Garibaldi Resources Corp. has announced results of exploration on its 100% owned Iris Project. The ongoing exploration program was designed to evaluate the potential of the concession block, and has encountered mineralization with bonanza silver grades from several small historic mines and prospects.
Rock chip sample assays of as much as 4.61 g/t gold and 2,150 g/t silver over 1.7 metres, and 6.29 g/t gold and 588 g/t silver over 1.2 metres are reported from the Paragatos workings and 4.01 g/t gold and 304 g/t silver over 2.0 metres from the Mina San Martin vein. The table below includes assay results for 36 of the samples with the most significant precious metal grades out of a total of 115 rock samples taken to date at the project.
The exploration program at the Iris Project to date has consisted of first pass reconnaissance of the entire concession block, including stream sediment sampling. The rock chip sampling focussed on areas with visible alteration and mineralization and does not represent a systematic sampling program. During this reconnaissance, several areas with interesting mineralization were encountered. Four small historic mines returned significant precious metal assays, as well as local lead and zinc. Also, samples from an additional four areas yielded interesting precious metal values from surface exposures or small prospect pits, and in one case from a large area of widespread alteration. Subsequent work will focus on evaluating the potential of each of the mineralized areas found in the reconnaissance program.
Steve Regoci, President of the Company, stated, "The exploration program at our Iris Project encountered mineralization that is similar to that being explored at the nearby Venus project of AuRico Gold." (formerly Gammon Gold Inc.)
The geology of the area is similar to that in the region, where several recent discoveries and mines are located, including Ocampo, Pinos Altos, and Moris. A sequence of volcanic flows of intermediate composition hosts the mineralization, and is overlain by mostly unmineralized felsic volcanic rocks. At Mina Providencia, the felsic rocks overlay altered andesite with quartz veining and may cover significant areas of mineralization. In the south eastern portion of the concession block felsic dikes cut the intermediate rocks. In general, the presence of multiple areas with historic small scale mining of high grade silver-gold veins, as well as the presence of felsic dikes, which are related to mineralization in the nearby Moris district, are features that are favourable and suggest good potential to encounter mineralization of interest.
The Iris project is located in the prolific Sierra Madre Precious Metal Belt in western Chihuahua State, Mexico, and includes 5 concessions (Iris, Iris Fracc.1, 2 & 3 and Paragatos) covering 6,508 hectares (visit www.garibaldiresources.com to view project maps). The project land package abuts the properties surrounding several recently discovered mines, including the Ocampo mine (AuRico Gold), Pinos Altos mine (Agnico-Eagle) and Moris (Hochschild). A detailed mapping and sampling program is underway at the Iris Project, results will be reported as they become available.
Source: www.garibaldiresources.com