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Garibaldi Resources focuses effort on E&L deposit

Published by
Global Mining Review,

Garibaldi Resources has provided an exploration and corporate update to the Company's 63 sq. km E&L Project at Nickel Mountain in the heart of northwest British Columbia's prolific Eskay Camp.

Multiple drilling crews, including Full Force Drilling from British Columbia, have mobilized to commence diamond drilling at the historic E&L deposit. SJ Geophysics has been carrying out ground-based loop EM geophysics to ensure even greater accuracy at targeting known nickel-copper-rich mineralised zones. The deposit is estimated to begin within 20 to 40 m below the deepest hole drilled (122 m) by Silver Standard in the mid-1960’s. There are 12 of these holes, and they intersect a nickel-copper mineralisation highlighted by a 37.8 m interval that returned 1.3% nickel and 0.79%.

Garibaldi’s initial drill holes targeting this area will be drilled from the west and the east in a scissor pattern to ensure successful intersections of the as yet unknown orientation of the anomaly in the third dimension.

Steve Regoci, President and CEO, stated: "It has been nearly 50 years since drilling has been carried out at the top of Nickel Mountain where massive sulphides were originally found in outcrop in the early 1960's. I commend our team of nickel sulphide experts for the exceptional work they have done to compile and reinterpret historic data while merging that with our own geological and geophysical data covering the E&L and a potential multi-kilometer-long mineralized structural corridor. We will issue a news release upon the commencement of drilling."

An update will be provided soon on the company's exploration efforts along an apparent structural corridor at the E&L Project stretching for at least 6 km northeast of the historic deposit. Work is also being carried out elsewhere on the company's large landholdings in the district. In total, Garibaldi controls one of the largest land positions among juniors in the Eskay Camp with just over 200 sq. km.

Garibaldi has granted to certain directors, officers and employees of the Company incentive stock options on up to 1 500 000 shares of the Company's capital stock, exercisable for up to 5 years at a price of 50 cents per share pursuant to its stock option plan. The stock option grant is subject to applicable regulatory hold periods and the approval of the TSX Venture Exchange.

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