Garibaldi extends mineralized zone at Nickel Mountain

Garibaldi Resources Corp. [GGI-TSXV; GGIFF-OTC; RQM-FSE] on Friday September 11 released a drilling update at its 100%-owned E&L Project on Nickel Mountain near Eskay Creek in the Golden Triangle region of northwestern British Columbia.

The E&L Project is the first magmatic nickel-copper-rich massive sulphide system to be discovered in the Golden Triangle which is known for its endowment of gold and silver.

Interest in Nickel Mountain was triggered in summer 2017 when hole EL-17-14 intersected 8.3% nickel, 4.2% copper, 0.19% cobalt, 1.96 g/t platinum, 4.5 g/t palladium, 1.1 g/t gold, and 11.1 g/t silver over 16.75 metres starting just 100.4 metres downhole, within a broader 40.4-metre core length highlighted by 3.9% nickel and 2.4% copper.

In February 2019, Garibaldi confirmed an even shallower new zone (Northeast Zone) with hole EL-18-33 that returned 7.7% nickel and 2.95% copper over 4.8 metres within a broader interval of 49 metres grading 1.34% nickel and 0.89% copper (core length) plus cobalt, platinum, palladium, gold and silver.

Last year, the company said drilling would focus on building out the five currently known mineralized zones at the E&L deposit (Discovery zone (Upper and Lower), Northeast Zone, Central Zone, and Northwest) outlined via 46 drill holes in 2017 and 2018.

Garibaldi said the first 2020 drill holes will test a large conductor on the eastern side of the Lower Discovery Zone. Exploration would also focus along a prospective 2-km-long east-southeast trending corridor interpreted to be a significant magmatic pathway for the E&L Intrusion.

The 2020 program aims to expand the scale of the E&L high-grade deposit along a trend defined by 2019 drilling.

The Friday press release stated drilling succeeded in identifying a mineralized extension of the E&L intrusion along a predicted plunging trend towards the east. Strike length of the mineralized E&L system has been extended from 200 metres to over 650 metres to the east where the intrusion remains open.

Highlights include hole EL-20-89 which produced the widest mineralized intercept so far from 71.34 metres to 223 metres, returning nickel-copper mineralization over 151.6 metres grading 0.56% nickel and 0.61% copper. This intercept included 80.53 metres of 0.88% nickel and 0.85% copper.

With the new geochemical and geophysical targets located at depth, the immediate goal is to follow the steeply-plunging E&L gabbro to the east.

Garibaldi shares eased 6.2% or $0.04 to 60 cents in early trading Friday on volume of 167,981. The shares are currently trading in a 52-week range of $2.03 and 37 cents.