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Garibaldi Expands Drilling, Adds Another $2.25 Million from Warrant Exercise

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Garibaldi Expands Drilling, Adds Another $2.25 Million from Warrant Exercise

 

 

 

 

 

Garibaldi Resources (TSX-V: GGI) is pleased to provide the following operational and corporate update as it continues to build out Northwest B.C.’s first magmatic nickel-copper-rich massive sulphide system. 

 

Highlights:

 

  • Ahead of the next set of assay results, due shortly, another drill rig has been added at Nickel Mountain where three ITL Diamond Drilling Ltd. rigs are now in full operation. A first-ever drilling platform has been constructed on the E&L glacier to allow for even more effective targeting, from a new geometry, of existing and potential new zones;
  • A total of $2,247,000 has been received by the Company this week through the exercise of $1.05 warrants. All warrants below $4.50 have now been exercised, adding a total of $5,598,000 to the Company’s treasury in 2019;
  • Garibaldi is also making application to the TSX Venture for an extension of the $4.50 warrants, set to expire October 20, 2019 (2,539,683 warrants) and October 31, 2019 (634,920 warrants), for one additional year.

 

Steve Regoci, President and CEO, commented, “Our crews have become much more proficient in every aspect of exploration since the initial E&L discovery. The impressive performance of the new rigs and recent results convinced us to mobilize a third rig and push the limits for extending this season’s program.”

 

About Garibaldi

 

Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.

 

Posted September 27, 2019

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