Garibaldi makes Golden Triangle discovery; comments on market activity

Steve Regoci, President and CEO of Garibaldi Resources Corp.  [GGI-TSXV; GGIFF-OTC; RQM-FSE], at the request of the Investment Industry Regulatory Organization of Canada (IIROC), wishes to confirm that management is unaware of any material change in the company’s operations that would account for the recent increase in market activity.

Following a dramatic rise in the share price of Garibaldi Resources from about 17 cents to over 70 cents, IIROC requested a statement from the company. On July 27, Garibaldi issued the following press release:

Crews at the Garibaldi Resources Corp. 100%-owned E&L Project at Nickel Mountain in the heart of the Eskay Camp in the Golden Triangle region of northwest British Columbia have made an important new surface discovery following up on the first of four major VTEM (versatile time-domain electromagnetic) conductor targets.

Widespread pyrrhotite-chalcopyrite mineralization has been identified on surface in gabbroic rocks that outcrop over a broad area at previously unexplored anomaly A, approximately 6 km north-northeast of the historical E&L nickel-copper-rich mineralized zones where drilling will start shortly.

Geologists have not yet sampled the hot zone of the conductor, where it is strongest, but initial field examinations covering ground on the periphery of the conductor are extremely encouraging.

  • Gabbro outcrops extend at least 300 metres east-west and 700 metres north-south and contain disseminated, vein-style and breccia sulphides intruding Hazelton Group sediments.
  • A boulder field featuring strong sulphide mineralization (up to 30% in many instances) was traced for approximately 1.3 km downslope from outcrop.
  • The abundance, size and shape of the boulders suggest they did not travel far and the source is anomaly A.
  • A total of 50 rock samples (approximately 30 chip and grab samples from outcrop and 20 grab samples from the boulder field) have been submitted for rush assaying and lithochemistry.
  • The mineralized gabbros at anomaly A are visually identical to the mineralized gabbros at the E&L.

Regoci said, “Most importantly, this exciting new sulphide discovery at Nickel Mountain, located at the exact coordinates of strong VTEM conductor A, validates the VTEM survey as we prepare for imminent drilling into anomaly D immediately below the historic mineralized zones at the E&L.”

The top of the strong, broad conductor beneath E&L anomaly D is estimated to be at a depth of 140 metres, approximately 20 metres below the deepest hole drilled by Silver Standard in the 1960s. A total of 12 shallow holes defined a nickel-copper-rich massive sulphide system extending 175 metres east-west, highlighted by DDH-4-1966, which returned 37.8 metres grading 1.3% nickel and 0.79% copper with 5.9% nickel and 1.7% copper over 2.74 metres near the bottom of the hole.

Regoci added, “The anomaly A surface discovery featuring mineralized gabbro is extremely exciting, and we look forward to much more mapping and sampling there. Successful ground truthing of that VTEM target also suggests that the E&L nickel-copper-rich magmatic massive sulphide occurrence is indeed part of a much larger system than originally outlined from the only surface drill program ever carried out at the property in the 1960s. We’re eagerly anticipating the start of drilling at the E&L as this has all the earmarks of a game-changing discovery for our shareholders.”

Anomalies B and C are also being investigated. The north-northeast alignment of the four major anomalies (A through D) indicates a potential corridor prospective for a cluster of deposits.

Filed in: Gold, Resources

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