VANCOUVER, Feb. 21, 2019 /CNW/ - Garibaldi Resources (TSX.V: GGI) (the "Company") or "Garibaldi") is pleased to announce that the Company has drilled into widespread near-surface nickel-copper sulphide mineralization including massive sulphides in what is now referred to as the "Northeast" zone at Nickel Mountain, further building on the Golden Triangle's first nickel-copper-rich sulphide system that also includes cobalt, platinum, palladium, gold and silver.
The shallow new Northeast zone, located above the "Upper Discovery" and "Lower Discovery" zones, has now been intersected in three drill holes and is open to the east and north.
Dr. Peter Lightfoot, Technical Adviser for Garibaldi, commented: "EL-18-33 and EL-18-30 confirm the exceptionally high grades of the massive sulphide mineralization in the new Northeast zone, first detected in EL-18-23 (see Oct. 21, 2018, news release), at shallow levels on the northern flank of the E&L Intrusion.
"What's most striking to me about the Upper and Lower Discovery zones, upon review of extensive data, is not just the grades but how the massive sulphide sheets are gently dipping and appear to be stacked at the southern margin of the E&L Intrusion," Dr. Lightfoot continued. "The observation these zones are stacked on the south flank of the Intrusion and also developed on the north flank adds an important guide in exploration of the E&L Intrusion at depth and along strike. There are analogues to this among nickel sulphides deposits elsewhere around the globe."
A further review of data related to Garibaldi's first drill hole at Nickel Mountain in August 2017 suggests that EL-17-01 was even more significant than initially believed. EL-17-01 provides geochemical and geological evidence that there is a separate and deeper chamber approximately 160 meters below the Lower Discovery zone.
Garibaldi's 2018 drill program was designed with two primary goals. The highest priority was to focus on expanding the known mineralized footprint around both the historic Northwest zone and the 2017 Discovery zone, with a particular emphasis on detection of high value massive sulphides utilizing borehole electromagnetic geophysics.
Steve Regoci, Garibaldi President and CEO, commented: "The massive sulphide grades at Nickel Mountain continue to be in the very top tier globally as evidenced by the new Northeast zone near-surface discovery. A much bigger overall picture is also emerging with the four known zones open in multiple directions and showing continuity of mineralization.
"As we evaluate the balance of the data that will continue to flow in from the 2018 program over the next few weeks, we are simultaneously planning a vigorous fully-funded 2019 drilling campaign designed to take the Nickel Mountain Project to an entirely new level given our greatly enhanced understanding of this dynamic and structurally intriguing system. We look forward to meeting investors at PDAC in Toronto in early March where Garibaldi has been selected to participate in the prestigious and popular Core Shack portion of the world's premier mineral exploration and mining event," Regoci concluded.