TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, May 25, 2017 /CNW/ - Garibaldi Resources (TSX.V:
GGI) (the "Company" or "Garibaldi") is pleased to announce that a recently completed helicopter-borne Versatile Time-Domain
Electromagnetic (VTEM) and Magnetics survey over the Company's 100%-owned E&L deposit and immediate surrounding claims in the
heart of the Eskay Camp has revealed multiple conductive anomalies with scale and signatures highly prospective for the discovery
of new areas of nickel-copper-rich massive sulphide mineralization.
Steve Regoci, Garibaldi President and CEO, commented: "While these interpretations are
preliminary, as final review of a broad range of new data is completed over the next few weeks, there's no question that
first-ever modern geophysics at the E&L has further bolstered the case for a much larger mineralized system than what
historical explorers assumed more than half a century ago.
"We eagerly look forward to additional detailed analysis of the recently completed geophysics and the start of our ground
exploration program in advance of this summer's exciting drilling campaign," concluded Regoci.
Early highlights of the 600-line kilometer VTEM and Magnetics survey:
- Five conductors (A-E) exhibit multi-line airborne electromagnetic (AEM) anomalies ranging from 500 meters to 900 meters in
length;
- Each of the five conductors features core areas of B-field responses, indicative of highly conductive bedrock sources as
would be expected for significant accumulations of massive sulphides;
- Anomaly signatures at A, B and C to the northeast indicate that these responses may in fact be part of the same mineralized
system over a 3 kilometer trend;
- EM response to the south of the high tenor E&L mineralized zones confirms the potential of this under-explored area to
host massive sulphides.
Garibaldi Arranges Financing For $1.28 Million
Garibaldi is pleased to announce a non-brokered private placement to raise total gross proceeds of $1,280,000 CDN.
The Company will issue 4,000,000 units at 14 cents per share (gross proceeds of $560,000) and 4,000,000 units of flow-through shares at 18 cents per share (gross
proceeds of $720,000).
Each common share unit at 14 cents comprises one common share in the capital of the Company and
one full non-transferable share purchase warrant. Each warrant is exercisable into one common share at a price of 20 cents for a period of two years.
Each flow-through unit at 18 cents contains one flow-through and one half of a non-transferable
share purchase warrant. Each full warrant is exercisable into one common share in the capital of the Company at a price of
25 cents for a period of two years.
All units from the private placement are subject to a 4-month hold period from the date of issuance.
The financing will include finder's fee commissions and is subject to TSX Venture approval. The proceeds from the flow-through
financing will be used to advance the Company's British Columbia properties. Proceeds from the
non-flow-through financing are intended for the Company's Mexico operations as well as general
working capital purposes.
E&L Geologic Model
To view the E&L geologic model, and a comparative of nickel tenors, please visit the company's homepage or the following
URL:
http://www.garibaldiresources.com/i/pdf/GGI-E-and-L-Tenor-Comparative.pdf
New Eskay Camp Area Map
http://www.garibaldiresources.com/i/photos/king/Eskay_Camp_May_2017_Inner_Core_Area_Map-min.jpg
Qualified Person
Mr. Everett F. Makela, P.Geo., Director and VP Exploration Canada for the Company, a Qualified
Person as defined by NI-43-101, has reviewed and approved the scientific and technical disclosure 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 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.
View original content: http://www.newswire.ca/en/releases/archive/May2017/25/c5573.html