First, on behalf of management and our board of directors, I extend best wishes for the Christmas and holiday season to each of our shareholders.
A successful 2014 for Garibaldi is ending with a great deal of anticipation. In reviewing the company’s achievements over the past year, we’re extremely pleased that Garibaldi has made significant progress on all fronts despite very turbulent and challenging market conditions. Our shareholders are highly valued not only as investors but ambassadors for the company. Your continued support, including telling others about the exciting direction we’re going, is greatly appreciated.
Three important highlights regarding Garibaldi as we enter 2015:
- GGI is aggressively pursuing its discovery of a new mineral camp in Sonora State;
- GGI is following up on very promising drill results at the La Patilla Gold Property;
- GGI is efficiently advancing its exceptional suite of B.C. properties led by the Grizzly.
Garibaldi is finishing the year in a strong working capital position to hit the ground running as the New Year begins. Few companies on the Venture have experienced such limited dilution as GGI has over the last six years.
Our mandate is to show leadership, move forward, and build value regardless of market conditions. This approach has delivered very favorable results with our 100%-owned projects in both Mexico and British Columbia.
A great example of our cost-effective, high-impact exploration strategy this year has been the Silver Eagle near-surface, high-grade drilling discovery combined with the identification of 10 other target areas at the district-scale Rodadero Project in the foothills of the Sierra Madres. The scale of the observed mineralization at Rodadero (silver, gold and base metals) has the potential to propel this company forward in a dramatic way. We’ll be providing a progress update very shortly.
In Sinaloa, a second phase of drilling at our La Patilla Gold Project will follow up on strong diamond drill results from shallow holes earlier this year including 10.4 g/t Au over 8.5 m in LP-14. We’re excited about the near-term exploitation potential of La Patilla where artisanal gold miners have been active for many decades. La Patilla is surrounded by Marlin Gold’s La Trinidad concession in a mineral belt that has seen little modern exploration, similar to Cayden Resources’ El Barqueno 350 km to the south in Jalisco State (Cayden was recently acquired by Agnico Eagle as interest in Mexico intensifies).
Road accessible drill-ready targets have been identified at our Iris Project at Ocampo which is strategically positioned immediately adjacent to two producing mines, Pino Altos (Agnico Eagle) and Ocampo (Minera Frisco). At Tonichi, drilling has outlined a broad envelope of near-surface gold and copper mineralization over a 5 km by 1 km zone. The Locust target, interpreted by company geologists to be a copper-gold porphyry, was identified using our cutting edge hyperspectral survey data. Garibaldi continues to receive royalty income from extraction of near-surface coal seams at Tonichi.
In British Columbia, we’ve recently expanded the Grizzly Project to 272 sq. km, taking advantage of extreme market conditions. The Sheslay region has the same geological and geophysical signatures as other major deposit systems that have formed along the prolific Stikine Arch. Garibaldi controls more than half of the Sheslay mineralized corridor, and significant discoveries on adjoining ground at the Star porphyries and Hat porphyry were followed up by outstanding drill intercepts that were discounted by unprecedented market turmoil.
We’re confident that there are many more chapters to be written about this emerging world class district which is why we’re leveraging this unique opportunity for our shareholders. We continue to advance the Grizzly to the drilling stage and a comprehensive NI-43-101 technical report on the project is nearing completion.
There will be opportunities in B.C. beyond just the Grizzly for our shareholders in 2015 as we eagerly advance and move forward our B.C. property portfolio with great anticipation.
As a company, we were very confident entering 2014. We’re even more confident and excited going into 2015. This industry will always present challenges and risks. But as contrarians we see unparalleled opportunities at the moment and the potential for incredible rewards. Our team - and I applaud each and every one of them for their efforts this year - is highly focused on its responsibilities.
We will continue to lead, move forward and build value.
On behalf of Garibaldi, I wish all of our shareholders, including potential new investors, a Merry Christmas and a safe, healthy, joyful and prosperous New Year.
President & CEO Garibaldi Resources Corp.