|Northwestern British Columbia, Sheslay District||Cu-Au porphyry||Cu-Au||28,600 ha||100% Ownership|
Garibaldi is the Sheslay district’s dominant landholder with seven regional target areas adjacent to Cu-Au porphyry deposits on two other properties, 120 km west of the Red Chris mine.
Assay results from the first holes ever drilled by Garibaldi at its 300 sq. km, 100%-owned Grizzly Project (see Feb. 11, 2016 news release) revealed unique Sheslay district mineralization along a 1.2-km wide portion of Grizzly Central including a potential large-scale deposit in a “Kaketsa multi-element ultramafic”. The fertile Kaketsa pluton towers approximately 2.5 km west of the “Ultra 1 Zone” defined by three of the holes.
The discovery of the Ultra 1 Zone supports the theory that a series of “masked” deposits may exist at Grizzly Central which is almost entirely overburden-covered.
Ultra 1 Zone
Widely-spaced drill holes GC-15-01, GC-15-03 and GC-15-04 in the Grizzly Central Ultra 1 Zone intersected a very thick, homogeneous ultramafic “black unit”, consisting of high-grade magnesium (grades ranging between 21.7% and 23.5% Mg in each hole) and elevated nickel (ranging between 0.11% and 0.15% Ni in each hole). This structure is preceded by consistent, highly elevated scandium at the top of each hole including 54 meters grading 34 g/t in GC-15-03.
All three holes bottomed in the strongly magnetic, fine-grained and intensely altered black unit which was intersected for 206 meters in GC-15-03.
Speculatively, this unique ultramafic package discovered in the Sheslay district could be a layered intrusive with the potential to host even higher grade zones along with other types of mineralization including PGM’s and gold which were detected above background levels in some of the core samples.
The Ultra 1 Zone is open in multiple directions and is interpreted through geophysics to expand significantly toward the south in terms of distance, width and depth.
Easternmost Hole Returns Scandium Throughout
Meanwhile, GC-15-05, collared 650 meters east of GC-15-03, returned consistent, highly elevated scandium in all assayed 3-meter core samples (20 in total) at various depths throughout its 253-meter length. This included a 33-meter section (from 19 meters to 52 meters) grading 34 g/t Sc, while the final 3 meters of the hole returned the highest scandium grade of 39 g/t.
Emerging Copper-Gold Mining Camp
Based on work completed at the Grizzly over the last two years and since the property was acquired in 2006, and after compilation of regional data from drilling discoveries 10 km apart on adjoining properties, Garibaldi geologists consider the Grizzly to be one of Canada’s most exciting greenfield exploration projects. In fact, in an information piece released September 10, 2015, the Association for Mineral Exploration British Columbia stated that the Sheslay district “is one of the most promising grassroots mineral exploration areas in Canada.”
Multiple high-opportunity targets have been identified from Grizzly West to West Kaketsa to Grizzly Central to Grizzly South.
Geological Setting - Location
The Grizzly is on the same Stikine Arch trend, known as the “Golden Triangle”, that has produced numerous major discoveries and deposits including the Red Chris mine 110 km to the southeast. The Grizzly is approximately 275 km northwest of Stewart, 50 km northwest of Telegraph Creek and 30 km east of the past producing high-grade Golden Bear gold mine. Teck Resources’ large Eagle Project borders Garibaldi’s ground to the south.