|April 29, 2008|
Garibaldi Expands Drill Plans Proposed for Morelos and Temoris Projects Chihuahua State, Mexico
|Garibaldi Resources Corp. (the "Company") ) is pleased to provide the following update on exploration work at the Company's Morelos and Temoris projects in Chihuahua State, Mexico. As previously announced, the Company controls eight district scale, gold silver exploration projects throughout the northern part of the Sierra Madre.|
The Company has the option to acquire 40,000 hectares of concessions (recently increased from 36,000 hectares) located in a historic mining district approximately 25 kilometers southeast of Goldcorp's El Sauzal Mine. The objective of ongoing fieldwork at Morelos has been to identify areas of silicification within the extensive zones of hydrothermal alteration identified throughout these concessions by satellite imaging.
As announced December 5, 2007, Garibaldi's field program has been focused on the El Indio and El Socorro targets in the eastern part of the concession area. The Company has now received results of an initial drill program completed at El Indio and results of surface sampling at El Socorro.
At El Indio, assay results from the first six holes indicate a zone of highly altered andesite with strongly anomalous values ranging from 0.05 to 1.10 g/t gold over intervals of up to 20 meters. This early result is considered encouraging and demonstrates the strength of the epithermal system present in the El Indio area. Utilizing the company owned NQ diamond drill has allowed for a flexible approach in planning the location of the next series of drill holes at El Indio.
Geological mapping and geochemical surveys continue to define extensions of El Indio and several parallel mineralized structures and additional drill testing is planned at El Indio.
At El Socorro, historic underground workings reportedly host a non 43-101 compliant inferred resource of 100,000 tons grading 3.19 g/t gold and 61 g/t silver. (These estimates of resources are historical in nature, predate and are noncompliant with NI 43-101. Garibaldi is not treating the historical estimates as current mineral resources or reserve. Garibaldi has not undertaken any independent investigation of the resource estimates nor has it independently analyzed the results of the previous exploration work in order to verify the resources, and therefore the historical estimates should not be relied upon.)
Initial surface sampling above the workings supports the historic work and returned an average grade of 5.7 g/t gold and 44 g/t silver over a continuous sample width of 8 meters.
Ongoing fieldwork has now identified potential extensions of the El Socorro zone 500 meters to the southeast of the underground workings which returned significant values ranging from 4.7 to 9.9 g/t gold and 70 to 553 g/t silver over continuous sample intervals ranging from 0.5 to 2.0 meters.
Based on the results at El Socorro management has expanded the planned drill program for Morelos. Results will be announced as they become available.
Carl von Einsiedel, P.Geo. is the Qualified Person who has reviewed the technical information contained in this release on behalf of Garibaldi. Drill core was NQ size and half core samples were collected with a rock saw and tagged for identification. Chip and channel samples were collected from bedrock outcrops over a continuous representative interval using a moil and hammer. All samples were securely stored at the Garibaldi base camp until shipment. All samples were shipped to the ALS Chemex preparation laboratory in Hermosillo, Mexico, where they were fine-crushed (70% passing a 2mm screen), pulverized (85% passing a 75 micron screen) and pulp-split separated for assay by a riffle splitter. These pulps were shipped to the ALS Chemex laboratory in North Vancouver, Canada, where a 30-gram split of each was assayed for gold by standard fire assay and a 10-gram split was analyzed for an additional 41 elements including silver by ICP spectrometry.
At Temoris, the Company has the option to acquire 54,000 hectares of concessions which virtually surround Coeur d'Alene Mines Palmarejo Project. Exploration work carried out by Palmarejo Silver and Gold Mining between 2003 and 2007 defined a resource of more than 3,000,000 gold equivalent ounces in several epithermal vein systems (Palmarejo, Gudalupe etc.) and Coeur acquired the project in December 2007 by way of a share exchange valued at $1.1 billion dollars.
The Company's exploration strategy at Temoris is to search for new epithermal vein systems along extensions of the fault structures that host Palmarejo and Guadalupe to the east and southeast of Coeur's concessions. After Coeur finalized the acquisition of Palmarejo in late 2007, Garibaldi was able to contract key exploration personnel from Bolnisi (the parent of Palmarejo) and preliminary exploration work has successfully identified multiple new target areas.
These targets, referred to as El Trigo, los Llanos, El Ojito and La Verde, exhibit multiple episodes of silicification, brecciation, alteration and precious metal values typical of the upper levels of epithermal vein systems.
Based on results of initial work at Temoris, management plans to complete extensive drill testing this fall to assess the down dip extent of these zones.
Garibaldi is also pleased to announce that Francisco Manuel Carranza Heredia has joined Garibaldi's exploration team. Francisco Carranza graduated from the Universidad de Sonora Department de Geologia in 1985 and has worked as a senior geologist for Battle Mountain, American Barrick Resources Corp. and from 2005 to the present served as geological supervisor and project manager for Bolnisi overseeing the drill program management at Palmarejo.
GARIBALDI RESOURCES CORP.
per: "Steve Regoci" Steve Regoci, President
You can view the Next News Releases item: Thu May 15, 2008, Garibaldi Launches State of The Art Fixed Wing Hyperspectral (Alteration) Mapping Survey in Mexico's Sierra Madre
You can view the Previous News Releases item: Fri Feb 29, 2008, Grant of Stock Options
You can return to the main News Releases page, or press the Back button on your browser.