VANCOUVER, May 14, 2014 /CNW/ - Garibaldi Resources Corp. (TSX.V: GGI)
(the "Company" or "Garibaldi") is pleased to report that it has
intersected exceptionally high silver grades within 30 meters of
surface in first-ever drilling at the Company's 45 sq. km Rodadero
North Project in central Sonora State, Mexico. A second drill hole has
First hole at Silver Eagle target (SE-14-01) returned 2,010 g/t Ag (65 oz/ton) over 7 meters (23.1 feet) including 3 meters (9.9 feet) grading 4,565 g/t Ag (147 oz/ton);
A 50-meter step-out hole to the south of SE-14-01 has commenced;
Garibaldi's exploration team has identified 7 high-priority targets in
addition to Silver Eagle at Rodadero North - data compilation and
regional work continues.
Steve Regoci, Garibaldi President and CEO, commented: "We're excited
with these initial drill results at Rodadero where we have made very
effective use of hyperspectral remote sensing technology to outline a
broad area of prospective targets. Given these numbers from Rodadero,
and our recent solid drill results at La Patilla, we are moving at an
accelerated pace in Mexico. In northwest British Columbia, we are
extremely encouraged by the near-term discovery potential of our
flagship Grizzly Project that covers more than half of the Sheslay
Cu-Au porphyry district mineralized corridor. Garibaldi is uniquely
positioned in two friendly jurisdictions to build shareholder value."
Silver Eagle Target, Rodadero North
The first hole at Silver Eagle, drilled with Garibaldi's company-owned
rig, was designed to follow up on surface sampling along a silicified
zone. DDH SE-14-01 intersected a strongly mineralized 7-meter zone.
Significant assay results, DDH SE-14-01:
At the present time, the geometry of the mineralized system is not known
and true width for the drill intercepts remains to be determined. The
widths given are downhole core lengths. The cut-off for the 7-meter
intercept is 20 g/t Ag. The hole was drilled to a length of 100
The Silver Eagle target is an apparently flat lying silicified body that
alters the upper parts of a conglomerate unit that overlies andesitic
volcanic rocks. The silicified body is cut by several silver-bearing
fractured zones that may reflect feeders to the silicified 'cap'.
"We eagerly anticipate results from this next hole at Silver Eagle,"
added Regoci. "In Mexico we're also preparing for follow-up drilling at
La Patilla and initial drilling at Iris. We have low exploration and
drilling costs in Mexico, and these are also partly offset by continued
royalty income from our pilot coal program at the Tonichi Project."
Rodadero North & Rodadero South Target Areas
The Rodadero region hosts multiple precious metal occurrences over
several tens of kilometers. Garibaldi has identified seven other
targets at Rodadero North - Rambo, La Guata, Batuc, La Fortuna, La
Colorada, Tarichi and Igualama - through mapping, sampling and the use
of the Company's proprietary hyperspectral database. To date, two
targets have also been outlined at Rodadero South, where less
exploration has been carried out, approximately five kilometers
southeast of Rodadero North. A map showing the two project areas and
targets is attached with this release and will be posted at www.GaribaldiResources.com in the Mexico "Projects" section under "Rodadero". Alamos Gold's
Mulatos mine and Agnico Eagle's La India mine are approximately 90
kilometers to the southeast.
Live Webinar and Corporate Video
Garibaldi will be conducting a live investor Webinar Wednesday, May 21,
beginning at 1:15 p.m. Pacific (4:15 pm Eastern) through MarketSmart
Communications Inc., official investor relations for Garibaldi. Log-in
instructions for this presentation can be found on the Garibaldi
Garibaldi is also pleased to announce the release of an updated short
corporate presentation (video). You can view the video by going to the
following web site URL:
Quality Assurance & Control
Garibaldi maintains strict QA-QC protocols for all aspects of its
exploration programs that include the systematic insertion of blanks
and standards into each sample batch. Acme Labs (now part of the Bureau
Veritis group that includes BSI Inspectorate) performed assay analyses
on core reported in this release, and ALS Global (formerly ALS Chemex)
performed analyses on rock samples. All samples were assayed using
certified and industry standard assay techniques for gold and
multi-element packages and for over-limits. Au was analyzed by 30 or 50
gram fire assay with an atomic absorption finish, and other elements
were analyzed by multi-element ICP. Samples in excess of 1,500 g/t Ag
were analyzed by gravimetric methods.
Dr. Craig Gibson, Certified Professional Geologist and a director of
Garibaldi, is a non-arms length Qualified Person for the Company's
Mexico projects and the direct manager of the technical programs
operated under contract by Prospeccion Y Desorrollo Minera del Norte
(ProDeMin). Dr. Gibson has reviewed this news release and approved the
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
Image with caption: "Garibaldi drills bonanza grade silver near-surface at Silver Eagle target, Rodadero (CNW Group/Garibaldi Resources Corp.)". Image available at: http://photos.newswire.ca/images/download/20140514_C8286_PHOTO_EN_40292.jpg
SOURCE: Garibaldi Resources Corp.
For further information:
GARIBALDI RESOURCES CORP.
1150 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone: (604) 488-8851