Garibaldi Resources (GGI-V) VS Balmoral Resources (BAR-T) "We’ve been getting a number of enquiries recently about Garibaldi Resources ( GGI:TSXV).
Their shares are trading well above C$4.00 (and have traded above C$5.00) per share - up from less than C$0.20 per share in late July - as a result of exploration news out of their E&L nickel project located on top of Nickel Mountain in the Kitimat-Stikine region north of Stewart. This gives their E&L nickel project an attributable market valuation of over C$400 million (see page 1 of attached).
As of Nov 1st, no assay results had been released from any of the 12 drill holes that GGI had completed to Oct 13th, but Garibaldi have published assays from recent surface sampling and trenching, as well as details of historical work including a 1966 resource estimate.
A 4 page side-by-side comparison of E&L to our Grasset nickel project is attached.
I encourage you to contact me to discuss all of this. The implication to Balmoral of a market valuation of this scale for a nickel sulphide exploration project at this stage, location, and quality is of course immense.
Best,
John Foulkes
VP, Corporate Development
C (604) 614-2999
D (604) 638-5815
TF (877) 838-3664
jfoulkes@balmoralresources.com "
Garibaldi - E&L / Nickel Mountain
Attributable Market Value @ C$4.00 / share1:
C$400M
_____________________________________________
1a. Highlighted Drill Intercepts - Historical
(1965-1966 – Silver Standard)
| Intercept (m)
| NiEq* (%)
| Ni (%)
| Cu (%)
| n/a7
| 30.5
| 1.42
| 1.00
| 0.70
| including
| 3.1
| 5.9
| 5.00
| 1.50
| n/a4
| 9.5
| 2.6
| 2.05
| 0.92
| DDH-04-19662
| 37.8
| 1.77
| 1.30
| 0.79
| including
| 2.74
| 6.92
| 5.90
| 1.70
| DDH-05-19652
| 27.7
| 1.59
| 1.20
| 0.65
| including
| 3.35
| 5.94
| 4.80
| 1.90
| DDH-03-19662
| 63.6
| 0.73
| 0.47
| 0.44
| DDH-05-19662
| 30.5
| 0.98
| 0.69
| 0.48
|
1b. Highlighted Surface Sampling4 – Current
| NiEq* (%)
| Ni (%)
| Cu (%)
| 2626 (chip)
| 3.59
| 2.51
| 1.80
| 3695 (float)
| 5.71
| 4.60
| 1.86
| 3696 (float)
| 3.77
| 2.55
| 2.04
| 3697 (chip)
| 1.78
| 1.13
| 1.09
|
1c. Highlighted Channel Sampling5 – Current
| m
| NiEq* (%)
| Ni (%)
| Cu (%)
| channel
| 12.0
| 2.54
| 1.60
| 1.57
| including
| 8.0
| 3.62
| 2.30
| 2.20
|
1d. Highlighted Drill Intercepts – Current
No drill assay results to date
Sept 01, 20176: “…two long intervals of nickel-copper sulphide mineralization totaling 176 meters and consisting of pyrrhotite-pentlandite-chalcopyrite in the first drill hole…”
Oct 13, 20173: “…11 additional holes… have returned broad sections of disseminated to blebby net textured sulphides (pyrrhotite-pentlandite-chalcopyrite).
… Two drill rigs have completed 12 holes so far, totaling just over 3,000 meters.”
Sources:
1. Market Value (as of Oct 13, 2017):
Shares:
86.3M shares outstanding Sept 29, 2017 (GGI Sept 29 MD&A)
+6.8M shares (Oct 2&4 2017 C$6M financing)
+6.4M in money warrants (GGI Sept 29 MD&A)
+4.7M in-money warrants (Oct 2&4 2017 C$6M financing)
+3.7M in-money options (GGI Sept 29 MD&A)
+1.7M in-money options (Aug 18 & Sept 26, 2017 grants)
= 109.6M fully diluted shares outstanding
Cash + base value (as of Oct 13, 2017):
$0.4M cash July 31, 2017
$5.6M proceeds of Oct 4, 2017 financing
$1.6M proceeds from in-money option exercise
$7.1M proceeds from in-money warrant exercise
$15.0M pre-discovery market cap
= $30M fully diluted cash + base value
GGI NRs 2. July 17, 2017 3. Oct 13, 2017 4. Oct 14, 2016 5. Nov 10, 2016
6. Sept 1, 2017 7. June 15, 2016Balmoral – Grasset
Attributable Market Value @ C$0.55 / share:
C$0
_____________________________________________
1a. Highlighted Drill Intercepts – Historical
NONE – new discovery
1d. Highlighted Drill Intercepts – Current*
(2014-2015 - Balmoral)
| Intercept (m)
| NiEq* (%)
| Ni (%)
| Cu (%)
| Pt (g/t)
| Pd (g/t)
|
| 63.02***
| 2.28
| 1.89
| 0.15
| 0.33
| 0.85
| including
| 7.50***
| 12.67
| 10.50
| 0.74
| 1.87
| 4.87
|
|
|
|
|
|
|
|
| 102.9
| 1.29
| 1.03
| 0.11
| 0.22
| 0.53
| including
| 54.1
| 2.04
| 1.62
| 0.18
| 0.36
| 0.88
| which includes
| 15.8
| 3.27
| 2.51
| 0.32
| 0.66
| 1.58
|
|
|
|
|
|
|
|
| 57.9
| 2.33
| 1.85
| 0.21
| 0.40
| 0.97
| including
| 20.6
| 4.40
| 3.47
| 0.40
| 0.79
| 1.92
|
|
|
|
|
|
|
|
| 80.21
| 1.60
| 1.26
| 0.15
| 0.28
| 0.71
| including
| 17.01
| 3.62
| 2.77
| 0.38
| 0.69
| 1.76
|
|
|
|
|
|
|
|
| 27.4
| 1.79
| 1.38
| 0.14
| 0.36
| 0.90
| including
| 3.8
| 5.21
| 4.01
| 0.37
| 1.04
| 2.79
|
|
|
|
|
|
|
|
| 77.3
| 1.46
| 1.17
| 0.12
| 0.25
| 0.62
| including
| 17.6
| 3.20
| 2.45
| 0.31
| 0.62
| 1.57
|
|
|
|
|
|
|
|
| 34.5
| 1.45
| 1.19
| 0.12
| 0.24
| 0.50
| including
| 3.2
| 4.85
| 4.09
| 0.32
| 0.82
| 1.40
|
|
|
|
|
|
|
|
| 61.5
| 1.63
| 1.30
| 0.15
| 0.27
| 0.66
| including
| 33.8
| 2.22
| 1.76
| 0.22
| 0.37
| 0.90
|
|
|
|
|
|
|
|
| 45.0
| 1.94
| 1.53
| 0.16
| 0.37
| 0.86
| including
| 12.6
| 3.83
| 2.91
| 0.44
| 0.74
| 1.84
|
|
|
|
|
|
|
|
| 54.4
| 1.31
| 1.03
| 0.12
| 0.24
| 0.58
| including
| 14.2
| 2.48
| 1.90
| 0.24
| 0.50
| 1.19
|
|
|
|
|
|
|
|
| 34.50
| 1.80
| 1.40
| 0.17
| 0.32
| 0.84
| including
| 4.63
| 2.74
| 2.09
| 0.27
| 0.50
| 1.41
|
|
|
|
|
|
|
|
| 32.9
| 2.28
| 1.77
| 0.19
| 0.44
| 1.09
| including
| 21.9
| 2.86
| 2.21
| 0.23
| 0.57
| 1.42
|
|
|
|
|
|
|
|
| 57.1
| 1.30
| 1.03
| 0.13
| 0.20
| 0.55
| including
| 16.9
| 1.85
| 1.42
| 0.21
| 0.29
| 0.90
|
|
|
|
|
|
|
|
| 41.3
| 1.54
| 1.19
| 0.15
| 0.30
| 0.72
| including
| 26.3
| 1.94
| 1.48
| 0.19
| 0.39
| 0.95
|
|
|
|
|
|
|
|
| 33.6
| 1.73
| 1.36
| 0.15
| 0.31
| 0.79
| including
| 16.4
| 2.79
| 2.15
| 0.26
| 0.53
| 1.36
|
|
|
|
|
|
|
|
| 33.8
| 1.83
| 1.44
| 0.17
| 0.31
| 0.80
| including
| 10.7
| 2.49
| 1.96
| 0.23
| 0.42
| 1.13
|
|
|
|
|
|
|
|
| 23.1
| 2.23
| 1.75
| 0.21
| 0.40
| 1.00
| including
| 17.7
| 2.63
| 2.05
| 0.25
| 0.49
| 1.21
|
|
|
|
|
|
|
|
| 27.5
| 1.91
| 1.48
| 0.22
| 0.32
| 0.85
| including
| 16.0
| 2.68
| 2.07
| 0.32
| 0.44
| 1.20
|
|
|
|
|
|
|
|
| 15.2
| 1.81
| 1.34
| 0.20
| 0.44
| 0.95
| including
| 1.5
| 9.11
| 6.65
| 1.07
| 2.59
| 4.55
|
* Plus 116 additional intersections of >1.00% Ni Eq**
Garibaldi - E&L / Nickel Mountain
Attributable Market Value @ C$4.00 / share:
C$400M
_____________________________________________
2. Resource1 – Historical
Internal, Non 43-101 Compliant
(1966 - Silver Standard)
Category
| Cut-off
| Tonnes (000s)
| NiEq (%)*
| Ni (%)
| Cu (%)
| Au g/t
| Ag g/t
| Measured
| n/a
| 1,734
| 1.32
| 0.80
| 0.62
| 0.34
| 6.8
| Indicated
| n/a
| 1,194
| 1.32
| 0.80
| 0.62
| 0.34
| 6.8
| M&I
| n/a
| 2,928
| 1.32
| 0.80
| 0.62
| 0.34
| 6.8
|
Metallurgical Recoveries:
Unknown
Concentrate Grades:
Unknown
Tenor (current, assayed):
Nickel: up to 4.60%2 (float)
Copper: up to 3.53%3 (trench)
Sources:
1. MINFILE No 104B 006
2. Garibaldi NR Oct 14, 2016
3. Garibaldi NR Nov 10, 2016
Balmoral – Grasset
Attributable Market Value @ C$0.55 / share:
C$0
_____________________________________________
2. Resource – Current
Independent, 43-101 Compliant
(2016 - Balmoral)
Indicated Resources**1
Cut-off
NiEq %
| Tonnes (000s)
| Ni Eq (%)*
| Ni (%)
| Co (%)
| Cu (%)
| Pt (g/t)
| Pd (g/t)
| >1.10
| 2,865
| 2.05
| 1.69
| 0.03
| 0.19
| 0.37
| 0.92
| >1.00
| 3,452
| 1.89
| 1.56
| 0.03
| 0.17
| 0.34
| 0.84
| >0.90
| 4,038
| 1.77
| 1.46
| 0.03
| 0.16
| 0.32
| 0.78
| >0.80
| 4,767
| 1.63
| 1.35
| 0.03
| 0.15
| 0.29
| 0.72
| >0.70
| 5,880
| 1.47
| 1.22
| 0.03
| 0.13
| 0.26
| 0.64
|
Metallurgical Recoveries2
(Simple, conventional flowsheet):
Nickel: 86.0 to 87.3%,
Copper: 93.5 to 94.4%
Palladium: 89%
Concentrate Grades:
Nickel: 13.4 to 13.8%,
Copper: 1.79 to 1.97%
Pt+Pd+Au: 10.15 to 10.61 g/t
Tenor (current, assayed)3:
Nickel: up to 18.95% (core)
Copper: up to 1.45% (core)
Pt+Pd: up to 13.66 g/t (core)
Sources:
1. Technical Report and Mineral Resource Estimate for the Grasset Ni-Cu-PGE Deposit – Jan 12 2016
2. Balmoral NR Sept 20, 2015
3. Balmoral NR Nov 16, 2015
Garibaldi - E&L / Nickel Mountain
Attributable Market Value @ C$4.00 / share:
C$400M
_____________________________________________
3. Location and Access – Melville Peak, BC
Elevation: ~2,000 metres (6,500 feet) – 1 ¼ miles high
Nearest haul road: Hwy 37 is over 50 kms away (straight-line) w/ a 1,500m (5,000 feet) elevation change
 Balmoral – Grasset
Attributable Market Value @ C$0.55 / share:
C$0
_____________________________________________
3. Location and Access – Lac Fenelon, Quebec
Elevation: ~300 metres (950 feet) – dead flat
Nearest haul road: Main haul active logging road <3km away connects to Hwy 810 (Selbaie Mine road) in 23 kms w/ negligible elevation change & using existing road network
Page 2
Nearest railhead: New Hazelton: 276 kms down Highway 37
Nearest Town >1,000 pop.: Terrace*: 343 kms down Highway 37
*Additional 500m (1,600 feet) elevation drop to Terrace
Nearest nickel smelter: Thompson, Manitoba**: 2,800kms east or trucked 153kms to Stewart and then 9,000 kms west to smelters in Asia
** Thompson smelter slated to close in 2019
Nearest railhead: Matagami Mine*: 95 kms down Routes 810 and 109
*Operated by Glencore, Canada’s 2nd largest nickel producer
Nearest Town >1,000 pop.: Matagami, 105 kms down Routes 810 and 109
Nearest nickel smelter: Sudbury*, Ontario 622kms by rail southwest
*Operated by Glencore, Canada’s 2nd largest nickel producer
 Message 31323730 |
