It was no overstatement when the Association For Mineral Exploration British Columbia recently referred to the Sheslay district as “British Columbia’s #1 greenfield project.”
In addition to the discovery of a Gold-rich Copper porphyry deposit at Doubleview Capital’s (DBV, TSX-V) Hat Project, and the Star deposit and porphyry systems about 10 km to the northwest of the Hat, Garibaldi Resources (GGI, TSX-V) has made an important technical discovery that has identified “significant porphyry-style targets along a 5 km north-south and 5 km east-west trend at Grizzly Central” under an area mostly covered by overburden.
This afternoon’s news confirmed that Garibaldi crews remain on the ground, “proceeding aggressively toward drilling” of a previously untested north to northwest trending corridor in the heart of the Sheslay district. Keep in mind, just 10 km to the east of these targets, Doubleview made an important drilling discovery on just its 8th hole in late 2013.
Deposits Hidden Under Overburden?
British Columbia has a history of major mines or soon-to-be-mines whose deposits were originally hidden under an overburden “cover” – Blackwater in central B.C. being the most spectacular example.
One thing is certain about the Sheslay district: Impressive outcrop and surface alteration on portions of the Hat and Star properties, and the western side of the Grizzly, drew the interest of historical prospectors decades ago. It’s entirely possible, and more likely now given today’s news from Garibaldi, that they missed something potentially huge at Grizzly Central as this low relief area of the district is heavily forested and 95% covered by overburden.
“The geochemical and geophysical data over Grizzly Central targets provide a clear roadmap. Results are consistent with the signatures that have produced outstanding results in the district, and attest to the scale of the mineralizing system in this emerging mining camp,” stated GGI President and CEO Steve Regoci.
It’s worth noting that the “Qualified Person” on Garibaldi’s news this afternoon is none other than Charlie Greig, a key consultant for Pretium Resources (PVG, TSX) which is advancing its world class high-grade Brucejack Gold Project to production.
Garibaldi President and CEO Steve Regoci apparently has plenty to say regarding the Grizzly and the Sheslay district following today’s news, and has agreed to an interview with BMR this evening.
More by the am.
Note: John and Jon both hold share positions in GGI.
So glad I loaded up on this one, chart looks fantastic, thanks for the continuing coverage BMR. This looks ready to rock. Hopefully Chad Day doesn’t find a way to get in the way here.
Comment by Danny — September 17, 2015 @ 3:29 pm
I’m just guessing, but I think DBV taking the action on Chad Day has him in a corner with his tail between his legs. I don’t think Day will step into this one on GGI. This could have been what Regotti was waiting for too.
Comment by dave — September 17, 2015 @ 3:43 pm
This news help me clarified why they didn’t drill grizzly west already, this will be huge!!
•A 5-km north-south belt of elevated magnetic response trends north to northeast over Grizzly Central. It consists of three separate magnetic highs ranging from 500 to 2,000 meters in width;
Comment by Martin — September 17, 2015 @ 4:01 pm
This NR makes me think that Regoci is giving us a last chance to load up with shares before the train leaves the station. They really have done a lot of preparatory work on the area. Regoci is brimming with confidence which is a good sign, he does not strike me as a person who over promises and under delivers.
Is it possible that Pretium could become a partner to GGI at the Grizzly?
Comment by Tom UK — September 17, 2015 @ 4:01 pm
Good luck for with the interview Jon!
When and why did GGI decided they would need to had wolverine to the equation of This north south system? not just a 7e target?
Comment by Martin — September 17, 2015 @ 4:17 pm
Could there be high grade gold at grizzly central with what they are seeing from surface?
Comment by Martin — September 17, 2015 @ 4:24 pm
Tom, my reference to Charlie Greig was meant to point out who put his stamp on this news from Garibaldi, and the high level of expertise that GGI has quietly put toward the Grizzly. Charlie is superb in his field and well recognized in geological circles out here in B.C. He has been and continues to be a key player with Pretium on the technical expertise side, and of course Brucejack hosts nearly 7 million ounces of high-grade gold and is now moving toward production. I’ve met Charlie on two occasions. Tremendous guy, very humble, and he really knows his stuff. You don’t even have to read between the lines to believe that GGI is onto something potentially very big at Grizzly Central, given Charlie’s interpretation and how that news was presented today. Smart people in the business will pick up on that, and Charlie’s endorsement of the strong potential for a discovery here. In my opinion, as exciting as Grizzly Central and the entire Grizzly Project look at the moment, that was one of the most significant aspects of the news today from GGI.
Comment by Jon - BMR — September 17, 2015 @ 4:54 pm
Probably Drilling GGI will start when DBV receive his injunction!
Comment by Guy Delisle — September 17, 2015 @ 5:05 pm
Sometime Porphyry can hold 5% to 10% copper bellow the water table!
Comment by Martin — September 17, 2015 @ 6:48 pm
Watch the show guys… love to see movements
Comment by Theodore — September 17, 2015 @ 7:13 pm
So Jon how was it?
Comment by Martin — September 17, 2015 @ 7:15 pm
Tom UK, I have to differ to you regards GGI. They have over promised and underdelivered for the last two years. The only redeeming feature is that they haven’t diluted the share count much to this point. I guess that is coming if Patilla doesn’t work out for them. Good on them for trying Patilla though.
Comment by PaulH — September 17, 2015 @ 7:29 pm
I agree it has been frustrating at the lack of drilling and news releases as promised Paul, but they have kept their cash until they are sure they have the best target in sight. The target they are going to drill has only come to the forefront this summer. I’ve expressed my frustration, anger and disappointment more than most at the lack of news earlier this year, but it is apparent now that much work has been done in identifying the most likely target that will give us the best bang for our buck. If they do hit big with this round of drilling, then all of GGI’s sins will be forgiven. Only 65mil shares in circulation means that an appreciation in share price is easily obtainable on a couple of good results.
Comment by Tom UK — September 18, 2015 @ 12:13 am
I think Steve Regoci reference to all stakeholders in his public statement with regard to Chad Day & Tahltan Elders dispute over mining activities in the Sheslay by DBV,GGI & PGX should naturally suggest given the strong mutual vested interest by all parties in the region, would carry a certain perceived responsibility to share in DBV incurred court costs???
This would go a long way to show support for Farshad Shirvani’s trailblazing efforts to not only shine the spotlight on the Sheslay’s world class potential with his first mover drilling efforts in the region and gutsy maverick style of stepping out 1 km garnering attention from across the investor marketplace spectrum for all stakeholders in the area to benefit from, but also his ( De-Risking ) the area as well for all interested parties by laying the legal groundwork for creating what should now be a dispute-free working environment on a going forward basis from this point on.
This is huge and why the name Farshad Shirvani is the candidate buzzword for 2015 mining CEO hall of fame recipient.
I only hope Farshad manages to find the time to utilize as many media channels for both print and TV so when a injunction is awarded, the corresponding press release garners all the attention that FN’s receive when they attempt to block a major project.
Because the I felt the fashion he chose to release news of Doubleview intention to sue the Tahltan Band and file injunction was pretty lack luster as he appears to have used stockwatch and they are a subscription based service now and as such, non-subscribers are only privy to part of the news and most is blocked. I realize one man can only do so much…but really?…lol
Btw
I notice you guys are no longer disclosing that you also own shares of DBV anymore or at least with the above article.
Did you guys sell your position
I only say this realizing GGI is one of your clients and DBV is not
Just asking…thanks
Comment by Don — September 18, 2015 @ 1:39 am
For disclosure purposes: I continue to own DBV only out of all the Sheslay players and am not a current subscriber to BMR, although I may consider taking a stake in GGI and become a subscriber to BMR sometime in the future.
Comment by Don — September 18, 2015 @ 1:47 am
Why did Ggi not announce any drilling dates? Not even a rough estimate was given. Even though I hold Ggi shares, imo the jury is still out if Ggi drills this year ( Dbv situation might be causing the delay)
Comment by tony t — September 18, 2015 @ 3:00 am
I’m more than likely looking into this a little much, but this line caught my attention “Garibaldi is carrying out its 2015 program at the Grizzly” Why not mention its “drill program” rather then just “2015 program?” I understand program can cover many subjects, but wouldn’t it make sense to include drilling if they were in fact drilling this year?
Comment by tony T — September 18, 2015 @ 3:52 am
Hopefully the interview with GGI will not be more of the same that we have had over the last few years…like PaulH said……over promise and underdeliver!
Comment by DDD4 — September 18, 2015 @ 3:56 am
Equitas Resources Corp. Closes Tranche 2 of Non-Brokered Private Placement
08:30 EDT Friday, September 18, 2015
Comment by DDD4 — September 18, 2015 @ 4:37 am
Excellent interview with Regoci, Martin, we have nearly 1 hour of material to go through. “Drilling starting very quickly,” were Regoci’s exact words. As it stated in the news, “Garibaldi’s 2015 program is fully financed and proceeding aggressively toward drilling.” Keep in mind, the fact GGI is using B.C. flow-through funds that were raised in late December of last year, specifically for exploration and drilling at the Grizzly as announced at that time, GGI must incur all of these expenditures before year-end. So for those on this board who are fantasizing that GGI somewhow will not be drilling this year, then just kept on thinking that and chase this north of .15 or .20 or higher when the drill is turning shortly (and while we’re also there for a district site visit).
Regoci’s strategy is very simple: COMPLETE an initial round of holes within the next 30-45 days, before the end of October with their current camp set-up, and if they hit – keep in mind the district drill hole success ratio – they will quickly upgrade the camp for winter conditions and continue.
After what this district has gone thru with Chad Day, everyone on this board – DBV shareholders especially – should be congratulating Regoci for pulling this off.
Comment by Jon - BMR — September 18, 2015 @ 4:39 am
Jon- did you sell your DBV? It wasn’t disclosed today and DBV was mentioned.
Comment by DDD4 — September 18, 2015 @ 4:43 am
As I wrote earlier, GGI will never drill if DBV can not do. And to do it DBV must have an injunction!
Comment by Guy Delisle — September 18, 2015 @ 4:46 am
“After what this district has gone thru with Chad Day, everyone on this board – DBV shareholders especially – should be congratulating Regoci for pulling this off”
Jon- pulling what off?
Comment by DDD4 — September 18, 2015 @ 4:46 am
Of course not, DDD4. I continue to hold my DBV as mentioned the other day in our piece on DBV. GGI was the focus of the story yesterday which explains the DBV omission.
Comment by Jon - BMR — September 18, 2015 @ 4:49 am
Great news on several fronts. It is great GGI has an UAV with a cam on site, could be quite useful to capture videos if un-invited guests come to the site.
Comment by rgiroux — September 18, 2015 @ 4:49 am
Specificially, DDD4, getting on the ground in August amid the controversy and moving this to the drill stage. Not to mention the fact they’ve got such a great shot here at a discovery given the information revealed yesterday.
It’ll be a big boost for DBV with GGI drilling and if in fact they make a discovery. Hence, I’ll also be adding to my position in DBV, along with GGI.
Comment by Jon - BMR — September 18, 2015 @ 4:52 am
Thanks for the update Jon. Did Regoci say how many holes or how many metres they plan to drill in the first round?
Comment by Tom UK — September 18, 2015 @ 4:52 am
Jon- DBV was mentioned today in today’s posting and usually there has always been a disclosure statement for the stocks mentioned even just briefly.
Thanks for the confirmation!
Comment by DDD4 — September 18, 2015 @ 4:54 am
A series of holes, Tom, not just to hit mineralization and grade, but the “sweet spot” in his exact words. They really believe they have the structures at Grizzly Central which have created some enormous fluid pathways.
Comment by Jon - BMR — September 18, 2015 @ 4:57 am
Jon- he hasn’t successfully pulled off anything yet……not until he successfully finishes the drill campaign without any interference.
Comment by DDD4 — September 18, 2015 @ 5:00 am
We’ll agree to disagree on that, DDD4. GGI has moved the ball forward tremendously in the district. Again, this is not a competition between any of the companies. They’re all in this together, and helping each other. And rest assured, no one is rooting more for GGI to hit than Farshad.
Comment by Jon - BMR — September 18, 2015 @ 5:01 am
I agree Jon, great news for both GGI and DBV. They are both in this district together with one common goal, and I think between the two of them they will bring national attention to the Sheslay. Thanks to Farshad for having the faith in the region to re-mortgage his house and get this ball rolling…now lets hope now both GGI and DBV can hit that ball out of the park.
Comment by ChetBaker — September 18, 2015 @ 5:14 am
That’s what it’s about, Chet, hitting the ball out of the park. Nothing would help DBV more than GGI doing just that, or vice-versa. And that’s what the market in general needs right now. Two best possibilities in that respect are out in Labrador with EQT, and the Sheslay district, especially if a 3rd distrcit discovery occurs over a previously undrilled property.
Comment by Jon - BMR — September 18, 2015 @ 5:21 am
I wasn’t making this a competition or comparing anything. I believe its too early to say that Regoci should be congratulated for pulling this off. All he has done is plan a drill campaign……the Tahltan have not problems with planning……its the actual drilling that they are opposed to.
Comment by DDD4 — September 18, 2015 @ 5:21 am
Maybe Regoci has altered those dynamics, DDD4?
Comment by Jon - BMR — September 18, 2015 @ 5:23 am
I’m a shareholder of both GGI and DBV
Comment by DDD4 — September 18, 2015 @ 5:23 am
Lets hope so but time will tell…..soon we will know!
Comment by DDD4 — September 18, 2015 @ 5:23 am
Jon, you hit it with respect out in Labrador. I just got my fill in from Kyler’s meeting last night. This is looking mighty good here gents.
Comment by dave — September 18, 2015 @ 5:23 am
Dave- care to fill us in????
Comment by DDD4 — September 18, 2015 @ 5:26 am
Great, Dave. Let us know what you can tell us when you have a chance. The modest pullback has been a blessing.
Comment by Jon - BMR — September 18, 2015 @ 5:26 am
Lets hope the BC Supreme Court comes back with a solid decision in DBV’s favour…then the Tahltan will become non-entities in this equation.
Comment by ChetBaker — September 18, 2015 @ 5:27 am
I’m formulating how to report now. soon to post. LOVE IT
Comment by dave — September 18, 2015 @ 5:29 am
The Land Use Plan is what will drive the district, Chet.
Comment by Jon - BMR — September 18, 2015 @ 5:29 am
Jon: Do you know if GGI employed their hyperspectral remote sensing technology with respect to Grizzly Central?
Comment by Foz1971 — September 18, 2015 @ 5:39 am
EQT – This is Hardy talking last night before 80 people in a ballroom in Toronto. The group was made up of investors, brokers, and investment fund managers.
The picture on Twitter that was posted IS on their property. It is Proterozoic Paragneiss Raft in Diorite along with a Gabbro fragment in granite. A diorite breccia packed with fragments of paragneiss and a pic of the western deeps chamber Troctolite Rafts have all been reported and on twitter.
A section of not 10k siemens, but also 25,000 siemens within expected range for pro dominated nickel sulfides is reported on the property.
Newly identified conductivity at depths in accord with on going ground exploration are painting the model. More to be released about the ground mag reading are defining some spectacular things which is why our crew was dancing in the streets a couple weeks ago.
I leave for Australia tomorrow to meet with a company who desires involvement with EQT.
I remember reading that one article a while back about that multi billion dollar company who was starved for a nickel play. I can only gather it is this company.
The question was asked about a drill date and Hardy would not commit but did say we are fine tuning the sites and it will be soon.
Comment by dave — September 18, 2015 @ 5:50 am
Jon do you think based on the Land Use Plan, that the BC Supreme Courts decision in favour of DBV is a foregone conclusion? I just get concerned when the courts get involved…I’ve seen some decisions handed down before that seem to make no sense.
Comment by ChetBaker — September 18, 2015 @ 5:53 am
The Supreme Court decision is about a specific incident that occurred on one property, Chet…it’s not about how things move forward on a macro level in the district. The Land Use Plan is the driver of that. Personally, I believe the odds of DBV winning its injunction are extremely high, for reasons previously outlined, and based on precedence.
Comment by Jon - BMR — September 18, 2015 @ 5:56 am
I have said this before. My take on Hardy. This guy never stops and hardly sleeps. What a CEO, what a leader. He also mentioned any acquisitions down the road would only be world class stuff. He has everyone of his shareholders in mind and aims to prove it.
Not to slight GGI news yesterday to the side. I think it was great news. I think both EQT and GGI bring some exciting times to us here shortly. I own both and would encourage anyone here to do the same.
Comment by dave — September 18, 2015 @ 6:01 am
EQT – Jitney and Anon are hungry on the buys today.
Comment by dave — September 18, 2015 @ 6:07 am
#22 Guy , no doubt Regoci will time the start of drilling with the DBV court decision .
Comment by Les — September 18, 2015 @ 6:42 am
EQT – sorry forgot one thing he said.
Earlier in an interview with Jon, he said that if they hit that they would be drilling all winter long.
Last night he said: We WILL be drilling all winter long.
You can read between the lines there.
Comment by dave — September 18, 2015 @ 6:45 am
EQT – thanks for the synopsis Dave, much appreciated. Exciting to say the least.
GGI – it’s going to take definitive news on drilling to move the stock…just my opinion.
Comment by Treb — September 18, 2015 @ 7:29 am
Jon, I’m very surprised that yesterday’s pr hasnt affected the stock price today as I felt certain that we would be trading around .12-.13 on that news.
I hope they start drilling soon before the bad weather comes otherwise its “see you next summer boys”!!
What about Mexico why no news ??
Comment by Jeff — September 18, 2015 @ 8:17 am
Jeff, patience, discernment and wisdom win the game, as they always do. Be grateful, based on yesterday’s news, you still have a chance to get this under a dime. If you recall when Pure Energy released news on its inferred resource, the stock actually was trading lower that morning, but those who were selling had no idea what they were doing which is why we came out aggressively on it. It took off in a big way. So you have to be able to envision what is about to unfold.
The chart and the fundamentals are both looking very good for GGI, just as they were for EQT when it was trading below a dime (we were ahead of the curve on EQT and we’re ahead of the curve on GGI). So…accumulate at really attractive levels while you have a chance, or chase later…that’s the bottom line, and that applies to any high-quality speculative opportunity…
The risk of any bad weather in the Sheslay district won’t come until November…GGI has all of October to complete an initial round of drilling, and if they hit – it’s a simple process of upgrading the camp to allow for drilling throughout the colder months beginning in November…Farshad in 2013 was still drilling with a summer camp until mid-November…Grizzly Central is at a relatively low elevation…they were doing geochem sampling in late February there for crying out loud.
Comment by Jon - BMR — September 18, 2015 @ 8:21 am