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News Releases

Garibaldi Drills 18.2 Meters Of 7% Nickel And 3.8% Copper At Nickel Mountain

September 12, 2019

Vancouver, British Columbia, September 12, 2019 - Garibaldi Resources (TSXV: GGI) (the “Company” or “Garibaldi”) is pleased to provide the following Nickel Mountain update including additional assay results as 2019 diamond drilling continues to build out Northwest British Columbia’s first magmatic nickel-copper-rich sulphide system in the heart of the prolific Eskay Camp.

Highlights:

  • Drill hole EL-19-53, filling a gap on the northwest part of the Lower Discovery Zone (LDZ), has cut 30.2 meters of 4.74% nickel and 3.22% Cu (plus cobalt and precious metals) including 18.2 meters of 7.04% nickel and 3.81% copper within a broader intercept of 86.5 meters (65 m to 151.5 m) averaging 1.88% nickel and 1.32% copper (true width estimated at 69.2 meters);
  • Drill hole EL-19-48 has intersected 7.12% nickel and 3.34% copper over 4.76 meters within 44.5 meters of 1.20% nickel and 0.79% copper (true width estimated at 35.6 meters), widening the LDZ by 12 meters to the northeast;
  • Drill hole EL-19-54 (assays pending) has extended the Lower and Upper Discovery Zones to the west by 14 meters and 33.5 meters, respectively. Significantly, it has also intersected strongly mineralized olivine gabbro at depth (302 m to 324.7 m) in a second magma chamber that plunges toward the southeast where a potential feeder zone may exist. EL-19-54 cut six separate intervals of mineralization totaling 142 meters including a total of 8.9 meters of massive sulphides and 133 meters of mineralized gabbro and sediments;
  • Additional assaying by SGS and Actlabs of selected interval samples reported in 2017 and 2018 has revealed that the Nickel Mountain massive sulphides are unusually enriched with rhodium, iridium, osmium and ruthenium compared to global magmatic sulphide mineralization.

Steve Regoci, Garibaldi President and CEO, commented: “The improved structural understanding of the known zones at Nickel Mountain is leading to increasingly robust results and new discoveries. It has also aided us in developing strategic new drill pad locations that now allow our crews to explore the E&L from a different geometry.

“We eagerly anticipate providing investors with additional updates including multiple new assay results during the second half of September,” Regoci added.

Drill Hole EL-19-53

Dr. Peter Lightfoot, Technical Adviser to Garibaldi, commented: “The spectacular 18.24m interval of high-grade massive sulphide from the Lower Discovery Zone in EL-19-53 demonstrates the continuity of the mineralization, and encourages further drilling to establish the vertical and lateral extent of this exceptionally valuable style of mineralization.

“Drilling from a strategic new platform is also very significant as Garibaldi takes this unique Northwest British Columbia discovery to an even higher level,” Dr. Lightfoot added.

Significant Assay Results for Drill Holes EL-19-53 and EL-19-48

Hole
#
Interval width
(from - to)
Ni
%
Cu
%
Co
%
Pt
(g/t)
Pd
(g/t)
Au
(g/t)
Ag
(g/t)
EL-19-53 over 86.46m (65.2 - 151.66m) 1.88 1.32 0.05 0.52 1.08 0.35 3.55
*including over 30.22m (120.0 - 150.22m) 4.74 3.22 0.13 1.26 2.59 0.82 8.10
**including over 18.24m (131.98 - 150.22m) 7.04 3.81 0.19 1.27 2.69 0.68 7.65
                 
EL-19-48 over 44.5 m (78.0 - 122.5m) 1.20 0.79 0.04 0.29 0.56 0.24 2.61
**including over 4.76m (111.16 - 120.92m) 7.12 3.34 0.20 1.05 2.02 0.69 9.38

* denotes semi-massive sulphide (50 - 75% sulphide) and massive sulphide (>75% sulphide)
** denotes interval of massive sulphide (>75% sulphide)
Intervals are measured core lengths (true widths are estimated to be 80% of reported intervals). Massive sulphides have not yet been assayed for PGE rare metals.

Drill Hole Coordinates Table for Holes EL-19-53, EL-19-48 and EL-19-54

Hole Zone Easting* Northing* Elevation
(MASL)
Azimuth Dip Length
(m)
EL-19-48 Discovery 396203.1 6271506.6 1866.6 145 -75 150
EL-19-53 Discovery 396238.6 6271503.2 1860.1 244 -56.5 171
EL-19-54 Central 396141.3 6271466.0 1886.5 55 -86.5 414

*UTM zone 9N WGS 84

Nickel Mountain Massive Sulphides Contain PGE Rare Metals

Additional assaying by SGS and Actlabs of selected samples from intervals reported in 2017 and 2018 has revealed that the Nickel Mountain massive sulphides are enriched with rhodium, iridium, osmium and ruthenium. The abundance levels of these precious metals are unusually high when compared to global magmatic sulphide mineralization.

Below is a table showing the massive sulphide intercept from previously released drill hole EL-17-14 (refer to December 8, 2017 news release) updated to show the concentrations of rhodium, iridium, osmium and ruthenium.

EL-17-14 Massive Sulphide Intercept with Precious Metal Abundances Shown for Rh, Ir, Os, and Ru

Hole
#
MASU interval
(from - to)
Ni
%
Cu
%
Co
%
Pt
(g/t)
Pd
(g/t)
Rh
(g/t)
Ir
(g/t)
Os
(g/t)
Ru
(g/t)
Au
(g/t)
Ag
(g/t)
EL-17-14 over 16.75m
(123.75 - 140.5m)
8.29 4.24 0.187 1.959 4.469 0.174 0.114 0.205 0.222 1.129 11.1
Including over 3.0m
(132.0 – 135.0m)
9.01 4.18 0.021 1.965 4.063 0.404 0.316 0.533 0.594 0.913 10.65

The table below shows the rhodium, iridium, osmium and ruthenium average concentrations of representative samples of massive sulphide from three other holes completed in 2018 (EL-18-16, EL-18-19 and EL-18-38).

Hole
#
MASU interval
(from - to)
Rh
(g/t)
Ir
(g/t)
Os
(g/t)
Ru
(g/t)
Zone Intersected
EL-18-16 over 7.4m (135.9 – 143.3m) 0.419 0.363 0.545 0.783 Lower Discovery Zone
including over 1.5m (136.4 – 137.9m) 0.726 0.583 0.890 1.318
EL-18-19 over 5.74m (119.13 – 123.87m) 0.244 0.144 0.225 0.281 Lower Discovery Zone
EL-18-38 over 0.95m (16.22 – 17.17m) 0.176 0.132 0.114 0.185 Crevasse Zone

Dr. Lightfoot commented, “This is an interesting development which speaks to the unusual geochemical signature of the E&L sulphides and the strong enrichment in platinum group elements. This strong enrichment in rhodium, iridium, osmium and ruthenium reaches an apogee at the center of the massive sulphide zone. If these metals can be recovered into a concentrate, they will certainly add to the value of the massive sulphides.”

Updated Drill Hole Maps

To view updated cross-section and plan view maps, please visit the home page of the Garibaldi web site (GaribaldiResources.com) where new maps will be posted in the projects section.

Quality Assurance/Quality Control (QA/QC)

Garibaldi Resources has applied a rigorous quality assurance/quality control program at the E&L Nickel Mountain Project using best industry practice. All core was logged by a geoscientist and selected intervals were sampled. HQ and NQ drill core was sawn in half and each sample half was placed in a marked sample bag with a corresponding sample tag then sealed. The remaining half core is retained in core boxes that are stored at a secure facility in Smithers, British Columbia. Chain of custody of samples was recorded and maintained for all samples from the drill to the laboratory.

All diamond drilling sample batches included 5% QA/QC samples consisting of certified blanks, standards and field duplicates. Multiple certified ore assay laboratory standards and one blank standard were used in the process. Samples were submitted to SGS Canada Inc. in Vancouver, British Columbia, an ISO 9001: 2008 certified lab, for base metal, sulphur and precious metal analysis using Inductivity Coupled Plasma (ICP), Fire Assay (FA) and Leco methods. Concentrations of Rh, Ir, Os and Ru were determined by 30g charges by nickel sulphide fire assay followed by decomposition of the matte button and analysis by ICP-MS. Samples were prepared by crushing the entire sample to 75% passing 2mm, riffle splitting 250g and pulverizing the split to better than 85% passing 75 microns. Gold, platinum and palladium were analyzed using a 30 gram fire assay and ICP-AES. Total sulphur and total carbon were analyzed using a Leco method. Nickel, copper, cobalt, silver and base metals were analyzed by sodium peroxide fusion and ICP-MS.

The performance on the blind standards, blanks and duplicates achieved high levels of accuracy and reproducibility and has been verified by Jeremy Hanson, a qualified person as defined by NI-43-101.

Qualified Person & Data Verification

Jeremy Hanson, P.Geo., VP Exploration Canada for the Company, and a qualified person as defined by NI- 43-101, has supervised the preparation of and reviewed and approved of the disclosure of information in this news release. Mr. Hanson has verified the data, including drilling, sampling, test and recovery data, by supervising all of such procedures. There are no known factors that could materially affect the reliability of data collected and verified under his supervision. No quality assurance/quality control issues have been identified to date.

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 British Columbia and Mexico.

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.


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