TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Aug. 9, 2019 /CNW/ - Garibaldi Resources (TSXV:
GGI) (the "Company" or "Garibaldi") is pleased to provide the
following update as two drill rigs continue to aggressively build
out Northwest British Columbia's
first magmatic nickel-copper-rich massive sulphide discovery in the
heart of the Eskay Camp near the past producing Eskay Creek mine.
Highlights:
- The first hole of the 2019 season, EL-19-47, has intersected
6.1% nickel and 2.8% copper (plus cobalt, platinum,
palladium, gold and silver) over 9.32 meters within a
broader near-surface interval of 50.57 meters (estimated
true width is 40.45 meters) containing 1.50% nickel and
0.94% copper, extending the Lower Discovery Zone (LDZ) to
the southeast. The massive sulphide intercept in EL-19-47 is
approximately 64 meters southeast of the EL-17-14 massive sulphide
intercept;
- Drill hole EL-19-53 (assays pending) has cut the widest massive
sulphide intersection to date - 18 meters featuring a
characteristic Nickel Mountain "leopard print texture" within
86 meters (estimated true width is 68.8 meters) of
nickel-copper-rich mineralization from 67 meters to 153 meters.
EL-19-53 thickens and extends the robust LDZ along a shallow
western plunge on the south flank of the E&L Intrusion;
- In addition to successful step outs beyond the five known
mineralized zones, objectives of early 2019 drilling are to confirm
the presence of an olivine gabbro chamber beneath the LDZ while
also linking the Northwest Zone with the Crevasse Zone. The Company
is confident in terms of achieving these objectives and eagerly
awaits more assay results.
Jeremy Hanson, VP Exploration for
Garibaldi, commented: "2019 drilling is off to a highly successful
start as we test for new mineralized structures. Our understanding
of the structural controls on mineralization continues to improve,
allowing for very productive targeting for infill and step out
drilling.
"Lab efficiencies are speeding up delivery of assays compared to
2018 and 2017," Hanson added. "Beginning with these SGS results
from our first hole, we expect they will be able to sustain better
turnaround times this month for completed holes, including
EL-19-53. The E&L system remains open in multiple directions
after 14 holes (3,400 meters) drilled to date this summer."
Drill Hole EL-19-53
EL-19-53 is the most extraordinary hole drilled so far at Nickel
Mountain given 18 meters of massive sulphide, 4.5 meters of
net-textured to semi-massive sulphide, 7 meters of sediments
containing semi-massive sulphide, and 56.5 meters of mineralized
orbicular gabbro (moderate to strongly disseminated) in a thick
continuous 86-meter intersection with increasing sulphide
percentage downhole (vs. 16.75m of
massive sulphide within a 40.4m core
length interval in discovery hole EL-17-14 - see Dec. 8, 2017 news release).
The "leopard print" massive sulphides in EL-19-53 feature large
loop textured pyrrhotite-pentlandite-chalcopyrite with grains of
pentlandite reaching up to 4.5 cm in diameter. The hole has also
provided important information that the main axis of the
mineralized system may be controlled by SW-NE trending domains
which guides future drilling and geologic models.
Drill Hole EL-19-47
Dr. Peter Lightfoot, Garibaldi
Technical Adviser, commented: "EL-17-47 extends the Lower Discovery
Zone along the southern flank of the E&L Intrusion to the east
of previous massive sulphide intervals. The mineralization
continues to exhibit a very pure combination of pyrrhotite,
pentlandite and chalcopyrite with a very high nickel tenor over the
massive sulphide interval. The LDZ remains open along a shallow
plunge to the east with more holes planned to establish continuity
with previous intercepts to the south."
Drill Hole Table – EL-19-47 (First Hole of 2019
Season)
Hole (#)
|
Interval
width (from -
to)
|
Ni
(%)
|
Cu
(%)
|
Co
(%)
|
Pt
(g/t)
|
Pd
(g/t)
|
Au
(g/t)
|
Ag
(g/t)
|
Ni+Cu
(>1%)
|
EL-19-47
|
over 50.57m (72.16 –
123.13m)
|
1.50
|
0.94
|
0.05
|
0.23
|
0.47
|
0.17
|
3.20
|
2.44
|
including
|
over 34.17 m (72.16 –
106.73m)
|
0.54
|
0.62
|
0.03
|
0.14
|
0.45
|
0.13
|
3.10
|
1.16
|
*including
|
over 3.05m (96.73 –
99.78m)
|
1.02
|
0.59
|
0.08
|
0.05
|
0.24
|
0.04
|
1.20
|
1.61
|
and
|
over 9.32m (113.81 –
123.13m)
|
6.11
|
2.79
|
0.16
|
0.73
|
0.89
|
0.45
|
5.60
|
9.26
|
**including
|
over 6.60m (115.05
121.65m)
|
7.64
|
3.18
|
0.20
|
0.68
|
0.85
|
0.42
|
6.10
|
10.82
|
Notes:
|
**Massive
sulphides (75-100%); *Semi-massive sulphides (50% -
75%).
|
Intervals are core
lengths (true widths are estimated to be 80% of reported
intervals).
|
Combined 1%
nickel-copper is a minimum threshold for comparative analysis of
composites.
|
Drill Hole Coordinates Table – Holes EL-19-47 and
EL-19-53
Hole
|
Zone
|
Easting*
|
Northing*
|
Elevation
|
Azimuth
|
Dip
|
Length (m)
|
EL-19-47
|
Lower
Discovery
|
396240.7
|
6271502.0
|
1860.0
|
168
|
-60
|
533
|
EL-19-53
|
Lower
Discovery
|
396238.6
|
6271503.2
|
1860.1
|
244
|
-56.5
|
171
|
CEO Comment
Steve Regoci, President and CEO,
stated: "This season's drill program is our best start yet at
Nickel Mountain at a time when nickel prices are hitting new
multi-year highs. We are fully funded to complete our most
extensive program ever at Nickel Mountain."
Corporate Update
Garibaldi is pleased to report that warrant exercises last month
and in June added $2,635,000 to the
Company's treasury.
Updated Drill Hole Maps
To view updated cross-section and plan view maps, please visit
the home page of the Garibaldi web site (GaribaldiResources.com)
where new maps will be posted in the projects section.
Quality Assurance/Quality Control (QA/QC)
Garibaldi Resources has applied a rigorous quality
assurance/quality control program at the E&L Nickel Mountain
Project using best industry practice. All core was logged by a
geoscientist and selected intervals were sampled. HQ and NQ drill
core was sawn in half and each sample half was placed in a marked
sample bag with a corresponding sample tag then sealed. The
remaining half core is retained in core boxes that are stored at a
secure facility in Smithers, British
Columbia. Chain of custody of samples was recorded and
maintained for all samples from the drill to the laboratory.
All diamond drilling sample batches included 5% QA/QC samples
consisting of certified blanks, standards and field duplicates.
Multiple certified ore assay laboratory standards and one blank
standard were used in the process. Samples were submitted to SGS
Canada Inc. in Vancouver, British
Columbia, an ISO 9001: 2008 certified lab, for base metal,
sulphur and precious metal analysis using Inductivity Coupled
Plasma (ICP), Fire Assay (FA) and Leco methods.
Samples were prepared by crushing the entire sample to 75%
passing 2mm, riffle splitting 250g and pulverizing the split to
better than 85% passing 75 microns. Gold, platinum and palladium
were analyzed using a 30 gram fire assay and ICP-AES. Total sulphur
and total carbon were analyzed using a Leco method. Nickel, copper,
cobalt, silver and base metals were analyzed by sodium peroxide
fusion and ICP-MS.
The performance on the blind standards, blanks and duplicates
achieved high levels of accuracy and reproducibility and has been
verified by Jeremy Hanson, a
qualified person as defined by NI-43-101.
Qualified Person & Data Verification
Jeremy Hanson, P.Geo., VP
Exploration Canada for the Company, and a qualified person as
defined by NI- 43-101, has supervised the preparation of and
reviewed and approved of the disclosure of information in this news
release. Mr. Hanson has verified the data, including drilling,
sampling, test and recovery data, by supervising all of such
procedures. There are no known factors that could materially affect
the reliability of data collected and verified under his
supervision. No quality assurance/quality control issues have been
identified to date.
About Garibaldi
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 British
Columbia and Mexico.
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.
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SOURCE Garibaldi Resources Corp.