TSX
Mining News: Garibaldi (TSX.V: GGI) Drills Into Bonanza Grades On 150-meter
Step-out From Silver Eagle Discovery Hole
2.5-km Long
Structural Zone Links Silver Eagle and Reales Targets
Vancouver,
British Columbia - March 6, 2015 (Investorideas.com Mining stocks newswire)
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/tAg (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)
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.
Rodadero Video
To view a
2-minute Garibaldi video on the Rodadero discovery, please visit the homepage
of GaribaldiResources.com or the following URL:
http://www.garibaldiresources.com/s/Media.asp#Rodadero
http://www.garibaldiresources.com/s/Media.asp#Rodadero
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.
Qualified Person
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.
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 Mexico and British Columbia.
We
seek safe harbor.
GARIBALDI RESOURCES CORP.
Per: "Steve Regoci"
Steve
Regoci, President
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