Vancouver, British Columbia, March 5, 2015 - Garibaldi Resources Corp. (TSX.V: GGI) (the “Company” or “Garibaldi”) is pleased to report that a combination of ongoing Phase 2 drilling and surface exploration continues to expand the scale of the Rodadero Silver-Gold Project in Sonora State, Mexico, with multiple high-grade drill intercepts, two linked targets and new target areas.
As the Phase 2 drill program continues, the latest highlights include:
- SE-14-15, collared 150 meters north of Silver Eagle discovery hole SE-14-01 (the furthest step-out to date), has returned a shallow exceptional intercept of 1,307 g/t Ag (42 oz/ton) over 1.5 meters within a broader interval of 6 meters (19.8 feet) grading 346 g/t Ag (11.1 oz/ton);
- The Silver Eagle discovery is now confirmed to be structurally linked with the adjoining Reales target to the south to form the newly-named “SR High-Grade Zone” with a potential strike length in excess of 2 km;
- A total of 12 silver-gold mineralized centers (Silver Eagle is the first one to be drilled) have now been outlined at Rodadero over 50 sq. km after the identification through surface sampling of a distinct east-west trending system more than 4 km north of Silver Eagle.
Dr. Craig Gibson, Ph.D., Msc., CPG, a director of Garibaldi and a renowned exploration expert 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% 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,” Gibson stated.
Moving Forward At Rodadero
Key priorities as the Phase 2 drill program continues:
- Additional drilling at Silver Eagle and initial drilling at Reales aimed at building potential near-term surface tonnage within the SR High-Grade Zone;
- Testing of gold-rich drill targets to the east of Silver Eagle, specifically Tarichi and La Tortuga;
- Testing of a new vein system mapped over the northern tip of Rodadero, an apparent extension onto Garibaldi ground from a former producing mine more than 4 km north of Silver Eagle.
Silver Eagle Discovery
Results for 15 drill holes at Silver Eagle confirm the geometry of this deposit target as a nearly flat lying tabular mineralized body. Most holes have produced significant silver values, and higher grades at Silver Eagle appear to have formed near a crosscutting fault that generally trends northerly and has been mapped for about 750 meters along strike.
The SR High-Grade Zone - Silver Eagle, Reales Targets
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.
Mineralization at Silver Eagle is hosted in silicified conglomerate and overlying andesitic volcanic rocks, while mineralization at Reales is hosted by limestone that underlies the conglomerate as well as andesitic volcanic rocks. The continuing drill program will include a series of holes at Reales in an attempt to confirm high-grade surface samples and extend the mineralized body to the south.
“These latest results from Rodadeo demonstrate that this is indeed an important new mineral camp discovery in central Sonora State,” commented Steve Regoci, Garibaldi President and CEO.
“Between Rodadero and our La Patilla Gold Project, we are uniquely positioned to capture more value for Garibaldi in Mexico. With the strategic initiatives we’re executing in Mexico, combined with the fully funded British Columbia exploration programs already under way in the prolific Sheslay district in preparation for first-ever drilling there, 2015 is shaping up to be a very exciting and rewarding year for our shareholders. We’re into a period of accelerated news flow,” Regoci concluded.
Significant Assay Results – Silver Eagle Discovery (Phase 2 Drilling)
|Hole||From (m)||To (m)||Width (m)||Ag (g/t)||Ag (oz/t)|
|Phase 1 Assay Results – Silver Eagle Discovery (Previously Reported)|
Above widths are downhole core lengths and true widths are estimated at approximately 80%. Results for holes SE-14-01 to SE-14-06 were previously published in a news release Aug. 5, 2014. Holes SE-14-05 and SE-14-10 contained no significant values. *Holes SE-14-02 and 2A experienced technical issues and were stopped short; only 2B was completed to the target depth.
Silver Eagle Phase 2 Drilling Details
As reported November 26, 2014, recent sampling extended high-grade silver mineralization 150 meters north of discovery hole SE-14-01 along the fault zone referred to in this news release. This area was drill tested by SE-14-15 to explore the Silver Eagle system in a northerly direction, and it cut 6 meters of 346 g/t Ag. Included in that section is an interval of 1.5 meters grading 1,307 g/t Ag, 0.34 g/t Au, 0.60% Cu, 9.0% Zn and 0.90% Pb.
Drill holes SE-14-14 and SE-14-13 were drilled at the southernmost part of the main Silver Eagle mineralized body as exposed at the surface. Hole SE-14-14 was drilled under hole SE-14-06 and cut 3 meters of 250 g/t Ag. Hole SE-14-13 was drilled about 10 meters south of hole SE-14-06 and cut a near-surface interval of 1.7 meters with 31.3 g/t Ag. This hole was possibly stopped short of the main target.
Holes SE-14-09 to SE-14-12 were drilled to the west of the main mineralized structure with the high-grade silver intercepts reported previously to test the hypothesis that silver mineralization may also be stratigraphically controlled within the tabular silicified zone. These holes generally encountered lower silver grades, but in some cases over significant widths. These holes indicate the possibility for a larger bulk tonnage target in addition to the high-grade target identified previously. Hole SE-14-12a was core recovered from the anchor that was drilled to stabilize the rig while drilling hole SE-14-12. This sample was 1 meter in length and assayed 1,352 g/t Ag, 3.4% Pb, 0.13 g/t Au, 0.50% Cu and 0.60% Zn.
Holes SE-14-07 and SE-14-08 were drilled to test areas adjacent to the high-grade mineralization found previously, and both holes intersected the high-grade system. Hole SE-14-07 was drilled between holes SE-14-01, SE-14-04 and SE-14-05, while SE-14-08 was drilled under SE-14-02, 02a and 02b and returned a wider intercept of 14.95 meters grading 155 g/t Ag.
Rodadero Exploration Update
Surface exploration has confirmed that a previously known and large east-northeast, west-southwest trending vein system near the northern edge of Rodadero, exploited in the past, extends onto ground held by Garibaldi. Past production along this vein system was significant as old mine workings with large dumps are present along with mill tailings.
Two targets, one at each extreme, have been identified and they are now referred to as El Rey and Dolores. They are approximately 2 km apart and replace the previous name of La Guata for the general area. An update on the El Rey and Dolores targets will be provided shortly.
To view a 2-minute Garibaldi video on the Rodadero discovery, please visit the homepage of GaribaldiResources.com or the following URL:
Quality Assurance & Control
Garibaldi maintains strict QA-QC protocols for all aspects of its exploration programs that include the systematic insertion of blanks and standards into each sample batch. Acme Labs (now part of the Bureau Veritis group that includes BSI Inspectorate) has performed assay analyses on Rodadero drill core and some of the rock samples, while ALS Global (formerly ALS Chemex) has also performed some analyses on rock samples. All samples reported in this release were assayed using certified and industry standard assay techniques for gold, and multi-element packages for other elements and for over-limits. Au was analyzed by 30 to 50 gram fire assay with an atomic absorption finish, and other elements were analyzed by multi-element ICP.
Dr. Craig Gibson, Certified Professional Geologist and a director of Garibaldi, is a non-arms-length Qualified Person for the Company’s Mexico projects and the direct manager of the technical programs operated under contract by Prospeccion Y Desorrollo Minera del Norte (ProDeMin). Dr. Gibson has reviewed this news release and approved the contents thereof.
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 Mexico and British Columbia.
We seek safe harbor.
GARIBALDI RESOURCES CORP.
Per: “Steve Regoci”
Steve Regoci, President
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