Garibaldi nabs unique NW BC nickel property
Last updated 6/26/2016 at Noon
Garibaldi Resources June 15 reported that it has an option to purchase full ownership of the E&L nickel-copper-gold deposit and surrounding claims located at Nickel Mountain in northwestern British Columbia.
The E&L deposit was discovered by five holes drilled in 1966 with mineralization extending to 210 meters and zones remaining open laterally and to depth.
Work since 1971 has been limited to aeromagnetic surveys with no documented exploration since 1990.
The claims covering the deposit were held by Silver Standard Mines from 1958 to 2014, and Silver Standard retains a 1 percent net smelter return royalty.
Historic reports show that mineralization at E&L consists of disseminated and massive pyrrhotite, pentlandite and chalcopyrite hosted in an olivine gabbro stock that is unique in the Stewart-Iskut region.
According to a British Columbia Minfile report, E&L host 2.9 million metric tons of historical resources averaging 0.80 percent nickel, 0.62 copper, 0.34 grams per metric ton gold, six g/t silver, and anomalous values in platinum group elements.