04:27 PM EST, 12/07/2018 (MT Newswires) -- Garibaldi Resources Corp. (GGI.V) lost $0.29 Friday, shedding 21.2% to $1.08 apiece, near 52-week low $0.98, after it completed the first full season of drilling at its 100%-owned Nickel Mountain Project.

The project is in the heart of the Eskay Camp, the Golden Triangle's first nickel-copper-cobalt-platinum-palladium-gold-silver magmatic massive sulphide system.

The 2018 program produced 11,573 meters of drill core, more than three times last year's meterage. To date, drilling and extensive surface work at the Nickel Mountain deposit has identified three relatively shallow zones (Discovery, Central, Northwest) including a newly identified sulphide body 30 meters above the Discovery Zone at a depth of just 80 meters. Each of the zones remains open in all directions and features top tier massive sulphide grades of an unusually pure composition according to Dr. Peter Lightfoot, Garibaldi Technical Adviser. Meanwhile, a combination of field work and step-out drilling over the summer and fall have confirmed that the Nickel Mountain Gabbroic Complex strikes northeast for at least 3 km and extends across strike for at least 1 km.

Garibaldi has reported assay results for 10 drill holes from this year's program, and complete results are pending for an additional 22 holes.