Vancouver, British Columbia – December 11, 2013 – Garibaldi Resources Corp. (TSX.V: GGI) (the “Company” or “Garibaldi”) is pleased to report that exploration carried out by the Company has returned strong gold values from channel sampling at its recently acquired La Patilla Property, and a drill program is ready to begin. These results include separate sample intervals grading 28.4 g/t Au over 1.3 meters, 7.5 g/t Au over 6.4 m, 6.2 g/t Au over 3.3 m, and 5.8 g/t Au over 7.9 m at the Murcielago breccia, and 13.5 g/t Au over 1.3 m at the La Patilla vein system contiguous to the southeast (sample widths are estimated true widths).
With its company-owned rig assigned to the Tonichi Project, Garibaldi has contracted a Sinaloa based drilling company for a first-ever diamond drilling program at La Patilla commencing immediately. Drilling at La Patilla will focus on the Murcielago and La Patilla low sulfidation epithermal structures, testing the continuity of mineralization at shallow depths and along strike. To date, highly encouraging surface mineralization has been outlined over a combined strike length of 225 meters and remains open in all directions. The host rocks are silicified rhyolite tuffs underlain by andesite. Property maps showing location, geology, sampling areas with full results, and proposed drill hole locations are available on the Garibaldi web site (www.GaribaldiResources.com).
La Patilla is located in the municipality of El Rosario in Sinaloa State, Mexico, and was acquired by Garibaldi as a potential near-term exploitation project. Several gold-bearing quartz veins and/or breccia bodies at La Patilla have drawn interest from artisanal miners for many years. The property features easy access, relatively flat terrain at low elevations, and is surrounded by excellent infrastructure in an established mining district. Garibaldi has also negotiated a long-term agreement with the local community to allow for any potential future metal extraction on the property by the Company.
Importantly, the recent extensive geological mapping, channel and rock sampling completed by Garibaldi at La Patilla has independently validated data compiled since 2010 through surface exploration by ProDeMin, the private Mexican company Garibaldi acquired the property from earlier this year. Garibaldi’s work has also identified additional targets throughout the 100-hectare property that warrant further investigation.
The tables below include selected channel sample results (length weighted averages) obtained by both Garibaldi and ProDeMin at La Patilla.
Garibaldi Resources Corp. Channel Sampling | ||||||
|---|---|---|---|---|---|---|
Murcielago Breccia | La Patilla Vein System | |||||
Sample | Width (m) | Au (g/t) | Sample | Width (m) | Au (g/t) | |
26463-65 | 6.4 | 7.5 | 125905 | 1.1 | 3.6 | |
26466-69 | 7.9 | 5.8 | 125907 | 1.1 | 5.0 | |
26470-71 | 3.3 | 6.2 | 125920 | 0.9 | 3.6 | |
26472-74 | 4.3 | 4.4 | 31193 | 1.3 | 13.5 | |
26459-61 | 4.7 | 9.4 | 31197 | 0.8 | 8.7 | |
Includes 26459 | 1.3 | 28.4 | 26598-60 | 4.9 | 2.2 | |
125956-62 | 11.3 | 3.4 | includes 26598 | 1.6 | 3.3 | |
Includes 56-60 | 8.1 | 4.0 | ||||
ProDeMin Channel Sampling | ||||||
|---|---|---|---|---|---|---|
Murcielago Breccia | La Patilla Vein System | |||||
Sample | Width (m) | Au (g/t) | Sample | Width (m) | Au (g/t) | |
9260 | 3 | 6.0 | 9272-3 | 3.3 | 4.7 | |
9262 | 2 | 3.1 | Includes 9272 | 1.7 | 8.1 | |
9263 | 1.9 | 5.3 | 9243 & 9266 | 5.3 | 8.6 | |
9264 | 0.8 | 2.4 | 9246-48 | 5.8 | 4.7 | |
9265 | 0.8 | 7.9 | Includes 9246 | 2 | 7.4 | |
9249 | 0.5 | 38.0 | ||||
While Garibaldi is very encouraged by the known mineralized structures and the data collected at La Patilla to date, there has been insufficient exploration at the property to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a resource.
Tonichi Project Update
Garibaldi is pleased to report that all drill core from MAR-13-03, one of the longest holes (253 meters) completed at the Locust target, has been logged, split and submitted for assaying. MAR-13-03 was drilled with the Company’s own rig to follow up on the discovery of a supergene zone in MAR-13-02 including a 104.6-meter interval grading 0.24 g/t Au and 0.16% Cu as reported by the Company November 7, 2013. To date, 16 diamond drill holes at Locust have outlined a broad envelope of near-surface mineralization that measures at least 5 km along trend and 1-2 km across. The Company is looking forward to results from MAR-13-03 which will guide the next phase of drilling at this important target, the most advanced of several Garibaldi has identified at the large Tonichi Project.
Live Webinar and Corporate Video
Garibaldi will be conducting a live investor Webinar Monday, December 16, beginning at 1:15 p.m. Pacific (4:15 pm Eastern) through MarketSmart Communications Inc., official investor relations for Garibaldi. Log-in instructions for this presentation can be found on the Garibaldi homepage (www.GaribaldiResources.com).
Garibaldi is also pleased to announce the release of a short corporate presentation (video). You can view the video by going to the following web site URL:
http://www.garibaldiresources.com/s/Media.asp#video
Quality Assurance
Garibaldi samples ranged from about 1.5 kg to more than 4.5 kg and were prepared and analyzed by Acme labs by 2 assay ton fire assay with an AA finish at their facilities in Mexico and Nevada. Samples of ProDeMin were analyzed by Geoquimica de Mexico of Chihuahua by fire assay methods.
Qualified Person
Dr. Craig Gibson, Certified Professional Geologist and Director, is the 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 Desarrollo Minero del Norte (ProDeMin). Dr. Gibson has reviewed and approved the contents of this news release.
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 of Mexico and British Columbia.
We seek safe harbour.
GARIBALDI RESOURCES CORP.
per: “Steve Regoci”
Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this reléase.
