VANCOUVER, March 13, 2014 /CNW/ - Garibaldi Resources Corp. (TSXV: GGI)
(the "Company" or "Garibaldi") is pleased to report that recent
reconnaissance work carried out over western portions of its Grizzly
Property in the Sheslay Valley, northwest British Columbia, has
identified a new zone of porphyry copper mineralization 3 km south of
its Grizzly West porphyry target and 3 km west-southwest of Prosper
Gold Corp.'s Pyrrhotite Creek prospect in an area referred to as West
Kaketsa. Garibaldi is the largest landholder among juniors in the
Sheslay district and controls approximately 26,200 hectares in claims.
The results of this program suggests potential to significantly broaden
a NW/SE trending corridor of porphyry targets that extends for over 30
km through the Sheslay Valley from the western end of the Grizzly
Property through Grizzly Central to the recently announced Grizzly East
Given highly encouraging results in the western and central parts of the
Grizzly Property, Garibaldi is accelerating its 2014 plans at the
Grizzly by launching an aggressive Phase 1 exploration program to
include detailed mapping, geochemistry, IP surveys and drilling. The
initial stages of this work will commence in the next few weeks and the
results will determine the scale of a planned Phase 2 program.
Garibaldi is in a strong working capital position and is looking
forward to advancing the Grizzly Project concurrently with its assets
"The importance of the discoveries recently announced by Prosper Gold
and Doubleview Capital Corp., located approximately 10 km apart on
properties within the Sheslay corridor, is the scale of mineralization
over such wide distances. Confirmation of another significant porphyry
target area several km south of Grizzly West underscores the world
class potential of this growing mineralized Cu-Au porphyry corridor in
the Sheslay Valley," explained Steve Regoci, Garibaldi President and
CEO. "Garibaldi has captured more than 50% of this very prospective
corridor with multiple targets already identified from Grizzly West to
Grizzly Central through geophysical and geochemical surveys. We're very
excited about advancing the Grizzly to a first-ever drilling stage."
West Kaketsa Mineralization Similar To Grizzly West, Pyrrhotite Creek
The extent of the newly discovered mineralized area at West Kaketsa is
yet to be determined but it's located approximately 1 km north of the
historic West Kaketsa prospect (B.C. Minfile # 104J-024) and appears to
be related to a fault that extends at least 3 km to Pyrrhotite Creek on
the eastern flank of Mount Kaketsa. Garibaldi's upcoming program at
the Grizzly Property includes plans to further define this new zone
with IP surveys and identify potential drill targets.
Petrographic analysis of mineralization from both the West Kaketsa and
Grizzly West prospects has confirmed that both areas exhibit classic
porphyry-style copper-gold mineralization including hydraulic
brecciation, disseminated chalcopyrite and intense alteration within a
hydrothermal environment. Garibaldi's reconnaissance work identified
the new mineralized zone while following up on an encouraging airborne
magnetic and radiometric survey completed last fall over western
portions of the Grizzly Property.
The airborne survey confirmed that West Kaketsa, like Grizzly West, is
in a region of strong magnetic activity and structure, the latter
indicating faults and fractures in the intrusive bodies favorable for
mineralizing fluids along the contact zones of the Mount Kaketsa
monzonite granodiorite stock. Historic technical reports describe
porphyry mineralization at West Kaketsa as being similar to
mineralization observed at Pyrrhotite Creek. Prosper Gold has reported
that Pyrrhotite Creek is a large mineralized zone with multiple
porphyry targets located 3 km southwest of the Star porphyries in the
SW corner of its Sheslay Property adjoining the Grizzly.
Last fall's airborne survey shows that Grizzly West is on the periphery
of a large magnetic anomaly, in a similar setting to targets on the
adjoining Sheslay Property. A soil geochemical survey has defined
several strong copper anomalies open in multiple directions at Grizzly
West with the grid covering an area approximately 1.5 km x 1.5 km.
Fieldwork at this target has confirmed historical reports (Corona
Resources) of mineralization with reported grades ranging from 0.20% Cu
to 6.7% Cu in rock chip samples.
Maps - West Kaketsa & Grizzly West
Maps showing location, sampling areas and full results from recent work
completed at West Kaketsa and Grizzly West are available on the
Garibaldi web site at www.GaribaldiResources.com.
To view a 2.5-minute video on the Grizzly Property and the Sheslay
Valley, please visit the following URL: http://www.garibaldiresources.com/s/Media.asp#video1
Carl von Einsiedel, P.Geo., a non-independent geological consultant and
a Qualified Person as defined by NI-43-101 has reviewed this release
and approved the content thereof.
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
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