Garibaldi Expands Lower Discovery Massive Sulphide Zone North

VANCOUVER, Jan. 22, 2020

VANCOUVER, Jan. 22, 2020 /PRNewswire/ - Garibaldi Resources (TSXV: GGI) (the "Company" or "Garibaldi") is pleased to announce wide near-surface intervals of nickel-copper-rich mineralization from nine more drill holes at Nickel Mountain in the heart of the Eskay Camp, in addition to important new intersections of massive sulphide that continue to build out this unique discovery in Northwest British Columbia.

Significant advances are being made at understanding the emplacement of E&L mineralization along structural contacts. In addition, key geochemical and geophysical markers related to high-grade mineralization are being unraveled and are instrumental in detecting and tracking new massive sulphide mineralization toward projected pathways.

Highlights:

• EL-19-75 has extended the Lower Discovery Zone (LDZ) 25 meters to the north where it remains open, cutting 2.14 meters of 7.1% nickel and 3.9% copper within a broader 90-meter mineralized interval. More significantly, this intersection demonstrates a contact-style massive sulphide along the eastern wall of the E&L main chamber. This greatly expands the potential for a shell of continuous massive sulphides along the country rock contact within this segment of the E&L intrusion;
• EL-19-74 has cut 5.98 meters grading 6% nickel and 2.6% copper, extending the Northeast zone eight meters to the east;
• EL-19-72 (4.4 meters @ 2.6% nickel and 0.93% copper starting just 39.5 meters downhole) provides additional support for the presence of a new near-surface, flat-lying massive-semi-massive sulphide zone (adjacent to the Central zone) with a minimum 50 meters of strike length;
• El-19-67 has intersected two intervals of mineralized gabbro well below the LDZ, indicating the main E&L chamber is connected to the second deeper chamber confirmed by earlier drill holes EL-19-54 & EL-64. Elevated Cu-Ni ratios, total precious metals and metal tenors indicate the potential for a high grade or enriched Cu-PGE zone along trend;
• Two important geophysical anomalies ("F" and "Q"), approximately 700 meters southeast and nearly 1,000 meters south of the historic E&L deposit, respectively, are being revisited for their potential to greatly expand the nickel sulphide footprint at Nickel Mountain, underscoring the scale of this system. Mira Geoscience, an industry leader in advanced geological modelling, is making a third-party independent presentation regarding these intriguing anomalies at the AME Roundup in Vancouver Wednesday, January 22.

Jeremy Hanson, Garibaldi VP-Exploration, stated, "EL-19-75 significantly expands the potential for shallow massive sulphide as it represents a gradual change into contact style mineralization along the eastern wall of the E&L main chamber, which could rim the majority of the chamber wall, possibly linking the LDZ to the NE zone with massive sulphides. Hole 67 was key as it intercepted the mineralized E&L gabbro conduit below EL-19-65, taking the continuous mineralized system deeper with the possibility this will lead to one or more new massive sulphide zones."

Dr. Peter Lightfoot, Garibaldi Technical Adviser, commented: "Geochemical data from holes 66 through 75 provide important new clues for the location of additional segments of the E&L Intrusion at depth below and to the east of the E&L mineral zone. The discovery of elevated Nickel tenor at depth below the E&L strongly supports the idea that the open system intrusion has extensive exploration potential."

With global top tier nickel-copper massive sulphide grades, a unique mineral suite rich in strategic metals, and a rising trend in commodity prices, Garibaldi is well positioned for the global green revolution and the urgent demand to replace depleting metal inventories critical to advanced battery technology.