Mr. Steve Regoci reports

GARIBALDI DRILLS 9.3 METERS GRADING 7.2% NICKEL, 3.6% COPPER AND 4.8 G/T PALLADIUM-PLATINUM-GOLD AS LOWER DISCOVERY ZONE EXPANDS AND THICKENS TO THE NORTH

Garibaldi Resources Corp. has drilled into multiple new intervals of near-surface massive sulphides and nickel-copper-rich mineralization and E&L gabbro at Nickel Mountain, the Golden Triangle's first magmatic nickel sulphide system that also includes palladium, platinum, cobalt, gold, silver and platinum group element rare metals, including rhodium.

Highlights:

• The eastern section of the Lower Discovery zone (LDZ) expands and thickens to the north as demonstrated by drill hole EL-19-82, which cut 9.83 metres of massive sulphides grading 7.2 per cent nickel, 3.6 per cent copper and 4.8 grams per tonne (g/t) 3PM (precious metals palladium, platinum and gold combined) within 32.75 metres of 2.7 per cent nickel (Ni) and 1.6 per cent copper (Cu) (135.25 metres (m) to 168 m). This hole also cut 5.97 metres of 4.3 per cent Ni, 2.3 per cent Cu and 1.5 g/t 3PM in the Upper Discovery zone (UDZ).
• Notably, borehole electromagnetics (EM) show two separate and significant conductors converging in the immediate vicinity of EL-19-82's massive sulphides to the north, providing a high-priority area for follow-up drilling with geologists targeting a potential large pool of massive sulphides extending the LDZ.
• Nearly three metres above the 9.83-metre massive sulphide interval and the LDZ in EL-19-82 is an extremely high-grade 38-centimetre vein that returned 10.0 g/t palladium, 4.3 g/t platinum, 0.12 per cent cobalt, 3.4 g/t gold, 26.0 g/t silver, 6.5 per cent Ni and 4.8 per cent Cu, additional evidence of precious metal enrichment in the system.
• Drill hole EL-19-76 cut 43.61 metres, grading 1.6 per cent Ni and 1.3 per cent Cu, starting 110 metres downhole, including 6.11 metres at 7.5 per cent Ni, 3.5 per cent Cu and four g/t 3PM, as it successfully targeted a transitional style of higher-grade mineralization between the main chamber of the E&L intrusion and the LDZ to help establish the scale of the sediment-hosted mineral lens.
• Drill hole EL-19-78 returned 58.92 metres of disseminated mineralization northwest of the LDZ, grading 1.1 per cent Ni, 1.2 per cent Cu and 2.3 g/t 3PM.
• Drill hole EL-19-79 cut 63.80 m of 1.6 per cent Ni and Cu and 1.7 g/t 3PM approximately 10 metres north of the central part of the LDZ in addition to two narrow massive sulphide veins (13 centimetres (cm) and 1.3 m), indicating potential to expand the LDZ further to the north in this area with impressive grades. The 13-centimetre vein returned 5.4 per cent Ni, 7.2 per cent Cu, 0.09 per cent Co, 7.5 g/t Pd, 4.9 g/t Pt, 8.4 g/t Au and 33.0 g/t Ag.
• Exploratory drill hole EL-19-80, collared 50 metres east of the LDZ and drilled toward the southeast for a geophysical platform, intersected three intervals of mineralized E&L gabbro at depth, tracking the system more than 400 metres from the main chamber where the intrusion is in contact with the Hazelton group. This opens up a large new domain for exploration in 2020, which will begin with borehole EM.
• Drill hole EL-19-84 cut 5.42 m, grading 7.7 per cent Ni, 3.8 per cent Cu, 0.14 per cent Co, 6.56 g/t 3PGE and 9.9 g/t Ag along the southern portion of the LDZ, in addition to two strongly mineralized intervals of disseminated gabbro outside the LDZ.

Jeremy Hanson, Garibaldi's vice-president of exploration, stated: "The last nine holes of the 2019 season all hit significant intervals of nickel-copper-sulphide mineralization and clearly demonstrate the increasing potential for expanding a very dynamic system at Nickel Mountain. The high-grade LDZ is open in multiple directions and is thickening to the north at the eastern margin based on drill holes EL-19-82, EL-18-24 and EL-18-16. In the central part of the LDZ, massive sulphides begin transitioning into contact-style massive sulphides along the chamber wall. This means there's a lot of space along the contact of the intrusion for high-grade massive sulphides."

Dr. Peter Lightfoot, Garibaldi's technical adviser, commented: "Geological models for the E&L intrusion are based on very detailed drill core descriptions, petrography, geochemistry of assay samples and structural determinations from specialized drill core measurements. The results provide strong indications that the root zone of the E&L intrusion plunges at about 45 degrees toward the east.

"I am particularly excited about the potential that EL-19-80 has to lead us into new mineralized intrusions to the east and at depth as the geological and geochemical signatures from drill core suggest this is a very fertile environment. Significantly, this hole confirms the known intrusion extends at least 400 metres along plunge," concluded Dr. Lightfoot.

A total of 84 drill holes have now been completed at Nickel Mountain since the initial discovery in 2017. The extent of the E&L intrusion and associated nickel-copper-rich mineralization has yet to be delimited.

Special assaying is being carried out to determine rhodium, iridium, osmium and ruthenium grades for additional massive sulphide intercepts. Updates on this and further analysis from the 2019 exploration program at Nickel Mountain and Garibaldi's broader Eskay camp holdings will be released in the near future.

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, 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. Multiple certified ore assay laboratory standards and one blank standard were used in the process. Samples were submitted to SGS Canada Inc. in Vancouver, B.C., 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 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. Full-spectrum precious metals testing for samples from 2017 and 2018 were analyzed at ALS Labs in North Vancouver, B.C., using nickel sulphide collection fire assay with inductively coupled plasma mass spectrometry (ICP-MS) finish. Samples from 2019 were analyzed at Bureau Veritas Labs in Mississauga, Ont., using nickel sulphide collection fire assay with irradiation and analysis using neutron activation analysis (NAA) methods.

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 National Instrument 43-101.

Qualified person and data verification

Jeremy Hanson, professional geoscientist, vice-president of exploration in 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 Resources Corp.

Garibaldi Resources 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.

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