Rodadero North Project
Size 7509 hectares
Location Sonora State, Mexico
Status Owned 100%

Rodadero Drill Core Samples
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Rodadero "Rocks" (Feb. 19, 2016)

Garibaldi's 2016 program at the high-grade Rodadero Silver-Gold Project commenced in late February. Rodadero, 100%-owned by Garibaldi, is an emerging new Sonora State mineral camp surrounded by active mines in all directions.

A potential new discovery area called Rambo, with the target being high-grade gold, is currently being drilled approximately 6 km east of the Silver Eagle near-surface deposit which was defined in 2014 and 2015. Rambo is contiguous to the northern boundary of privately held claims where a small-scale mining operation is extracting both high-grade gold and high-grade silver. Garibaldi is targeting similar high-grade mineralization at Rambo at depths of less than 100 meters.

Meanwhile, mapping and broadly-spaced sampling at Silver Eagle has outlined three new mineral horizons surrounding the near-surface, high-grade deposit west and up to 350 meters north of discovery hole SE-14-01.

Steve Regoci, President and CEO, commented: "After 15 initial shallow drill holes and follow-up field work, it's apparent that Silver Eagle has a potential strike length in excess of 2 km and hosts multiple lenses with average grades of 600 g/t Ag and widths of 1-5 meters. Discovery hole SE-14-01 returned 2,010 g/t Ag over a true width of 5.6 meters."

Silver Eagle is a nearly flat lying tabular mineralized body. Significantly, after an extensive review of data, company geologists and technical advisers now believe that the Silver Eagle and Reales targets along the western side of Rodadero are indeed linked as part of a north-northwest trending structural zone extending for at least 2.5 km.

Highlights of Silver Eagle Drill Results:
  • SE-14-15, collared 150 meters north of Silver Eagle discovery hole SE-14-01 (the furthest step-out to date), returned a bonanza grade intercept of 1,307 g/t Ag (42 oz/ton) over 1.5 m within a broader interval of 6 m grading 346 g/t Ag (between a depth of 10.5 m and 16.5 m);
  • SE-14-14, drilled in the southernmost part of the mineralized body defined to date, returned 250 g/t Ag over the first 3 m;
  • SE-14-12a returned 1 m from surface grading 1,352 g/t Ag (this was core recovered from the anchor that was drilled to stabilize the rig while drilling hole SE-14-12);
  • SE-14-08 returned 14.95 m grading 155 g/t Ag (1.45 m to 16.4 m);
  • SE-14-06, collared approximately 85 m south of SE-14-01, returned a consistent, well-mineralized 24.4 m section within 46.5 m of surface, including 262 g/t Ag and 4.1% Pb over 4.6 m;
  • SE-14-03, collared 25 m south of SE-14-01, intersected 11.45 m of 266 g/t Ag including 1,935 g/t Ag (62.2 oz/ton) at a depth between just 4.3 and 5.2 m;
  • SE-14-01 intersected 7 m grading 2,010 g/t Ag (65 oz/ton) between 19.5 m and 26.5 m including 1 m @ 7,633 g/t Ag.
In addition to Silver Eagle, 11 other mineralized centers have so far been outlined at Rodadero over nearly 50 sq. km through mapping, sampling and the use of the company's proprietary hyperspectral database.

Dr. Craig Gibson, PhD, Msc, CPG, a renowned exploration expert and a director of Garibaldi who has been involved in several major discoveries in Mexico, commented: "Increasingly at Rodadero, we are seeing the near-surface expression of what appears to be a very large system with perhaps multiple overprinting events. Mineralization is open laterally in all directions. What's also exciting is the potential at depth. We've yet to drill below 100 meters, where we would expect to discover the feeder zones, which often exist in a system such as this. Deeper holes are coming.

"Approximately 70 per cent of the drill holes at Silver Eagle have successfully intersected high-grade mineralization within just 50 meters of surface, a remarkable start at this target. Excitingly, we're still in the early stages of exploration at this project," Dr. Gibson noted.

Cautionary Note

While Garibaldi is highly encouraged by initial drill results and other data collected at Silver Eagle to date, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in this target being delineated as a resource.