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Garibaldi drills 18 meters of massive sulphide within 86 meter interval at Nickel Mountain Discovery

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In 2017, the company’s E & L discovery at the 6,300 hectare Nickel Mountain project, 11 miles southwest of the Eskay Creek mine, was the first nickel-copper-rich massive sulphide system in the prolific Eskay mining camp.

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Company: Garibaldi Resources
Website: http://www.GaribaldiResources.com
Stock Symbol: TSXV: GGI
Date Published: Aug 9, 2019
Transcript: Available

Video Transcript:

I’m Erica James for Investmentpitch Media

Garibaldi Resources has provided an update on its drill program at its Nickel Mountain Project in northwestern British Columbia.

In 2017, the company’s E & L discovery at the 6,300 hectare Nickel Mountain project, 11 miles southwest of the Eskay Creek mine, was the first nickel-copper-rich massive sulphide system in the prolific Eskay mining camp

The first hole of the 2019 season, EL-19-47, intersected 6.1% nickel and 2.8% copper (plus cobalt, platinum, palladium, gold and silver) over 9.32 meters within a broader near-surface interval of 50.57 meters (estimated true width is 40.45 meters) containing 1.50% nickel and 0.94% copper.

The massive sulphide intercept in EL-19-47 is approximately 64 meters southeast of the EL-17-14 massive sulphide intercept, extending the Lower Discovery Zone to the southeast.

Assays are pending for drill hole EL-19-53, which cut the widest massive sulphide intersection to date - 18 meters featuring a characteristic Nickel Mountain "leopard print texture" within 86 meters (estimated true width is 68.8 meters) of nickel-copper-rich mineralization from 67 meters to 153 meters.

EL-19-53 thickens and extends the robust LDZ along a shallow western plunge on the south flank of the E&L Intrusion.

The "leopard print" massive sulphides in EL-19-53 feature large loop textured pyrrhotite-pentlandite-chalcopyrite with grains of pentlandite reaching up to 4.5 cm in diameter.

The hole has also provided important information that the main axis of the mineralized system may be controlled by SW-NE trending domains which guides future drilling and geologic models.

Jeremy Hanson, VP Exploration, stated: "2019 drilling is off to a highly successful start as we test for new mineralized structures. Our understanding of the structural controls on mineralization continues to improve, allowing for very productive targeting for infill and step out drilling. Lab efficiencies are speeding up delivery of assays compared to 2018 and 2017. Beginning with these SGS results from our first hole, we expect they will be able to sustain better turnaround times this month for completed holes, including EL-19-53. The E&L system remains open in multiple directions after 14 holes (3,400 meters) drilled to date this summer."

Dr. Peter Lightfoot, Garibaldi’s Technical Adviser, commented: "EL-19-47 extends the Lower Discovery Zone along the southern flank of the E&L Intrusion to the east of previous massive sulphide intervals. The mineralization continues to exhibit a very pure combination of pyrrhotite, pentlandite and chalcopyrite with a very high nickel tenor over the massive sulphide interval. The LDZ remains open along a shallow plunge to the east with more holes planned to establish continuity with previous intercepts to the south."

In addition to successful step outs beyond the five known mineralized zones, objectives of early 2019 drilling are to confirm the presence of an olivine gabbro chamber beneath the LDZ while also linking the Northwest Zone with the Crevasse Zone.

The company is confident in terms of achieving these objectives and eagerly awaits more assay results.

Steve Regoci, President and CEO, stated: "This season's drill program is our best start yet at Nickel Mountain at a time when nickel prices are hitting new multi-year highs. We are fully funded to complete our most extensive program ever at Nickel Mountain."

The company recently added approximately $2.6 million to its treasury following the exercise of warrants.

The shares are trading at $1.75.

For more information on this project and the company’s other projects in BC and Mexico, please visit the company’s website www.GaribaldiResources.com, contact Steve Regoci, President and CEO, at 604-488 8851 or email info@garibaldiresources.com.

I’m Erica James for Investmentpitch Media