E&L System Strike Length Extended At Golden Triangle

VANCOUVER - Garibaldi Resources Corp. reported the latest drill results from the 2020 drill program  which have extended the strike length of the mineralized E&L system from 200 meters to over 650 meters to the east, where the intrusion remains open. The flagship E&L project, located on Nickel Mountain, is the Golden Triangle's first magmatic nickel-copper-rich massive sulphide system in the heart of the Eskay Camp in Northwest British Columbia.

Drilling along an extension of the trend of the E&L intrusion, which is now recognized to be a bladed-dyke, has identified mineralized mafic and ultramafic rocks carrying an E&L geochemical signal. The open system intrusion is open to the west and east. Diamond drilling continues to aggressively build out on the persistent widespread nickel-copper mineralization, which includes massive sulphides featuring top-tier nickel-copper grades in addition to palladium, platinum, cobalt, gold, silver and strategic PGE rare metals including rhodium.

E&L Highlights; EL-20-88, collared 350 meters east of pivotal hole EL-19-80 (identified as E&L gabbro) intersected 142.79 meters of mineralized taxitic gabbro and olivine pyroxenite along trend of the E&L system. This large step-out exhibited an E&L geochemical signature which expanded the strike length of the E&L gabbroic intrusion to over 650 meters within a 2km structural corridor that remains untested and open; & El-20-89 has produced the widest mineralized intercept so far from 71.34 meters to 223 meters returning nickel-copper mineralization over 151.6 meters grading 0.56% nickel and 0.61% copper. This intersect included 80.53 meters of 0.88% nickel and 0.85% copper, which expanded the NE massive sulphide zone 6 meters South, the LDZ 15 meters North and the Second Chamber 45 meters West. Semi-massive veins along the contact edge with sediments assayed 0.33m (100.54-100.87m) of 6.87% nickel and 1.69% copper, and 0.15m (147.48-147.63m) of 3.04% nickel and 1.62% copper.

Precision BHEM surveys completed on holes EL-19-80 and EL-20-88 detected several high priority conductors off-hole on both the north and south sides of the new extension of the E&L intrusion, along the trend of the mineralized gabbro system. Hole 80 had intersected E&L gabbro approximately 450 meters southeast of the main chamber, whereas hole 88 extended the plunge length of the E&L intrusion to over 650 meters depth which remains open.

Jeremy Hanson, VP-Exploration, said, "Holes EL-19-80 and EL-20-88 were instrumental to understanding the directional trend of the E&L system. The drill results and BHEM data confirm that E&L is far more extensive at depth than indicated by shallow drilling and surface outcrop. Garibaldi has now identified E&L mineralized gabbro for over 650 meters of strike length and to 578 meters at depth, less than one-third of the way down-slope to the base of Nickel Mountain. Both of these large step-out holes identified mineralized E&L type gabbro with elevated metal tenors. Bore-hole EM responses from both holes detected multiple off-hole conductors, providing a vector towards high priority drill targets."

Importantly, mineralized orbicular-textured E&L type gabbro has recently been found at surface in float 950 meters west of the outcropping E&L gabbro at Nickel Mountain. Furthermore, melogabbroic intrusions have now been identified 1.3 km east of E&L. Increasingly, the exploration potential to discover new mineralized intrusions at E&L continues to grow both along strike and vertically with deeper drilling. Mineralized outcrop approximately 12 km northeast of Nickel Mountain have been recently discovered which returned 2.4% Ni and 3.2% Cu utilizing a portable XRF, assays are pending.

The 2020 drill program has succeeded in identifying a mineralized extension of the E&L intrusion, which has the shape of a structurally modified bladed dyke, along a predicted plunging trend towards the east. Wider segments of the dyke contain disseminated sulphide mineralization and the flanking contacts are associated with contact and footwall type massive sulphide mineralization rich in Ni, Cu, Co, Pt, Pd and Au. The E&L intrusion contains taxitic and orbicular-textured melagabbros, and where the dyke is wider and in contact with Hazelton sedimentary rocks; massive sulphides are developed along the flanks of the intrusion in the sedimentary rocks.