Garibaldi sampling yields high-grade silver at its Iris Project, Ocampo District, Chihuahua, Mexico
TSX-V: GGI
Frankfurt: RQM
VANCOUVER, Oct. 25, 2011 /PRNewswire/ - Garibaldi Resources Corp.
(the 'Company') is pleased to announce results of exploration on its 100% owned Iris Project. The ongoing exploration program was designed to evaluate the potential of the concession block, and has encountered mineralization with bonanza silver grades from several small historic mines and prospects. Rock chip sample assays of as much as 4.61 g/t gold and 2,150 g/t silver over 1.7 metres, and 6.29 g/t gold and 588 g/t silver over 1.2 metres are reported from the Paragatos workings and 4.01 g/t gold and 304 g/t silver over 2.0 metres from the Mina San Martin vein. The table below includes assay results for 36 of the samples with the most significant precious metal grades out of a total of 115 rock samples taken to date at the project.The exploration program at the Iris Project to date has consisted of first pass reconnaissance of the entire concession block, including stream sediment sampling. The rock chip sampling focussed on areas with visible alteration and mineralization and does not represent a systematic sampling program. During this reconnaissance, several areas with interesting mineralization were encountered. Four small historic mines returned significant precious metal assays, as well as local lead and zinc. Also, samples from an additional four areas yielded interesting precious metal values from surface exposures or small prospect pits, and in one case from a large area of widespread alteration. Subsequent work will focus on evaluating the potential of each of the mineralized areas found in the reconnaissance program.
Steve Regoci, President of the Company, stated, 'The exploration program at our Iris Project encountered mineralization that is similar to that being explored at the nearby Venus project of AuRico Gold.' (formerly Gammon Gold Inc.)
The geology of the area is similar to that in the region, where several recent discoveries and mines are located, including Ocampo, Pinos Altos, and Moris. A sequence of volcanic flows of intermediate composition hosts the mineralization, and is overlain by mostly unmineralized felsic volcanic rocks. At Mina Providencia, the felsic rocks overlay altered andesite with quartz veining and may cover significant areas of mineralization. In the south eastern portion of the concession block felsic dikes cut the intermediate rocks. In general, the presence of multiple areas with historic small scale mining of high grade silver-gold veins, as well as the presence of felsic dikes, which are related to mineralization in the nearby Moris district, are features that are favourable and suggest good potential to encounter mineralization of interest.
Selected rock chip sample assay results from the Iris Project:
Width Au Ag
Area/sample Description (m) (g/t) (g/t) Pb (%) Zn (%)
Mina
Paragatos
12215 Silicified zone NR 0.446 654 0.10 -
Quartz vein from
12217 working 1.2 6.29 588 0.22 -
12219 Quartz vein 1.6 0.02 96.9 - 0.11
Hangingwall of
12220 12219 0.6 1.325 1010 1.95 0.12
12221 Footwall of 12219 1.7 4.61 2150 0.91 0.11
Quartz vein and
12223 silicified rock 0.3 8.73 226 2.17 0.12
Quartz vein and
12224 silicified rock 0.6 0.195 157 4.47 0.30
12225 Quartz vein 0.7 0.340 55 - -
12301 Quartz vein 0.9 0.181 1210 0.39 0.42
12303 Quartz vein 1.3 0.231 664 0.47 -
Quartz vein and
12304 silicified rock 1.3 0.328 88.1 0.43 -
Quartz vein and
12305 silicified rock 1.1 0.348 453 0.26 -
Selected quartz
12306 vein material Dump 1.015 739 0.28 0.22
12307 Quartz vein 0.8 0.499 536 0.53 0.31
Selected quartz
12309 vein material Dump 0.820 1290 0.31 0.10
Mina San
Martin
Quartz vein and
12208 silicified rock 1.3 6.35 43.7 - -
Vein and fault
12209 breccia 0.6 0.573 26.9 - -
Quartz vein and
12213 silicified rock 2 4.01 304 - -
Selected quartz
12214 vein material Dump 0.582 42.3 - -
Quartz vein and
12230 silicified rock 0.6 0.675 53.3 - -
Strongly
silicified,
12247 quartz vein 1 0.394 457 0.29 0.13
Quartz vein
12312 material Dump 1.765 12.3 - -
Strong
12313 silicification 0.6 11.95 52.5 0.110 0.28
Vein with
12331 galena-sphalerite Dump 10.35 148 19.6 15.0
Selected quartz
12334 vein material Dump 4.42 1720 0.28 -
Mina
Providencia
919854 Quartz vein 1.7 4.65 86.7 - 0.12
Selected quartz
919855 vein material Dump 16.3 609 0.24 0.54
Parallel quartz
12535 veinlets 1.0 0.639 16.4 - 0.15
Unamed
prospect
Quartz vein and
12242 silicified rock 0.4 2.37 364 0.67 0.12
Quartz vein and
12243 silicified rock 0.3 4.15 458 0.68 0.12
Other areas
Nopalera
Quartz veinlets
12433 in andesite 1.2 3.64 3.4 - -
Mina
Esperanza
Quartz vein and
12527 breccia 0.4 0.299 435 0.74 1.18
Aguacaliente
Strongly
12435 silicified rock 0.8 0.180 51.3 1.92 2.64
Novasaygame
Silicified with
12526 quartz veinlets 2 0.632 100 0.41 -
Drusy quartz
12536 veinlets 2.5 0.345 2.4 - -
Narrow drusy
12525 quartz vein 0.2 0.261 228 0.56 0.75
NR - not reported
About the Iris Project
The Iris project is located in the prolific Sierra Madre Precious Metal Belt in western Chihuahua State, Mexico, and includes 5 concessions (Iris, Iris Fracc.1, 2 & 3 and Paragatos) covering 6,508 hectares (please visit www.garibaldiresources.com to view project maps). The project land package abuts the properties surrounding several recently discovered mines, including the Ocampo mine (AuRico Gold), Pinos Altos mine (Agnico-Eagle) and Moris (Hochschild). A detailed mapping and sampling program is underway at the Iris Project, results will be reported as they become available.
Quality Assurance:
Garibaldi has conducted a QA/QC program whereby blind sample blanks are inserted in the sample stream prior to being sent to the laboratory. Samples were prepared and analyzed by ALS Chemex in their facilities in Mexico and Vancouver, respectively. Samples generally consisted of 1-3 kg of material. Gold analyses were performed by 30 gram fire assay with an AA finish; samples with more than 10g/t gold were analyzed by fire assay and gravimetric methods. Silver and the base metals were analyzed as part of a multi-element ICP package using an aqua regia digestion; samples with more than 100 g/t silver or more than 1% base metals were analyzed by AA. Samples with more than 1,500 g/t silver were analyzed by gravimetric methods
Dr. Craig Gibson, PhD., Certified Professional Geologist, is the authorized professional geologist for the Iris Project and the direct manager of the technical programs operated under contract by Prospeccion y Desarrollo Minero del Norte (ProDeMin). Dr. Gibson is the Qualified Person who has reviewed the technical information contained in this release on behalf of the Company.
We seek safe harbour.
GARIBALDI RESOURCES CORP.
per: 'Steve Regoci'
Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release.
SOURCE Garibaldi Resources Corporation
PDF with caption: 'Iris Project'. PDF available at: http://stream1.newswire.ca/media/2011/10/25/20111025_C7480_DOC_EN_5452.pdf
Garibaldi Resources Corporation
CONTACT: GARIBALDI RESOURCES CORP.
1150 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone: (604) 488-8851 Website: www.garibaldiresources.com