VANCOUVER, BC, March 31,
2022 /CNW/ - Garibaldi Resources (TSXV: GGI) (the
"Company" or "Garibaldi") is pleased to report on the deep
penetrating 2021 ZTEM survey completed by Geotech over Garibaldi's
180 sq.km Nickel Mountain – PSP Claim Groups, in the Eskay Camp of
northwest British Columbia. The
results of proprietary 3D inversion processing, has identified a
large anomalous zone directly below, along trend and continuous
with the drill confirmed mineralized E&L gabbro.
Most significantly, the large low resistivity / elevated
conductivity ZTEM response beneath the limits of drilling at
E&L, is broad, continuous and plunges directly below the
nickel-copper-cobalt PGE bearing intrusion, which is host to
numerous high grade massive sulphide lenses (Figure 1). This
response along the keel of the E&L Intrusion is surprising in
scale, with an east-west lateral extent exceeding 3km width and
plunging over 2 kms to below the valley floor at the base of Nickel
Mountain (Figure 2).
The center of the ZTEM response beneath E&L is located
400m below the thickest portion of
the mineralized differentiated Eastern extension of the E&L
Intrusion, indicating where the mineral system may continue at
depth. The up-plunge of the ZTEM anomaly extends towards surface in
the area of the West E&L targets, where mineralized boulders of
E&L type gabbro with similar sulphide mineralization to E&L
are associated with outcropping gabbros (Figure 3). The entire keel
of the E&L Intrusion from West E&L along the plunge trend
is untested and may be part of a bladed dyke in which
mineralization was concentrated in multiple magma conduits.
The large ZTEM response beneath E&L greatly expands the
potential for further discovery beneath and around E&L. The
survey also revealed numerous anomalous responses throughout the
remainder of the property, many of which correspond to surface
mineralization. Garibaldi's technical team will be evaluating these
additional anomalies and reporting on these targets in the coming
weeks.
ZTEM is an airborne electromagnetic survey system which detects
anomalies in the earth's natural magnetic field. These disruptions
are caused by zones of rock that conduct or resist electrical
current more than the surrounding rock, which may represent
mineralization, to depths of up to 2000 meters. The ZTEM survey
results will help to identify potential deep-seating mineral zones
in areas with prospective geology, mineral occurrences and/or
shallow conductive response.
E&L ZTEM HIGHLIGHTS
- The ZTEM response down plunge and below the existing E&L
intrusion may be due to a much larger mineralized intrusion in the
plane of E&L, just beyond existing drill holes.
- The trend of the ZTEM response extends towards the surface at
West E&L where the possible source of boulders of variable
textured and orbicular gabbro with magmatic sulphide mineralization
are located. These sulphides have similar metal concentration to
the disseminated sulphides of the E&L mineral zone.
- Drilling in 2020 intersected a thick differentiated intrusion
comprising olivine gabbro and olivine pyroxenite along the
predicted structural plunge of the E&L mineral zone and the
ZTEM response. This intrusion is mineralized with disseminated to
net-textured magmatic sulphide as reported previously. The low
resistivity ZTEM response may represent a continuation of the
mineralized system, with potential to host additional high grade
massive sulphide lenses.
Please see the latest E&L ZTEM presentation posted on
www.GaribaldiResources.com for additional detailed information
including a Section Plan Map, and details on numbered targets 1 -7,
which are displayed on Figures 1 – 3.
Garibaldi's technical team is interpreting the remainder of the
ZTEM survey covering the entirety of the Nickel Mountain – PSP
claim blocks, combining all the geological, geochemical,
geophysical and remote sensing survey data. The most important
results after E&L include multiple target locations associated
with mineral occurrences which will provide the company with a list
of exploration targets for follow up drill testing. The impressive
ZTEM 3D inversion data will help with the immediate focus on
important new drill targets at E&L The survey results will also
help prioritize exploration across the areas where Garibaldi has
results from previous work.
Peter C. Lightfoot, Technical
Advisor to Garibaldi commented; "The untested exploration potential
extending from West E&L beneath the keel of the E&L
Intrusion is supported not only by the co-planar conductive signal,
but also by the geometry of the bladed dyke-like E&L Intrusion.
The metal endowment of the E&L Intrusion is sufficiently
extensive that an open system magma conduit is required to generate
the mineral zones. The exploration potential of the keel zone at
E&L is supported by a range of geological, geochemical and
geophysical indicators that provide targets for drilling."
VP of Exploration Jeremy Hanson stated: "The ZTEM survey
returned the best-case scenario, exactly what we were hoping for, a
large continuous low resistivity zone directly beneath E&L
along our modelled trend of the system. We are certainly excited to
get back to drilling and test this geophysical target for E&L
style mineralization."
Steve Regoci, Garibaldi's CEO,
stated: "The final results from our ZTEM survey, demonstrates the
remarkable potential of Nickel Mountain and the Palm Springs
claims. The analysis and interpretation by our exceptional team of
geologists and geophysicists has been extraordinary. The results of
the ZTEM survey identified more exciting new targets over
Garibaldi's Eskay Claim group which we'll report on shortly. Plans
for 2022 drilling at E&L are underway along with studies for
drilling further downslope and possibly from the valley floor."
Qualified Person
James Hutter, P.Geo., 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.
