Garibaldi Drills 9.3 Meters Grading 7.2% Nickel, 3.6% Copper and 4.8 G/t Palladium-Platinum-Gold as Lower Discovery Zone Expands and Thickens to the North

VANCOUVER, Feb. 21, 2020

VANCOUVER, Feb. 21, 2020 /PRNewswire/ - Garibaldi Resources (TSXV: GGI) (the "Company" or "Garibaldi") has drilled into multiple new intervals of near-surface massive sulphides and nickel-copper-rich mineralization and E&L gabbro at Nickel Mountain, the Golden Triangle's first magmatic nickel sulphide system that also includes palladium, platinum, cobalt, gold, silver and PGE rare metals including rhodium.

Highlights:

• The eastern section of the Lower Discovery Zone (LDZ) expands and thickens to the north as demonstrated by drill hole EL-19-82 which cut 9.83 meters of massive sulphides grading 7.2% nickel, 3.6% copper and 4.8 g/t 3PM (precious metals palladium, platinum and gold combined) within 32.75 meters of 2.7% Ni and 1.6% Cu (135.25m to 168m). This hole also cut 5.97 meters of 4.3% Ni, 2.3% Cu and 1.5 g/t 3PM in the Upper Discovery Zone (UDZ);
• Notably, borehole EM (electromagnetics) shows two separate and significant conductors converging in the immediate vicinity of EL-19-82's massive sulphides to the north, providing a high-priority area for follow-up drilling with geologists targeting a potential large pool of massive sulphides extending the LDZ;
• Nearly three meters above the 9.83-meter massive sulphide interval and the LDZ in EL-19-82 is an extremely high-grade 38-cm vein that returned 10.0 g/t palladium, 4.3 g/t platinum, 0.12% cobalt, 3.4 g/t gold, 26.0 g/t silver, 6.5% Ni and 4.8% Cu, additional evidence of precious metal enrichment in the system;
• Drill hole EL-19-76 cut 43.61 meters grading 1.6% Ni and 1.3% Cu starting 110 meters downhole, including 6.11 meters @ 7.5% Ni, 3.5% Cu and 4.0 g/t 3PM, as it successfully targeted a transitional style of higher-grade mineralization between the main chamber of the E&L Intrusion and the LDZ to help establish the scale of the sediment hosted mineral lens;
• Drill hole EL-19-78 returned 58.92 meters of disseminated mineralization northwest of the LDZ grading 1.1% Ni, 1.2% Cu and 2.3 g/t 3PM;
• Drill hole EL-19-79 cut 63.80 m of 1.6% Ni+Cu and 1.7 g/t 3PM approximately 10 meters north of the central part of the LDZ in addition to two narrow massive sulphide veins (13 cm and 1.3 m), indicating potential to expand the LDZ further to the north in this area with impressive grades. The 13 cm vein returned 5.4% Ni, 7.2% Cu, 0.09% Co, 7.5 g/t Pd, 4.9 g/t Pt, 8.4 g/t Au and 33.0 g/t Ag;
• Exploratory drill hole EL-19-80, collared 50 meters east of the LDZ and drilled toward the southeast for a geophysical platform, intersected three intervals of mineralized E&L gabbro at depth, tracking the system more than 400 meters from the main chamber where the intrusion is in contact with the Hazelton Group. This opens up a large new domain for exploration in 2020 which will begin with borehole EM;
• Drill hole EL-19-84 cut 5.42 m grading 7.7% Ni, 3.8% Cu, 0.14% Co, 6.56 g/t 3PGE and 9.9 g/t Ag along the southern portion of the LDZ in addition to two strongly mineralized intervals of disseminated gabbro outside the LDZ.

Jeremy Hanson, Garibaldi VP-Exploration, stated: "The last nine holes of the 2019 season all hit significant intervals of nickel-copper sulphide mineralization and clearly demonstrate the increasing potential for expanding a very dynamic system at Nickel Mountain. The high-grade LDZ is open in multiple directions and is thickening to the north at the eastern margin based on drill holes EL-19-82, EL-18-24 and EL-18-16. In the central part of the LDZ, massive sulphides begin transitioning into contact style massive sulphides along the chamber wall. This means there's a lot of space along the contact of the intrusion for high-grade massive sulphides."

Dr. Peter Lightfoot, Garibaldi Technical Adviser, commented: "Geological models for the E&L Intrusion are based on very detailed drill core descriptions, petrography, geochemistry of assay samples and structural determinations from specialized drill core measurements. The results provide strong indications that the root zone of the E&L Intrusion plunges at about 45 degrees toward the east.

"I am particularly excited about the potential that EL-19-80 has to lead us into new mineralized intrusions to the east and at depth as the geological and geochemical signatures from drill core suggest this is a very fertile environment. Significantly, this hole confirms the known intrusion extends at least 400 meters along plunge," Lightfoot concluded.

A total of 84 drill holes have now been completed at Nickel Mountain since the initial discovery in 2017. The extent of the E&L Intrusion and associated nickel-copper-rich mineralization has yet to be delimited.