20120927_C2103_PHOTO_EN_18558.jpg
SOURCE: Garibaldi Resources Corp.For further information:
GARIBALDI RESOURCES CORP.
1150 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone: (604) 488-8851 Website: www.garibaldiresources.com