Vancouver, British Columbia - June 1, 2010 - Garibaldi Resources Corp. (TSX.V: GGI) (the “Company”) “) is pleased to provide an exploration update on its 100% owned 48,000 hectare Tonichi/Onovas property in Sonora State, Mexico. Various stages of exploration activity are ongoing on several high priority alteration target areas outlined by the Company’s hyperspectral survey. As part of the Company’s “Rapid Assessment Protocol” exploration strategy to develop and feed a project pipeline, the Company is in the process of evaluating high priority hyperspectral targets compiled from the 2100 km2 survey block covering the Tonichi/Onovas property. This is a methodical low-cost exploration process focused on an early stage systematic appraisal to try and quickly advance or eliminate selected targets. A list of high priority targets is also being compiled from 5 separate hyperspectral survey blocks covering more than 2,000 km2 of the Company’s Sierra Madres concessions located in three States; Sonora, Chihuahua and Durango.
On the Rembles prospect located in the southeast part of the Tonichi/Onovas property, a total of 3 diamond drill holes, for a total of 425 m, were recently completed using the companies NQ diamond drill rig. The drilling was part of an originally proposed 8 hole, 1200 m drill program designed to test a northeast-southwest striking, up to 50 m wide, quartz-hematite breccias zone initially discovered by Garibaldi geologists prior to the interpretation of the hyperspectral survey results. The initial 3 drill holes tested the down-dip extension of the most eastern part of the 300 m long mineralized breccias zone where surface grab samples from historic working returned grades of up to 21.7 g/t Au. The core samples from all 3 drill holes did not return any significant Au assay results suggesting the Au mineralization has pinched out or is fault off-set in this area. Any further drilling will await the results from more detailed mapping, trenching and sampling as well as ground geophysics to better understand and target the down-plunge continuation of this mineralized system along strike to the southwest. Surface grab samples taken from a new road cut approximately 600 m to the south of the Rembles workings also returned assay grades of up to 3.4 g/t Au and 770 g/t Ag.
Exploration activities in the Locust “gold in soil” target area, located 20 km north of Rembles, are presently ongoing with the completion of a series of access roads extending for more than 4 km. The access roads cross through the main part of a high Au-Cu soil geochemical anomaly coincident with the intense hematite-argillite alteration target outlined initially in the Company’s hyperspectral survey. The main part of the Locust “gold in soil” geochemical anomaly continues east-west over a strike length of more than 650 m with peak grades of up to 3.78 g/t Au and 0.16% Cu. A total of 6 trenches were dug extending north-south from the main access road at 200 m to 300 m intervals over a strike length of more than 1 km. These trenches crosscut the main trend of the Locust target to facilitate surface mapping and sampling. A total of 342 chip and grab samples were collected from the trenches and road cuts and sent to ALS Chemex, in Hermosillo for geochemical analysis. Assays results are pending.
Coinciding with the trenching program, a ground magnetometer survey was completed over the Locust “gold in soil” anomaly using the company’s own technical staff and the Company’s newly acquired GEM GSM-35P potassium magnetometer system. The survey was carried out to assist with geological mapping and targeting of the Au mineralization to the west into the sediment covered arroyos. Based on the interpretation of the ground magnetic field data and detailed mapping, the Au mineralization is expected to continue westward along strike into the arroyos under overburden cover. Assay results from the trenching program will determine the next stage of exploration which will likely involve more detailed ground work and diamond drilling using the Company’s NQ diamond drill rig. A commercial diamond drill contractor is also being considered for a potentially larger scale program.
As part of the ongoing hyperspectral target evaluation process, Garibaldi geologists conducted a preliminary field evaluation of the hyperspectral Target 10 area located approximately 15 km due west of Locust. Target 10 is a yet un-named 6 km long by 3 km wide intense hematite-argillite alteration hyperspectral anomaly potentially outlining a large porphyry or high sulphidation epithermal system in this area. Initial field results seem to indicate that, locally, the target is associated with intense hematite-argillite alteration of a series of andesite volcanic and volcanoclastic rocks, suggesting that a high sulphidation epithermal system may have developed in the area. It is felt that the scale of the alteration outlined by the hyperspectral survey makes it an ideal target next in line for further evaluation. A larger regional scale soil geochemical sampling program along with a ground magnetometer survey is planned for this area.
Garibaldi continues to evaluate targets and analyze hyperspectral data from its Badesi, Rodadero, Morelos and Iris concessions and will provide updates as information become available. President and CEO Steve Regoci says “Our exploration team is fully committed to our highly effective low-cost rapid assessment evaluation process and we are extremely excited about our prospects of making a new discovery in the highly prospective Sierra Madres of northwest Mexico”.
Richard T. Osmond, P.Geo., a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
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
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