Garibaldi Resources announces that assays from the first holes of the continuing drill program at its 100%-owned Nickel Mountain Project in the Eskay Camp have confirmed wide intervals of near-surface nickel-copper-rich sulphide mineralization, also including cobalt, platinum, palladium, gold and silver, in all directions surrounding the 2017 Discovery zone.
Drilling in the coming days will step out as much as 1.3 kilometers northeast of the Discovery zone to target a potential major expansion of the Golden Triangle's first magmatic nickel-copper-rich sulphide system. With three drill rigs at Nickel Mountain, 11 miles southwest of the Eskay Creek mine, Garibaldi continues to build out the Discovery zone while stepping out aggressively in all directions.
The peak of the summer ice melt has exposed a "ring" of never previously seen Nickel Mountain mineralization including massive sulphide outcrops and a massive sulphide boulder train around the receding margins of the E&L icefield, which is up to 1.6 km long and up to 1 km wide, immediately adjacent to the Discovery and Northwest zones. Significantly, geologists have also identified variable textured gabbro (taxite, a key indicator) outcropping at the northern edge of the icefield, coincident with an encouraging VTEM geophysical signature and 1,300 m from EL-17-14. Sampling and mapping of these important new surface discoveries continues. Drilling will test the possibility that this very broad area untested beneath the ice hosts nickel-copper-rich sulphide mineralization at depth.
Steve Regoci, President and CEO of Garibaldi, commented: "The potential scale of the Nickel Mountain system, and the high grades and metal tenors confirmed within the growing footprints of the Discovery zone-Northwest zone corridor, continue to excite our team of nickel sulphide experts. We've already more than doubled last year's total meters drilled (8,000 m vs. 3,671 m, drilling of hole #36 is now in progress) and we've started the process of stepping out dramatically in multiple directions from the Discovery zone to follow both the geology and our state-of-the-art geophysics data from borehole EM and VTEM.
"We now expect a steady flow of results and a very exciting fourth quarter as drilling extends deep into the season to capitalize on the growing opportunity for new discoveries. Geologists are targeting the mineralized 'throat' areas of an extensive magmatic system. Our current working capital position is very strong at $20 million," Regoci concluded.