Garibaldi Resources Corp.
TSX VENTURE : GGI

Garibaldi Resources Corp.

October 29, 2009 09:01 ET

Garibaldi's Exploration Strategy Pays Off-Significant "Gold in Soil" Anomaly Discovered Over Hyperspectral Target

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2009) - Further to its news release dated March 03, 2009, Garibaldi Resources Corp. (the "Company") (TSX VENTURE:GGI) is pleased to announce that wide spaced soil sampling on the Company's 100% owned Tonichi Project in Sonora, Mexico has identified a significant "gold in soil" anomaly over one of its high priority hyperspectral target areas. The soil geochemical survey outlined strongly anomalous Au values (112 samples returned gold values in excess of 0.1 g/t gold) over a strike length of 1150 meters and widths of 150 to 800 meters. Seven samples from the western part of the survey area returned values in excess of 1.0 g/t Au and the anomaly is open for expansion to the west, north and east (see attached graphic with grid soil sample assays overlain on google earth).

The "gold in soil" anomaly, referred to as the Locust target, was one of the initial priority areas identified by the Company's fixed wing hyperspectral survey flown in 2008. The hyperspectral technology is a proven low cost reconnaissance exploration tool designed to effectively map the alteration minerals associated with epithermal and porphyry type deposits occurring throughout the Sierra Madre. Although exploration is still at an early stage, available data suggests that the Locust target may represent a previously unrecognized (completely untested) epithermal system similar to Alamos Gold's Mulatos deposit and Minefinder's Dolores deposit.

Management believes that the discovery of the Locust target represents a milestone in the Company's development. The discovery of this high priority target clearly proves that the Company's project generative exploration strategy, utilizing sophisticated remote sensing technology combined with conventional "boots on the ground" exploration, is a highly effective low cost approach to evaluating large tracts of prospective ground targeting epithermal and porphyry systems. As previously announced the 2008 hyperspectral survey identified multiple high priority target areas throughout the companies extensive land holdings in Mexico.

The Company expects to complete an aggressive trenching and mapping program on the Locust target area during the next few weeks to develop its plans for drilling. At the same time, the Company will continue with the ongoing assessment of multiple targets identified by the hyperspectral survey. Results will be released as they become available.

Carl von Einsiedel, P.Eng., a Qualified Person under the meaning of National Instrument 43-101, is a non-independent geological consultant for Garibaldi and is responsible for the technical content of this news release. Soil samples were collected by conventional soil sampling methods in numbered Kraft paper sample bags. All samples were shipped to the ALS Chemex preparation laboratory in Hermossilo, Mexico, where they were sieved through an 80 micron screen) and pulp split separated for assay by a riffle splitter. These pulps were shipped to the ALS Chemex laboratory in North Vancouver, Canada, where a 30-gram split of each was assayed for gold by standard fire assay and a 10-gram split was analyzed for an additional 30 elements by ICP spectrometry.

To view the map associated with this press release, please click on the following link: http://media3.marketwire.com/docs/gar1028.pdf

GARIBALDI RESOURCES CORP.

Steve Regoci, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Contact Information

  • Garibaldi Resources Corp.
    Drew Farion
    Investor Relations
    Cell: (604) 961-7555 or Office: (604) 488-8851
    www.garibaldiresources.com