Garibaldi Drills Deepest Nickel-Copper Yet at E&L

VANCOUVER, BC, Dec. 30, 2020

VANCOUVER, BC, Dec. 30, 2020 /PRNewswire/ - Garibaldi Resources Corp. (TSXV: 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 geochemical, geophysical and structural controls supplied 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, yet 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 first ever magmatic massive 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 surface 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 LDZ significantly enriched in palladium and platinum, grading 3.75 g/t Pd, 1.86 g/t Pt. and 1.58 g/t Au. Notably, this hole intercepted a series of gabbros 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 transitional zone between E&L and Nickel 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 located 28 meters north of the LDZ in an area open for expansion. A 15m intersect returning 0.17% Ni and 0.21% 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 interpreted 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 taxitic melagabbro. The bottom 51.68m is composed of a massive olivine pyroxenite. Hole 91 reinforces the interpretation that massive sulphides form along the contact of the E&L gabbro with the Hazelton group. This area remains open and is highly prospective.
  
  
• EL-20-90 was collared at the southern extension 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 September 11, 2020) of 0.56% Ni and 0.61% Cu. The greatly expanded 650m E&L footprint represents over a three-fold extension 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 throughout the property, including the Company's more accessible Casper high grade quartz gold vein system which progressed to drill readiness. Garibaldi completed four diamond drill holes at Casper by the holiday break, assays are pending.

Expanded 2020 regional prospecting resulted in new surface discoveries, including outcropping mineralized gabbro at Mount 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% Cu 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.