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Garibaldi Resources Corp
Symbol GGI
Shares Issued 96,860,533
Close 2017-12-07 C$ 4.14
Market Cap C$ 401,002,607
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Garibaldi drills 16.75 m of 8.29% Ni at Nickel Mountain

2017-12-08 13:04 ET - News Release

Mr. Steve Regoci reports

GARIBALDI DRILLS 8.3% NICKEL AND 4.2% COPPER OVER 16.75 METERS AT NICKEL MOUNTAIN

Garibaldi Resources Corp.'s assays for discovery hole 14 at Nickel Mountain near Eskay Creek have returned a 40.4-metre mineralized zone featuring a massive sulphide intersection with rich grades of nickel and copper over 16.75 metres.

Highlights:

  • Discovery hole 14 (EL-17-14), collared 200 metres east of the historical E&L deposit (discovery zone) and drilled toward the west-southwest, has cut 8.3 per cent nickel and 4.2 per cent copper over 16.75 metres within a broader 40.4-metre section grading 3.9 per cent nickel and 2.3 per cent copper from 100.4 metres to 140.8 metres (approximate true width).
  • The 16.75-metre massive sulphide intercept also included 6.4 grams per tonne combined platinum and palladium, 0.19 per cent cobalt, 1.1 grams per tonne gold, and 11.1 grams per tonne silver.
  • Drill data to date indicate a sequence of widening intercepts and increasing grades toward the discovery zone to the east, which remains open for expansion in all directions, including at depth.

Massive sulphide mineralization in EL-17-14 has a characteristic Nickel Mountain leopard print texture featuring loop-textured chalcopyrite and pentlandite surrounding one-centimetre-to-10-centimetre-diameter variably elongated crystals of pyrrhotite.

Dr. Peter Lightfoot, one of the world's top nickel sulphide experts and a technical adviser to Garibaldi, commented: "In the context of Sudbury contact-type mineralization, there are very few zones within the mined or historic deposits that approach the values encountered in the massive sulphides of EL-17-14. Based on those comparisons and others, data for EL-17-14 point to a discovery of outstanding quality with a very pure style of sulphide mineralization that has optimal process technology characteristics."

                           DISCOVERY HOLE 14 COMPOSITE GRADE INTERVALS

Hole No.          Interval width (from/to)      Ni      Cu      Co      Pt      Pd      Au      Ag   Ni+Cu* 
                                                (%)     (%)     (%)   (g/t)   (g/t)   (g/t)   (g/t)     (%)
                                                          
EL-17-14     Over 40.4m (100.4 to 140.8 m)    3.93    2.35   0.092   1.045   2.299   0.695     7.7    6.28
Including    Over 13.5m (106.5 to 120.0 m)    1.14    1.35   0.031   0.591   0.973   0.575     7.3    2.49
**And     Over 16.75 m (123.75 to 140.5 m)    8.29    4.24   0.187   1.959   4.455   1.129    11.1   12.53

* Combined 1 per cent nickel and copper is a minimum threshold for 
comparative analysis of composites.
** This denotes interval of massive sulphides (75 to 100 per cent); 
intervals are approximate true widths.

Other highlights:

  • The massive sulphide interval in EL-17-14 belongs to a different massive sulphide lens relative to the massive sulphide interval from hole EL-17-04, also in the discovery zone east of the historicak E&L deposit.
  • The fact that three massive sulphide lenses have now been encountered at the E&L underscores the superior mineral potential of the intrusion due in part to a magma highway that has efficiently supported the transfer of repeated pulses of magma from the mantle to the crust.
  • The massive sulphide zones have not been delimited in any way. Additional maps beyond Garibaldi's current 2-D schematic map will be released in the near future.

Steve Regoci, Garibaldi's president and chief executive officer, stated: "We eagerly anticipate providing additional Nickel Mountain updates in the near future, including drill results from holes 10 through 13 while interpretation of extensive geophysical data also continues.

"The excitement level of our exploration team of geologists and geophysicists is understandable with these results. Our group of renowned nickel industry specialists have high expectations of adding a new chapter to the illustrious exploration history of the Eskay camp," Mr. Regoci concluded.

Garibaldi investor event

Garibaldi will be holding an event for interested investors on Thursday, Dec. 14, 2017, beginning at 1:30 p.m. at a downtown Vancouver establishment. Investors interested in attending must reserve as soon as possible by contacting MarketSmart Communications at 604-261-4466.

Garibaldi chosen for Roundup core shack

Garibaldi has been chosen to participate in the core shack at the AME Mineral Exploration Roundup 2018. Members of the Garibaldi nickel team will be at booth No. 825 from Jan. 22 to Jan. 23 to speak with investors and present drill core samples from the Nickel Mountain discovery.

Garibaldi annual general meeting

Garibaldi's annual general meeting will take place on Wednesday, Dec. 13, 2017, beginning at 11 a.m. at Suite 451, 409 Granville St., Vancouver, B.C.

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 professional geoscientist and selected intervals were sampled. NQ2 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, B.C. 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 per cent QA/QC samples consisting of certified blanks, standards and field duplicates. Two certified ore assay laboratory standards and one blank standard were used in the process and were supplied by CDN Resource Laboratories Ltd., an independent laboratory located in Langley, B.C. Samples were submitted to SGS Canada Inc., an ISO 9001: 2008 certified lab, in Vancouver, B.C., 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 per cent passing two millimetres, riffle splitting 250 grams and pulverizing the split to better than 85 per cent 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 Everett Makela, a qualified person as defined by NI 43-101.

Qualified person and data verification

Everett F. Makela, PGeo, a director and vice-president, exploration, Canada, for the company, and a qualified person as defined by NI 43-101, has supervised the preparation of, reviewed and approved of the disclosure of information in this news release. Mr. Makela has verified the data, including drilling, sampling, test and recovery data by supervising all such procedures on site. There are no known factors that could materially affect the reliability of data collected and verified under his on-site supervision. No quality assurance/quality control issues have been identified to date.

About Garibaldi Resources Corp.

Garibaldi 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 Mexico and British Columbia.

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