Vancouver, British Columbia – August 16, 2012 – Garibaldi Resources Corp. (TSX.V: GGI) (the “Company”) reports that it continues to intercept significant widths of mineralization (see news release of April 24, 2012) at the ongoing Locust drill program, located at the Company’s 100% owned Tonichi project in Sonora State, Mexico. To date, 5 diamond drill holes have been completed using the Company’s NQ diamond drill, for a total of 1180.8 meters drilled, with an additional hole in progress. An additional 50 to 70 meters will be added on hole number 6 before starting hole number 7. Hole LCT-12-5 has encountered gold mineralization of 0.33 g/t Au over 63.85 meters and hole LCT-12-6 encountered 24.5 meters of 0.45 g/t Au. Assay results from all holes are summarized in the table below. Note that data from some holes was previously released but is included here for completeness.
Selected assay results from the Locust target.
Drill Hole | From | To | Interval (m) | Au g/t |
|---|---|---|---|---|
Results as Previously Reported | ||||
LCT-11-01 | Some anomalous Au from 35.0 to 80.0 meters | |||
LCT-11-02 | Some anomalous Au from 23.0 to 43.0 meters | |||
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 |
New Results | ||||
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 |
LCT-12-06 | 143.00 | 167.50 | 24.50 | 0.45 |
includes | 148.80 | 167.50 | 18.70 | 0.48 |
Anomalous gold are values of 0.1 to 0.33 g/t Au.
Steve Regoci, President of the Company, stated, ”The style of mineralization evident is similar to a number of recent discoveries in the region. These early results are consistent with the potential for Locust to host a bulk tonnage gold deposit.”
Holes 5 and 6 tested a breccia with quartz and barite in the matrix and appear to have cut the same body separated by about 120 meters. It is unclear whether hole 3, a further 200 meters west, cut this same body or is a separate structure. Hole 4 explored a separate structure identified by mapping. Holes 1 and 2 tested a stratigraphic model for mineralization in the layered volcanic sequence.
About the Tonichi Project:
The Tonichi project is located in the prolific Sierra Madre Precious Metal Belt eastern Sonora State, Mexico, and covers 47,000 hectares (please visit www.garibaldiresources.com to view project maps). The project land package abuts the properties surrounding several exploration projects including Promontorio (Kootenay Silver) and the Luz de Cobre-San Antonio de la Huerta (Red Tiger Mining, formerly Zaruma Resources).
Quality Assurance:
Garibaldi has conducted a QA/QC program whereby blind sample blanks are inserted in the drill core sample stream prior to being sent to the laboratory. Samples were prepared and analyzed by ALS Chemex in their facilities in Mexico and Vancouver, respectively. Samples generally consisted of 1-3 kg of material. Gold analyses were performed by 30 gram fire assay with an AA finish. Silver and the base metals were analyzed as part of a multi-element ICP package using an aqua regia digestion.
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.
GARIBALDI RESOURCES CORP.
per: “Steve Regoci”
Steve Regoci, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release
