Test Drilling Update
Vancouver, British Columbia - October 18, 2011 – Garibaldi Resources Corp. (TSX.V: GGI) (the “Company”) announces that, as set out in its news release of March 15, 2010, a diamond drilling program was initiated at the El Socorro Target located in the north western part of the Company’s Morelos concession in Chihuahua State, Mexico. The objective of the program was to test the strike extent of exposed gold bearing, quartz veins identified in the north western part of the concession area. Surface sampling at El Socorro returned grades of up to 5.7 g/t gold and 44.0 g/t silver over a continuous sample width of 8 meters and historic technical reports published by the CRM suggested potential for extensions of the quartz veins at depth.
Three holes totaling 450 meters were drilled to test the vein and the surrounding alteration zone. All three holes intersected the target zone, however, drill core assays did not return significant gold values. At a depth of 44.75 meters DDH 11-01 encountered a 30 meter wide alteration zone containing scattered anomalous gold, silver, bismuth, copper, lead and zinc values and intersected the main silicified zone between 56.30 and 60.50 meters. Gold values within the main zone ranged from 0.24 g/t to 1.50 g/t, silver values ranged from 6.8 g/t to 45.0 g/t and copper values ranged from .06% to 0.70%. DDH 11-02 and 11-03 intersected lower gold values over similar intervals and although the alteration zone appears to have potential as a low grade, porphyry type target the higher grade gold mineralization encountered at surface does not appear to continue at depth. No additional drilling is planned to test the El Socorro Target at this time.
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.
Garibaldi will redeploy the Company-owned NQ diamond drill to test targets identified from the evaluation by the Company’s geologists of results generated during the 2011 exploration season. Highlights of the 2011 regional exploration programs at Garibaldi’s Iris, Tonichi, Rodadero and Sianori concessions will be reported throughout the final quarter of 2011.
Grant of Stock Options
The Company also announces that it has granted to consultants of the Company Incentive Stock options on up to 200,000 shares of the Company’s capital stock, exercisable for up to two (2) years, at a price of $0.35 per share, which price is not lower than the last closing price for the Company’s shares prior to this announcement. The options are granted pursuant to the Company’s Stock Option Plan, will be subject to vesting provisions at a rate of 25% every three months and will be subject to applicable regulatory hold periods.
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.
Test Drilling Update