VANCOUVER, June 8, 2018 /PRNewswire/ - Garibaldi Resources (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to report that after months of preparations, a major 2018 drill program at Nickel Mountain in the Eskay Camp has commenced with two drill rigs this morning as the Company follows up on last fall's nickel-copper-rich massive sulphide discovery east of the historic E&L deposit.
The first stage of 2018 diamond drilling will simultaneously further define the Discovery zone and systematically step out from EL-17-14, testing for nickel-copper-rich magmatic sulphide mineralization to the south where promising conductive targets have been defined by geophysical surveys. EL-17-14 intersected 16.75 meters of massive sulphides (approximate true width) grading 8.3% nickel and 4.3% copper, along with cobalt, platinum, palladium, gold and silver values, within a broader 40.4-meter mineralized zone (see December 8, 2017 news release).
Steve Regoci, Garibaldi President and CEO, commented: "The entire Garibaldi technical team of geologists and geophysicists are excited to build on this unique Eskay Camp discovery. Months of analyzing geophysical and other data has bolstered their understanding of the Nickel Mountain Intrusive Complex and has shaped an aggressive 2018 program that will test the scale of a massive sulphide discovery that's open in all directions. In addition, there's an 8-km-long trend of high-quality conductors to the northeast that we're very eager to follow up on this year.
"With a treasury of approximately $25 million, Garibaldi has sufficient resources to carry out an ambitious 2018 drill program which is supported by cutting edge geophysical surveys including BHEM (borehole electro-magnetics) which was a highly successful tool for us in 2017," Regoci concluded.
Eskay Camp Area Map
To view the location of the E&L Project, Garibaldi's other large landholdings in the Eskay Camp, and properties of all other companies in this prolific district, please visit GGI's web site or the following URL:
VANCOUVER, May 18, 2018 /CNW/ - Garibaldi Resources (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to provide the following exploration update as additional crews fill an expanded 40-person camp near the Eskay Creek mine to launch the most extensive drill campaign in Company history at the nickel-copper-rich Nickel Mountain massive sulphide discovery.
In support of drilling, which will commence in approximately 7 days, state-of-the-art geophysics utilizing HeliSam hybrid ground-air technology is now being carried out over a broad area in all directions surrounding the high-grade discovery zone;
This cutting edge survey by Discovery Geophysics International (HeliSam) will provide valuable new information in real time for precise drill hole locations within the HC-1 conductor target area interpreted by renowned Sudbury geophysicist Alan King as drilling steps out initially to the south of EL-17-14 (see January 25, 2018 news release);
Preliminary results from the VTEM survey completed during Q1 have extended the Nickel Mountain trend of conductors by 3.5 km to the northeast while also revealing multiple new gold-VMS target areas on the Palm Springs Property, part of Garibaldi's 200 sq. km Eskay Camp land package.
Steve Regoci, Garibaldi President and CEO, commented: "Given 'proof of concept' achieved with geophysics at Nickel Mountain last year, which gave us this game-changing high-grade nickel sulphide discovery in the Eskay Camp, we have 'doubled down' on the best technology to efficiently target potential new massive sulphide zones.
"Supported by a treasury currently at $26 million, the Garibaldi base camp plus our operations at the top of Nickel Mountain have been expanded and upgraded to allow for drilling well into the winter season," Regoci concluded.
Eric Sprott Announces Investment in Garibaldi Resources
Toronto, Ontario--(Newsfile Corp. - April 5, 2018) - Eric Sprott announces that today 2176423 Ontario Ltd., a corporation which is beneficially owned by him, purchased 1,000,000 common shares of Garibaldi Resources Corp. pursuant to two private agreements at a price of $2.50 per share for total consideration of $2,500,000 (the "Acquisition").
These 1,000,000 shares, together with the shares previously acquired by 2176423 Ontario through open market purchases since December 21, 2017, being the date of its last early warning report, represent approximately 2.4% of the outstanding shares on a non-diluted basis and approximately 2.3% on a partially diluted basis assuming exercise of share purchase warrants of Garibaldi Resources beneficially owned or controlled by Mr. Sprott. After giving effect to the Acquisition, Mr. Sprott beneficially owns or controls 17,318,428 share and 4,705,562 share purchase warrants (representing approximately 17.1% of the outstanding shares on a non-diluted basis and approximately 20.8% on a partially diluted basis.). Prior to the Acquisition, Mr. Sprott beneficially owned or controlled 16,318,428 shares and 4,705,562 warrants (representing approximately 16.1% on a non-diluted basis and 19.9% on a partially diluted basis).
The shares were acquired by Mr. Sprott, through 2176423 Ontario for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Garibaldi Resources either on the open market or through private acquisitions or sell securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Thanks Ron, nice looking core, seems Sprott likes it too
The Financial Post reports in its Monday edition that Eric Sprott is keen on Garibaldi Resources. The Post's Gabriel Friedman writes that Garibaldi is in the earliest stages of exploring for nickel in British Columbia's Golden Triangle, an area that has been relentlessly explored and mined for a century without much nickel ever being found. Nevertheless, Sprott was enamoured: He compared the area to Voisey's Bay, also a nickel deposit, and likely the largest metal discovery in Canada in the past 40 years. That find has turned out to be worth billions of dollars. "It just keeps coming together," Mr. Sprott says. Mr. Friedman notes that Garibaldi has never had any revenue. Mr. Sprott says: "If it's Voisey's Bay, why wouldn't I just stay the course here? Try to get as much money in as you can, to get as much return as you can." For junior mining companies, it is basically stock in trade to always claim to be on the verge of an unprecedented major discovery and the endorsement of a billionaire can instantly put a junior on investors' radar. However, there are no guarantees of success in the high-risk, high reward world of mining exploration -- as Garibaldi's story has shown all too well so far.
Was at a Garibaldi luncheon yesterday. They are very excited about this next drill program that could go a long way in finding the larger source of this VMS system. I sat across from their Geophysist guy and nickle sulphide expert Peter Lightfoot and they explained their exploration theory and plan. If it proves out, things will heat up again with the stock
Here is a picture of some drill core from Hole 14, looked very nice, impressive
Discovery hole 14 (EL-17-14), collared 200 metres east of the historical E&L deposit (discovery zone) and drilled toward the west-southwest, has cut 8.3 per cent nickel and 4.2 per cent copper over 16.75 metres within a broader 40.4-metre section grading 3.9 per cent nickel and 2.3 per cent copper from 100.4 metres to 140.8 metres (approximate true width).
The 16.75-metre massive sulphide intercept also included 6.4 grams per tonne combined platinum and palladium, 0.19 per cent cobalt, 1.1 grams per tonne gold, and 11.1 grams per tonne silver.