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 expansion claims.
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 in Mexico.
"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
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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