|
Garibaldi
Resources Corp. (TSX.V: GGI) (the "Company") is pleased to report
on exploration progress at its Mexico
concessions at Morelos (28,000 hectares) in Chihuahua State and Tonichi (47,000 hectares) in Sonora State. Garibaldi
controls 7 district scale projects covering more than 2,200 sq. km. of
Mexico's Sierra Madres mineral belt. The Company is focused on a methodical
low cost exploration strategy to systematically evaluate targets generated by
utilizing the most sophisticated remote sensing technologies available.
At
Morelos, a target focused exploration program was carried out on five
prospective areas based on recommendations from the Company's advisory board
(Alain Charest and Dr. Peter Megaw)
as reported in the Company's March 2, 2010
news release. The Socorro quartz vein system in south east Morelos contains
significant gold values and is known to extend for more than 2 km along
strike. The Company has applied for permitting to test drill up to 1000
meters in 4-6 holes at Socorro and is mobilizing the Company's NQ diamond
drill to Morelos.
Gold
mineralization at the Socorro prospect is mainly associated with mesothermal-type quartz veins that are hosted in W-NW
trending faults and fractures. Rock chip samples have assayed up to 8.5
g/t Au over 1.4 m; 6.2 g/t Au over 2 m and 3.4 g/t Au over 3 m across the
Socorro structure which varies in width from .5 m to 10 m and is open at both
ends. Other target areas to be followed up with additional mapping and
sampling at Morelos are the Puerto Colorado-San Miguel structure which
extends for more than 3 km along strike, the Guicipa
and Flamenca prospects east and west of Socorro and
the SW Morelos prospect a 5km by 5km zone of intense argillic
and iron-oxide alteration.
Now
that the rainy season has ended, exploration at the Tonichi
concession is focused on advancing the Locust "gold in soil
anomaly" to drilling stage and evaluating an area of alteration referred
to as Target 10. The extensive alteration zone identified at the Locust
target has been trenched in several areas and produced inconclusive results
at this early stage. Independent consultants with extensive porphyry
experience in Sonora will supervise Garibaldi personnel as they perform soil
profile studies and additional trenching to the north and east of Locust.
This will coincide with a detailed mapping program over an extended area
around Locust as large as 3 km by 3 km ahead of any decision on drilling.
As
reported in Garibaldi's August 20, 2009
news release. The Company granted permission to the Comision
Federal Electricidad (CFE) an agency of the Federal
Government of Mexico, at no cost to
Garibaldi, to carry out a limited exploratory drilling program on the Company's
Tonichi Concession in Sonora State designed to
evaluate and test the potential for coal in an area located approximately 8
km north of Locust. The program is part of a regional survey to define the
potential for coal resources sufficient to supply coal fired electric
generation plants in Sonora State. Garibaldi owns the coal rights at Tonichi which has a history of extraction by locals on a
small scale.
Three
holes were drilled by CFE on Garibaldi's property in 2009 up to1km apart and
CFE delivered a report to Garibaldi indicating that all three holes
intersected multiple coal seams. Further to the most recent report, CFE has
informed Garibaldi that it has drilled an additional four holes on
Garibaldi's property totaling seven. Results to date are insufficient to draw
any conclusions and investors are cautioned that the Company is not aware of
any economic coal deposits compliant with NI 43-101 standard on its
properties.
Garibaldi
will have access to all geological data generated by this unsolicited program
and will inform shareholders of any significant developments. The Company has
retained Norwest Corporation of Salt Lake City,
Utah, as consultants.
Carl
von Einsiedel, P.Geo., is the Qualified
Person who has reviewed the technical information contained in this release
on behalf of Garibaldi.
About
Garibaldi Resources
Garibaldi
Resources Corp. is a Canadian junior mining company focused on the
exploration for gold, silver and base metal deposits along the central and
northern parts of the highly prolific Sierra
Madre
mining belt located in northwestern Mexico. The Company controls seven
district scale properties covering more than 2,000 square kilometres
of prospective stratigraphy surrounding and along
strike from some of the most robust gold and silver mining projects ever
discovered in Mexico including El Sauzal, Mulatos and Ocampo. As part of the Company's "Rapid Assessment
Protocol", the Company is committed to utilizing the world's most
sophisticated remote sensing technologies to effectively target major
alteration systems commonly associated with significant gold, silver and base
metal discoveries.
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
|