Garibaldi's First Drill Hole at Morelos Confirms Gold and Silver Mineralization Associated with Satellite Targets
Garibaldi Resources Corp. (the "Company") announces that
its drilling program on several targets in the eastern part of the
Company's Morelos claim block located in Chihuahua State, Mexico, is
underway. Regional geological maps show that this area is within the
core of the Sierra Madre Gold Belt and is underlain by the same rock
units that host many of the well known gold discoveries in the area
such as the Mulatos, Dolores, El Sauzal and Palmarejo. The target areas that have been scheduled for drill testing include the El Indio Zone and the Socorro Zone.
The
El Indio target was initially identified by satellite imaging. The
target showed as a broad, west northwest trending clay alteration
anomaly extending for over one kilometer along a road accessible
southwest facing slope just east of the Rio Fuerte. Follow up
geological field work showed that the upslope boundary of the anomaly
was co-incident with a mineralized, two to five meter wide, west
northwest trending, silicified and altered shear zone that extends for
over 1.2 kilometers along strike. A small (100 hectares) third party
inlier claim intrudes along a 500 metre portion of the El Indio strike,
but drilling has confirmed that the mineralized zone dips to the
southwest and only a small portion of the downdip crosses the inlier
claim near its southern margin and will not materially affect the
scheduled drill program.
The
majority of the anomaly itself is coincident with an extensive gossan
zone that extends for roughly 400 meters downslope of the main shear
zone. The gossan is believed to have been produced from
the oxidation of extensive pyrite mineralization within the hanging
wall portion of the El Indio zone. The main part of the
shear zone is highly oxidized at surface but returned chip sample
assays ranging from less than 1 to 18.8 g/t gold and silver values of
up to 522 g/t. In hole 07-01 it is significant to note that the hanging
wall portion of the El Indio structure returned anomalous gold and
silver values. These results clearly demonstrate that the
satellite imaging technology employed by Garibaldi is an effective tool
in identifying the altered and mineralized zones that can host
potential epithermal gold /silver deposits. In addition
to the El Indio and Socorro targets, field crews are currently
evaluating multiple additional satellite targets in the eastern part of
the Morelos project.
Results
from the initial hole (07-01) are encouraging. Multiple sample
intervals within the hanging wall alteration zone and from within the
silicified shear zone contained anomalous gold, silver and base metal
values including one interval (from 42.1 to 42.5 meters) that assayed
4.13 g/t gold and 73.9 g/t silver, 0.58% copper, 5.65% lead and 8.56%
zinc. The main part of the silicified shear zone returned a 2.87 meter
interval (from 42.10 to 44.97 meters) that averaged 0.87 g/t gold, 14.5
g/t silver , 0.1% copper, 0.8% lead., and 1.25% zinc. A second zone
within the hanging wall alteration zone averaged 0.08 g/t gold 9.2 g/t
silver, .01% copper, 0.05% lead and 0.15% zinc across 6.1 meters. The
reported intercepts are believed to represent at least 90% of actual
true widths. Drill holes 07-02 and 07-03 have been submitted for assay
and holes 07-04 and 07-05 encountered drilling problems and were
stopped short of the targeted mineralized zones.
Drill
testing at El Indio is scheduled to include 2,000 meters of drilling in
ten 100 meter spaced holes designed to systematically test the main
shear zone for higher grade mineralized zones. The first drill hole
(07-01) was collared at the western end of the structure approximately
40 meters south west of where the zone is exposed at surface and was
drilled at an inclination of -45 degrees to confirm that the
mineralized zone dips at 60 degrees to the southwest. The
entire drill hole was systematically assayed to evaluate both the
"hanging wall" gossan zone defined by satellite imaging and the
silicified shear zone exposed at surface.
The
second target, referred to as Socorro, consists of several caved adits
located by prospecting roughly 3 kilometers to the south of El
Indio. Although the strike extent of the Socorro zone has not yet been
determined, it is interesting to note that technical data published by
the Consejo de Recursos Minerales (CRM) in 1987 suggests potential for
approximately 100,000 tons of material averaging 3.19 g/t gold and 61.6
g/t silver in the immediate vicinity of the workings. (The CRM estimates
of resources are historical in nature, predate and are noncompliant
with NI 43-101. Garibaldi is not treating the historical estimates as
current mineral resources or reserve. Garibaldi has not undertaken any
independent investigation of the resource estimates nor has it
independently analyzed the results of the previous exploration work in
order to verify the resources, and therefore the historical estimates
should not be relied upon.)
Based
on surface sampling and preliminary drilling results the El Indio and
Socorro targets are interpreted to be low sulphidation type epithermal
systems. These types of epithermal systems are
found throughout the Sierra Madre and can host significant grade
mineralized zones (typically as high grade ore shoots or lenses which
generally have a limited horizontal extent) that occur at intervals
along regionally extensive silicified and clay altered shear zones.
Management expects that the drill program at El Indio will be completed before the Christmas break. Regional
scale geological field work is continuing and drill testing at Soccoro
is tentatively scheduled for January and February of 2008. Results of surface sampling and drill testing will be released in batches as they become available.
Carl
von Einsiedel, P.Geo. is the Qualified Person who has reviewed the
technical information contained in this release on behalf of Garibaldi.
Drill core was NQ size and half core samples were collected with a rock
saw and tagged for identification. Chip and channel samples were
collected from bedrock outcrops over a continuous representative
interval using a moil and hammer. All samples were securely stored at
the Garibaldi base camp until shipment. All samples were
shipped to the ALS Chemex preparation laboratory in Hermosillo, Mexico,
where they were fine-crushed (70% passing a 2mm screen), pulverized
(85% passing a 75 micron screen) and pulp-split separated for assay by
a riffle splitter. These pulps were shipped to the ALS Chemex
laboratory in North Vancouver, Canada, where a 30-gram split of each
was assayed for gold by standard fire assay and a 10-gram split was
analyzed for an additional 41 elements including silver by ICP
spectrometry.
GARIBALDI RESOURCES CORP.
per: "Steve Regoci"
Steve Regoci, President
