- Published: 25 April 2014
- Written by Investor Ideas
TSX Gold and Mining Stock News Alert: GARIBALDI (TSX.V: GGI) INTERCEPTS 10.4 G/T AU OVER 8.5 METERS NEARSURFACE IN FIRST-EVER DIAMOND DRILLING AT LA PATILLA
Vancouver, British Columbia - April 25, 2014 (Investorideas.com Mining stocks newswire) Garibaldi Resources Corp. (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to provide a progress update on its exploration activities in Mexico. Of particular note, first-ever diamond drilling at the La Patilla Gold Property in Sinaloa State has returned highly encouraging gold values near-surface including an interval grading 10.4 g/t Au over 8.5 meters in LP-14. First pass metallurgical testing is now under way in advance of a planned follow-up Phase 2 drill program as Garibaldi systematically moves this project forward.
La Patilla Highlights:
- LP-14 intersected 10.4 g/t Au over 8.5 meters within a wider 30-meter interval grading 3.1 g/t Au;
- Five of six holes drilled to test the La Patilla vein system intersected broad zones of mineralization along 75 meters of strike length to depths of approximately 50 meters;
- Mineralization remains open in all directions, including at depth, and consists of gold bearing quartz veins and breccia bodies in an epithermal, low-sulphidation system.
Regional Highlights:
Steve Regoci, President and CEO of Garibaldi, commented: "This initial shallow drilling at La Patilla, where artisanal miners have been operating for decades, is an exceptional start for us. Our next step, which we have already commenced, is a preliminary test program for recovery using cyanide to determine the amenability of the mineralization to possible heap leaching. We look forward to the next round of drilling at La Patilla which will test a potential source at depth for the near-surface mineralization we've confirmed in the vein system. Secondary structures/zones will be investigated further as well. Regionally, through the same cost-effective approach that gave us success with the Temoris option, we're now at an exciting new stage of exploration not only at La Patilla but with developments in Sonora at Tonichi and initial drilling at both Rodadero and Iris." Shallow Drilling Highlights - La Patilla Vein System Reported widths are believed to closely approximate true width. 
All intervals were calculated using a 0.2 g/t gold cutoff. Up to 8.5 meters of contiguous samples below cutoff have been included in the larger intercepts in LP-14 and LP-03. The presence of mineralization in the wallrocks of the La Patilla vein system could be favorable for a bulk mining open-pit scenario with a relatively low strip ratio. Results from two shallow exploratory holes adjacent to the La Patilla vein system suggest these areas warrant follow-up work. Hole LP-13 (the Jose vein) returned 5.8 g/t Au over 2.5 meters and 2.1 g/t Au over 1.5 meters from different near-surface depths. Meanwhile, hole LP-04 (collared 75 meters east of LP-14) - cut two zones in a stockwork system, 0.4 g/t Au over 10.5 meters and 0.5 g/t over 10.7 meters. Results from the second main target, the Murcielago breccia located to the northeast of the La Patilla vein system, were partly inconclusive due to poor recoveries and the fact that the most important holes to test under the high-grade mineralization in the underground workings were not completed to the target depths because of difficult drilling conditions (the most significant intersection from seven holes was 18.6 meters grading 0.60 g/t Au in LP-01). The prospective Murcielago area will be followed up through reverse circulation drilling. An updated map for the La Patilla Gold Property, including locations for all 15 holes totaling 1,245 meters, can be found on the Company's web site at www.GaribaldiResources.com. Rodadero & Iris Projects Garibaldi is using its company-owned drill rig for a test hole, currently in progress, at the Rodadero Property in Sonora State. Aided by its hyperspectral remote sensing technology, Garibaldi is now focusing on a 6,500-hectare area at Rodadero with high-grade silver targets and the potential for an epithermal gold system. This property has never previously been drilled. Meanwhile, Garibaldi is preparing to drill a series of first-ever holes at the Iris Project strategically located in the heart of a robust mining and exploration camp in Chihuahua State. Agnico Eagle Mines Ltd. and Carlos Slim's Minera Frisco have operating mines immediately adjacent to Iris. Tonichi Project - Locust Target Garibaldi continues to advance its Locust Cu-Au porphyry target that forms part of its Tonichi Project in Sonora State. Based on local zonation patterns in the context of classic porphyry models grading outward from a core, attention is now focused on an area just over half a kilometer north of the three most recently completed holes, MAR-13-03, MAR-13-02 and MAR13-01. To date, Garibaldi has completed 3,000 meters of diamond drilling in 17 widely-spaced holes at Locust. A series of breccia bodies have been outlined along an east-west trending shear zone coincident with a broad envelope of gold and copper mineralization mapped over a 5 km trend and 1-2 km across. MAR-13-03 was designed to test the geological continuity of the hypogene zone intersected in MAR-13-02. MAR-13-03 reached 254 meters, intercepting strong potassic, sericitic and propylitic alteration with narrow zones of anomalous copper and gold mineralization. The wide intercepts of anomalous to low grade copper-gold mineralization and porphyry style alteration/mineralization in holes MAR-13-03 & MAR-13-02 are located 800 meters west of MAR-13-01 and over 2 km west of the original Locust target, providing a significant step-out to the area tested. 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. ALS Chemex and Acme Labs (now part of the Bureau Veritis group that includes BSI Inspectorate) performed assay analyses reported in this release. All samples were assayed using the respective laboratories' certified and industry standard assay techniques for gold and multi-element packages and for over-limits. Au was analyzed by 30 or 50 gram fire assay with an atomic absorption finish, and other elements were analyzed by multi-element ICP. 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 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 harbor. GARIBALDI RESOURCES CORP.
Per: "Steve Regoci" Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release. Read more info: GGI April 2014-Fact Sheet The following is a paid for news release standard submission ($75) |
