TSXV: GGI
Frankfurt: RQM
VANCOUVER, Sept. 26, 2013 /CNW/ - Garibaldi Resources Corp. (TSX.V: GGI)
(the "Company" or "Garibaldi"), active year-round with projects in
Mexico and British Columbia, is pleased to provide the following
exploration and corporate update.
Highlights:
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Mexico: Six new holes drilled at gold-copper target, assays pending
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Mexico: Pilot program at Tonichi generating royalty income
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British Columbia: Garibaldi attacks the Grizzly
Mexico
Garibaldi has just completed six additional drill holes (LCT-13-11
through LCT-13-16) totalling 987 meters at the Locust target in Sonora
State where a broad envelope of gold and copper mineralization is being
tested at shallow depths. Results are expected in the near future.
Locust covers 1,200 hectares within the 47,000-hecatre Tonichi land
package, one of three 100% owned district-scale projects Garibaldi is
advancing in some of the most robust gold, silver and copper producing
regions of Mexico. Additional drilling is planned during the upcoming
fourth quarter.
Garibaldi is also pleased to report that it's conducting a pilot program
with a private arms-length Mexican company to exploit near-surface coal
seams over certain areas of Tonichi. This is at no cost to Garibaldi,
and since commencing the program in February 2013 the Company has
received royalties totaling 701,000 pesos ($56,000 USD). Garibaldi is
very satisfied with the early results of this ongoing initiative and is
exploring ways to maximize the value of this asset for shareholders.
Sonora coal districts are also favourable exploration targets for
microcrystalline graphite deposits, and random graphite surface samples
from a zone at Tonichi, prospected by a Garibaldi geologist, have been
sent to a lab for analysis.
Grizzly Property - Northwest British Columbia
Garibaldi has just completed, through Precision GeoSurveys Inc., a high
resolution heli-borne aeromagnetic and radiometric survey over "Grizzly
West", a priority target area within the northwest portion of its 175
sq. km Grizzly Property (100% owned, see updated maps at www.GaribaldiResources.com). Results are expected shortly and will guide the next phase of
exploration in the weeks ahead. Recent fieldwork at Grizzly West has
outlined several areas of exposed porphyry copper mineralization and
sizeable, open-ended copper-in-soil anomalies.
The Grizzly Property adjoins the western and southern borders of Prosper
Gold Corp.'s Sheslay Cu-Au Porphyry Project where a Phase 1 drill
program is in progress (see Prosper Gold news release Sept.18, 2013).
Based on historical data, known geological structures and associated
mineralization, Garibaldi geologists consider the potential within this
area of highly prospective Stikine Arch Terrane to be significant. The
Grizzly is 50 km northwest of Telegraph Creek and 30 km east of the
past producing high-grade Golden Bear gold mine.
Multiple Targets - Grizzly West To Grizzly Central
Since acquiring the Grizzly claims in 2006, Garibaldi has identified
multiple target areas stretching 15 kilometres from the northwestern
portion of the property through Grizzly Central, a large area of low
relief immediately below a cluster of copper-gold porphyry targets on
the Sheslay Property. A Fugro airborne magnetic survey carried out in
2007, over both the southern half of the Sheslay (then known as Copper
Creek) and the central part of the Grizzly, showed that the rock units
and structures at Grizzly Central are similar to those that underlie
the Sheslay Property.
Given the increasing strategic importance of the Grizzly, Garibaldi has
added the experienced geological consulting group of C.J. Greig &
Associates to its team.
Garibaldi President and CEO Steve Regoci commented: "We've built a solid
foundation for the company in Mexico, resulting in a healthy working
capital position and a pipeline of advanced opportunities. Our
strategy in Mexico involves exploring large land packages and
efficiently narrowing down the most prospective areas. In B.C., we're
utilizing that experience in taking the Grizzly to the next level.
The strength of our new neighbour (Prosper Gold) in the Sheslay River
Valley will complement our exploration efforts at Grizzly. We are
well-positioned to seize immediate opportunities in both Mexico and
B.C."
Carl von Einsiedel, P.Geo., a non-independent geological consultant and
a qualified person as defined by NI- 43-101, has reviewed this release
and approved the geological content thereof.
Garibaldi Retains Investor Relations
Garibaldi is pleased to announce it has retained the services of
MarketSmart Communications Inc. ("MarketSmart") to provide public
relations programs and shareholder and investor communication services
effectively immediately. MarketSmart is a Vancouver-based investor
communications service that has been in business since 2002.
Pursuant to the terms of the agreement, MarketSmart will be paid $6,000
per month and will receive incentive stock options as described below.
The agreement is for an initial term of three months and can be
terminated by either party at any time, without cause, by giving 30
days' notice of termination in writing to the other party. The
agreement is renewable at the Company's option and is subject to the
acceptance of the TSX Venture Exchange.
Stock Option Grant
In conjunction with entering into the agreement with MarketSmart, the
Company announces that it has granted MarketSmart Incentive Stock Options for 250,000 shares of
the Company's capital stock, exercisable for one year, at a price of
$0.20 per share, which price is not lower than the last closing price
of the Company's shares prior to this announcement, less the applicable
discount. The options are granted pursuant to the Company's Stock
Option Plan and will be subject to applicable regulatory vesting
requirements and hold periods.
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.
SOURCE Garibaldi Resources Corp.