Garibaldi Resources said that it has wrapped up the first full season of drilling at its 100%-owned Nickel Mountain Project, a nickel-copper-cobalt-platinum-palladium-gold-silver magmatic massive sulphide system in the Eskay Camp in the Golden Triangle in Canada.
The 2018 program produced 11,573 meters of drill core, more than three times last year’s meterage.
To date, drilling and extensive surface work at the Nickel Mountain deposit has identified three relatively shallow zones (Discovery, Central, Northwest) including a newly identified sulphide body 30 meters above the Discovery Zone at a depth of just 80 meters.
Each of the zones remains open in all directions and features top tier massive sulphide grades of an unusually pure composition according to Dr. Peter Lightfoot, Garibaldi Technical Adviser who’s recognized as one of the world’s leading nickel sulphide experts.
Meanwhile, a combination of field work and step-out drilling over the summer and fall have confirmed that the Nickel Mountain Gabbroic Complex strikes northeast for at least 3 km and extends across strike for at least 1 km.
Garibaldi Resources president and CEO Steve Regoci said: “Not only have we made important progress in expanding the footprint of this nickel-copper-rich mineralization, but our geological understanding of this unique Eskay Camp system – from the configuration of the intrusion to the controls on mineralization – has advanced dramatically over last year.
“We’ll enter 2019 with working capital of approximately $15 million which puts us in a highly favorable position to take Nickel Mountain to the next level and fully leverage this asset for shareholders.”
Assay results for 10 drill holes from this year’s program have been reported by the Company and complete results are pending for an additional 22 holes which will be released in batches as soon as they are received, reviewed and interpreted.
- The E&L icefield retreated in unprecedented fashion this summer, exposing more previously hidden outcrop than in any year since the original surface discovery in the late 1950’s based on historic photos of Nickel Mountain. This led to the discovery of multiple new massive sulphide showings, particularly in the Central Zone where mineralization is trending to the north beneath the 1.6-km-long, 1-km-wide E&L ice sheet;
- The quality of the massive sulphide mineralization at Nickel Mountain is unusually high due to well-developed granular pentlandite and minimal nickel in the pyrrhotite (<0.6 wt%);
- Exploration drilling in the plumbing system of the E&L Intrusion has indicated important favorable geology, revealing additional new potential at depth;
- Olivine gabbros with unusual variable textures extending to depth indicate a dynamic complex at Nickel Mountain where the root zone of the intrusion has been impacted by post-magmatic deformation processes. Geological, geochemical, structural and geophysical data collected in the 2017 and 2018 programs is being used to construct a 3D model of the mineral system which will help guide 2019 exploration.
Lightfoot said: “Increasingly, Nickel Mountain represents an important new discovery within the Eskay Rift. The project is ideally positioned to leverage the demand from dramatically declining nickel-cobalt sulphide discoveries and the resulting depletion of high quality nickel inventories required to fuel the electric vehicle battery revolution.”
Source: Company Press Release