Garibaldi Drills 15 Meters Grading 5.25% Nickel and 3.2% Copper at Nickel Mountain

VANCOUVER, Dec. 20, 2019

VANCOUVER, Dec. 20, 2019 /PRNewswire/ - Garibaldi Resources (TSXV: GGI) (the "Company" or "Garibaldi") is pleased to announce that the latest assay results from Nickel Mountain include continued robust nickel values and the highest copper and precious metal grades to date at the project. More extensive zones of shallow mineralization are also being outlined at Northwest British Columbia's first magmatic nickel-copper-rich massive sulphide system in the heart of the prolific Eskay Camp.

Highlights:

• Drill hole EL-19-71 has cut 7.94% nickel, 5.85% copper, 0.16% cobalt, 7.05 g/t palladium, 2.73 g/t platinum, 1.75 g/t gold and 15.81 g/t silver over 4.43 meters within 14.99 meters (estimated true width of 12 meters) highlighted by 5.25% nickel and 3.21% copper in the upper section of the Lower Discovery Zone (LDZ). This hole cut massive sulphides from 142.5 meters to 157.5 meters including a total of 4.9 meters of dykes with mineralization;
• Drill hole EL-19-65 indicates there may be a distal mineralized zone enriched in copper and precious metals as 7.92% copper, 6.33 g/t palladium, 2.69 g/t platinum, 3.0 g/t gold, 40.0 g/t silver and 1.49% nickel were intersected in a chalcopyrite vein between 132.5 and 132.8 meters downhole within one of three wide intervals of mineralization in this hole. EL-19-65 also confirmed (for the first time) nickel-rich massive sulphides 50 meters below the LDZ starting at a depth of 212.4 meters, providing a vector into potential new chambers along structural corridors;
• Drill hole EL-19-64 has produced the widest mineralized intercept to date east of the historic E&L deposit – 103.98 meters grading 0.56% nickel and 0.51% copper starting just 16.7 meters downhole, confirming there is a shallow and well mineralized gabbro directly north of the LDZ. Importantly, EL-19-64 is also the third drill hole to intersect a known chamber 170 meters below the LDZ. This southeast dipping chamber is considered highly prospective for potential concentration of massive sulphides and exhibits high nickel-copper tenor (metal concentration recalculated into 100% sulphide).

Dr. Peter Lightfoot, Garibaldi Technical Adviser, commented: "We've made very important strides at the E&L. The plunge extent of the mineralized E&L gabbros are now being tracked by geology and the geochemical signature of the intrusion. Exploration beneath the E&L and to the east has now identified multiple intercepts of gabbro that are possibly segments of the original E&L intrusion. These newly discovered segments of the E&L intrusion are likely parts of a structurally disrupted primary magma chamber which tapped magma from the mantle along an elongated pipe shaped conduit."

Jeremy Hanson, Garibaldi VP-Exploration, commented: "These latest results emphasize persistent widespread nickel-copper mineralization at Nickel Mountain. Both deeper chambers, in holes 64 and 65, were found utilizing geological and geochemical interpretation as opposed to the use of borehole geophysics alone. These chambers hold excellent exploration potential. Hole 71, drilled to test geometry and compare metallurgy, tenor and grade, shows the propensity of the LDZ to host high precious metal values and very enriched copper to go along with top tier nickel grades."

Garibaldi Completes 10,069 Meters of Drilling in 2019

Assay results are pending for an additional 18 drill holes from Nickel Mountain, beyond the five reported in this release (some holes will be reported out of sequence as per previous news releases).