13:53:18 EST Fri 14 Dec 2018
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Garibaldi Resources Corp
Symbol C : GGI
Shares Issued 99,615,604
Close 2018-02-16 C$ 2.59
Recent Sedar Documents

Garibaldi to start exploration at Nickel Mountain

2018-02-16 11:04 ET - News Release

Mr. Steve Regoci reports

GARIBALDI COMMENCES 2018 EXPLORATION CAMPAIGN AT NICKEL MOUNTAIN

Garibaldi Resources Corp.'s crews have mobilized to immediately launch extensive helicopter-borne versatile time-doman electromagnetic (VTEM) and magnetics surveys at the company's Nickel Mountain project and surrounding claims in the Eskay camp.

Geotech's surveys will cover up to approximately 1,650 line kilometres of Garibaldi's claim group, nearly triple the size of the 2017 program that returned multiple high-priority conductors including the one that led to the discovery of nickel-copper-rich massive sulphides east of the historic E&L deposit at Nickel Mountain.

Steve Regoci, Garibaldi's president and chief executive officer, commented: "Given the tremendous success with geophysics at Nickel Mountain in 2017, as demonstrated by compelling drilling results and a unique discovery in this camp, we're excited by what we may learn from this expanded program covering the entire trend.

"We are several months ahead of last year's exploration schedule as we prepare to follow up on our last hole (EL-17-14) highlighted by a 16.75-metre massive sulphide interval grading 8.3 per cent nickel and 4.2 per cent copper, along with PGE, gold, silver and cobalt credits," Mr. Regoci concluded (see Dec. 8, 2017, news release).

To accelerate the resumption of drilling, and to extend the drilling season as long as possible, Garibaldi is constructing upgraded prefab survival shacks for crews to utilize at the drill site while other cost-effective strategies are in the final planning stages.

Performance shares and options

Further to an agreement between Garibaldi and EFMX Consulting Ltd. of Sudbury, Ont., a corporate entity wholly owned by the vice-president of exploration for Garibaldi, the company will issue a one-time tranche of 300,000 shares of Garibaldi as part of the compensation for services as provided for by the agreement.

In addition, Garibaldi has granted to certain employees of the company incentive stock options of 100,000 shares of the company's capital stock, exercisable for up to five years at a price of $2.30 per share pursuant to its stock option plan. The stock option grant is subject to applicable regulatory hold periods and the approval of the TSX Venture Exchange.

Eskay camp area map

Qualified person

Everett Makela, PGeo, director/vice-president of exploration Canada for the company, and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure in this news release.

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 Mexico and British Columbia.

© 2018 Canjex Publishing Ltd. All rights reserved.