Garibaldi acquires option to buy 100% interest in British Columbia’s E&L property

15 June 2016 (Last Updated June 15th, 2016 18:30)

Canadian mining firm Garibaldi Resources has acquired an option to purchase a 100% interest in advanced nickel-copper-gold deposit in north-west British Columbia's Golden Triangle district.

Canadian mining firm Garibaldi Resources has acquired an option to purchase a 100% interest in advanced nickel-copper-gold deposit in north-west British Columbia's Golden Triangle district.

Mineralisation at the property includes disseminated and massive pyrrhotite, pentlandite and chalcopyrite hosted in an olivine gabbro stock that intrudes Lower Jurassic sediments and volcanics.

Spread over an area of 766ha, the E&L property will increase Garibaldi's holdings in the district to more than 150km² from the current 144km².

The property is close to Colorado Resources' KSP Property and 6km south-west of Eskay Creek within the district.

"The geological richness of the district is incredible."

Garibaldi president and CEO Steve Regoci said: "We have obtained a wealth of high-quality historical data on the E&L, including detailed mapping, sampling, drill core logs, aeromagnetic, magnetic and VLF surveys.

"This information will allow our geological team to reinterpret the projected geometry of this deposit, aiming to capture its full potential after Sumitomo Metal Mining Corporation's underground drilling in 1970-71 provided many valuable clues."

Garibaldi can acquire E&L by paying C$100,000 ($77,656.6) over the four-year option period. The company will also have to incur exploration expenditure on the property.

Regoci further added: "The geological richness of the district is incredible, and we intend to further demonstrate this over our large landholdings including E&L this summer.

"We also look forward to drill results from programs on properties around us, including of course Colorado's adjoining KSP where the high-grade Inel gold target is being advanced.

"Seabridge Gold, Tudor Gold, Eskay Mining, Aben Resources, Metallis Resources and Romios Gold all border ground held by GGI and their work will certainly help our district model."