Garibaldi stock up on Nickel Mountain drill results

22.9.2020, 19:50 - eeppo

Garibaldi Resources (TSXV: GGI) reported on Tuesday new assay results from the “Casper” high-grade gold quartz vein discovery 13 km north of the company’s flagship E&L nickel-copper-cobalt project in British Columbia.

Field crews collected 165 samples within 250 meters north of and 250 meters south of the NW-SE striking Casper vein with grades reaching as high as 249 g/t gold, 13 returned grades exceeding 10 g/t, and 23 samples with greater than 1 g/t gold, according to the company.

“Discovering a high-grade gold prospect proximal to the E&L project is a tactical bonus allowing field crews to maintain productivity by accelerating surface exploration at Casper during weather delays on top of Nickel Mountain.” Garibaldi said in a press release.

Midday Tuesday, Garibaldi’s stock was up 15% on the TSXV

“Even at this early stage, it’s remarkable to see such consistent elevated gold grades in a quartz vein extending more than 120 meters that remains open. The recent discovery of additional mineralized veins is extremely encouraging, especially with visible gold. Casper is certainly living up to the enthusiasm generated by its initial discovery” Jeremy Hanson, Garibaldi VP-Exploration, said.

Garibaldi’s Nickel Mountain project is located 6 km southwest of Eskay Creek in B.C.’s Golden Triangle.

The historic E&L deposit is a nickel-copper rich massive sulphide unit which was originally discovered in 1966. Garibaldi acquired an option to purchase a 100% interest in the deposit and surrounding claims in 2016 and commenced exploration efforts later that year.

In addition to E&L and Casper, Garibaldi owns a 100% interest in over 180 sq. kms of highly prospective mineral claims in the heart of the historic Eskay camp, one of the richest mineral districts in the Province.

Midday Tuesday, Garibaldi’s stock was up 15% on the TSXV. The company has a C$68 million market capitalization.