VANCOUVER, Oct. 28, 2016 /CNW/ - Garibaldi Resources (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to report that recent regional sampling of several sulphide and precious metal occurrences has returned exceptionally high zinc values and highly anomalous gold and copper at the new Brass Hill target within the Company's expanded E&L Project. Brass Hill is 2.7 km northeast of the E&L Ni-Cu-Au deposit at Nickel Mountain in northwest B.C.'s prolific Golden Triangle.
The newly-acquired Brass Hill area rests along faults trending east-west toward the E&L Ni-Cu-Au deposit and the associated "Q" magnetic anomaly which remains untested below the massive sulphide outcrop. Located in a volcanogenic setting that's geologically distinct from the nickel-rich massive sulphide system to the southwest, Brass Hill forms what Garibaldi is now referring to as E&L "East" which is about 15 km southwest of Eskay Creek.
Steve Regoci, Garibaldi President and CEO, stated: "Brass Hill helps confirm the geologically robust diversity of this very under-explored area which covers the 23 sq. km E&L Project, highlighted by the Ni-Cu-Au deposit we're advancing at Nickel Mountain where detailed progress updates are expected soon. Much has been overlooked the last 50 years in this rich district, and we're taking full advantage of that."
The impressive outcrops at Brass Hill feature a cluster of mineralized surface showings of different styles in close proximity to one another, while the potential scale of a mineralized system or systems has expanded due to a nearby receding glacier. Significantly, for the first time, this area and these showings discovered in the late 1980's are being systematically investigated for extent and continuity of mineralization.
Chip Samples Return 55.9% Zn and 42.4% Zn
Rock samples were recently taken from outcrop at two of several MINFILE showings at Brass Hill (formerly called Colagh, MINFILE 104B352).
Showing "A" (three chip samples) returned zinc values of 55.9% and 42.4% from strongly disseminated to massive chalcopyrite, sphalerite and pyrite in two samples from different sections of a zoned sulphide lens, while the third sample from adjacent wall rock in disseminated sulphides returned 1.2% Zn. Copper grades ranged from 1.0% to 7.2% Cu in the three samples while silver values ranged from 11 g/t to 56 g/t Ag. Highly anomalous gold is also present in all three samples.
At Showing "B", a gold-bearing quartz-carbonate breccia zone 100 meters west-southwest of Showing "A", assays from 9 samples, all but one from outcrop, ranged from anomalous to 7.4 g/t Au (4 samples >1.0 g/t Au), anomalous to 0.94% Cu, and highly anomalous to 3.7% Zn (3 samples >2.0% Zn).
Garibaldi cautions investors that the above samples are selective samples and are not considered to be representative of the mineralization hosted within the target area.
Regoci concluded, "Zinc is a common denominator in all samples at both showings and that bodes well for the Brass Hill target given what is known about other areas in the broader district.
Garibaldi Adds Strategic Claims South and Northwest of E&L Ni-Cu-Au Deposit
Garibaldi has acquired 100% ownership of two new claim blocks contiguous to the main claims hosting the E&L Ni-Cu-Au deposit from an arms-length vendor in exchange for 75,000 shares of the Company. The transaction is subject to the approval of the TSX Venture Exchange.
The new claims total 89 hectares and were added due to their potential strategic importance.
The "Q" Map
Please visit GaribaldiResources.com or the following URL for a map showing the E&L deposit and the "Q" magnetic anomaly to the south.
Why GGI? Video
Garibaldi is also pleased to announce the release of an updated short corporate video. You can view the video on the GaribaldiResources.com homepage or by visiting the following URL:
Samples from the Brass Hill target were collected from outcrop, placed in a marked sample bag with a corresponding sample tag, then zip-tied. All samples were then placed in a rice bag and secured and delivered for assaying. Samples were analyzed by ALS Global in Vancouver, B.C. Gold and silver samples were determined by fire assay with ICP-AES finish. Base metal values were determined by four-acid digestion and ICP-AES. Zn-VOL50 analysis was used for zinc over-limits (>30%).
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.
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