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Garibaldi Resources Corp
Symbol C : GGI
Shares Issued 107,443,976
Close 2018-09-21 C$ 2.86
Recent Sedar Documents

Garibaldi drills 12.5 m of 4.3% Ni at Nickel Mountain

2018-09-24 07:17 ET - News Release

Mr. Steve Regoci reports

MASSIVE SULPHIDES MOUNT UP AT GARIBALDI'S NICKEL MOUNTAIN

Assays from the first holes of the continuing drill program at Garibaldi Resources Corp.'s 100-per-cent-owned Nickel Mountain project in the Eskay camp have confirmed wide intervals of near-surface nickel-copper-rich sulphide mineralization, also including cobalt, platinum, palladium, gold and silver, in all directions surrounding the 2017 Discovery zone.

Drilling in the coming days will step out as much as 1.3 kilometres northeast of the Discovery zone to target a potential major expansion of the Golden Triangle's first magmatic nickel-copper-rich sulphide system. With three drill rigs at Nickel Mountain, 11 miles southwest of the Eskay Creek mine, Garibaldi continues to build out the Discovery zone while stepping out aggressively in all directions.

Drilling highlights (assayed holes):

  • EL-18-22, collared 186 metres (m) west-southwest of EL-17-14, intersected 12.5 m at 4.3 per cent nickel and 2.7 per cent copper plus three additional mineralized zones (21 m, 28.7 m and 11.4 m) within the first 150 m (extends the massive sulphide zone 42 m west-southwest of EL-17-14 massive sulphide zone);
  • EL-18-20, collared 75 m west of EL-17-14, intersected 30.5 m at 3.1 per cent Ni and 1.9 per cent Cu including 8.4 m at 7.8 per cent Ni and 3.3 per cent Cu (extends the massive sulphide zone 20 m west of EL-17-14);
  • EL-18-19, collared 75 m west of EL-17-14, intersected 34.9 m at 2.0 per cent Ni and 1.6 per cent Cu including 5.7 m at 7.3 per cent Ni and 5.1 per cent Cu (extends the massive sulphide zone 14 m west-southwest of EL-17-14);
  • EL-18-16, collared 76 m west of discovery hole EL-17-14, intersected 34.1 m at 2.4 per cent Ni and 1.5 per cent Cu including 7.4 m at 7.9 per cent Ni and 3.9 per cent Cu (extends the massive sulphide zone 50 m southeast of EL-17-14).

Melting ice field exposes massive sulphides north and east of Discovery zone

The peak of the summer ice melt has exposed a ring of never previously seen Nickel Mountain mineralization including massive sulphide outcrops and a massive sulphide boulder train around the receding margins of the E&L ice field, which is up to 1.6 kilometres long and up to one km wide, immediately adjacent to the Discovery and Northwest zones. Significantly, geologists have also identified variable textured gabbro (taxite, a key indicator) outcropping at the northern edge of the ice field, coincident with an encouraging VTEM geophysical signature and 1,300 m from EL-17-14. Sampling and mapping of these important new surface discoveries continue. Drilling will test the possibility that this very broad area untested beneath the ice hosts nickel-copper-rich sulphide mineralization at depth.

Steve Regoci, president and chief executive officer of Garibaldi, commented: "The potential scale of the Nickel Mountain system, and the high grades and metal tenors confirmed within the growing footprints of the Discovery zone-Northwest zone corridor, continue to excite our team of nickel sulphide experts. We've already more than doubled last year's total metres drilled (8,000 m versus 3,671 m, drilling of hole No. 36 is now in progress) and we've started the process of stepping out dramatically in multiple directions from the Discovery zone to follow both the geology and our state-of-the-art geophysics data from borehole EM and VTEM.

"We now expect a steady flow of results and a very exciting fourth quarter as drilling extends deep into the season to capitalize on the growing opportunity for new discoveries. Geologists are targeting the mineralized 'throat' areas of an extensive magmatic system. Our current working capital position is very strong at $20-million," Mr. Regoci concluded.

Dynamic magmatic sulphide system with deep roots

Dr. Peter Lightfoot, one of the world's premier nickel sulphide experts and Garibaldi's technical adviser, commented: "The strong endowment of the massive and disseminated sulphide mineralization at Nickel Mountain is directly related to olivine gabbros that exhibit an unusual variable texture in drill core and outcrop. These rocks are grouped as taxites. A 3-D geological model for the mineral zones and the host rocks is evolving as drilling and surface mapping uncovers more information to anchor the geometry of the contacts and the structures that offset the intrusion.

"It is now clear that the E&L Nickel Mountain intrusion comprises at least three structurally offset segments, and all three contain disseminated and massive sulphide mineralization. Moreover, petrological and geochemical investigations of the taxitic gabbros indicate that the roots of the intrusion extend at least 462 metres beneath the E&L, where EL-18-18 intersected taxitic gabbro from 421.1 to 462.5 m, and more widely within the Nickel Mountain gabbro complex extending well beyond the Discovery zone.

"There is strong evidence for an open-system emplacement history through 'magma highways from the mantle,' indicating a mineralizing event of considerable scale with nickel grades in massive sulphides that are in the very top echelon," Dr. Lightfoot concluded.

Everett Makela, Garibaldi vice-president of exploration, stated: "Of particular importance is the recognition of the taxites, variable textured olivine gabbros, as the productive rock units of the intrusion. Identification of this conduit architecture has been fundamental to our exploration success. The discovery of outcrops of melagabbros with taxitic textures 1.3 km to the northeast on the edge of the receding glacier, and massive sulphide boulders located along the glacier margins, speak to the potential of greatly expanding the scale of this fertile environment as we know it."


       COMPOSITED GRADE INTERVALS OF HOLES 15 TO 22 (GREATER THAN OR EQUAL TO 1% NI PLUS CU)

Interval code   Hole No.           Interval width (from-to)   Ni %   Cu %   Co %   Pt g/t   Pd g/t

A               EL-18-22          over 21.0 m (16.0-37.0 m)   0.69   0.77  0.025    0.251    0.376
B               EL-18-22       over 28.72 m (62.13-90.85 m)   0.67   0.57  0.027    0.092    0.200
                including       over 10.35 m (80.5-90.85 m)   1.07   0.91  0.043    0.090    0.246
                * And              over 1.5 m (85.0-86.5 m)   4.18   2.51  0.162    0.217    0.532
C               EL-18-22        over 11.4 m (103.7-115.1 m)   0.56   0.44  0.023    0.134    0.341
D               *EL-18-22       over 12.5 m (145.0-157.5 m)   4.26   2.71  0.106    1.418    3.165
                ** including   over 4.45 m (145.95-150.4 m)   7.06   4.70  0.173    2.459    6.303
E               EL-18-21         over 27.5 m (92.0-119.5 m)   0.79   0.77  0.029    0.197    0.466
                including        over 16.5 m (92.0-108.5 m)   1.04   0.93  0.033    0.238    0.444
F               EL-18-20           over 9.1 m (57.4-66.5 m)   0.47   0.58  0.017    0.280    0.511
G               EL-18-20        over 30.5 m (102.0-132.5 m)   3.10   1.86  0.081    0.863    1.776
                ** including     over 8.4 m (122.7-131.1 m)   7.77   3.29  0.209    1.159    2.329
H               EL-18-19       over 34.87 m (92.0-126.87 m)   1.97   1.61  0.050    0.768    1.625
                ** including  over 5.74 m (118.13-123.87 m)   7.26   5.11  0.170    2.251    5.945
I               EL-18-18           over 21.1 m (7.7-28.8 m)   0.64   0.70  0.021    0.201    0.311
J               * EL-18-18       over 0.75 m (68.7-69.45 m)   2.72   1.36  0.120    0.140    0.223
K               EL-18-17         over 1.85 m (70.3-72.15 m)   0.52   0.51  0.016    0.205    0.322
L               EL-18-16         over 6.0 m (101.8-107.8 m)   2.32   1.27  0.061    0.297    0.336
                * including      over 3.0 m (104.8-107.8 m)   4.14   1.98  0.110    0.438    0.520
M               EL-18-16      over 34.15 m (110.65-144.8 m)   2.40   1.49  0.067    0.697    1.314
                ** including     over 7.4 m (135.9-143.3 m)   7.89   3.92  0.201    1.851    3.419
N               EL-18-15         over 24.0 m (83.5-107.5 m)   1.21   0.69  0.035    0.226    0.364
                ** including   over 1.98 m (101.72-103.7 m)   6.17   2.16  0.172    0.507    0.727
                ** And         over 0.58 m (105.92-106.5 m)   6.34   1.43  0.166    0.390    0.379

Interval code   Hole No.           Interval width (from-to)   Au g/t   Ag g/t   Ni+Cu %

A               EL-18-22          over 21.0 m (16.0-37.0 m)    0.255      4.3      1.46
B               EL-18-22       over 28.72 m (62.13-90.85 m)    0.083      2.0      1.24
                including       over 10.35 m (80.5-90.85 m)    0.076      2.2      1.98
                * And              over 1.5 m (85.0-86.5 m)    0.113      5.6      6.69
C               EL-18-22        over 11.4 m (103.7-115.1 m)    0.095      2.9      1.00
D               *EL-18-22       over 12.5 m (145.0-157.5 m)    1.100      9.8      6.97
                ** including   over 4.45 m (145.95-150.4 m)    1.416     14.4     11.77
E               EL-18-21         over 27.5 m (92.0-119.5 m)    0.201      4.5      1.56
                including        over 16.5 m (92.0-108.5 m)    0.243      5.3      1.97
F               EL-18-20           over 9.1 m (57.4-66.5 m)    0.294      3.7      1.05
G               EL-18-20        over 30.5 m (102.0-132.5 m)    0.739      7.3      4.96
                ** including     over 8.4 m (122.7-131.1 m)    0.792      8.7     11.06
H               EL-18-19       over 34.87 m (92.0-126.87 m)    0.521      6.7      3.57
                ** including  over 5.74 m (118.13-123.87 m)    0.905     16.1     12.37
I               EL-18-18           over 21.1 m (7.7-28.8 m)    0.218      3.7      1.34
J               * EL-18-18       over 0.75 m (68.7-69.45 m)    0.017      5.5      4.08
K               EL-18-17         over 1.85 m (70.3-72.15 m)    0.180      1.0      1.03
L               EL-18-16         over 6.0 m (101.8-107.8 m)    0.345      5.2      3.59
                * including      over 3.0 m (104.8-107.8 m)    0.496      6.5      6.13
M               EL-18-16      over 34.15 m (110.65-144.8 m)    0.482      5.7      3.89
                ** including     over 7.4 m (135.9-143.3 m)    1.068      8.8     11.81
N               EL-18-15         over 24.0 m (83.5-107.5 m)    0.169      2.5      1.90
                ** including   over 1.98 m (101.72-103.7 m)    0.190      5.3      8.33
                ** And         over 0.58 m (105.92-106.5 m)    0.109      4.7      7.77

Combined 1 per cent nickel-copper is a minimum threshold for comparative analysis of 
composites. 

* Denotes semi-massive sulphides (50 per cent to 75 per cent sulphides). 

** Denotes massive sulphides (over 75 per cent sulphides). 

Intervals are core lengths (true widths unknown at this time).


  

Regional exploration update

A property-wide program of mapping and prospecting is continuing, focusing on VTEM anomaly areas, outcrop exposures along the interpreted northeast trend of the E&L Nickel Mountain intrusion and key drainage areas. In conjunction with this program, additional VTEM surveys have been flown to validate and expand upon previous survey results and provide detailed coverage over newly identified prospective areas. An update on the results will be provided when all data have been validated and incorporated into the exploration model.

Maps and photos

Updated schematic cross-section and plan view maps will be posted this morning on the Garibaldi website.

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 or under the supervision of an accredited 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. 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 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 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, PGeo, a qualified person as defined by National Instrument 43-101.

Qualified person and data verification

Everett Makela, PGeo, director/vice-president of exploration Canada for the company, and a qualified person as defined by NI 43-101, has supervised the preparation of, and has 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. 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 Mexico and British Columbia.

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