VANCOUVER, Feb. 16, 2018 /CNW/ - Garibaldi Resources (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to announce that crews have mobilized to immediately launch extensive helicopter-borne Versatile Time-Doman Electromagnetic (VTEM) and magnetics surveys at the company's Nickel Mountain Project and surrounding claims in the Eskay Camp.
Geotech's surveys will cover up to approximately 1,650 line kilometers of Garibaldi's claim group, nearly triple the size of the 2017 program that returned multiple high-priority conductors including the one that led to the discovery of nickel-copper-rich massive sulphides east of the historic E&L deposit at Nickel Mountain.
Steve Regoci, Garibaldi President and CEO, commented: "Given the tremendous success with geophysics at Nickel Mountain in 2017, as demonstrated by compelling drilling results and a unique discovery in this Camp, we're excited by what we may learn from this expanded program covering the entire trend.
"We are several months ahead of last year's exploration schedule as we prepare to follow up on our last hole (EL-17-14) highlighted by a 16.75-meter massive sulphide interval grading 8.3% nickel and 4.2% copper, along with PGE, gold, silver and cobalt credits," Regoci concluded (see Dec. 8, 2017 news release).
To accelerate the resumption of drilling, and to extend the drilling season as long as possible, Garibaldi is constructing upgraded prefab survival shacks for crews to utilize at the drill site while other cost-effective strategies are in the final planning stages.
Performance Shares And Options
Further to an agreement between Garibaldi and EFMX Consulting Ltd. of Sudbury, Ontario, a corporate entity wholly owned by the VP of Exploration for Garibaldi, the Company will issue a one-time tranche of 300,000 shares of Garibaldi as part of the compensation for services as provided for by the agreement.
In addition, Garibaldi has granted to certain employees of the Company incentive stock options of 100,000 shares of the Company's capital stock, exercisable for up to five years at a price of $2.30 per share pursuant to its stock option plan. The stock option grant is subject to applicable regulatory hold periods and the approval of the TSX Venture Exchange.
Eskay Camp Area Map
To view the location of the E&L Project, Garibaldi's other large landholdings in the Eskay Camp, and properties of all other companies in this prolific district, please visit GGI's web site or the following URL:
Mr. Everett Makela, P.Geo., Director/VP Exploration Canada for the Company, and a qualified person as defined by NI-43-101, has reviewed and approved the 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.
GARIBALDI RESOURCES CORP.
Per: "Steve Regoci"
Steve Regoci, President & CEO
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