Garibaldi Resources Corp. (TSX: V.GGI, Stock Forum) announced assay results from its recently completed hole LCT-13-10 at the Locust drill target in Mexico.
Hole LCT-13-10 was collared on the Aurora concession, located in Sonora State, that was optioned by the company in 2012.
According to the Garibaldi Resources press release, the hole intersected 23.89 metres grading 1.45 grams per tonne gold, including a 2.0 meter interval that assayed 9.27 grams per tonne gold.
Three holes, LCT-12-07, LCT-12-09 and LCT-13-10, have been completed on the Aurora concession for a total of 522 meters of the 1000 meters required in the first year of an option agreement.
Sampling has identified areas with anomalous rock geochemistry for gold and copper on the surface, and all three drill holes cut significant intervals of gold and/or gold-copper mineralization at shallow depths.
A mineralized strike length of approximately 1.5 kilometres has been delineated at the surface by mapping and sampling, and about half of this large system has been drill tested at shallow depths with widely spaced holes.
Garibaldi is a junior mining company with a focus on gold, silver and base metal deposits in the central and northern parts of Mexico.
On Thursday, Garibaldi was up 27.3% and was trading at $0.07 a share. The company had a market cap of $4 million, based on 57.4 million shares outstanding. The 52-week high and low was $0.17 and $0.05 respectively.