KEY CLAIMS ACQUIRED ON STRIKE FROM ENGOLD DISCOVERY
TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, April 13, 2017 /CNW/ - Garibaldi Resources (TSX: GGI) (the "Company" or "Garibaldi") is pleased to provide an update on its exploration activities in British Columbia, anchored by the advancement of its flagship E&L Project in the prolific Eskay Camp in the heart of the Golden Triangle.
Highlights of recent and current activity:
- Garibaldi continues final preparation to launch a heli-borne electromagnetic survey ahead of diamond drilling at the E&L; the location for a 12-man camp has been secured along the Eskay Creek road and crews are ready to mobilize as soon as weather permits;
- Garibaldi has acquired nearly 18 sq. km of strategic claims contiguous to EnGold Mines' Lac La Hache Property, including along strike to the southeast of EnGold's new drilling discovery;
- Garibaldi adds claims to Tora Tora following two initial exploratory drill holes.
E&L Project - Nickel Mountain
The upcoming heli-borne electromagnetic survey at the E&L, planned for the last half of April, will focus on detecting conductive sulphide bodies and identifying potential new target anomalies indicated within the 4 km-long, 1.5-km wide E&L intrusion that hosts the Eskay Camp's first and only known nickel-copper rich massive sulphide system with platinum, palladium, gold and cobalt.
In addition, airborne geophysics will also be carried out over the promising Brass Hill area approximately 2.7 km northeast of the E&L deposit where sampling by Garibaldi late last summer returned exceptionally high zinc values as well as highly anomalous gold and copper (see Oct. 28, 2016, news release).
Geological, geophysical and structural data for the E&L deposit has been reviewed and interpreted by the company's expanded nickel team (see March 10, 2017, news release).
The results have revealed very high tenors and prospective geophysical anomalies indicating possible complex structures permissive for deposition and entrapment of massive sulphides in areas well beyond the current deposit. Various views of the E&L geologic model along with a table comparing tenor for known nickel deposits are available on the home page of the Garibaldi web site.
Lac La Hache Acquisition - Cariboo Copper-Gold Claims
Garibaldi has acquired two parcels of claims (Cariboo Copper-Gold claims) comprising 1,753 hectares bordering EnGold Mines' new copper-gold-silver discovery 20 km northeast of Lac La Hache - see attached map or visit the following URL:
http://www.garibaldiresources.com/i/maps/GGI_Cariboo-copper-and-gold-LocationMap3.jpg
The underlying prospective rock units and contact zones relating to mineralization at EnGold's Lac La Hache Property trend northwest-southeast onto Garibaldi's southern block of claims.
Terms for a 100% interest are 200,000 Garibaldi shares within 10 days from TSX acceptance for filing and $10,000 in cash or Garibaldi shares within 45 days from TSX acceptance for filing and a further 500,000 Garibaldi shares over 2 years. The vendor retains a 2% NSR of which Garibaldi can purchase half of at any time for $1.5 million.
Tora Tora Property
In January, Garibaldi completed two widely spaced diamond drill holes at the Tora Tora Copper-Gold prospect 15 miles (25 km) north of the Copper Mountain Mine near Princeton, B.C. This promising grassroots property, contiguous to a large land package owned by privately held High Power Exploration (HPX), has featured only limited historical drilling.
Each of the first two test holes intersected propylitic alteration throughout, associated with the outer distal zonation of copper porphyries. The bottom of the second hole, drilled to a depth of 190.5 meters, returned anomalous copper mineralization in a pyrite dominated sulphide assemblage with minor chalcopyrite occurring in quartz-carbonate veins, blebs and fine grained disseminations. Garibaldi geologists were encouraged by the extensive new information acquired from this exploratory drilling which will provide important guidance for the next phase of drilling. The Company has staked an additional 3 claims attached to the northeast corner of the property.
E&L Fact Sheet
To view an updated E&L Fact Sheet, please visit the company's homepage or the following URL: http://www.garibaldiresources.com/i/front/GGI_E-L_Project_Fact_Sheet_2017.pdf
Qualified Person
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.
About Garibaldi
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
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