Garibaldi drills deepest nickel-copper hole at E&L Project

Further to the December 30, 2020, news release, this update amends results from the Garibaldi Resources Corp. [GGI-TSXV; GGIFF-OTC; RQM-FSE] recently completed 2020 drill program, targeting deeper extensions of the easterly plunging E&L intrusion in the Golden Triangle region of northwestern British Columbia.

Hole EL-20-96 intersected a newly discovered semi-massive sulphide zone 450 metres east of the Lower Discovery Zone (LDZ) at a depth of 645 metres. The values for a single 18.5-metre intersection within hole 96 at a depth of 144 to 162.5 metres were incorrectly transposed, and the company provides the corrected description and assay table herein.

EL-20-96 also produced an 18.5-metre interval, including the lower section of the orbicular gabbro and top portion of the LDZ, significantly enriched in palladium and platinum, grading 2.00 g/t palladium, 0.97 g/t platinum and 0.76 g/t gold. Notably, this hole intercepted a series of gabbros from surface to over 640 metres.

The amended results are 1.97% nickel, 1.68% copper, 0.05% cobalt, 0.97 g/t platinum, 2.00 g/t palladium, 0.76 g/t gold and 6.94 g/t silver over 18.5 metres.

Intervals are core lengths (true widths are estimated to be 80% of reported intervals.

Drill hole EL-20-96 was collared near the northern part of the E&L intrusion and drilled along trend to the southeast at 56 degrees. It cut through a well-mineralized section of the taxitic-orbicular textured gabbro intersecting 132.38 metres of 0.62% nickel and 0.51% copper.

Drill hole EL-20-95 was also drilled in the northern part of the E&L intrusion. It cut a 128.15-metre interval of 0.34% nickel and 0.37% copper, including a 2.15-metre interval of disseminated and semi-massive Cu-PGE (copper-platinum group element) mineralization in a transitional zone between E&L and Nickel Mountain gabbro, grading 1.05% nickel, 3.0% copper, 5.03 g/t palladium, 2.87 g/t platinum and 2.6 g/t gold, located 28 metres north of the LDZ in an area open for expansion. A 15-metre intersect returning 0.17% nickel and 0.21% copper was discovered 90 metres below the LDZ and remains open indicating extensive room to explore this northeast-southwest trend of the E&L system.

Drill hole EL-20-89 produced the longest nickel-copper-mineralized intersection yet over 151.66 metres of 0.56% nickel and 0.61% copper. The greatly expanded 650-metre E&L footprint represents over a threefold extension of the mineralized strike length from the start of the 2020 exploration season. Refer to company press release for complete assays.