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Garibaldi Resources Corp
Symbol C : GGI
Shares Issued 86,283,206
Close 2017-10-12 C$ 2.69
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Garibaldi hits sulphides in 11 holes at Nickel Mtn

2017-10-13 07:35 ET - News Release

Mr. Steve Regoci reports

GARIBALDI BUILDS ON NICKEL MOUNTAIN DISCOVERY

A continuing drill program utilizing two rigs continues to expand northwestern British Columbia's first nickel-copper-rich sulphide system at Garibaldi Resources Corp.'s 100-per-cent-owned Nickel Mountain project near Eskay Creek.

Highlights:

  • All 11 additional holes completed since EL-17-01 (see Sept. 1, 2017, news release) have returned broad sections of disseminated to blebby net-textured sulphides (pyrrhotite-pentlandite-chalcopyrite), hosted in olivine gabbro, consistent with a much larger-scale mineralizing event than ever previously suspected at Nickel Mountain.
  • X-ray fluorescence analysis of drill core supports the very high tenor of the sulphide at Nickel Mountain as previously disclosed by the company (photos of representative sulphide-bearing core from the new discovery zone are available for viewing at the company's website).
  • Assaying of drill core is being carried out by SGS in Vancouver and Garibaldi eagerly anticipates reporting initial results as they become available during the second half of this month.

Dr. Peter Lightfoot, an internationally recognized nickel sulphide expert and a technical adviser for Garibaldi, commented: "The host rocks at Nickel Mountain comprise a differentiated sequence of variable-textured and orbicular-textured gabbros and olivine gabbro with abundant disseminated interstitial sulphide. The exceptional tenor of the sulphide is a compelling feature of Nickel Mountain.

"When viewed in a global context," Dr. Lightfoot continued, "Nickel Mountain is a classic example of an intrusion produced by open system emplacement of silicate and sulphide magma through a dynamic magma tube within a differentiated gabbroic complex. This intrusion represents an open system magma highway along which successive batches of silicate and sulphide magma were emplaced."

New discovery zone

Two drill rigs have completed 12 holes so far, totalling just over 3,000 metres at Nickel Mountain. Current drilling, aided by SJ Geophysics Volterra borehole EM technology, is focused on a new discovery area beginning approximately 100 metres east-southeast of the historic northwest zone highlighted by Silver Standard's 37.8-metre intercept grading 1.3 per cent nickel and 0.79 per cent copper (DDH-04-1966) in a disseminated halo. Borehole data and visual analysis of highly mineralized intersections from this new discovery zone are vectoring geologists toward an interpreted massive sulphide core.

While the nickel-copper-rich system remains open in all directions at Nickel Mountain, at least two kilometres of prospective ground exist to the east-southeast while a northeast trend of geophysical anomalies and surface mineralization continues for at least six km.

Steve Regoci, president and chief executive officer of Garibaldi, stated: "Both the scale and the grade potential of Nickel Mountain fit the profile of the rich Eskay district. Shallow drilling half a century ago that discovered the northwest zone literally just scratched the surface of Nickel Mountain."

Qualified person

Everett F. Makela, PGeo, director and vice-president, exploration, Canada, for the company, a qualified person as defined National Instrument 43-101, has reviewed and approved the scientific and 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.

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