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Garibaldi Resources Corp
Symbol GGI
Shares Issued 71,192,125
Close 2016-06-27 C$ 0.095
Market Cap C$ 6,763,252
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Garibaldi starts work program at Palm Springs

2016-06-28 08:11 ET - News Release

Mr. Steve Regoci reports

GARIBALDI FOLLOWS UP ON HIGH-GRADE SHOWINGS AS WORK PROGRAM COMMENCES AT PALM SPRINGS PROJECT

Garibaldi Resources Corp. has commenced a work program at the nearly 100-square-kilometre Palm Springs project (PSP) in northwest British Columbia's prolific Golden Triangle.

The initial exploration focus is on Palm Springs West, an underexplored target with historic high-grade gold, silver and copper showings covering two claim blocks contiguous to Colorado Resources' KSP property. The program will then shift east to ground immediately adjacent to the past-producing Eskay Creek mine.

High-priority areas at Palm Springs West include:

  • The Ernie Creek trend, where intermittent quartz veining with high-grade gold and copper mineralization is exposed over a distance of 900 metres as reported by Noranda (MINFILE No. 20,845, 1990). Gold and copper values ranged from anomalous to 2.7 ounces per tonne Au (84 grams per tonne) and 3.1 per cent Cu. This mineralization appears to be associated with a linear structure that can be traced for a distance of four km and was never systematically followed up on;
  • The Central zone at Ernie Creek Canyon, where surface rock sampling returned high-grade gold values (anomalous to 26.5 g/t Au) associated with favourable geology and structure (MINFILE No. 27,241, 2003);
  • New surface mineralization exposed by receding glaciers. Noranda in 1990 noted the discovery of more than 100 pieces of highly angular mineralized float (gold, silver and copper) forming a boulder train over 750 m long on a glacier at the headwaters of East Creek.

The company cautions investors that dated historic sample assay results, as defined by National Instrument 43-101, have not been verified.

With its Palm Springs project, the E&L nickel-copper-gold deposit, and the King North and King South properties, Garibaldi controls more than 150 square kilometres in this core part of the Golden Triangle. King North is already permitted for drilling.

Area map

Please visit the company's website for a map highlighting Garibaldi's Palm Springs, E&L and King projects.

Qualified person

John Buckle, PGeo, PGeoph, a qualified person as defined by NI 43-101, has reviewed and approved the scientific and technical disclosure in this news release.

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