Friday, June 02, 2023
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Building on the 2022 program. In 2022, Garibaldi tested targets from the 2021 Geotech deep-penetrating Z-Axis Tipper Electromagnetic (ZTEM) survey at the company’s E&L nickel-copper-cobalt massive sulphide project. Two holes were successful, including a deep hole which intersected two intervals of E&L gabbro more than 200 meters down plunge from previous drilling and nickel-bearing disseminated and semi-massive sulphide mineralization. The two successful drill holes are lined with polyvinyl chloride (PVC) and Garibaldi intends to conduct a geophysical borehole electromagnetic (BHEM) survey to aid the 2023 drilling program. We will be interested in the outcomes from the BHEM survey, particularly if it reveals any conductors off-hole.
Upcoming drill program. Drilling in 2023 will test for mineralization associated with broad low-resistivity anomalies identified in the Geotech survey. While subject to change, the 2023 drill program will likely commence in early July and entail three to four holes at the E&L target, two holes of approximately 500 meters depth at the B1 target, and two holes at the Palm Springs property. Drilling at E&L will focus on areas within the ZTEM anomaly tested in 2022. We expect the drill program to conclude at the end of October.
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