GARIBALDI DRILLS DEEPEST NICKEL-COPPER YET AT E&L This version has corrected the pre vious NR filed on the same date (D ecember 30, 2020). The corrections refer to the values reported in hole EL-20-96 from 144 – 162.5m
GARIBALDI RESOURCES CORP.
1150 - 409 Granville Street
Vancouver, BC V6C 1T2
Telephone: (604) 488-8851 Website: www.GaribaldiResources.com
December 30, 2020 TSXV: GGI
OTC: GGIFF
Frankfurt: RQM
GARIBALDI DRILLS DEEPEST NICKEL-COPPER YET AT E&L
This version has corrected the pre vious NR filed on the same date (D ecember 30, 2020). The corrections
refer to the values reported in hole EL-20-96 from 144 – 162.5m
Vancouver, British Columbia – December 30, 2020 - Garibaldi Resourc es Corp. (TSX.V: GGI)
(the "Company" or "Garibaldi") is pleased to announce results from the recently completed 2020 drill
program, targeting deeper extensions of the easterly plunging E&L intrusion. Building along trend of
the expanding 650 meter long E&L footprint, hole EL-20-96 intersected a newly discovered semi -
massive sulphide zone 450 meters east of the Lower Discovery Zone (LDZ) at a depth of 645 meters.
The new zone is along the plunge of the intrusion in the same geological environment in which the
NW and LDZ developed, and occurs at the contact of the E&L mineralized gabbro and Hazelton
sedimentary rocks. Detailed study of g eochemical, geophysical and structural c ontrols su pplied
vectors targeting deeper areas along a 2 km long corridor. The model provides significant potential
for hosting mineralization and multiple off hole BHEM anomalies remain to be tested.
Garibaldi’s 2020 exploration season encountered significant challenges, ye t results indicate
increasing scale potential at the Company ’s flagship E&L project, rich in nickel-copper-cobalt as
well as palladium, platinum , gold, silver, osmium, iridium, ruthenium and rhodium. The E&L
discovery at Nickel Mountain is the firs t ever magmatic ma ssive sulphide system identified in the
Eskay Camp of Northwest British Columbia. Key seasonal highlights are as follows:
2020 highlights:
• EL-20-96 has produced the deepest nickel-copper mineralized intersection yet at E&L at 645
meters depth, while also extending the Lower Discovery Zone massive sulphide on its way to
target depth . The newly discovered semi -massive sulphide at 645 meters indicates the
mineralized E&L gabbro extends significantly beyond and below the near surf ace
mineralized zones.
• EL-20-96 was collared near the northern part of the E&L intrusion and drilled along trend to
the southeast at 56 degrees. It cut through a well mineralized section of the taxitic -orbicular
textured gabbro intersecting 132.38 meters of 0.62% Ni and 0.51% Cu. It pierced through
3.98 m of high grade massive sulphide extending the LDZ 5 meters to the north.
• EL-20-96 also produced an 18.5meter interval including the lower section of the orbicular
gabbro and top portion of the LD Z significantly enriched in palladium and platinum, grading
2.00 g/t Pd, 0.97 g/t Pt. an d 0.76 g/t Au. Notably, this hole intercepted a series of gabbros
Garibaldi Resources Corp. News Release Page 2
from surface to over 640 meters.
• EL-20-95 was also drilled in the northern part of the E&L intrusion. It cut a 128.15 meter
interval of 0.34% Ni and 0.37% Cu, including a 2.15m interval of disseminated and semi-
massive Cu-PGE mineralization in a transiti onal zone between E&L and N ickel Mountain
gabbro, grading 1.05% Ni, 3.0% Cu, 5.03 g/t Pd, 2.87 g/t Pt and 2.6 g/t Au, and locate d 28
meters north of the LDZ in an area open for expansion. A 15m intersect returning 0.17% Ni
and 0.2 1% Cu was discovered 90 meters below the LDZ and remains open indicating
extensive room to explore this NE-SW trend of the E&L system.
• EL-20-91 was collared 500m southeast of the E&L intrusion and drilled steeply to the NE
along the interpr eted trend of the 2 km E&L corridor. The hole cut through Hazelton
sediments and 1.6 meters of semi-massive sulphides at the Hazelton-gabbro contact. The hole
intersected 101.36 meters of mineralized E&L gabbro grading 0.18% Ni and 0.16% Cu from
366.14-467.5m. The top 49.5m of the interval is composed of a t axitic me lagabbro. The
bottom 51.68 m is composed of a massive olivine pyroxenite . Hole 91 reinforces the
interpretation that massive sulphide s form along the contact of the E&L ga bbro with the
Hazelton group. This area remains open and is highly prospective.
• EL-20-90 was collared at the southern exte nsion of the E&L intrusion and extended the near
surface mineralization 29 meters south by cutting 15.37 meters of 0.95% Ni and 0.66% Cu
mineralization starting at surface. The hole also intersected 30 meters of mineralized gabbro
on the south side of the LDZ.
• EL-20-89 produced the longest nickel-copper mineralized intersection yet over 151.66 meters
(see news release dated Septembe r 11, 2020) of 0.56% Ni and 0.61% Cu. The greatly
expanded 650m E&L footprint re presents over a three-fold ex tension of the mineralized
strike length from the start of the 2020 exploration season.
Garibaldi successfully advanced the Company’s Flagship E&L project at Nickel Mountain as well as
numerous other targets thro ughout the pr operty, incl uding the Company ’s more accessible Casper
high grade quartz gold ve in system which progressed to drill readiness. Garibaldi completed four
diamond drill holes at Casper by the holiday break, assays are pending.
Expanded 2020 regional prospec ting resulted in new surface discoveries, including outcropping
mineralized gabbro at Mou nt Shirley 14km to the NNE of E&L . The strike length of the Nickel
Mountain Gabbroic Complex (NMGC) is over 15km and remains open. Assays of up to 2.09% Ni
and 4.59 % C u confirm magmatic sulphide mineralization outcrop at a second location within the
highly prospective 180 sq .km Eskay claim group . Magmatic sulphides with orbicular and taxitic -
textured melagabbros west of E&L also show strong potential for new mineralized zones.
Jeremy Hanson, Garib aldi VP-Exploration, stated “We are very encourag ed with the results of the
2020 drilling program . Our planning and analysis lead to th e discovery of a new minerali zed zone
650 m along trend of the E&L system. We have significantly enhanced the footprint with these large
step-out holes and are we ll on ou r way to tr acking down new mineralized zones a long the E &L
corridor.”
Garibaldi Resources Corp. News Release Page 3
Dr. Peter Lig htfoot, Garibal di Techni cal Advisor , noted tha t: “ The 20 20 exploratio n program has
confirmed the modelled plunge extent of mineralized E&L type gabbros is open at depth , and it has
identified important indications of magmatic sulphides associated with outcrops of gabbros and
boulders at two locations on the property. Drill hole EL-20-95 encountered a new style of high-grade
mineralization in a transition zone between the E&L intrusion and the Nickel Mountain gabbro. The
two intrusions are likely closely related in time and space, so this information provides a new focus
for the evaluation of gabbros along the 15 km strike length. These discoveries collectively provide an
important new focus for the 2021 work program at Nickel Mountain.”
Significant Assay Results for Drill Holes EL-20-90 to 96
Hole (#) Interval Width (from – to) Ni
(%)
Cu
(%)
Co
(%)
Pt
(g/t)
Pd
(g/t)
Au
(g/t)
Ag
(g/t)
EL-20-96 over 132.38 m (31.5 –163.88 m) 0.62 0.51 0.02 0.24 0.51 0.21 2.82
including over 74.92 m (88.96 –163.88 m) 0.99 0.83 0.03 0.42 0.88 0.36 3.93
**including over 3.98 m (159.9 – 163.88 m) 6.69 3.07 0.2 0.95 2.02 0.46 7.19
*including over 18.5 m (144 – 162.5 m) 1.97 1.68 0.05 0.97 2.00 0.76 6.94
including over 4.5 m (644.98 – 649.48 m) 0.55 0.50 0.05 0.02 0.02 0.02 0.55
*including over 1.43 m (646 – 647.43 m) 1.05 0.51 0.1 0.01 0.03 0.03 0.65
EL-20-95 over 128.15 m (0 – 128.15 m) 0.34 0.37 0.01 0.19 0.34 0.18 1.72
including over 94.9 m (0 – 94.9 m) 0.37 0.36 0.01 0.15 0.25 0.15 1.28
including over 59.11 m (22.9 – 82.01 m) 0.45 0.43 0.02 0.18 0.29 0.19 1.42
and over 2.15 m (126 – 128.15 m) 1.25 3.00 0.02 2.87 5.03 2.66 18.53
and over 6 m (172.9 – 178.9 m) 0.22 0.28 0.01 0.04 0.17 0.03 1.19
and over 36 m (190.9 – 226.9 m) 0.12 0.13 0.01 0.02 0.08 0.02 1.67
including over 15 m (211.9 – 225.9 m) 0.17 0.21 0.01 0.03 0.11 0.03 2.5
EL-20-91 over 101.36m (366.14–467.5 m) 0.18 0.16 0.01 0.02 0.04 0.01 1.03
including over 49.5 m (366.14–415.64 m) 0.16 0.15 0.01 0.01 0.02 0.01 0.94
including over 1.6 m (366.14 – 367.74 m) 0.84 0.53 0.08 0.01 0.02 0.01 3
and over 51.86 m (415.64 –467.5 m) 0.19 0.17 0.02 0.03 0.06 0.02 1.12
and over 0.75 m (448.75 – 449.5 m) 0.70 0.73 0.07 0.05 0.05 0.02 4
EL-20-90 over 15.37 m (0 – 15.37 m) 0.95 0.66 0.02 0.18 0.29 0.18 2.05
and over 30 m (120.5 – 150.5 m) 0.41 0.07 0.02 0.01 0 0 0.5
and over 7.5 m (140 – 147.5 m) 0.80 0.19 0.04 0.01 0.01 0 0.5
Garibaldi Resources Corp. News Release Page 4
**Massive sulphides (75-100%); *Semi-massive sulphides (50% - 75%).
Intervals are core lengths (true widths are estimated to be 80% of reported intervals)
Drill Hole Coordinates Table for Holes EL-20-90 to 96
Hole (#) Zone Easting* Northing* Elevation
(MASL) Azimuth Dip Length
(m)
EL-20-96 E&L Zone 396122 6271518 1889 121 -56 762
EL-20-95 E&L Zone 396182 6271505 1868 253 -80 320
EL-20-94 exploration 395938 6271407 1759 40 -75 250
EL-20-93 exploration 396675 6271391 1791 234 -75 873.5
EL-20-92 E&L Zone 396509 6271235 1699 314 -61 446
EL-20-91 E&L Zone 396509 6271234 1699 310 -72 494.5
EL-20-90 E&L Zone 396145 6271464 1881 106 -58 201.5
*UTM zone 9N WGS 84
EL-20-94, 93 and 92 were exploratory holes. Hole 94 was a 200 meter step out to the southwest of
the E&L surface expression. Hole 93 was a step out 700 meters to the east of the E&L and Hole 92
was drilled 500 meters sou theast of the E&L . These holes targeted structural contacts that did not
return significant results but confirmed the presence of the intrusive, hole 92 cut through 118 meters
of high MgO gabbro providing a vector towards potential mineralized E&L gabbro nearby.
Steve Regoci, Presi dent & CEO, stated: “Garibaldi management is very pleased with the progress
made during the 2020 exploration season. Important gains have been made expanding the E&L strike
length and tracking widespread nickel-copper mineralization deeper at Nickel Mountain . Our plans
for 2021 remain focused on identifying the conduit pathways for E&L mineralization which contains
critical battery metals that are ideally suited for the rapidly developing electric vehicle markets.”
Quality Assurance/Quality Control (QA/QC)
Garibaldi Resources has applied a rigorous quality assurance/qua lity control p rogram at the E&L
Nickel Mountain Project using best in dustry p ractice. All core was log ged by a geoscientist and
selected intervals were sa mpled. HQ and NQ drill core was sawn in half and each sam ple half was
placed in a marked sample bag with a corresponding sample tag then sealed. The remaining half core is
retained in core boxes that are stored at a secure facility in Smithers, British Columbia. Chain of
custody of samples was recorded and maintained for all samples from the drill to the laboratory.
All diamond drilling sample batches included 5% QA/QC samp les c onsisting of certified blanks,
standards and field duplicates. Multiple certified ore assay laboratory standards and one blank standard
Garibaldi Resources Corp. News Release Page 5
were used in the process. Samples were submitted to SGS Canada Inc. in V ancouver, British Columbia,
an ISO 9001: 2008 certified lab, for base metal, sulphur and precious metal analysis using Inductivity
Coupled Plasma (ICP), Fire Assay (FA) and Leco methods . Samples were prepared by crushing the
entire sample to 75% passing 2mm, riffle splitting 250g and p ulverizing the split to better than 85%
passing 75 mic rons. Gol d, platinum and palladiu m were ana lyzed using a 30 -gram fire assay and
ICP-AES. Total sulphur and total carbon were analyzed using a Leco method. Nickel, copper, cobalt,
silver and base metals were analyzed by sodium peroxide fusion and IC P-MS. The performance on
the blind standards, blanks and duplicates achieved high levels of accuracy and reproducibility and has
been verified by Jeremy H anson, a qualified person as defined by NI -43-101.
XRF measurements were taken with a Niton XL5. XRF measurements analyze a very small section of
rock approximately 0.16cm2 per measurement and results are not representative of the overall rock or
material.
Qualified Person & Data Verification
Jeremy Hanson, P.Geo., VP Exploration Canada for the Company, and a qualified person as defined by
NI- 43-101, has supervi sed the preparation of and reviewed and a pproved of the disclosure o f
information in this news release. Mr. Hanson has verified the data, including drilling, sampling, test and
recovery data, by supervising all of such procedures. There are no known factors that could materially
affect the reliability of data collected and verified under his supervision. No quality assurance/quality
control issues have been identified to date.
About Garibaldi
Garibaldi Resources C orp. is an active Canadian -based junior e xploration co mpany focused on
creating shareholder value through discoveries and strategic development of its assets in some of the
most prolific mining regions of British Columbia and Mexico.
We seek safe harbour.
GARIBALDI RESOURCES CORP.
per: "Steve Regoci"
Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the
adequacy or the accuracy of this release.