TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, BC, June 1, 2021 /CNW/ - Garibaldi Resources (TSXV:
GGI) (the "Company" or "Garibaldi") is pleased to announce that
exploration personnel have been deployed to the Company's camp at
km 45 on the Eskay Creek road. The flagship E&L
nickel-copper-cobalt massive sulphide project remains the primary
focus, followed by volcanogenic-massive-sulphide (VMS)
precious-metal targets within the Hazelton Group. Geophysical
surveys over Nickel Mountain and the VMS prospective Palm Springs
claims, are now underway.
The first stage includes two specialized airborne surveys. ZTEM,
a deep penetrating electro-magnetic (EM) airborne sensor to track
conductive high-grade E&L intrusions. SkyTEM, designed to
identify structures with prospective stratigraphy for the discovery
of Eskay Creek style VMS
precious-metal mineralization. Data from both surveys will be
processed rapidly to aid interpretation for exploration (See news
release dated May 6, 2021).
Garibaldi's planned diamond drill program will focus on
extending the E&L mineralized gabbro along trend, for new
massive sulphide discoveries. Beyond Nickel Mountain, crews will
sample geophysical and geochemical VMS target areas over the
remainder of Garibaldi's claims for base and precious metals. This
includes alteration zones and outcrops identified by World view3
satellite remote sensing. Significant VMS targets at various stages
include the following prospects:
VMS Gold Targets
- Casper, Four shallow diamond drill holes tested the
quartz vein discovery in 2020, each hole intercepted gold
mineralization. The polymetallic quartz vein with select channel
sample assays of up to 249 g/t (8. oz) gold, is at low elevation,
within 1.4 km from roads and hydroelectric facilities. The
mineralized system's strike length is over 500 meters and open
along strike. (see news releases Feb.12, 2021, Nov.16, Sept.29,
Sept.22, Feb 28, 2020)
- Palm Springs, Previous work has identified VMS potential
at Palm Springs, where a significant portion of the claims are
mapped as Eskay Creek facies. The
geochemical profile includes elevated arsenic, antimony, mercury,
gold, zinc and copper, with realgar and orpiment within a major
quartz breccia zone. The rhyolitic volcanics appear to be underlain
by black siltstones and volcanoclastics. In addition, two separate
geophysical VTEM anomalies one km apart makes this area a high
priority VMS exploration target.
- Triple Faults, The Harrymel-Unuk (H-U) fault is a
dominant feature bisecting the Palm Springs claims. Exploration
will focus along a projected 6 km wide VMS trend, extending 3km on
either side of the H-U fault. A clastic sequence within 2 km of a
large-scale fault is a key prospective feature observed by
Kyba-Nelson of the B.C. Geological Survey in their 2015 Red-line
paper on NW B.C. deposits. Coupled with new stratigraphic
interpretation of the district, VMS target areas will undergo
detailed evaluation programs.
- Eskay North, The claims
border the historic Eskay Creek mine
which is 2,500 meters southwest from Garibaldi's claim boundary.
The high-grade Eskay Creek 21 zones
strike northeast towards Eskay North
which is covered by the Bowser Lake Group, of unknown thickness.
Garibaldi's ZTEM survey will provide deep penetration of the Bowser
and search beneath for the projected Hazelton group which hosts the mineralization
at the Eskay Creek Mine. (Minfile 104
B 008 Eskay Creek)
Battery Metals & Gold
Garibaldi's 100% owned Eskay claim Group is 180 sq. kms of
highly prospective claims, resulting from the consolidation of
Nickel Mountain, Palm Springs and Eskay
North in 2016. The battery-metal rich E&L magmatic
nickel-copper-cobalt massive sulphide discovery is a high value
proposition surrounded by a multitude of base and precious-metal
outcrops of nickel-copper-zinc-gold-silver and platinum group
metals. The escalating global green revolution will require all
these metals to feed rising demand from new battery technology for
electric vehicles.
While Garibaldi's primary focus is the foundational E&L
nickel-copper-cobalt massive sulphide project, the Company's Eskay
Claim Group is centered within the Eskay gold camp, encircled by
numerous recent precious metal rich discoveries by neighboring
operators. Advanced structural, stratigraphic and remote sensing
interpretation of Eskay district geology indicates strong potential
for VMS related Eskay Creek style
mineralization on Garibaldi's Palm Springs claim block to the north
of Nickel Mountain. Garibaldi's abundant VMS precious metals
potential offers an added bonus to shareholders, as rising
inflation pressures gold and silver prices higher.
Steve Regoci, Garibaldi CEO,
stated: "We're anxious to receive the ZTEM and SkyTEM survey
results as we prepare for drilling. Our top priority is to explore
deeper and along trend at E&L, but we also have large numbers
of exciting new nickel-copper and VMS gold targets to explore as
well.
The growing demand for critical metal sources required to drive
the new green economy, and precious metals to protect against
increasing inflation, was the compelling vision for our entire
pipeline of district scale projects. The advancing Eskay claim
group ranks high for potential to deliver new discoveries as metal
prices trend higher."
Qualified Person
Jeremy Hanson, P.Geo., VP
Exploration 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.
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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SOURCE Garibaldi Resources Corp.
