TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER,
March 13, 2014 /PRNewswire/ -
Garibaldi Resources Corp. (TSXV: GGI) (the "Company" or
"Garibaldi") is pleased to report that recent reconnaissance work
carried out over western portions of its Grizzly Property in the
Sheslay Valley, northwest British
Columbia, has identified a new zone of porphyry copper
mineralization 3 km south of its Grizzly West porphyry target and 3
km west-southwest of Prosper Gold Corp.'s Pyrrhotite Creek prospect
in an area referred to as West Kaketsa. Garibaldi is the largest
landholder among juniors in the Sheslay district and controls
approximately 26,200 hectares in claims. The results of this
program suggests potential to significantly broaden a NW/SE
trending corridor of porphyry targets that extends for over 30 km
through the Sheslay Valley from the western end of the Grizzly
Property through Grizzly Central to the recently announced Grizzly
East expansion claims.
Given highly encouraging results in the western
and central parts of the Grizzly Property, Garibaldi is
accelerating its 2014 plans at the Grizzly by launching an
aggressive Phase 1 exploration program to include detailed mapping,
geochemistry, IP surveys and drilling. The initial stages of
this work will commence in the next few weeks and the results will
determine the scale of a planned Phase 2 program. Garibaldi is in a
strong working capital position and is looking forward to advancing
the Grizzly Project concurrently with its assets in Mexico.
"The importance of the discoveries recently
announced by Prosper Gold and
Doubleview Capital Corp., located approximately 10 km apart on
properties within the Sheslay corridor, is the scale of
mineralization over such wide distances. Confirmation of another
significant porphyry target area several km south of Grizzly West
underscores the world class potential of this growing mineralized
Cu-Au porphyry corridor in the Sheslay Valley," explained
Steve Regoci, Garibaldi President
and CEO. "Garibaldi has captured more than 50% of this very
prospective corridor with multiple targets already identified from
Grizzly West to Grizzly Central through geophysical and geochemical
surveys. We're very excited about advancing the Grizzly to a
first-ever drilling stage."
West Kaketsa Mineralization Similar To
Grizzly West, Pyrrhotite Creek
The extent of the newly discovered mineralized
area at West Kaketsa is yet to be determined but it's located
approximately 1 km north of the historic West Kaketsa prospect
(B.C. Minfile # 104J-024) and appears to be related to a fault that
extends at least 3 km to Pyrrhotite Creek on the eastern flank of
Mount Kaketsa. Garibaldi's upcoming program at the Grizzly
Property includes plans to further define this new zone with IP
surveys and identify potential drill targets.
Petrographic analysis of mineralization from
both the West Kaketsa and Grizzly West prospects has confirmed that
both areas exhibit classic porphyry-style copper-gold
mineralization including hydraulic brecciation, disseminated
chalcopyrite and intense alteration within a hydrothermal
environment. Garibaldi's reconnaissance work identified the new
mineralized zone while following up on an encouraging airborne
magnetic and radiometric survey completed last fall over western
portions of the Grizzly Property.
The airborne survey confirmed that West Kaketsa,
like Grizzly West, is in a region of strong magnetic activity and
structure, the latter indicating faults and fractures in the
intrusive bodies favorable for mineralizing fluids along the
contact zones of the Mount Kaketsa monzonite granodiorite stock.
Historic technical reports describe porphyry mineralization at West
Kaketsa as being similar to mineralization observed at Pyrrhotite
Creek. Prosper Gold has
reported that Pyrrhotite Creek is a large mineralized zone with
multiple porphyry targets located 3 km southwest of the Star
porphyries in the SW corner of its Sheslay Property adjoining the
Grizzly.
Grizzly West
Last fall's airborne survey shows that Grizzly
West is on the periphery of a large magnetic anomaly, in a similar
setting to targets on the adjoining Sheslay Property. A soil
geochemical survey has defined several strong copper anomalies open
in multiple directions at Grizzly West with the grid covering an
area approximately 1.5 km x 1.5 km. Fieldwork at this target
has confirmed historical reports (Corona Resources) of
mineralization with reported grades ranging from 0.20% Cu to 6.7%
Cu in rock chip samples.
Maps - West Kaketsa & Grizzly
West
Maps showing location, sampling areas and full
results from recent work completed at West Kaketsa and Grizzly West
are available on the Garibaldi web site at
www.GaribaldiResources.com.
To view a 2.5-minute video on the Grizzly Property and the
Sheslay Valley, please visit the following URL:
http://www.garibaldiresources.com/s/Media.asp#video1
Qualified Person
Carl von
Einsiedel, P.Geo., a non-independent geological consultant
and a Qualified Person as defined by NI-43-101 has reviewed this
release and approved the content thereof.
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.
SOURCE Garibaldi Resources Corp.