A massive sulphide surface sample taken in 2017 from anomaly D area at the E&L project. (Image: Garibaldi Resources)
BRITISH COLUMBIA – Garibaldi Resources of Vancouver is raising a little bit more than $10 million through a non-brokered private placement of flow-through shares. The company will issue 3 million shares at a price of $3.35 per share.
Proceeds from the financing will be used for the company’s E&L nickel-copper-gold property at Nickel Mountain, near Eskay Creek, and other projects also in British Columbia.
Garibaldi says the E&L intrusion is the first magmatic nickel-copper-rich massive sulphide system discovered in B.C.’s Golden Triangle. The company believes this is a large tonnage, high grade exploration target. The intrusion has been traced over a length of 4 km and a width of 1.5 km. Historic drilling yielded nickel grades up to 5%.
The first drill hole of 2017 intersected two long intervals of nickel-copper sulphide mineralization totaling 176 meters and consisting of pyrrhotite-pentlandite-chalcopyrite. By December, Garibaldi had drilled 8.3% nickel and 4.2% copper over 16.76 metres within a 40.4 metre intersection grading 3.9% nickel and 2.3% copper. Platinum, palladium, cobalt, gold and silver were also present.
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