VANCOUVER, Jan. 30, 2017 /CNW/ - Garibaldi Resources (TSX: GGI) (the "Company" or "Garibaldi") is pleased to report that as 3D modeling of the company's 100%-owned E&L historic near-surface deposit and associated "Q" magnetic anomaly in the Eskay Camp nears completion, new data are showing geological structures and mineralizing processes suggestive of a large-scale nickel-copper-platinum group element system with robust grade potential that formed through a dynamic mafic-ultramafic magmatic event.
Highlights of new information:
- Significantly, Hazelton Group black shales are interpreted to be a critical source of sulphur that has saturated the magmas at the brecciated and gabbro-hosted E&L Intrusion, contributing to high nickel-copper tenors in a pyrrhotite-chalcopyrite-pentlandite mineral assemblage (4.8% to 8% Ni and 2.1% to 10.9% Cu in 100% sulphide as previously disclosed in Garibaldi's November 10, 2016, news release).
- Geological Survey of Canada regional geophysical data has revealed that the E&L deposit rests on the western flank of a massive gravity high approximately 35 km long and 15 km wide. This "Bouguer" anomaly is adjacent to another gravity high, a linear feature extending 65 km north-south immediately east of the E&L Project boundary. These gravity highs truncate the regional fabric. Together, they are interpreted to signify the presence of deep penetrating crustal structures and provide evidence for a very large mafic-ultramafic intrusive event at the 63 sq. km E&L Project.
E&L - Unique Discovery In Prolific Eskay Camp
The under-explored E&L features the first nickel-copper rich massive sulphide zones discovered in the Eskay Gold-Silver-Copper Camp, 11 miles southwest of Eskay Creek and 20 miles west of Pretium's high-grade Brucejack gold mine that's expected to commence production later this year. The sulphide zones drilled into in the 1960's at the E&L have not been delimited in any direction.
Advances in district knowledge, geophysics and data processing since the 1960's, combined with major infrastructure improvements in the Eskay Camp and a better understanding of nickel-copper discoveries such as Voisey's Bay, have sparked a major reinterpretation of the E&L which has laid the foundation for a planned aggressive 2017 exploration and drilling campaign at the property.
E&L 3D Geologic Model Due Shortly
Steve Regoci, Garibaldi President and CEO, commented: "The sulphur source and the overall gravity signature take on added significance given E&L information confirmed earlier including the historical drill holes and mineralized zones, the mineral assemblage, high Ni-Cu tenors, platinum-palladium values, the Q magnetic anomaly and the district setting.
"We look forward to completing and presenting the E&L 3D model very shortly," Regoci continued. "The model will drive our upcoming exploration and drilling program. Modern heliborne electromagnetic systems can now detect conductive sulphide bodies up to 350 meters in depth, providing far superior drill target selection."
E&L Project Google Earth View
Google Earth view of the E&L Project, featuring the E&L nickel-copper rich deposit and the Brass Hill high-grade zinc-copper-gold-silver showing approximately 3 km to the northeast:
E&L & PSP "Red Line" Map
Between its E&L and Palm Springs (PSP), Garibaldi controls approximately 160 sq. km of highly prospective terrain immediately north and west-southwest of the past producing Eskay Creek mine. The Kyba-Nelson "Red Line", an important stratigraphic contact, traverses through both the E&L and the PSP.
Qualified Person
Mr. Everett Makela, P.Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical disclosure in this news release.
