Garibaldi Resources Corp. announced that diamond drill-hole EL-22-97b has intersected nickel-bearing disseminated and semi-massive sulphide mineralization. The mineralization is hosted by taxitic and orbicular-textured gabbro and pyroxene peridotite 205 meters down-trend of the previous deepest mineralized intercept at E&L on Nickel Mountain.

The drill hole targeted the down plunge extension of the eastern zone of the E&L Intrusion, coincident with a large-scale low resistivity /elevated conductivity ZTEM anomaly identified last season by Geotech's deep-penetrating ZTEM survey. ribaldi's 2022 drill program is focused on testing several large-scale low resistivity ZTEM anomalies within the Company's 100% owned E&L nickel-copper-cobalt massive sulphide project. E&L mineralization also contains gold, silver, platinum group metals platinum, palladium (PGM'S) together with rhodium, iridium, and ruthenium (collectively termed PGEs).

The 180 sq. km. claim group is centered in the heart of the Eskay District within the Golden Triangle of Northwest British Columbia.

The latest intercept is in the plane of the E&L Intrusion, and rests immediately below the Eastern Extension mineralization associated with a differentiated sequence of peridotitic and gabbroic rocks. The complex orbicular textures in the gabbros are characteristic of the E&L Intrusion in both the Eastern Extension and the newly identified root zone ~200m below. The target was drilled as a major step-out from the known intrusion to establish whether a low resistivity ZTEM anomaly beneath E&L corresponds to the plane of additional mineralized segments of the intrusion within the plane of prospective geology.

The discovery of mineralized taxitic and orbicular-textured gabbros and pyroxene peridotite expands the potential scale of mineralization well below the previously drill tested 600 x 650 meter plane of the mineralized E&L Intrusion. Most importantly, drill hole EL-22-97b demonstrates the potential for mineralization coincident with the plane of the E&L intrusion at depth within the anomalous zone identified by the ZTEM survey. Hole EL-22-97b extends E&L mineralization more than 205 meters down trend from previous drilling.

The drill hole was collared 383m downslope from EL-20-91 and 92, and 216m east of and below the adit, cutting through the plane of the E&L Intrusion, allowing for more efficient drilling operations and providing an optimal Bore-hole Electro-Magnetic (BH-EM) platform for surveying. E&L intrusion rock types were intercepted from 440 – 480m, and 589 – 609m with semi-massive sulphides occurring at 472.2 and 597.3m. Portable XRF measurements taken on these sulphide grains returned 2.8% Ni and 1.1% Ni, respectively.

The sulphide-bearing rocks of the intrusion plunge for more than 800 meters and remain open beneath the E&L Intrusion. These intercepts of mineralized E&L type rocks are in the plane of the E&L Intrusion, and coincide with the footprint of the previously modelled ZTEM anomaly, which extends for more than 3 km. The drill hole was designed to test the plane of the E&L Intrusion at depth below previous drilling and successfully intercepted two intervals of E&L gabbro, which contain sections of disseminated, blebby and semi massive sulphides.

The hole has been lined from top to bottom with PVC to facilitate Borehole Electromagnetic surveys.