TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
VANCOUVER, Oct. 23, 2014 /PRNewswire/ - Garibaldi Resources
Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to
report further expansion of near-surface mineralization similar to
high-grade silicified rock discovered at the Silver Eagle target,
part of its Rodadero Silver-Gold Project in Sonora State,
Mexico. Phase 2 drilling continues at Silver Eagle in
addition to extensive mapping and sampling along trend immediately
north and south of the discovery zone and throughout the multiple
target project area. Rodadero North stretches 10 km
north-south and nearly 5 km east-west.
Rodadero Update Highlights:
- Phase 2 drilling, designed to test the thickness and the strike
length of the high-grade zone discovered in Phase 1, continues to
consistently intersect silicified and brecciated rock containing
pods of semi-massive sulfides similar to the mineralized intercepts
reported from earlier holes. Mineralization remains open in all
directions;
- A potentially important new zone of mineralization at surface,
with silicified rock carrying visible galena as found at Silver
Eagle, has been identified through mapping and sampling (assays
pending) along trend 150 meters north of discovery hole SE-14-01.
The newly discovered zone is lower in elevation, and this may have
significant implications in the search for feeder zones at depth
below the shallow high-grade discovery zone. As well, it suggests
the scale of the mineralizing system could extend for a
considerable distance to the north of SE-14-01. Similar
mineralization has been demonstrated to the south and east of
Silver Eagle from high-grade surface sampling results collected
over hyperspectral 'hot spots';
- Garibaldi has allowed a leading international silver and gold
producer site access to Rodadero after an unsolicited request and
the signing of a "Confidentially Agreement". This company has just
completed a second visit to the project. In addition, a
privately-held Chinese company in the metals sector also requested
access to Rodadero and recently conducted two days of research at
the project after also signing a "Confidentially Agreement" with
Garibaldi.
Steve Regoci, Garibaldi President
and CEO, commented. "As we aggressively advance our
100%-owned Rodadero Project, the unsolicited interest and feedback
we've received since news of discovery hole SE-14-01 reinforces our
belief that we're seeing the emergence of a new mineral camp in
this part of Sonora State. We've made better progress
than expected on the ground during this challenging rainy season in
Mexico with the rainy season now
quickly drawing to a close.
"The extent and style of mineralization at the Rodadero targets
including exceptional silver grades so close to surface at Silver
Eagle have underscored the possibility of near-term exploitation
potential, similar to the situation at our La Patilla Gold Property
in Sinaloa State.
"Noteworthy at Rodadero is the fact that small-scale high-grade
gold-silver production by a private operator is currently taking
place several kilometers southeast of Silver Eagle and 2 km
northeast of Tarachi on concessions contiguous to Garibaldi. Rapid
progress at Rodadero will help position our shareholders to capture
maximum leverage from our discovery."
Assay Results Pending
Currently, drilling is focusing on extending the mineralized
system to the south of previously reported drill hole SE-14-06
(SE-14-13 is in progress). With continuous drilling at Silver
Eagle, the Company will be reporting assay results in batches of
approximately six to eight holes with the first set of assays from
this second phase expected from the lab in the near future.
Updated Project Map
An updated Rodadero Project map can be viewed by going to the
following web site URL:
http://www.garibaldiresources.com/i/maps/Rodadero/2014-Oct-Rodadero-GGI-Project-Map.pdf
Drill Core Photos
Drill core photos from both Phase 2 and Phase 1 drilling at
Silver Eagle can be viewed by going to the following web site
URL:
http://www.garibaldiresources.com/s/Rodadero.asp?ReportID=667395
Cautionary Note
While Garibaldi is highly encouraged by initial drill results
and other data collected at Silver Eagle and elsewhere at Rodadero
to date, and at La Patilla, there has been insufficient exploration
to define a mineral resource at either project, and it is uncertain
if further exploration will result in any of the targets being
delineated as a resource.
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) is
performing assay analyses on core reported in this release, and ALS
Global (formerly ALS Chemex) is performing analyses on rock
samples. All samples are assayed using certified and industry
standard assay techniques for gold and multi-element packages for
other elements and for over-limits. Au is analyzed by 30 or 50 gram
fire assay with an atomic absorption finish, and other elements are
analyzed by multi-element ICP. Samples in excess of 1,500 g/t Ag
are analyzed by gravimetric methods.
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 content 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
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.