Garibaldi discovers new zone at Nickel Mountain

Garibaldi Resources [GGI-TSXV; GGIFF-OTC] reports that the continuing drill program at Nickel Mountain in the Golden Triangle region of northwest British Columbia, combined with surface sampling of new massive sulphide outcrops exposed by melting ice and snow, has confirmed a third discovery area known as the Central Zone in between the Northwest and Discovery zones.

Up until this summer, much of the Central Zone was covered by ice and snow.  Fresh massive sulphides revealed by a receding ice sheet reinforces the potential of the untested 1.6-km-long and 1-km-wide E&L icefield to host a major expansion of the Golden Triangle’s first magmatic nickel-copper-rich sulphide system which remains open in all directions.

Highlights:

Initial shallow drilling in the Central Zone has intersected visually strong nickel sulphide mineralization over significant widths to depths of 75 metres – deeper holes are planned;

Three massive sulphide showings (Crevasse, Gully and Cliff) have been identified in the Central Zone, exposed by the retreating icefield, featuring a classic Nickel Mountain pyrrhotite-pentlandite-chalcopyrite mineral assemblage;

XRF analysis completed on samples from one of the showings (Crevasse) supports a grade profile consistent with the Discovery zone.

Steve Regoci, Garibaldi President and CEO, commented, “The prospect of Discovery Zone-type mineralization at surface, previously hidden by the ice, and at shallow depths in drilling in the Central Zone is another exciting development at Nickel Mountain. Evidence points toward an Intrusive Complex with deep roots, so we look forward to continued delineation of the Central Zone and a first-ever look well beneath the adjoining icefield to the north and northeast through drilling and borehole EM.”

Crevasse Showing

Massive sulphides are exposed semi-continuously west to east for 34 metres where ice and talus overlay portions of the outcrop. The showing has a thickness of approximately 4 metres perpendicular to its long axis, where it extends under the ice in both directions. Massive sulphides have also been located approximately 5 metres below the top of the ice level in an ice cave. A total of 16 chip samples were collected along strike and have been submitted for assaying. XRF analysis of these 16 samples, plus a 392-pound block of solid massive sulphide that was cut out from the ice, suggest a grade profile consistent with the Discovery Zone to the east-southeast.

Gulley Showing

Three separate massive sulphide outcrops have been exposed in the Central Zone gulley, north to south, for a strike length of 44 metres. These were exposed by hand trenching after significant snow melt. The presence of angular sulphide boulders in the talus indicated there may be massive sulphides directly below.

Cliff Showing

Semi-massive and massive sulphides have been identified in Central Zone cliffs where a build-up of ice and snow had previously prevented access. Sulphides are exposed trending east-west for a strike length of 21 metres along a gabbro/dyke contact.

Drilling Update

Garibaldi has completed 29 drill holes (10,623 metres) in its 2018 campaign or 43 altogether including the 2017 program that led to the discovery of nickel-copper-rich massive sulphides east of the historic E&L Northwest Zone. Garibaldi looks forward to the release of additional assay results during this second half of October.

To view Nickel Mountain maps and fresh core photos for reported drill holes, please visit the Garibaldi web site (GaribaldiResources.com).

On October 18, Garibaldi shares were up 43 cents to $1.84, or 30.5%.