Garibaldi Resources Corp. 2012 exploration review
VANCOUVER, Feb. 26, 2013
VANCOUVER, Feb. 26, 2013 /PRNewswire/ - Garibaldi Resources Corp. (TSX-V: GGI)
(the "Company") is pleased to provide shareholders the following exploration
review for the year 2012. The company undertook regional evaluations at its
five 100% owned projects in Mexico: Tonichi, Rodadero, and Badesi in Sonora
State, Iris in Chihuahua State, and Sianori in Durango State.
At the 100% owned (52,000 hectare) Tonichi project in Sonora State, Garibaldi
continued test drilling at the Locust target. To date, 9 holes totalling
1757.7 meters have been completed at Locust and an update on holes 7-9 is
pending. Results from the first 6 holes (see news release dated August 16,
2012) are considered by the Company's geologists to be encouraging and exhibit
the potential for a possible bulk tonnage gold deposit.
Garibaldi was successful in negotiating an option agreement on both the Aurora
and Marco Frac. 1 & 2 inlier claims (600 hectares combined) situated
contiguous along the southern border of the Locust target (see news releases
of September 27, 2012 and October 10, 2012). The option agreement for the
Aurora claim calls for a 1000 meters of drilling to be completed within the
first year of the option and two holes totalling 387 meters have been
completed with the Company's NQ/BQ diamond drill, a third hole, number 10 is
underway. The Company also added concessions to the Tonichi Project in 2012,
including 100% interests in the Obispo and the Pender 1 & Pender 2 claims
where first phase exploration work has started.
Garibaldi's 2012 regional survey of the company's 100% owned Rodadero project
(49,000 hectares) in Sonora state is expected to be completed in the first
quarter of 2013. Several areas of prospective mineralization have been
delineated to date.
The evaluation of the Company's 100% owned Iris project at Ocampo in Chihuahua
State was completed and several drill targets were defined. The logistics and
timing for further exploration of these drill targets is being assessed.
Garibaldi's regional exploration programs at Morelos in Chihuahua State,
Badesi and Sianori in Sonora and Durango States, did not provide results that
satisfied the Company's objectives to define high value targets generated from
regional surveys. In 2012, the Company added 7,249 hectares in concessions
while reducing its land holdings by 82,500 hectares to a total 108,212
hectares, from more than 200,000 hectares or 2,000 sq. kms the previous year.
The reductions and the subsequent property tax savings will be redirected to
exploration expenditures on the Company's remaining 3 district scale projects.
Garibaldi was reimbursed $6,175,000 Mexican pesos (approximately $475,000 USD)
in IVA taxes by the Mexican Government in 2012. With over $6,000,000 dollars
in cash and marketable securities, the Company is well funded for 2013.
Management is pleased with the accomplishments of the geological staff in
advancing the 2012 exploration programs cost effectively and within budget and
is looking forward to continued advancement in the development of the
Company's projects in the upcoming exploration season.
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 Corp.
GARIBALDI RESOURCES CORP.
1150 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone: (604) 488-8851 Website:www.garibaldiresources.com
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