Vancouver, British Columbia, October 23, 2014 – Garibaldi Resources Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to report further expansion of near-surface mineralization similar to high-grade silicified rock discovered at the Silver Eagle target, part of its Rodadero Silver-Gold Project in Sonora State, Mexico. Phase 2 drilling continues at Silver Eagle in addition to extensive mapping and sampling along trend immediately north and south of the discovery zone and throughout the multiple target project area. Rodadero North stretches 10 km north-south and nearly 5 km east-west.
Rodadero Update Highlights:
- Phase 2 drilling, designed to test the thickness and the strike length of the high-grade zone discovered in Phase 1, continues to consistently intersect silicified and brecciated rock containing pods of semi-massive sulfides similar to the mineralized intercepts reported from earlier holes. Mineralization remains open in all directions;
- A potentially important new zone of mineralization at surface, with silicified rock carrying visible galena as found at Silver Eagle, has been identified through mapping and sampling (assays pending) along trend 150 meters north of discovery hole SE-14-01. The newly discovered zone is lower in elevation, and this may have significant implications in the search for feeder zones at depth below the shallow high-grade discovery zone. As well, it suggests the scale of the mineralizing system could extend for a considerable distance to the north of SE-14-01. Similar mineralization has been demonstrated to the south and east of Silver Eagle from high-grade surface sampling results collected over hyperspectral 'hot spots';
- Garibaldi has allowed a leading international silver and gold producer site access to Rodadero after an unsolicited request and the signing of a "Confidentially Agreement". This company has just completed a second visit to the project. In addition, a privately-held Chinese company in the metals sector also requested access to Rodadero and recently conducted two days of research at the project after also signing a "Confidentially Agreement" with Garibaldi.
Steve Regoci, Garibaldi President and CEO, commented. "As we aggressively advance our 100%-owned Rodadero Project, the unsolicited interest and feedback we've received since news of discovery hole SE-14-01 reinforces our belief that we're seeing the emergence of a new mineral camp in this part of Sonora State. We've made better progress than expected on the ground during this challenging rainy season in Mexico with the rainy season now quickly drawing to a close.
"The extent and style of mineralization at the Rodadero targets including exceptional silver grades so close to surface at Silver Eagle have underscored the possibility of near-term exploitation potential, similar to the situation at our La Patilla Gold Property in Sinaloa State.
"Noteworthy at Rodadero is the fact that small-scale high-grade gold-silver production by a private operator is currently taking place several kilometers southeast of Silver Eagle and 2 km northeast of Tarachi on concessions contiguous to Garibaldi. Rapid progress at Rodadero will help position our shareholders to capture maximum leverage from our discovery."
Assay Results Pending
Currently, drilling is focusing on extending the mineralized system to the south of previously reported drill hole SE-14-06 (SE-14-13 is in progress). With continuous drilling at Silver Eagle, the Company will be reporting assay results in batches of approximately six to eight holes with the first set of assays from this second phase expected from the lab in the near future.
Updated Project Map
An updated Rodadero Project map can be viewed by going to the following web site URL:
http://www.garibaldiresources.com/i/maps/Rodadero/2014-Oct-Rodadero-GGI-Project-Map.pdf
Drill Core Photos
Drill core photos from both Phase 2 and Phase 1 drilling at Silver Eagle can be viewed by going to the following web site URL:
http://www.garibaldiresources.com/s/Rodadero.asp?ReportID=667395
Cautionary Note
While Garibaldi is highly encouraged by initial drill results and other data collected at Silver Eagle and elsewhere at Rodadero to date, and at La Patilla, there has been insufficient exploration to define a mineral resource at either project, and it is uncertain if further exploration will result in any of the targets being delineated as a resource.
Quality Assurance & Control
Garibaldi maintains strict QA-QC protocols for all aspects of its exploration programs that include the systematic insertion of blanks and standards into each sample batch. Acme Labs (now part of the Bureau Veritis group that includes BSI Inspectorate) is performing assay analyses on core reported in this release, and ALS Global (formerly ALS Chemex) is performing analyses on rock samples. All samples are assayed using certified and industry standard assay techniques for gold and multi-element packages for other elements and for over-limits. Au is analyzed by 30 or 50 gram fire assay with an atomic absorption finish, and other elements are analyzed by multi-element ICP. Samples in excess of 1,500 g/t Ag are analyzed by gravimetric methods.
Qualified Person
Dr. Craig Gibson, Certified Professional Geologist and a director of Garibaldi, is a non-arms-length Qualified Person for the Company's Mexico projects and the direct manager of the technical programs operated under contract by Prospeccion Y Desorrollo Minera del Norte (ProDeMin). Dr. Gibson has reviewed this news release and approved the content thereof.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in Mexico and British Columbia.
We seek safe harbor.
GARIBALDI RESOURCES CORP.
Per: "Steve Regoci"
Steve Regoci, President
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