VANCOUVER, Nov. 16, 2016 /CNW/ - Garibaldi Resources (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to announce that it has tripled the size of its 100%-owned E&L Project in the Eskay Camp of the Golden Triangle to 63 sq. km with the acquisition of the strategic "QU" claims contiguous in all directions to the Company's E&L deposit, the district's first Ni-Cu-rich system with platinum, palladium, gold and cobalt values.
In exchange for a 100% interest in the "QU" claims, Garibaldi will issue vendor Gold Fountain Resources Inc. (Xia Yan Qu), a private Richmond, B.C. company, 500,000 shares of Garibaldi Resources Corp.
Steve Regoci, Garibaldi President & CEO commented: "Given the growing significance of the E&L deposit, and the untested km-wide 'Q' magnetic anomaly with its conduit-shaped keel to the south, an immediate high priority was to further extend our land position around this asset with 100% ownership. The evidence is overwhelming that much was overlooked in this area by historical explorers.
"The 'QU' claim additions also capture a 6 km east-west belt of the 'Red Line', one of the most important geological features of the richly endowed Eskay Camp mineral district," Regoci continued. "We'll be commenting more on the 'Red Line' and its importance to the E&L Project shortly as our geological team collects and interprets additional data. In the meantime, we are delighted to have Xia Yan Qu and her company as significant new shareholders of Garibaldi."
An updated map of the E&L will be posted on the Garibaldi website in the coming days.
With the expansion of the E&L, Garibaldi now controls major portions of key ground extending 20 km east-west between Colorado Resources' KSP Project and Eskay Creek and 20 km north-south from the AltaGas McClymont Creek access road to the E&L. In total, Garibaldi's landholdings in the district now exceed 200 sq. km.
The transaction for the "QU" claims is subject to the approval of the TSX Venture Exchange.
The "Q" Map
Please visit GaribaldiResources.com or the following URL for a map showing the E&L deposit and the "Q" magnetic anomaly to the south.
Mr. John Buckle, P.Geo., P.Geoph., a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical disclosure in this news release.
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.
For further information: GARIBALDI RESOURCES CORP., 1150 - 409 Granville Street, Vancouver, BC V6C 1T2, Telephone: (604) 488-8851, Website: GaribaldiResources.com