TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, April 24, 2014 /PRNewswire/ - Garibaldi Resources
Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to
provide a progress update on its exploration activities in
Mexico. Of particular note,
first-ever diamond drilling at the La Patilla Gold Property in
Sinaloa State has returned highly
encouraging gold values near-surface including an interval grading
10.4 g/t Au over 8.5 meters in LP-14. First pass
metallurgical testing is now under way in advance of a planned
follow-up Phase 2 drill program as Garibaldi systematically moves
this project forward.
La Patilla Highlights:
- LP-14 intersected 10.4 g/t Au over 8.5 meters within a wider
30-meter interval grading 3.1 g/t Au;
- Five of six holes drilled to test the La Patilla vein system
intersected broad zones of mineralization along 75 meters of strike
length to depths of approximately 50 meters;
- Mineralization remains open in all directions, including at
depth, and consists of gold bearing quartz veins and breccia bodies
in an epithermal, low-sulphidation system.
Regional Highlights:
- Garibaldi starts drilling test hole at Rodadero high-grade
silver target in northern Sonora State;
- First-ever drill program at Iris, adjacent to two operating
mines in Chihuahua State, is scheduled to commence after completion
of drilling at Rodadero.
Steve Regoci,
President and CEO of Garibaldi, commented: "This initial
shallow drilling at La Patilla, where artisanal miners have been
operating for decades, is an exceptional start for us. Our
next step, which we have already commenced, is a preliminary test
program for recovery using cyanide to determine the amenability of
the mineralization to possible heap leaching. We look forward
to the next round of drilling at La Patilla which will test a
potential source at depth for the near-surface mineralization we've
confirmed in the vein system. Secondary structures/zones will
be investigated further as well. Regionally, through the same
cost-effective approach that gave us success with the Temoris option, we're now at an exciting new
stage of exploration not only at La Patilla but with developments
in Sonora at Tonichi and initial drilling at both Rodadero
and Iris."
Shallow Drilling Highlights - La Patilla Vein
System
Reported widths are believed to closely
approximate true width.
| Hole |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
| LP-14 |
11.0 |
41.0 |
30.0 |
3.1 |
| includes |
32.5 |
41.0 |
8.5 |
10.4 |
| includes |
38.5 |
39.5 |
1.0 |
82.3 |
| LP-12 |
34.5 |
45.3 |
10.8 |
1.9 |
| includes |
39.2 |
41.5 |
2.3 |
6.8 |
| LP-10 |
0.0 |
31.6 |
31.6 |
0.8 |
| LP-03 |
3.1 |
42.0 |
38.9 |
0.8 |
| includes |
15.7 |
42.0 |
26.3 |
1.1 |
| LP-02 |
3.6 |
17.3 |
13.7 |
0.9 |
All intervals were calculated using a 0.2 g/t
gold cutoff. Up to 8.5 meters of contiguous samples below
cutoff have been included in the larger intercepts in LP-14 and
LP-03.
The presence of mineralization in the wallrocks
of the La Patilla vein system could be favorable for a bulk mining
open-pit scenario with a relatively low strip ratio.
Results from two shallow exploratory holes
adjacent to the La Patilla vein system suggest these areas warrant
follow-up work. Hole LP-13 (the Jose vein) returned 5.8 g/t
Au over 2.5 meters and 2.1 g/t Au over 1.5 meters from different
near-surface depths. Meanwhile, hole LP-04 (collared 75
meters east of LP-14) - cut two zones in a stockwork system, 0.4
g/t Au over 10.5 meters and 0.5 g/t over 10.7 meters.
Results from the second main target, the
Murcielago breccia located to the northeast of the La Patilla vein
system, were partly inconclusive due to poor recoveries and the
fact that the most important holes to test under the high-grade
mineralization in the underground workings were not completed to
the target depths because of difficult drilling conditions (the
most significant intersection from seven holes was 18.6 meters
grading 0.60 g/t Au in LP-01). The prospective Murcielago
area will be followed up through reverse circulation drilling.
An updated map for the La Patilla Gold Property,
including locations for all 15 holes totaling 1,245 meters, can be
found on the Company's web site at www.GaribaldiResources.com.
Rodadero & Iris Projects
Garibaldi is using its company-owned drill rig
for a test hole, currently in progress, at the Rodadero Property in
Sonora State. Aided by its hyperspectral remote sensing
technology, Garibaldi is now focusing on a 6,500-hectare area at
Rodadero with high-grade silver targets and the potential for an
epithermal gold system. This property has never previously
been drilled.
Meanwhile, Garibaldi is preparing to drill a
series of first-ever holes at the Iris Project strategically
located in the heart of a robust mining and exploration camp in
Chihuahua State. Agnico Eagle Mines Ltd. and Carlos Slim's Minera
Frisco have operating mines immediately adjacent to
Iris.
Tonichi Project - Locust Target
Garibaldi continues to advance its Locust Cu-Au
porphyry target that forms part of its Tonichi Project in Sonora
State. Based on local zonation patterns in the context of
classic porphyry models grading outward from a core, attention is
now focused on an area just over half a kilometer north of the
three most recently completed holes, MAR-13-03, MAR-13-02 and
MAR-13-01. To date, Garibaldi has completed 3,000 meters of
diamond drilling in 17 widely-spaced holes at Locust. A
series of breccia bodies have been outlined along an east-west
trending shear zone coincident with a broad envelope of gold and
copper mineralization mapped over a 5 km trend and 1-2 km
across.
MAR-13-03 was designed to test the geological
continuity of the hypogene zone intersected in MAR-13-02. MAR-13-03
reached 254 meters, intercepting strong potassic, sericitic and
propylitic alteration with narrow zones of anomalous copper and
gold mineralization. The wide intercepts of anomalous to low grade
copper-gold mineralization and porphyry style
alteration/mineralization in holes MAR-13-03 & MAR-13-02 are
located 800 meters west of MAR-13-01 and over 2 km west of the
original Locust target, providing a significant step-out to the
area tested.
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. ALS
Chemex and Acme Labs (now part of the Bureau Veritis group that
includes BSI Inspectorate) performed assay analyses reported in
this release. All samples were assayed using the respective
laboratories' certified and industry standard assay techniques for
gold and multi-element packages and for over-limits. Au was
analyzed by 30 or 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 Desarrollo Minero del Norte
(ProDeMin). Dr. Gibson has reviewed and approved the contents
of this news release.
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 of
Mexico and British Columbia
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.