TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, BC, Nov. 16, 2020 /CNW/ - Garibaldi Resources (TSXV:
GGI) (the "Company" or "Garibaldi") is pleased to provide an update
on plans to extend its drilling program up at the Eskay Camp. As
winter arrives at the E&L nickel-copper-cobalt massive sulphide
project on Nickel Mountain, drilling will now pivot to the low
elevation (430m) Casper quartz gold
vein discovered last fall. Garibaldi owns a 100% interest in over
180 sq. kms of highly prospective claims, in the heart of the Eskay
Gold Camp. The E&L and Casper are significant major discoveries
made by the Company within their claim group in NW British Columbia.
Garibaldi's flagship E&L nickel-copper-cobalt project
features global top tier nickel grades and tenors within a suite of
11 metals critical in the accelerating demand for EV
batteries. The Casper quartz gold vein discovery has produced
consistent excellent results in channel samples (see news release
dated September 29, 2020), including
visible gold. With drill pads completed at Casper, the program will
test the grade and width of gold mineralization at depth. Rising
gold prices makes Casper an especially attractive prospect and a
high priority gold target.
Together, the advancement of two nearby projects will provide
gains in productivity utilizing one shared base camp. As results
from this season's deep target drilling at E&L are analyzed and
interpreted, the Casper quartz gold vein adds an exciting new drill
target within the Garibaldi claim group. Updates on E&L and
Casper will follow.
Flow-Through Financing
Garibaldi is also pleased to announce a non-brokered private
placement to raise total gross proceeds of up to $3 million CDN. The Company will issue up to 5
million flow-through share units at 60
cents per unit.
Each flow-through unit is comprised of one flow-through share
and one half of a non-transferable share purchase warrant. Each
full warrant is exercisable into one common share in the capital of
the Company at a price of 75 cents
for a period of two years. All units from the private placement are
subject to a four month hold period from the date of issue.
The financing may include finder's fees payable in cash and/or
securities and is subject to TSX Venture approval. Proceeds from
the flow-through financing will be used to advance the Company's
British Columbia properties.
About Garibaldi
Garibaldi Resources Corp. 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.
We seek safe harbor.
GARIBALDI RESOURCES CORP.
Per: "Steve Regoci"
Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or the accuracy of
this release.
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content:http://www.prnewswire.com/news-releases/garibaldi-to-drill-high-grade-casper-quartz-gold-vein-301173531.html
SOURCE Garibaldi Resources Corp.
