Vancouver, BC, Sept. 3, 2021 /CNW/ - Garibaldi Resources (TSXV:
GGI) (the "Company" or "Garibaldi") is pleased to announce that the
2021 exploration program will resume drilling at the E&L
nickel-copper-cobalt massive sulphide project at Nickel Mountain in
Northwest British Columbia. This
coincides with the completion of two separate airborne geophysical
surveys at the Company's180 sq.km Eskay Claim
Group.
Preliminary ZTEM Results
Garibaldi's preliminary ZTEM survey data has identified a number
of electro-magnetic (EM) anomalies. The survey detected the
response of several conductors that will be ranked for field work
and drill testing, early results are described as follows:
- Preliminary 2D Geotech ZTEM survey data over the Nickel
Mountain Gabbroic Complex (NMGC) has detected several responses
that support results from earlier VTEM surveys. Five conductors
occur along and within the northeast trending gabbroic complex
starting from E&L in the southwest to Mount Shirley in the
northeast, and add to the potential for new discovery.
- These five separate ZTEM anomalies have never been previously
drill tested as VTEM targets due to the higher priority of drilling
the E&L mineralized zones. After producing a ZTEM response,
these early results provide support for these anomalies as reliable
conductors and priority drill targets.
- While final ZTEM 3D interpretation is required for full
confirmation, the fact these preliminary 2D ZTEM results coincide
specifically with the five earlier VTEM conductors, is considered
to be significant. Particularly interesting is the ZTEM responses
extending downward below the VTEM anomalies in four of the five
conductors.
- The ZTEM survey also tested beneath the Bowser-Hazelton geologic contact sequence over
Garibaldi's claims. Garibaldi's Eskay
North claim block borders the original Eskay Creek mine
situated along strike within 3 kms of the historic 21zones.These
zones had some of the highest precious metal grades in
history.
Financing Facility
Garibaldi Resources Corp.is pleased to announce that it has
entered into a definitive agreement with Alumina Partners
(Ontario) Ltd. to provide up to
$12 million CDN over 3 years by way
of a draw down equity financing facility. Alumina Partners is an
affiliate of New York based
private equity firm Alumina Partners, LLC.
The investment agreement is structured for relatively rapid
access to equity private placement tranches of up to $500,000 CDN each. Each tranche will be a private
placement of units comprised of one Garibaldi common share and
one-half a common share purchase warrant good for 3 years.
Steve Regoci Garibaldi's CEO
stated "The investment agreement with Alumina Partners will allow
for more flexibility to expand exploration budgets and provide
insurance to accelerate development plans. As the new economy ramps
up and demand for depleting critical metals grows, our shareholders
will be well positioned to benefit."
"We're pleased to support Garibaldi as they ramp up exploration
programs at Eskay Creek and the Atlin Gold Fields," added
Adi Nahmani, Alumina's Managing
Member. "The combination of gold and strategic battery metals
opportunities in Garibaldi's portfolio is very attractive to us. We
believe that the dual drivers of near-term inflation and rising
demand for energy storage solutions will set the stage for a
favorable price environment for Garibaldi's future development, and
we look forward to seeing management execute in the remainder of
this year and the year to come."
Garibaldi may elect to access funding as and when required at
its sole discretion, there are no standby charges or other upfront
fees associated with the investment agreement. The units will be
issued at a discount of 15% to 25% from the closing market price at
the time each tranche is drawn down and the warrants will be issued
at a 25% premium over the same closing market price. The expiry
date of the warrants may be accelerated if they should trade equal
to or greater than twice the exercise price for 20 consecutive days
once eligible to be exercised. Each unit issued under the
investment agreement will be subject to acceptance of the TSX
Venture Exchange and the securities issued will be subject to a
four month hold period from the date of issuance.
Steve Regoci, Garibaldi's CEO,
stated: "There's a great deal of anticipation as to these
preliminary ZTEM results which identifies a very intriguing group
of anomalies lined up over a significant distance along the
northeast axis from E&L. Their features are extremely
interesting and we're eager to drill these targets.
The Eskay Claim group contains enormous potential beyond our
recent discoveries. Plans remain to continue to drill test the
mineralized E&L extensional chambers and prepare Casper and
Palm springs for drilling. Final 3D processed ZTEM data will help
prioritize the next drill targets"
Geophysical Surveys Overview
The first stage of 2021 exploration relied on Geotech's
proprietary ZTEM survey to identify similar EM responses as the
mineralized E&L gabbro, throughout the Nickel Mountain Gabbro
Complex (NMGC). As well, the ZTEM survey will aid in detecting
additional mineralized chambers below the known mineralized
gabbroic intrusive of the E&L system helping to guide targeted
deeper drilling. Furthermore, the survey aided in detecting
EM sources for numerous Nickel, Copper, Zinc and Gold samples along
the flanks of the NMGC and throughout the property (see slide 21 of
Garibaldi Corporate Presentation) visit
www.GaribaldiResources.com to view Ztem survey map.
Qualified Person
Jeremy Hanson, P.Geo., VP
Exploration Canada for the Company and a qualified person as
defined by NI- 43-101, has supervised the preparation of and
reviewed and approved of the disclosure of information in 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 in British
Columbia and Mexico.
We seek safe harbor.
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
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SOURCE Garibaldi Resources Corp.