11:17 AM EDT, 10/13/2017 (MT Newswires) -- Garibaldi Resources (GGI.V) -- a Canadian-based junior exploration company -- surged up more than 42.0% to 52-week highs of $3.82 apiece, adding more than $1.00 to its price on Friday. The steep rise came after the company said that an ongoing drill program using two rigs continues to expand northwest British Columbia's first nickel-copper rich sulphide system at its wholly owned Nickel Mountain Project near Eskay Creek.

GGI said two drill rigs have completed 12 holes to date, totaling just more than 3,000 meters at Nickel Mountain.

Steve Regoci, President and CEO of Garibaldi, in a statement said: "Both the scale and the grade potential of Nickel Mountain fit the profile of the rich Eskay district. Shallow drilling half a century ago that discovered the northwest zone literally just scratched the surface of Nickel Mountain." Â