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
For further information:
GARIBALDI RESOURCES CORP.
1150 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone: (604) 488-8851
Website: www.garibaldiresources.com
