Garibaldi Channel Sample from Casper Assays 93.29 g/t Gold, Casper Trench Returns 5.69 g/t Gold Over 52 Meters

VANCOUVER, BC, Sept. 29, 2020

VANCOUVER, BC, Sept. 29, 2020 /PRNewswire/ - Garibaldi Resources (TSXV: GGI) (the "Company" or "Garibaldi") is pleased to announce new assay results from channel sampling at the "Casper" high-grade gold quartz vein discovery. Casper is located 13 km north of the Company's flagship E&L nickel-copper-cobalt massive sulphide project in Northwest British Columbia.

Garibaldi owns a 100% interest in over 180 sq. kms of highly prospective mineral claims in the heart of the historic Eskay camp. The claim group has excellent infrastructure, with nearby road access and power, the Company's geological team can explore multiple targets from one base camp location.

The discovery of a low elevation (430 meters) high-grade gold prospect nearby to the E&L project, has contributed to the accelerated surface exploration and rapid advancement of the expanding Casper gold vein system to drill readiness. Garibaldi crews have completed a rock saw channel sampling program over exposed sections of the 130 meters now uncovered by mechanized trenching over the main Casper gold quartz vein, the highlights of which are as follows:

Highlights:    

• The Casper project geological team completed an unbiased channel sampling program collecting a total of 94 in-situ quartz vein samples cut every meter along the trenched vein exposed which remains open along its NW-SE strike;
• A total of 61 Channel sample assays returned gold grades ranging from 0.676 g/t gold up to 93.29 g/t gold from a Channel sample that contained visible gold;
• The Casper quartz vein system remains open with mineralized rock samples extending along trend for 330 meters. Recent infill soil samples returned up to 500 ppb gold 140m along trend northwest of the northernmost channel;
• Sulphide mineralization in the Casper quartz vein system include chalcopyrite, galena, pyrrhotite, pyrite and arsenopyrite with native gold. In addition to four new mineralized veins discovered in 2020, a significant IP resistivity low occurring 100 meters south of the main Casper vein is now under investigation;
• The discovery of the Casper gold quartz gold vein system is along the robust and under-explored mineralized McLymont Creek structural corridor, west of the Eskay rift. Volcanic and sedimentary rock units outcropping along faults near geochemical and geophysical anomalies are being sampled and mapped.
• Garibaldi is also making application to the TSX Venture for an extension of the $4.50 warrants, set to expire October 19, 2020 (2,539,683 warrants) and October 26, 2020 (634,920 warrants) for two additional years.

Jeremy Hanson, Garibaldi VP-Exploration, stated: "These Casper vein channel sample assays provide very positive results, proving there are significant sections of continuous gold mineralization. The discovery of new mineralized veins within the 2 square km target area, additional trenching and ground truthing new gold-in soil anomalies, is turning this into a very exciting prospect.

The expanding Casper vein system may represent the surface expression of a much larger system at depth. The number of mineralized veins, found 50 to 100 meters from the main vein, the geophysical anomalies identified and a volcanic unit found outcropping 300 meters east containing up to 4.2 g/t gold are especially encouraging. We're looking forward to extending the gold mineralization beyond the most eastern 249 g/t grab sample and testing the vein system with a drill this fall."