TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Nov. 7, 2013 /CNW/ - Garibaldi Resources Corp. (TSXV: GGI)
(the "Company" or "Garibaldi") is pleased to report that drilling has
resumed at the Locust target, part of the Company's large Tonichi
Project in Sonora State, Mexico, to immediately follow up on the
discovery of an important mineralized intercept in drill hole MAR-13-02
that may be indicative of a Au-Cu porphyry system. Drilling to date at
Locust (2745 meters in 16 widely-spaced holes) has outlined a broad
envelope of near-surface mineralization that measures at least 5 km
along trend and 1-2 km across.
Hole MAR-13-02, drilled 191 meters vertically from a topographically
high area, cut a perched supergene zone above the water table and a
hypogene gold-copper zone deeper in the hole. A 104.6-meter interval
between 57 and 161.6 meters graded 0.24 g/t Au and 0.16% Cu. This
intercept includes 37 meters of 0.42 g/t Au and 0.21% Cu.
Mineralization generally improved with depth within the intercept. This
is the westernmost hole drilled to date at the Locust target.
Based on these results, MAR-13-03 is being drilled below MAR-13-02 from
the valley floor to test geological continuity of the hypogene zone.
This next hole from a lower elevation will test the potential to
penetrate sulphide mineralization and a second supergene zone at
increased depth.
Mr. Steve Regoci, President and CEO of Garibaldi Resources, commented:
"We're very encouraged by the intercept in MAR-13-02, the style of
mineralization is extremely interesting to our geologists. Having our
own diamond drill rig makes it convenient and cost effective to follow
up immediately on this promising result."
MAR-13-02 was part of a recently completed 6-hole program. Five shallow
holes (LCT-13-11 through LCT-13-14 and MAR-13-01) encountered anomalous
Au-Cu mineralization along the extremities of a shear zone, 1000 to
2500 meters east-northeast of MAR-03-02. Intervals are downhole
lengths, true thickness to be determined.
Gold-copper mineralization at Locust is associated with intermediate
intrusive rocks and tourmaline breccia bodies. Known porphyry systems
in the region include the nearby Cuatro Hermanos copper-moly deposit,
the San Javier copper-gold deposit and the Suaqui Verde copper deposit.
The Tonichi Project is one of three 100%-owned district-scale projects
Garibaldi is advancing, along with the stand-alone La Patilla Gold
Property, in some of the most robust gold, silver and copper producing
regions of Mexico. In addition, a pilot coal program at Tonichi
continues to generate royalty income for Garibaldi. The company will
be extending its drilling efforts in Mexico beyond Tonichi this
quarter.
Quality Assurance:
Garibaldi has conducted a QA/QC program whereby blind sample blanks are
inserted in the drill core sample stream prior to being sent to the
laboratory. Samples were prepared and analyzed by ALS Chemex in their
facilities in Mexico and Vancouver, respectively. Samples generally
consisted of 1-3 kg of material. Gold analyses were performed by 30
gram fire assay with an AA finish. Silver and base metals were analyzed
as part of a multi-element ICP package using an aqua regia digestion
Dr. Craig Gibson, Certified Professional Geologist and Director, is the
Qualified Person for the Tonichi Project and the direct manager of the
technical programs operated under contract by Prospeccion Y Desarrollo
Minero del Norte (ProDeMin). Dr. Gibson has reviewed and approved the
contents of this news release.
We seek safe harbour.
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.
PDF available at: http://stream1.newswire.ca/media/2013/11/07/20131107_C5527_DOC_EN_33138.pdf
