VANCOUVER, Dec. 16 /CNW/ - Garibaldi Resources Corp. (TSX.V: GGI) (the
"Company") is pleased to report on exploration progress at its Mexico
concessions at Morelos (28,000 hectares) in Chihuahua State and Tonichi
(47,000 hectares) in Sonora State. Garibaldi controls 7 district scale
projects covering more than 2,200 sq. km. of Mexico's Sierra Madres
mineral belt. The Company is focused on a methodical low cost
exploration strategy to systematically evaluate targets generated by
utilizing the most sophisticated remote sensing technologies available.
At Morelos, a target focused exploration program was carried out on five
prospective areas based on recommendations from the Company's advisory
board (Alain Charest and Dr. Peter Megaw) as reported in the Company's
March 2, 2010 news release. The Socorro quartz vein system in south
east Morelos contains significant gold values and is known to extend
for more than 2 km along strike. The Company has applied for permitting
to test drill up to 1000 meters in 4-6 holes at Socorro and is
mobilizing the Company's NQ diamond drill to Morelos.
Gold mineralization at the Socorro prospect is mainly associated with
mesothermal-type quartz veins that are hosted in W-NW trending faults
and fractures. Rock chip samples have assayed up to 8.5 g/t Au over
1.4 m; 6.2 g/t Au over 2 m and 3.4 g/t Au over 3 m across the Socorro
structure which varies in width from .5 m to 10 m and is open at both
ends. Other target areas to be followed up with additional mapping and
sampling at Morelos are the Puerto Colorado-San Miguel structure which
extends for more than 3 km along strike, the Guicipa and Flamenca
prospects east and west of Socorro and the SW Morelos prospect a 5km by
5km zone of intense argillic and iron-oxide alteration.
Now that the rainy season has ended, exploration at the Tonichi
concession is focused on advancing the Locust "gold in soil anomaly" to
drilling stage and evaluating an area of alteration referred to as
Target 10. The extensive alteration zone identified at the Locust
target has been trenched in several areas and produced inconclusive
results at this early stage. Independent consultants with extensive
porphyry experience in Sonora will supervise Garibaldi personnel as
they perform soil profile studies and additional trenching to the north
and east of Locust. This will coincide with a detailed mapping program
over an extended area around Locust as large as 3 km by 3 km ahead of
any decision on drilling.
As reported in Garibaldi's August 20, 2009 news release. The Company
granted permission to the Comision Federal Electricidad (CFE) an agency
of the Federal Government of Mexico, at no cost to Garibaldi, to carry
out a limited exploratory drilling program on the Company's Tonichi
Concession in Sonora State designed to evaluate and test the potential
for coal in an area located approximately 8 km north of Locust. The
program is part of a regional survey to define the potential for coal
resources sufficient to supply coal fired electric generation plants in
Sonora State. Garibaldi owns the coal rights at Tonichi which has a
history of extraction by locals on a small scale.
Three holes were drilled by CFE on Garibaldi's property in 2009 up to1km
apart and CFE delivered a report to Garibaldi indicating that all three
holes intersected multiple coal seams. Further to the most recent
report, CFE has informed Garibaldi that it has drilled an additional
four holes on Garibaldi's property totaling seven. Results to date are
insufficient to draw any conclusions and investors are cautioned that
the Company is not aware of any economic coal deposits compliant with
NI 43-101 standard on its properties.
Garibaldi will have access to all geological data generated by this
unsolicited program and will inform shareholders of any significant
developments. The Company has retained Norwest Corporation of Salt Lake
City, Utah, as consultants.
Carl von Einsiedel, P.Geo., is the Qualified Person who has reviewed the
technical information contained in this release on behalf of Garibaldi.
About Garibaldi Resources
Garibaldi Resources Corp. is a Canadian junior mining company focused on
the exploration for gold, silver and base metal deposits along the
central and northern parts of the highly prolific Sierra Madre mining
belt located in northwestern Mexico. The Company controls seven
district scale properties covering more than 2,000 square kilometres of
prospective stratigraphy surrounding and along strike from some of the
most robust gold and silver mining projects ever discovered in Mexico
including El Sauzal, Mulatos and Ocampo. As part of the Company's
"Rapid Assessment Protocol", the Company is committed to utilizing the
world's most sophisticated remote sensing technologies to effectively
target major alteration systems commonly associated with significant
gold, silver and base metal discoveries.
We seek safe harbour.
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
For further information: For further information:
Telephone: (604) 488-8851