VANCOUVER, Nov. 10, 2015 /CNW/ - Garibaldi Resources Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to report that the ongoing first-ever drill program at the company's 100%-owned Grizzly Project in the Sheslay district of northwest British Columbia continues to reveal a robust system.
The third hole, collared 200 meters due south of GC-15-01, has intersected a very thick mafic unit from near-surface to a depth of at least 308 meters. Fine-grained disseminated chalcopyrite was observed between 31 m and 86 m, beginning directly beneath the glacial till. This transitioned into an intensely altered zone between 86 m and 102 m featuring 40% quartz veins hosting sulfides. Creamy white quartz contains black and grey sulfides with pyrite along the margins, cut by clear aphanitic chalcedony veins. The rock in this 16-m zone is dark red to maroon, magnetic and fine-grained.
Notably, throughout a 205.6-m intersection from 102.4 m to 308 m, pyrite occurs as very fine-grained polished shear surfaces in a black, strongly magnetic unit.
Both GC-15-03 and GC-15-01 were drilled toward the east into a chargeability and magnetic high. A 1-km long north-south trending geochemical anomaly has been outlined approximately 500 m east of where these holes were collared.
Steve Regoci, Garibaldi President and CEO commented, "Visual evidence from the first three holes firmly indicates the powerful influence exerted by the Kaketsa pluton 2 km west of Grizzly Central drill targets. Geological processes appear to have involved a tremendous amount of heat and fluids. It's exciting to see what Mother Nature has cooked up in these rocks over the millennia. The geology speaks volumes for the potential to add to the unfolding story of the Sheslay district where two porphyry deposits have already been defined including Doubleview Capital's gold-rich Hat discovery 10 km east of our current drilling.
"We look forward to consistent news flow from the Grizzly and we eagerly anticipate initial assay results," Regoci continued. "In addition, we expect to update shareholders in the near future with regard to progress at Garibaldi's Red Lion property in north-central B.C., contiguous to the Kliyul Project recently drilled by Teck Resources Ltd., and on developments at our high-grade discoveries in Mexico. Between B.C. and Mexico, we are well positioned for an exciting finish to the year and a strong start to 2016."
For maps and photos, please visit the Grizzly section on the Garibaldi website at GaribaldiResources.com.
To view a short Garibaldi video on the Grizzly Project and the Sheslay Corridor, please visit the Company's homepage or the following URL:
Corporate Fact Sheet
To view the updated corporate Fact Sheet for Garibaldi Resources, please visit the Company's homepage or the following URL:
While Garibaldi is very encouraged by the exploration results to date at the Grizzly, the Company wishes to emphasize that there is no certainty it will identify a deposit or resource on the property. In addition, other porphyry deposits in the Sheslay district may not be indicative of the mineralization that may be found on the Grizzly.
Mr. Adrian Smith, P.Geo., an on-site consultant for the Company's Grizzly Project and a Qualified Person as defined by NI-43-01 regulations, has reviewed this news release and approved the contents thereof.
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