Garibaldi Extends District Scale Acquisition Strategy Into Durango State And Expands Hyperspectral Survey
Garibaldi Resources Corp. (the “Company”) is pleased to announce the acquisition of another district scale, Sierra Madre exploration project to add to its portfolio of Mexican projects. Garibaldi now controls seven regional scale projects totaling over 4,000 square kilometers.
The new Sianori concession was acquired by staking and consists of a 65,513 hectare concession application situated in north western Durango State. The project adjoins Great Panther Resources Topia Project and is located approximately 30 kilometers northwest of Chesapeake Gold’s Metates Project and Penoles La Cienega Mine. Metates is a very large, low grade gold/silver deposit previously drilled by Cambior Inc. In 1996, Independent Mining Corp. of Tucson Arizona estimated tonnage and grade at 492 million tonnes at 0.74 g/t gold and 18.2 g/t silver, however, this estimate predates NI 43-101 and cannot be relied upon. A concession map showing the location of the Sianori concession is attached to this release.
Like many of the other major projects in the Sierra Madre the concession covers an extensive erosional window in the Upper Level volcanic rocks and hosts numerous, historic, epithermal vein style, gold, silver and base metal occurrences. More importantly, however, is the fact that recent government mapping (2000) indicates there are several large zones of hydrothermal alteration within the concession area, some of which were sampled by the Consejo Recursos Minerales “CRM” (Mexican Geological Survey) and reportedly contain anomalous gold and silver values.
Management believes these large alteration zones have seen little if any prior exploration work and that they represent excellent potential for both lower grade, bulk tonnage and vein style, high grade epithermal targets. According to Chesapeake Gold, Metates is the largest undeveloped low grade gold deposit in Mexico. On the southern boundary of the concession application Aurelio Resources have identified extensive hydrothermal alteration zones containing elevated gold values on their 1,000 hectare Gavilanes project and are planning a drill program to test the bulk tonnage potential of this zone in 2007.
The Sianori concession will form part of the upcoming fixed wing hyperspectral survey described in the Company’s news release dated March 22, 2007.
GARIBALDI RESOURCES CORP.
per: “Steve Regoci”
Steve Regoci, President
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