Garibaldi exercises option to purchase 100% interest in British Columbia’s King Property

12 April 2016 (Last Updated April 12th, 2016 18:30)

Garibaldi Resources has exercised its option to purchase 100% interest in the King Property, 12km north of the Iskut River in northwest British Columbia's Golden Triangle.

Garibaldi Resources has exercised its option to purchase 100% interest in the King Property, which is 12 km north of the Iskut River in northwest British Columbia's Golden Triangle.

The property features high-grade silver-lead-zinc and gold-copper mineralisation over several target zones.

The 15km² King Property is close to several historic mines, including Snip and Eskay Creek in an area that has been benefited from advances in infrastructure following the completion of the Forrest Kerr hydroelectric project.

These improvements have helped the development of Pretium Resources' Brucejack mine, which is currently under construction and Seabridge Gold's Kerr-Sulphurets-Mitchell deposits.

"This camp has the potential to produce important new discoveries this summer."

Recently, limited trenching and sampling was carried out by Garibaldi over part of the North Zone, which was one of the target areas identified in the 1980's at the King.

The trenching and sampling supported historic results and returned a high-grade interval in one trench that averaged 295g/t silver with 19.4% combined lead-zinc over six metres across the strike of the mineralised zone.

The company stated that South Zone is also prospective for high-grade silver-lead-zinc mineralisation while the Central Zone has returned high-grade gold values from historical surface sampling at the Chubby Creek prospect.

Now, a follow-up exploration programme is being prepared in order to define and prioritise preliminary drill targets.

Garibaldi president and CEO Steve Regoci said: "The Iskut River gold camp remains exceptionally prospective.

"King is within favourable geology along trend, and large underexplored areas directly south of King will be the focus of upcoming extensive programmes as announced by Skeena Resources and Colorado Resources at the past producing Snip mine and the KSP Property, respectively.

"This camp has the potential to produce important new discoveries this summer. Limited historical work at King has been encouraging and receding glaciers have revealed new exposures at surface."

Regoci also added: "With our flagship Grizzly Project, the Red Lion and now 100% of the King, we're in position to capture more value than ever in British Columbia as we continue drilling and building on our success in Mexico."