Eskay Camp, 11:30 am Pacific
The first Nickel-Copper-rich deposit in the heart of the Eskay Camp is one big step closer this morning with Garibaldi Resources (GGI, TSX-V) reporting that it has intersected two long intervals of disseminated Nickel-Copper sulphide mineralization totaling 176 m in the company’s first drill hole at Nickel Mountain. Heavy disseminated and net-textured sulphides were also intersected, and a borehole downhole survey is expected to guide the next drill holes toward the interpreted massive sulphide body.
Dr. Peter Lightoot with surface samples from Nickel Mountain (BMR photo).
GGI is also immediately expanding the Nickel Mountain program which almost certainly means a 2nd drill rig is on the way.
In a bold first move, Garibaldi’s Nickel team drilled in the opposite direction of the historic high tenor mineralized zones into a previously untested area at Nickel Mountain, expanding the potential scale of what appears to be a robust mineralizing system that is typical of many global Nickel sulphide ore deposits according to Dr. Peter Lightfoot, one of the world’s foremost Nickel sulphide experts and a technical advisor to Garibaldi.
“The first borehole encountered a sequence of rock types varying from ultramafic through chaotic-textured olivine gabbro and leucogabbro,” Lightfoot stated in this morning’s news release. “Magmatic-textured sulphides with blebby disseminated sulphides occur in association with all rock types except for the leucogabbro.
“The range in rock types, including the chaotic-textured rock types at E&L, are similar to those found in other global examples of Nickel sulphide deposits hosted by small intrusions that provided very efficient ‘magma highways’ from the mantle,” he concluded.
Additional highlights of the first drill hole:
- EL-17-01 entered mineralized gabbro beginning at a depth of 51 m with disseminated sulphides continuing to 169.5 m. A second section of disseminated sulphides started at a depth of 274.5 meters and continued to 332 m. Meter-scale intervals of up to 30% sulphides at the base of the intercept occur as heavy disseminations, net-textures and gash veins;
- EL-17–01 remained in the E&L Intrusive Complex (ELIC) from the collar to the end of the hole at a depth of 441 m;
- Core is being processed and assays will be reported as soon as possible (true widths of intercepts in first hole are unknown at this time).
Some impressive core photos have just been released by GGI such as the one below (pyrrhotite-pentlandite-chalcopyrite in heavy disseminated sulphides). Keep in mind that given the world class tenor of the sulphide at the E&L, as reported by GGI earlier, grades in disseminated sulphides can be very high.
Fully Subscribed $6 Million Financing To Accelerate Program At Nickel Mountain
The seriousness of developments at Nickel Mountain is reflected in the announcement this morning that GGI has arranged a fully subscribed $6 million financing, expected to close shortly (by no later than September 15). This will certainly go a long way toward de-risking this opportunity at current levels.
GGI is up 7 cents at 77 cents on total volume (all exchanges) of more than 1.5 million shares as of 11:30 am Pacific. More later today.
Note: John, Jon and Daniel hold share positions in GGI.
at .80 at 3:15 rt… THE 6 MILLION deal is non brokered but finders fees can be paid… thought this means that they feel they dont have to go thru a broker .. but its not totally bought.. what did I miss?? been a tough week for me guys and gals.. forgive me if I have overlooked something obvious:)
Comment by Jeremy — September 1, 2017 @ 12:18 pm
also a list of abbreviations for minerals etc .. like PO PN and CP per the core pix:)
https://www.bgs.ac.uk/scmr/docs/papers/paper_12.pdf
Comment by Jeremy — September 1, 2017 @ 12:22 pm
All non-brokered deals are eligible for finder’s fees, Jeremy, if the “finders” meet Exchange criteria…you still have brokers involved in “non-brokered” deals…
Comment by Jon - BMR — September 1, 2017 @ 12:22 pm
told ya I missed something:) so glad they did it at 65 and not 50 or less.. not sure what the average over 20 days would be but these guys are good:)
Comment by Jeremy — September 1, 2017 @ 12:27 pm
MTS should take a run next week on GGI news, their own drilling, and the fact they’re investigating the King East area which has mag anomalies oriented to the E&L trend…they’re hitting that area over the long weekend…
Comment by Jon - BMR — September 1, 2017 @ 12:33 pm
Hopefully MTS doesnt get thrown out with the bath water.. and as I say that it was retrieved from the sink:) LOL…
Comment by Jeremy — September 1, 2017 @ 12:38 pm
Congrats too all and a big hats off to the BMR crew…
Awesome news!!!
Now can breathe easy and let this one run.
Thanks guys!!!
Comment by Weatheritout80 — September 1, 2017 @ 12:43 pm
Thanks, Weatheritout…indeed, let ‘er run…what God has created in this district is truly incredible…
Comment by Jon - BMR — September 1, 2017 @ 12:44 pm
From reading the CEO channel… you guys are going to be getting a lot more subscribers!!!
Comment by Weatheritout80 — September 1, 2017 @ 12:50 pm
After careful consideration, I have decided to continue my subscription to BMR. LOL Great work Jon and gang. The beer is going to taste real good tonight.
Comment by Danny — September 1, 2017 @ 12:52 pm
Indeed JOn – you are a very very glass half full person, and your exuberance can be mistaken. for what I dont know.. but you were emphatic about dont sell a share.. you were on the ground, you talked to those important.. and you reported with ‘your’ flair..
You wont be right all the time, but your due diligence has to be considered top shelf by most. Noone is perfect yes?? and dont wnat your head to get too big:)
thank you for your convictions…. appreciated:) and MTS will follow… up 25% from the low…
kaboom:) thank you Jon
Comment by Jeremy — September 1, 2017 @ 1:05 pm
You guys rock!
Thanks
Comment by jasi — September 1, 2017 @ 1:12 pm
🙂 nice comment Danny
Comment by Daniel — September 1, 2017 @ 1:21 pm
Congratulations to the BMR crew for a spectacular pick! Amazing work!
Comment by Charles — September 1, 2017 @ 1:35 pm
and dont look now but Orca was up 20% .. hmmmm … this venture turn around may be coming into focus:)
Comment by Jeremy — September 1, 2017 @ 1:54 pm
as if we needed anymore confirmation .. next week could be a barn burner… it was a cut and paste 🙂
“Working from top to bottom of the system we see at the highest levels broad zones of disseminated (or interstitial) sulphide mineralization. You can think of these as individual sulphide drops frozen in place within the magma – sulphides that either didn’t have the time to sink before the magma crystallized or drops that didn’t reach sufficient size to sink. Typically this type of Disseminated Ore is seen above and lateral to the higher grade, more massive parts of the system. One of the characteristics of magmatic sulphides is that the individual sulphide grains – like the orebodies as a whole – tend to be zoned having a more copper-rich top and nickel rich base. Thus magmatic sulphide grains are typically multi-phase being comprised of separate chalcopyrite (copper-rich), pyrrhotite (iron-rich) and pentlandite (nickel-rich) phases. Deeper into the systems the sulphide drops begin to coalesce as they start to sink to from what is known as “Blebby” or “Globular” Ore. These “blebs” may reach several centimetres in size and range from aggregates of droplets to semi-massive sulphide “balls”. This type of texture is relatively rare, as the blebs are effectively caught in place as they falling through the magma. As the sulphides continue to sink we see net-textured (or matrix) ores which are the most common ore type in most high-grade nickel deposits. Here sulphides range from 5 to as much as 50+% of the rock, forming a matrix between silicate minerals. Depending on the dynamics of the magma chamber the sulphides can be thought to have sunk between and cemented together earlier formed silicate minerals or the silicates may have settled into a sulphide pool as the chamber cooled. The genesis can be argued either way but what we end up with is a “net” of partially connected sulphide grains. In some cases there is enough connectivity between the sulphide grains for them to produce weak to moderate geophysical (EM or electromagnetic) conductors. All of the mineralization styles above will typically produce I.P. (induced polarization) anomalies. Ultimately, at the base of the sequence, the sulphide grains will settle until they dominate the base of the depression and form massive nickel-rich sulphides. These are typically the richest parts of any magmatic nickel system but massive nickel sulphide bodies are surprisingly rare, suggesting most systems crystallize before allowing the time for, or don’t have the flow dynamics or geometry to generate, formation of massive sulphides.” So hole one holds tremendous promise (IMO). After EM analysis hole two will be ultra precise and assuming that hits, I would anticipate assay results from hole one and coincidental halt. This is shaping up to be very strategic in execution. That they’ve easily prefilled to fund their immediate drill program speaks to the eyes on.
and from some world class Geo’s on the PR : Had a look. Here’s the proof I was correct in our conversation. “has intersected two long intervals of nickel-copper sulphide mineralization totaling 176 meters and consisting of pyrrhotite-pentlandite-chalcopyrite” Means we found our ore body at great thickness and reasonable depth. Lack of the term massive sulphides makes no difference here as the whole site could prove up to be one massive sulphide. “drilled away from the historic mineralized zones into a previously untested area in order to provide the best immediate platform for SJ Geophysics’ Volterra borehole EM survey as it gauges the orientation of conductor “D”. This new discovery convincingly expands the scale of the mineralizing system eastward from the high tenor E&L mineralization and beyond the historic estimates from 12 shallow holes drilled by Silver Standard in the 1960’s” Means we found it further away than initially expected therefore larger possibly than originally expected. “Core is being processed and assays will be reported as soon as possible.” Means we’ve found mineralization and want to know “how much” and quickly ! Quick synopsis: Industry will now take serious notation. Deposit may be larger than expected and assays may validate a better than expected value. Certainly that will be proven out with drilling/assay results along with the orientation and the depths of each anomaly. Like we discussed, program completion, identification of size and scope could prove up a large find. Then you may see a buyout offer. Bottom line is certainly any educated eye seeing this is very excited. VERY excited.
Comment by Jeremy — September 1, 2017 @ 2:33 pm
Jon thank you to you and BMR for all your hard work, especially you Jon as you are the one out in the trenches. It is going to pay off in spades. I posted on CEO.ca that BMR was the best money I ever spent. A little advertising for you. Others commented on you guys as well. Keep up the excellent work and due dillengence for us. Some of us seem a little impatient at times but thats the nature of this business, especially when dealing with money. Greatly appreciated! Best regards, all the way from NL to BC.
Comment by Dan1 — September 1, 2017 @ 2:51 pm
Hi Jon / BMR,
Obviously great result on hole one for GGI – however, maybe you can clarify one glaring inconsistency? Leading up to drilling it was postulated by BMR that the strong, broad VTEM conductor could only be one thing, massive sulphides, all others being “ruled out”. However, this hole over 400m and well into the conductor “zone” below 140m shows no evidence of massive sulphides. Nada. Obviously this does not support your earlier theory. Perhaps an explanation?
Thanks in advance!
Comment by curious — September 1, 2017 @ 3:10 pm
Excellent work Jon thank for this outstanding play.
Comment by large — September 1, 2017 @ 3:13 pm
Curious, we’ve pointed this out on numerous occasions…what you’re not taking into account is that while the VTEM conductor is very real, and has been confirmed as well through ground based geophysics (can really only be massive sulphides at this point), what geologists and geophysicists don’t know initially is the orientation of it, how it lays…geophysics 101…that’s why the borehole EM is such a valuable tool as it’s the “eyes” at depth and can see in all directions in proportion to the size of the conductor…GGI is using SJ Geophysics’ Volterra system which features a B-field coil sensor – has very high sensitivity, cutting edge technology…the location of the first hole, away from the historic zones, was optimized for the probe but they excitingly hit long intervals of disseminated sulphides, even heavy disseminated, net-textured sulphides…the “massives” can’t be far away…given the tenor of the sulphide at the E&L, even disseminated sulphides could produce very stellar grades…Lightfoot’s Nickel Mountain model is certainly strongly supported by today’s news…all the right rocks…all the right signatures…typical of global Nickel sulphide deposits with small intrusions (even Voisey’s Bay is classified as a small intrusion) that have provided very efficient “magma highways” from the mantle, as Lightfoot stated…
Comment by Jon - BMR — September 1, 2017 @ 4:03 pm
Hello Jon, thank you again for your superb work and to all the BMR team too.
Now, as a share holder like many of us, what will be the good strategy from now ? First time myself I’m in something nice like that but I don’t know what to expect for Mr. Market regarding GGI at this poimnt…..
Wish you and all the subscibers a nice long week-end!
Comment by Sylvain — September 1, 2017 @ 4:55 pm
Curious. Great question and a solid response. Asking questions helps prove or disprove what we can expect next. So they hit the halo on purpose rather than the marketed Bulls Eye that appeared to be the no brainer the mkt was expecting. That explanation helps with what I should expect from hole 2 and 3 possibly
Comment by david — September 1, 2017 @ 7:42 pm
Jon,
Curious to see what you think of the latest lithium drill results by the AIX.v/LIT.ax JV down in Mexico ? Alix Defines Lithium Target Over 2.5 Kilometer Strike Length on the Agua Fria Project, Sonora Mexico
Read more at http://www.stockhouse.com/news/press-releases/2017/09/01/alix-defines-lithium-target-over-2-5-kilometer-strike-length-on-the-agua-fria#CdGmC1BfElRYHfeP.99
cheers,
z
Comment by zippy — September 2, 2017 @ 4:54 am