GARIBALDI DRILLS 8.3% NICKEL AND 4.1% COPPER
OVER 10.3 METERS AT NICKEL MOUNTAIN
Vancouver, British Columbia, January 25, 2018 - Garibaldi Resources (TSX.V: GGI) (the “Company” or “Garibaldi”) is pleased to provide the following exploration update for its nickel-copper-rich massive sulphide discovery at Nickel Mountain, 11 miles southwest of Eskay Creek.
Highlights:
Drill hole EL-17-10 supports the very high tenor and purity of magmatic sulphide mineralization in the Discovery zone, returning 8.3% nickel, 4.1% copper, 0.19% cobalt, 4.3 g/t palladium, 1.9 g/t platinum, 1.1 g/t gold and 10.2 g/t silver over 10.3 meters (approximate true width);
In a significant development that originates from a review of borehole electromagnetic (BHEM) data through late time “channel 1” readings, renowned nickel sulphide geophysicist Alan King has identified two unusually strong conductive zones (>10,000 Siemens), one directly beneath EL-17-14 and the other south of the Northwest zone trending southwest to northeast, interpreted as signatures of potential massive sulphides over a broad area at depth;
Results from the first 14 drill holes strongly suggest that the Discovery zone and the Northwest historic zone, 150 meters apart, are the product of an open-system magma conduit following a structural weakness in the country rocks, implying far greater tonnage and grade potential at Nickel Mountain than historical explorers had estimated.
Dr. Peter Lightfoot, technical adviser to Garibaldi and one of the world’s leading experts in nickel sulphide deposits, commented: “The depth and lateral extent of nickel-copper-rich sulphide mineralization in the Discovery and Northwest zones is entirely open, creating a compelling combination of high grades and potential scale with this unique Eskay Camp system. A major expansion of drilling will be guided by an enhanced geological understanding and proof of concept with geophysics. In addition, the Garibaldi nickel team is very excited about the potential for new discoveries along a multi-kilometer-long trend to the northeast.”
Lightfoot adds, “Compositional differences in the massive sulphides between the Discovery and Northwest zones, together with the chaotic variable textured rocks in both areas, points to the ideal scenario of a multi-stage mineralizing event at Nickel Mountain.”