TSX-V: GGI
Frankfurt: RQM
VANCOUVER, March 14, 2013 /CNW/ - Garibaldi Resources Corp. (TSXV: GGI) (the "Company") is pleased to report assay results from its recently completed hole LCT-13-10 at the Locust drill target in Sonora State, Mexico. The hole intersected 23.89 metres of 1.45 g/t gold, including a 2 meter interval that assayed 9.27 g/t gold (see table below). To date 10 holes have been drilled at the project for a total of 1,898.7 meters.
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Table of selected results from hole LCT-13-10 at Locust. |
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Drill Hole |
From |
To |
Interval (m) |
Au g/t |
Cu % |
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LCT-13-10 |
22.50 |
46.39 |
23.89 |
1.45 |
- |
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includes |
28.40 |
30.40 |
2.00 |
9.27 |
- |
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Hole LCT-13-10 was collared on the Aurora concession that was optioned by the Company in 2012 (see news release dated September 27, 2012). Three holes, LCT-12-07, LCT-12-09 and LCT-13-10, have been completed on the Aurora concession for a total of 522 meters of the 1000 meters required in the first year of the option agreement. Sampling has identified areas with anomalous rock geochemistry for gold and copper on the surface, and all three drill holes cut significant intervals of gold and/or gold-copper mineralization at shallow depths.
Exploration activity at the project has been focused on mapping and sampling of the entire Locust target area including the concessions optioned in 2012. The work completed to date indicates the presence of a large mineralized system. A mineralized strike length of approximately 1.5 kilometres has been delineated at the surface by mapping and sampling, and about half of this large system has been drill tested at shallow depths with widely spaced holes. In general, most of the holes have intersected significant widths of Au and Au-Cu mineralization (see news release dated February 28, 2012).
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.
Steve Regoci, President and CEO of the company stated, "The results from hole LCT-13-10 continue to validate the gold-copper mineralized zone mapped at the Locust target and most importantly demonstrates the potential for higher grades at shallow depths. The next hole will test another quartz tourmaline breccia recently mapped."
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
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.
For further information:
GARIBALDI RESOURCES CORP.
1150 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone: (604) 488-8851 Website: www.garibaldiresources.com
