VANCOUVER, Jan. 31, 2014 /CNW/ - Garibaldi Resources Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to report that it has expanded the size of its Grizzly Property in the Sheslay Valley of northwestern British Columbia by nearly 50% to 262 sq. km through staking and the acquisition of the Hat East and Hat East 2 claims.
Grizzly Strike Extension Claims
At the recommendation of its geological team, Garibaldi has staked 6,609 hectares contiguous to the eastern flank of the Grizzly to cover projected extensions of known mineral occurrences over a wide corridor coincident with magnetic anomalies, trending SE/NW for at least 15 km.
Based on work completed to date, compilation of regional data and nearby drilling results, Garibaldi considers the Grizzly, located in the heart of the Sheslay Valley within the prolific Stikine Arch, to be an exceptional opportunity in an emerging copper-gold porphyry mining camp with world class potential. Garibaldi's geologists continue to review data as they finalize plans for an aggressive 2014 exploration season at the Grizzly including a scheduled first-ever drill program.
Hat East and Hat East 2 Claims
Garibaldi is pleased to announce the acquisition of the Hat East and Hat East 2 claims comprising approximately 1,653 hectares adjacent to the Grizzly and just over 1 km east of the recently announced discovery by Doubleview Capital Corp. at its Hat Property (see Doubleview news release January 20, 2014). The claims are considered highly prospective for copper-gold porphyry mineralization and will now form part of the Grizzly Property. The Grizzly is also contiguous to the southern boundary of Doubleview's Hat Property.
Under the terms of the arms-length agreement for the Hat East and Hat East 2 claims, Garibaldi will issue 100,000 shares in exchange for a 100% interest subject only to a 2% NSR in favor of the vendor, half of which Garibaldi can buy back for $1 million.
Garibaldi - Largest Sheslay Landholder Among Juniors
With more than 26,000 hectares, Garibaldi holds the largest land position among juniors in the Sheslay district. Teck Resources Ltd.'s Eagle Property, contiguous to the southern border of the Grizzly, totals approximately 60,000 hectares.
An updated Sheslay Valley regional map is available on the Garibaldi web site (www.GaribaldiResources.com).
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 geological content 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 of Mexico and British Columbia.
We seek safe harbour.
GARIBALDI RESOURCES CORP.
| "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: www.GaribaldiResources.com