TSX-V: GGI
Frankfurt: RQM
VANCOUVER, Feb. 28, 2013 /PRNewswire/ - Garibaldi Resources
Corp. (TSX.V: GGI) (the "Company") is pleased to report results at
the Locust drill target in Sonora State, Mexico. To date, 9 holes have been
drilled for a total of 1,757.7 meters. The tenth hole is
currently in progress. This news release reports new results
from holes LCT-12-07 through LCT-12-09 in the table below. In
general, most of the holes have intersected significant widths of
mineralization
Exploration work has advanced on the Aurora and
Marcos Frac. I and Marcos Frac. II
concessions that were optioned in 2012 (News Releases of
September 27, 2012 and October 10, 2012). Mapping and sampling of
the concessions are largely complete, and two holes, LCT-12-07 and
LCT-12-09 have been drilled on the Aurora concession.
Sampling has identified areas with anomalous rock geochemistry for
copper and gold, and both drill holes cut significant intervals of
low grade gold and copper mineralization at shallow depths.
The work completed to date indicates that a
large mineralized system is present. Surface sampling and
mapping has expanded the known mineralized exposures at the surface
from the Company's original Locust gold in soil anomaly for
approximately 3 kilometres to the west-southwest onto the Aurora
and Marco concessions. This mineralized area is about 1-2
kilometres wide as currently defined. Drilling is planned to
continue to test the area to the west of the holes completed to
date. The Company's shallow-hole drill rig is being utilized
to confirm the presence of mineralized rocks at shallow levels
prior to drill testing at deeper levels.
Gold-copper mineralization is associated with
intermediate intrusive rocks and tourmaline breccia bodies and is
interpreted to be related to a large porphyry system. Other
porphyry systems are known in the region, including the nearby
Cuatro Hermanos deposit (Virgin
Metals), the San Javier deposit,
and the Suaqui Verde deposit (Evrim Resources and Inmet
Mining). Company geologists have also identified an
apparently later gold mineralizing event associated with
quartz-barite matrix breccia bodies. This mineralization was
cut in holes LCT-12-05 and LCT-12-06 that tested at northwesterly
trending breccia body. Hole LCT-12-05 cut 17.35 meters with
0.51 g/t Au, and hole LCT-12-06 cut 18.7 meters of 0.48 g/t Au
(News Release of August 16, 2012);
both intercepts were within wider intervals of gold mineralized
rock, and are believed to be approximately true width.
Steve Regoci,
President and CEO of the company stated, "To date, exploration
results at Locust indicate a broad envelope of gold and copper
mineralization at shallow depths. The 2013 program will focus on
defining and prioritizing potential drill targets at depth".
Dr. Craig Gibson,
PhD., Certified Professional Geologist, and a Director is the
Qualified Person for the Tonichi Project 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.
We seek safe harbour.
GARIBALDI RESOURCES CORP.
per: "Steve Regoci"
Steve Regoci, President
| Table of
selected drill results from the Locust Project. |
| Drill Hole |
From |
To |
Interval
(m) |
Au g/t |
Cu % |
| LCT-11-03 |
141.05 |
155.00 |
13.95 |
1.25 |
- |
| |
|
|
|
|
|
| |
167.00 |
173.80 |
6.80 |
0.33 |
- |
| LCT-11-04 |
55.00 |
61.40 |
6.40 |
1.12 |
- |
| |
|
|
|
|
|
| LCT-12-05 |
79.50 |
83.85 |
4.35 |
0.48 |
- |
| |
|
|
|
|
|
| |
96.00 |
159.85 |
63.85 |
0.33 |
- |
| includes |
98.00 |
108.00 |
17.25 |
0.51 |
- |
| and |
131.75 |
137.00 |
5.25 |
0.72 |
0.08 |
| LCT-12-06 |
126.00 |
167.50 |
41.50 |
0.27 |
0.15 |
| includes |
134.00 |
167.50 |
33.50 |
0.33 |
0.17 |
| includes |
143.00 |
167.50 |
24.50 |
0.45 |
0.14 |
| includes |
148.80 |
167.50 |
18.70 |
0.48 |
0.14 |
| LCT-12-07 |
23.32 |
76.00 |
52.68 |
0.09 |
0.08 |
| includes |
38.00 |
58.00 |
20.00 |
0.10 |
0.11 |
| |
|
|
|
|
|
| |
98.61 |
106.00 |
7.39 |
0.20 |
- |
| |
|
|
|
|
|
| |
123.86 |
160.20 |
36.34 |
0.06 |
0.10 |
| includes |
152.63 |
159.00 |
6.37 |
0.17 |
0.25 |
| LCT-12-08 |
6.36 |
44.00 |
37.64 |
0.16 |
|
| includes |
6.36 |
20.79 |
14.43 |
0.27 |
|
| includes |
6.36 |
13.26 |
6.90 |
0.48 |
|
| |
|
|
|
|
|
| |
38.60 |
44.00 |
5.40 |
0.26 |
|
| |
|
|
|
|
|
| |
49.10 |
52.00 |
2.90 |
0.25 |
|
| |
|
|
|
|
|
| |
60.00 |
64.00 |
4.00 |
0.22 |
|
| |
|
|
|
|
|
| |
149.00 |
151.00 |
2.00 |
0.55 |
|
| LCT-12-09 |
0.00 |
3.62 |
3.62 |
0.28 |
|
| |
|
|
|
|
|
| |
70.54 |
104.70 |
34.16 |
0.15 |
0.11 |
| includes |
76.30 |
90.33 |
14.03 |
0.22 |
0.13 |
| includes |
80.33 |
86.33 |
6.00 |
0.28 |
0.15 |
| Results from holes LCT-11-03 to
LCT-11-06 were released previously. |
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.