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Garibaldi Resources Corp
Symbol GGI
Shares Issued 64,933,959
Close 2015-09-17 C$ 0.095
Market Cap C$ 6,168,726
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Garibaldi identifies drill targets at Grizzly Central

2015-09-17 18:09 ET - News Release

Mr. Steve Regoci reports

GARIBALDI UNMASKS 25 SQ KM OF GRIZZLY CENTRAL

Garibaldi Resources Corp.'s geochemical and geophysical results, ahead of first-ever drilling, have identified significant porphyry-style targets along a distinct five-kilometre north-south and east-west trend at Grizzly Central. These targets are considered highly prospective for new copper-gold porphyry discoveries in the heart of northwest British Columbia's prolific Sheslay district, where two deposits 10 kilometres apart have already been defined.

Garibaldi's 2015 program is fully financed and proceeding aggressively toward drilling.

Crews remain on the ground at Grizzly Central, rapidly finalizing drill targets within this previously untested north-to-northwest-trending corridor in the central part of the company's 100-per-cent-owned 286-square-kilometre Grizzly project.

Grizzly Central is one of seven major regional target areas outlined at the Grizzly, and each has the potential to host mineralized porphyry centres (see a map on the company's website).

Grizzly Central area historically overlooked

It should be emphasized that the 25-square-kilometre area of intense interest at Grizzly Central is relatively low relief and mostly overburden covered (thin to variable) with very limited outcrop, thereby masking potential deposits. This significant factor has required modern technology to help locate targets hidden from earlier prospectors. Several sizable anomalies at Grizzly Central have been prioritized by the company following systematic geochemical and geophysical work completed over the last two years.

Steve Regoci, Garibaldi president and chief executive officer, commented: "The geochemical and geophysical data over Grizzly Central targets provide a clear road map. Results are consistent with the signatures that have produced outstanding drill results in the district and attest to the scale of the mineralizing system in this emerging mining camp."

Grizzly Central highlights:

  • A five-kilometre north-south belt of elevated magnetic response trends north to northeast over Grizzly Central. It consists of three separate magnetic highs ranging from 500 to 2,000 metres in width.
  • Several promising multielement copper anomalies correspond with the magnetic trends. The anomalies are consistent with results obtained from other overburden-covered copper-gold porphyry deposits.
  • The strike length of one open-ended geochemical anomaly in the Grizzly Central West grid has been expanded to over 1,000 metres with copper values ranging from background levels up to 1,525 parts per million.
  • Soil samples at Grizzly Central show a strong correlation between copper and other pathfinder elements, including silver.

Drill targets at Grizzly Central are defined by north-northeast-striking structures producing a series of magnetic highs and coincident geochemical anomalies that run parallel to sizable magnetic lows. These features appear to crosscut the dominant northwest-southeast-striking regional fabric.

Dominant rock types at Grizzly Central, and elsewhere throughout the property, are related to the late Triassic/early Jurassic Kaketsa intrusions and their host volcanic rocks, the Upper Triassic Stuhini group. These intrusive and volcanic rocks are a key feature at Doubleview Capital's gold-rich/copper porphyry discovery 10 kilometres east of Grizzly Central.

The company looks forward to providing additional updates on Grizzly Central in the very near future.

Grizzly subdivided into seven regional target areas

The 286-square-kilometre Grizzly project is underlain by the same lithlogic units that host the Red Chris mine 100 kilometres to the southeast. In addition to Grizzly Central, Garibaldi is extremely encouraged by its continuing compilation of new and historical data for the Grizzly West, West Kaketsa, Grizzly Southwest, Grizzly South and Grizzly Southeast areas, in addition to Grizzly East, which is immediately adjacent to Doubleview's growing discovery.

C.J. Greig & Associates Ltd., a respected B.C. geological consulting firm, is handling data compilation for the Grizzly. Its work on a comprehensive NI 43-101 technical report for the project continues.

Mr. Regoci concluded: "We're very proud of the work our Grizzly team has done to move this large scale project forward in such a systematic way. So much has been learned about this district over the last two years. That puts us in a unique position entering first-ever drilling. Building on successful strategies developed in Mexico, our growing understanding of Sheslay mineralization and the structural fabric of the Grizzly have defined a series of exceptional drill target opportunities."

Exploration/drilling permit and stakeholder discussions

Garibaldi is carrying out its 2015 program at the Grizzly in accordance with the five-year, area-based notice of work permit that was approved by the B.C. Ministry of Mines during the summer of 2014. The company is maintaining an active and positive dialogue with all stakeholders in this important region to help advance the Grizzly and the district in a way that respects the framework and the guiding principles set out in British Columbia's historical 2011 land use plan covering this area.

First nations issues and concerns -- social, cultural, environmental and economic -- are a high priority for Garibaldi. The company points to the successful Tahltan-Imperial Metals Corp. co-management agreement for the Red Chris mine as a model for how first nations and resource companies can work together effectively for the benefit of all concerned while enhancing British Columbia's reputation as one of the world's top jurisdictions for exploration and sustainable mining development.

Qualified person

Charles Greig, MSc, PGeo, a consultant for the company's Grizzly project and a qualified person as defined by NI 43-101 regulations, has reviewed this news release and approved the contents thereof.

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