TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, April 24, 2014 /CNW/ - Garibaldi Resources Corp. (TSX.V: GGI)
(the "Company" or "Garibaldi") is pleased to provide a progress update
on its exploration activities in Mexico. Of particular note,
first-ever diamond drilling at the La Patilla Gold Property in Sinaloa
State has returned highly encouraging gold values near-surface
including an interval grading 10.4 g/t Au over 8.5 meters in LP-14. First pass metallurgical testing is now under way in advance of a
planned follow-up Phase 2 drill program as Garibaldi systematically
moves this project forward.
La Patilla Highlights:
-
LP-14 intersected 10.4 g/t Au over 8.5 meters within a wider 30-meter interval grading 3.1
g/t Au;
-
Five of six holes drilled to test the La Patilla vein system intersected
broad zones of mineralization along 75 meters of strike length to
depths of approximately 50 meters;
-
Mineralization remains open in all directions, including at depth, and
consists of gold bearing quartz veins and breccia bodies in an
epithermal, low-sulphidation system.
Regional Highlights:
-
Garibaldi starts drilling test hole at Rodadero high-grade silver target
in northern Sonora State;
-
First-ever drill program at Iris, adjacent to two operating mines in
Chihuahua State, is scheduled to commence after completion of drilling
at Rodadero.
Steve Regoci, President and CEO of Garibaldi, commented: "This initial
shallow drilling at La Patilla, where artisanal miners have been
operating for decades, is an exceptional start for us. Our next step,
which we have already commenced, is a preliminary test program for
recovery using cyanide to determine the amenability of the
mineralization to possible heap leaching. We look forward to the next
round of drilling at La Patilla which will test a potential source at
depth for the near-surface mineralization we've confirmed in the vein
system. Secondary structures/zones will be investigated further as
well. Regionally, through the same cost-effective approach that gave us
success with the Temoris option, we're now at an exciting new stage of
exploration not only at La Patilla but with developments in Sonora at
Tonichi and initial drilling at both Rodadero and Iris."
Shallow Drilling Highlights - La Patilla Vein System
Reported widths are believed to closely approximate true width.
Hole
|
From (m)
|
To (m)
|
Length (m)
|
Au (g/t)
|
LP-14
|
11.0
|
41.0
|
30.0
|
3.1
|
includes
|
32.5
|
41.0
|
8.5
|
10.4
|
includes
|
38.5
|
39.5
|
1.0
|
82.3
|
LP-12
|
34.5
|
45.3
|
10.8
|
1.9
|
includes
|
39.2
|
41.5
|
2.3
|
6.8
|
LP-10
|
0.0
|
31.6
|
31.6
|
0.8
|
LP-03
|
3.1
|
42.0
|
38.9
|
0.8
|
includes
|
15.7
|
42.0
|
26.3
|
1.1
|
LP-02
|
3.6
|
17.3
|
13.7
|
0.9
|
All intervals were calculated using a 0.2 g/t gold cutoff. Up to 8.5
meters of contiguous samples below cutoff have been included in the
larger intercepts in LP-14 and LP-03.
The presence of mineralization in the wallrocks of the La Patilla vein
system could be favorable for a bulk mining open-pit scenario with a
relatively low strip ratio.
Results from two shallow exploratory holes adjacent to the La Patilla
vein system suggest these areas warrant follow-up work. Hole LP-13
(the Jose vein) returned 5.8 g/t Au over 2.5 meters and 2.1 g/t Au over
1.5 meters from different near-surface depths. Meanwhile, hole LP-04
(collared 75 meters east of LP-14) - cut two zones in a stockwork
system, 0.4 g/t Au over 10.5 meters and 0.5 g/t over 10.7 meters.
Results from the second main target, the Murcielago breccia located to
the northeast of the La Patilla vein system, were partly inconclusive
due to poor recoveries and the fact that the most important holes to
test under the high-grade mineralization in the underground workings
were not completed to the target depths because of difficult drilling
conditions (the most significant intersection from seven holes was 18.6
meters grading 0.60 g/t Au in LP-01). The prospective Murcielago area
will be followed up through reverse circulation drilling.
An updated map for the La Patilla Gold Property, including locations for
all 15 holes totaling 1,245 meters, can be found on the Company's web
site at www.GaribaldiResources.com.
Rodadero & Iris Projects
Garibaldi is using its company-owned drill rig for a test hole,
currently in progress, at the Rodadero Property in Sonora State. Aided
by its hyperspectral remote sensing technology, Garibaldi is now
focusing on a 6,500-hectare area at Rodadero with high-grade silver
targets and the potential for an epithermal gold system. This property
has never previously been drilled.
Meanwhile, Garibaldi is preparing to drill a series of first-ever holes
at the Iris Project strategically located in the heart of a robust
mining and exploration camp in Chihuahua State. Agnico Eagle Mines Ltd.
and Carlos Slim's Minera Frisco have operating mines immediately
adjacent to Iris.
Tonichi Project - Locust Target
Garibaldi continues to advance its Locust Cu-Au porphyry target that
forms part of its Tonichi Project in Sonora State. Based on local
zonation patterns in the context of classic porphyry models grading
outward from a core, attention is now focused on an area just over half
a kilometer north of the three most recently completed holes,
MAR-13-03, MAR-13-02 and MAR-13-01. To date, Garibaldi has completed
3,000 meters of diamond drilling in 17 widely-spaced holes at Locust.
A series of breccia bodies have been outlined along an east-west
trending shear zone coincident with a broad envelope of gold and copper
mineralization mapped over a 5 km trend and 1-2 km across.
MAR-13-03 was designed to test the geological continuity of the hypogene
zone intersected in MAR-13-02. MAR-13-03 reached 254 meters,
intercepting strong potassic, sericitic and propylitic alteration with
narrow zones of anomalous copper and gold mineralization. The wide
intercepts of anomalous to low grade copper-gold mineralization and
porphyry style alteration/mineralization in holes MAR-13-03 & MAR-13-02
are located 800 meters west of MAR-13-01 and over 2 km west of the
original Locust target, providing a significant step-out to the area
tested.
Quality Assurance & Control
Garibaldi maintains strict QA-QC protocols for all aspects of its
exploration programs that include the systematic insertion of blanks
and standards into each sample batch. ALS Chemex and Acme Labs (now
part of the Bureau Veritis group that includes BSI Inspectorate)
performed assay analyses reported in this release. All samples were
assayed using the respective laboratories' certified and industry
standard assay techniques for gold and multi-element packages and for
over-limits. Au was analyzed by 30 or 50 gram fire assay with an
atomic absorption finish, and other elements were analyzed by
multi-element ICP.
Qualified Person
Dr. Craig Gibson, Certified Professional Geologist and a director of
Garibaldi, is a non-arms length Qualified Person for the Company's
Mexico Projects 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.
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 of Mexico and British Columbia
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.
SOURCE Garibaldi Resources Corp.