TSXV: GGI
Frankfurt: RQM
VANCOUVER, Dec. 16 /CNW/ - Garibaldi Resources Corp. (TSX.V: GGI) (the "Company") is pleased to report on exploration progress at its Mexico concessions at Morelos (28,000 hectares) in Chihuahua State and Tonichi (47,000 hectares) in Sonora State. Garibaldi controls 7 district scale projects covering more than 2,200 sq. km. of Mexico's Sierra Madres mineral belt. The Company is focused on a methodical low cost exploration strategy to systematically evaluate targets generated by utilizing the most sophisticated remote sensing technologies available.
At Morelos, a target focused exploration program was carried out on five prospective areas based on recommendations from the Company's advisory board (Alain Charest and Dr. Peter Megaw) as reported in the Company's March 2, 2010 news release. The Socorro quartz vein system in south east Morelos contains significant gold values and is known to extend for more than 2 km along strike. The Company has applied for permitting to test drill up to 1000 meters in 4-6 holes at Socorro and is mobilizing the Company's NQ diamond drill to Morelos.
Gold mineralization at the Socorro prospect is mainly associated with mesothermal-type quartz veins that are hosted in W-NW trending faults and fractures. Rock chip samples have assayed up to 8.5 g/t Au over 1.4 m; 6.2 g/t Au over 2 m and 3.4 g/t Au over 3 m across the Socorro structure which varies in width from .5 m to 10 m and is open at both ends. Other target areas to be followed up with additional mapping and sampling at Morelos are the Puerto Colorado-San Miguel structure which extends for more than 3 km along strike, the Guicipa and Flamenca prospects east and west of Socorro and the SW Morelos prospect a 5km by 5km zone of intense argillic and iron-oxide alteration.
Now that the rainy season has ended, exploration at the Tonichi concession is focused on advancing the Locust "gold in soil anomaly" to drilling stage and evaluating an area of alteration referred to as Target 10. The extensive alteration zone identified at the Locust target has been trenched in several areas and produced inconclusive results at this early stage. Independent consultants with extensive porphyry experience in Sonora will supervise Garibaldi personnel as they perform soil profile studies and additional trenching to the north and east of Locust. This will coincide with a detailed mapping program over an extended area around Locust as large as 3 km by 3 km ahead of any decision on drilling.
As reported in Garibaldi's August 20, 2009 news release. The Company granted permission to the Comision Federal Electricidad (CFE) an agency of the Federal Government of Mexico, at no cost to Garibaldi, to carry out a limited exploratory drilling program on the Company's Tonichi Concession in Sonora State designed to evaluate and test the potential for coal in an area located approximately 8 km north of Locust. The program is part of a regional survey to define the potential for coal resources sufficient to supply coal fired electric generation plants in Sonora State. Garibaldi owns the coal rights at Tonichi which has a history of extraction by locals on a small scale.
Three holes were drilled by CFE on Garibaldi's property in 2009 up to1km apart and CFE delivered a report to Garibaldi indicating that all three holes intersected multiple coal seams. Further to the most recent report, CFE has informed Garibaldi that it has drilled an additional four holes on Garibaldi's property totaling seven. Results to date are insufficient to draw any conclusions and investors are cautioned that the Company is not aware of any economic coal deposits compliant with NI 43-101 standard on its properties.
Garibaldi will have access to all geological data generated by this unsolicited program and will inform shareholders of any significant developments. The Company has retained Norwest Corporation of Salt Lake City, Utah, as consultants.
Carl von Einsiedel, P.Geo., is the Qualified Person who has reviewed the technical information contained in this release on behalf of Garibaldi.
About Garibaldi Resources
Garibaldi Resources Corp. is a Canadian junior mining company focused on the exploration for gold, silver and base metal deposits along the central and northern parts of the highly prolific Sierra Madre mining belt located in northwestern Mexico. The Company controls seven district scale properties covering more than 2,000 square kilometres of prospective stratigraphy surrounding and along strike from some of the most robust gold and silver mining projects ever discovered in Mexico including El Sauzal, Mulatos and Ocampo. As part of the Company's "Rapid Assessment Protocol", the Company is committed to utilizing the world's most sophisticated remote sensing technologies to effectively target major alteration systems commonly associated with significant gold, silver and base metal discoveries.
We seek safe harbour.
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.
