TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, BC, June 11, 2021 /CNW/ - Garibaldi Resources (TSXV:
GGI) (the "Company" or "Garibaldi") is pleased to announce the
addition of key claims expanding the Company's Otter Creek lode
gold prospect to 8,704 total hectares within the Atlin Gold fields.
The Otter Creek claims are located 12 kms east of Atlin in northwest British Columbia. Atlin has been a rich placer gold mining
district since the Klondike gold rush from the mid 1800's to the
present day, rivalling Barkerville during the Cariboo gold rush.
Until recently, the source of Atlin's coarse gold placers had remained
elusive.
The first announcement of a new lode gold discovery on Otter
Creek was made by British Columbia Geological Survey (BCGS)
geologists in a 2017 published paper titled "A new lode gold
discovery at Otter Creek: another source for the Atlin placers." Garibaldi had previously
acquired 100% ownership of the hard rock mineral rights on the
discovery section of Otter Creek. Placer operations enabled
geologists to sample and map the bedrock in excavated pits before
backfilling, allowing access to the BCGS geologists who published
the lode gold discovery.
The Otter Creek lode gold discovery provides strong
evidence that Atlin's rich
coarse crystalline gold placers are sourced from proximal
high-grade gold veins rather than previously assumed eroded distal
listwanite deposits. Garibaldi's new acquisition in the Atlin
Gold fields consolidates a core land
package that occupies nearly the entire 10 km length of
Otter Creek. Significantly, Garibaldi's geology team considers the
expanded claims package covering the Otter Creek placers as an
important exploration priority. With excellent road access and
infrastructure, the discovery of bonafide
in-situ bedrock-hosted gold, is a remarkable find with
enormous potential.
Otter Creek Project Highlights
- In 2017, the British Columbia Geological Survey published a
paper titled "A new lode gold discovery at Otter Creek: another
source for the Atlin placers."
(BCGS paper 2017-1pg.179-193) by Mihalynuk, M.G. Zagorevski, A.,
Devine F.A.M., and Humphrey, E.
- Placer mining uncovered significant mineralization in bedrock,
resulting in multiple samples of in-situ bedrock gold along Otter
Creek. Bonanza grade gold is hosted in quartz veins emplaced along
structures in phyllite bedrock. The coarse gold in bedrock supports
a new placer source for the Atlin
gold Fields.
- A large north-south trending fault, with a series of secondary
faults extends along Otter Creek providing a key structural setting
for lode gold deposits. Rich placer deposits have been mined along
these creeks and faults since the mid 1800's.
- Otter Creek and neighboring creeks including Spruce, Birch,
Pine, Ruby and Wright creeks have produced some of the largest gold
nuggets discovered in British
Columbia, weighing from 24 to 83 oz of gold.
- Garibaldi's Otter Creek database includes 2282 MMI samples, a
compilation of 1,884 historic soil samples, 15 IP lines, 143 km of
walking mag, 263 line km airborne magnetic and electromagnetic
(DIGHEM) surveys.
- Drill target development will utilize the historical database,
bedrock exposure of gold-bearing quartz veins, geophysical data,
and analysis of a 728 sample SGH survey, used successfully in
Red Lake Ontario.
Steve Regoci, Garibaldi CEO,
stated: Similar to the Eskay Camp, Atlin has a long history of gold mining back
to the 1860's Cariboo and klondike gold rushes. Our strategy to
acquire claim groups centered in the heart of mineral rich
districts in B.C. during the last downturn has been very
successful. The Eskay claim group is exceeding our highest
expectations, while our other projects as well as the new expanded
Otter Creek have exceptional potential."
Jeremy Hanson, Garibaldi VP Ex,
stated "Otter Creek emerges as another high priority gold project
in Atlin, joining the Grizzly in
NW BC, Red Lion in the Quesnel
Trough and ToraTora within the Spences Bridge Gold Belt (SBGB).
Each of these projects are in well-endowed mineral districts with
strong potential for discoveries. The company's focus remains
E&L and the Eskay claim group, however the expansion of the
Atlin discovery is exciting news,
reminding shareholders about our other great projects, which we'll
be updating as they're advanced."
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.