Garibaldi Expands Drill Plans Proposed For Morelos and Temoris Projects Chihuahua State Mexico
Garibaldi Resources Corp.
(the "Company") ) is pleased to provide the following update on
exploration work at the Company´s Morelos and Temoris projects in
Chihuahua State, Mexico. As previously announced, the
Company controls eight district scale, gold silver exploration projects
throughout the northern part of the Sierra Madre.
Morelos
The
Company has the option to acquire 40,000 hectares of concessions
(recently increased from 36,000 hectares) located in a historic mining
district approximately 25 kilometers southeast of Goldcorp´s El Sauzal
Mine. The objective of ongoing fieldwork at Morelos has
been to identify areas of silicification within the extensive zones of
hydrothermal alteration identified throughout these concessions by
satellite imaging.
As
announced December 5, 2007, Garibaldi’s field program has been focused
on the El Indio and El Socorro targets in the eastern part of the
concession area. The Company has now received results of
an initial drill program completed at El Indio and results of surface
sampling at El Socorro.
At
El Indio, assay results from the first six holes indicate a zone of
highly altered andesite with strongly anomalous values ranging from
0.05 to 1.10 g/t gold over intervals of up to 20 meters. This early
result is considered encouraging and demonstrates the strength of the
epithermal system present in the El Indio area. Utilizing
the company owned NQ diamond drill has allowed for a flexible approach
in planning the location of the next series of drill holes at El Indio.
Geological
mapping and geochemical surveys continue to define extensions of El
Indio and several parallel mineralized structures and additional drill
testing is planned at El Indio.
At
El Socorro, historic underground workings reportedly host a non 43-101
compliant inferred resource of 100,000 tons grading 3.19 g/t gold and
61 g/t silver. (These 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.)
Initial
surface sampling above the workings supports the historic work and
returned an average grade of 5.7 g/t gold and 44 g/t silver over a
continuous sample width of 8 meters.
Ongoing
fieldwork has now identified potential extensions of the El Socorro
zone 500 meters to the southeast of the underground workings which
returned significant values ranging from 4.7 to 9.9 g/t gold and 70 to
553 g/t silver over continuous sample intervals ranging from 0.5 to 2.0
meters.
Based on the results at El Socorro management has expanded the planned drill program for Morelos. Results will be announced 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.
Temoris
At
Temoris, the Company has the option to acquire 54,000 hectares of
concessions which virtually surround Coeur d'Alene Mines Palmarejo
Project. Exploration work carried out by Palmarejo Silver
and Gold Mining between 2003 and 2007 defined a resource of more than
3,000,000 gold equivalent ounces in several epithermal vein systems
(Palmarejo, Gudalupe etc.) and Coeur acquired the project in December
2007 by way of a share exchange valued at $1.1 billion dollars.
The
Company´s exploration strategy at Temoris is to search for new
epithermal vein systems along extensions of the fault structures that
host Palmarejo and Guadalupe to the east and southeast of Coeur's
concessions. After Coeur finalized the acquisition of
Palmarejo in late 2007, Garibaldi was able to contract key exploration
personnel from Bolnisi (the parent of Palmarejo) and preliminary
exploration work has successfully identified multiple new target areas.
These
targets, referred to as El Trigo, los Llanos, El Ojito and La Verde,
exhibit multiple episodes of silicification, brecciation, alteration
and precious metal values typical of the upper levels of epithermal
vein systems.
Based
on results of initial work at Temoris, management plans to complete
extensive drill testing this fall to assess the down dip extent of
these zones.
Exploration Personnel
Garibaldi
is also pleased to announce that Francisco Manuel Carranza Heredia has
joined Garibaldi's exploration team. Francisco Carranza graduated from
the Universidad de Sonora Department de Geologia in 1985 and has worked
as a senior geologist for Battle Mountain, American Barrick Resources
Corp. and from 2005 to the present served as geological supervisor and
project manager for Bolnisi overseeing the drill program management at
Palmarejo.
GARIBALDI RESOURCES CORP.
per: "Steve Regoci"
Steve Regoci, President
