TSX-V: GBR
VANCOUVER, BC, June 8, 2020 /CNW/ - Great Bear Resources
Ltd. (the "Company" or "Great Bear", (TSXV: GBR); (OTCQX: GTBAF)
today reported results from its ongoing fully funded $21 million exploration program at its 100% owned
flagship Dixie Project in the Red
Lake district of Ontario.
Chris Taylor, President and CEO
of Great Bear said, "The LP Fault continues to demonstrate
excellent continuity of near-surface high-grade gold, and has just
yielded the highest-grade, widest drill interval to date.
Deeper drilling towards the northwest margin of our planned grid
program has also extended high-grade gold mineralization in this
area. Having completed our upsized private placement, we have
over $50 million in cash and
sufficient capital to continue aggressive drilling into 2022.
Updated exploration plans reflective of our ability to undertake an
expanded fully-funded drill program will be provided in the near
future."
The Company has completed 111 of approximately 300 planned drill
holes into the LP Fault target, as part of its 5 kilometre long by
500 metre deep grid drill program. Current drill hole
locations and results are provided in Figure 1, and in
Table 1, respectively. An updated long section of the
LP Fault drilling is provided in Figure 2.
Drill Results Highlights:
New drill hole BR-133 on section 20050 was completed in a
140 metre gap in drilling. It contained multiple
mineralized intervals, highlights of which include:
- 30.51 g/t gold over 12.40 metres, including 103.56
g/t gold over 1.10 metres, within a broader interval of
15.45 g/t gold over 25.15 metres, beginning at 163.35 metres
down hole. Figure 3.
- This is the widest, highest-grade gold interval drilled at
the LP Fault to date. Mineralization is present at the bedrock
surface.
- Previously disclosed drill hole BR-118 (May 4, 2020), which assayed 18.57 g/t gold
over 13.00 metres, was formerly considered one of the best
high-grade intervals along the LP Fault zone prior to BR-133. These
holes are 600 metres apart and both intersect the same
gold zone.
Continuity of gold mineralization is suggested
by deeper drilling on the same section as BR-133:
- New drill hole BR-134 intersected the same mineralized
zone 75 metres vertically below BR-133. Assays include
11.16 g/t gold over 18.50 metres, including 47.95 g/t
gold over 1.50 metres, within a broader interval of 3.62 g/t
gold over 63.65 metres, beginning at 158.35 metres down
hole.
Continuity of gold mineralization is also suggested
by similar results on both adjacent sections to BR-133 and
134:
- Drill section 20100, located 50 metres to the northwest of
BR-133, includes previously reported drill hole BR-020 which
returned 10.65 g/t gold over 17.25 metres (September 3, 2019).
- Drill section 19950, located 90 - 100 metres to the southeast
of BR-133, includes previously reported drill hole BR-065 which
returned 48.67 g/t gold over 8.70 metres (December 16, 2019).
Extension of high-grade gold:
- New drill hole BR-127 was completed near the
northwestern limit of LP Fault drilling on section 22450,
approximately 2,400 metres northwest of BR-133 in the
on-strike continuation of the same mineralized zone, as shown on
Figure 2. The drill hole intersected the gold zone at
greater depth than previous drilling on this section.
- Results are significantly better than shallower drilling on
this section, and include 10.28 g/t gold over 3.90
metres, within a broader interval of 5.04 g/t gold over
10.10 metres at a depth of approximately 375 vertical metres.
Figure 4.
- Results extend drill-confirmed high-grade gold
mineralization by approximately 100 metres to the northwest and
demonstrate increased grade and thickness of gold mineralization
at greater depth. Further deeper drilling is required in this
area. Increased gold mineralization at greater depth was also
recently reported at the adjacent Dixie Limb zone (May 11, 2020), and is a common feature of
mesothermal gold deposits in northwestern Ontario.
Other drill results:
- Additional drilling continues to successfully intersect gold
mineralization along all points of the LP Fault.
- New drill hole BR-109, located 150 metres northwest of
BR-133 on drill section 20200 intersected 14.48 g/t gold over
4.00 metres, within a broader interval of 3.23 g/t gold over
27.25 metres.
- New drill hole BR-108, located on the same drill section
as BR-109, intersected multiple gold-bearing intervals along
228.80 metres of core length, including 14.97 g/t gold over
1.00 metres, within a broader interval of 1.04 g/t gold over
71.50 metres.
Approximately 189 drill holes remain to be completed as part of
the Company's ongoing 2020 LP Fault drill program. Additional
drill holes are also planned into the Dixie Limb and Hinge zones,
in addition to other regional targets. The Company remains
fully funded for this work and does not anticipate requiring
further financing until 2022.
Table 1: Current drill results.
Drill sections are arranged from southeast (top of Table) to
northwest (bottom of Table), corresponding to the map provided in
Figure 1.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Gold
(g/t)
|
Section
|
BR-107
|
|
312.50
|
317.50
|
5.00
|
0.69
|
19900
|
and
|
442.10
|
443.10
|
1.00
|
1.48
|
and
|
534.40
|
550.15
|
15.75
|
0.46
|
including
|
543.00
|
545.00
|
2.00
|
1.33
|
and
|
638.00
|
639.00
|
1.00
|
2.71
|
BR-133
|
|
37.50
|
41.00
|
3.50
|
4.03
|
20050
|
including
|
40.00
|
41.00
|
1.00
|
13.30
|
and
|
84.00
|
84.90
|
0.90
|
8.76
|
and
|
128.75
|
146.50
|
17.75
|
1.75
|
including
|
138.50
|
141.00
|
2.50
|
6.96
|
and
including
|
140.10
|
141.00
|
0.90
|
15.60
|
and
|
150.00
|
159.00
|
9.00
|
2.88
|
including
|
155.70
|
159.00
|
3.30
|
7.32
|
and
including
|
158.25
|
159.00
|
0.75
|
26.10
|
and
|
163.35
|
188.50
|
25.15
|
15.45
|
including
|
170.25
|
182.65
|
12.40
|
30.51
|
and
including
|
171.40
|
182.65
|
11.25
|
32.25
|
and
including
|
171.40
|
172.50
|
1.10
|
103.56
|
and
including
|
174.15
|
176.00
|
1.85
|
67.85
|
BR-134
|
|
50.00
|
53.50
|
3.50
|
1.10
|
20050
|
and
|
128.00
|
137.50
|
9.50
|
0.46
|
and
|
158.35
|
222.00
|
63.65
|
3.62
|
including
|
198.50
|
217.00
|
18.50
|
11.16
|
and
including
|
207.50
|
217.00
|
9.50
|
19.24
|
and
including
|
215.50
|
217.00
|
1.50
|
47.97
|
and
including
|
216.50
|
217.00
|
0.50
|
79.20
|
and
|
390.00
|
395.00
|
5.00
|
1.38
|
BR-108
|
|
280.00
|
351.50
|
71.50
|
1.04
|
20200
|
including
|
297.00
|
299.50
|
2.50
|
4.20
|
and
including
|
322.50
|
341.50
|
19.00
|
2.06
|
and
including
|
330.00
|
335.50
|
5.50
|
4.32
|
and
including
|
334.00
|
335.00
|
1.00
|
14.97
|
and
|
442.15
|
442.65
|
0.50
|
23.20
|
and
|
508.30
|
508.80
|
0.50
|
21.90
|
BR-109
|
|
134.50
|
149.40
|
14.90
|
0.94
|
20200
|
including
|
148.25
|
149.40
|
1.15
|
4.94
|
and
|
207.75
|
235.00
|
27.25
|
3.23
|
including
|
210.50
|
218.50
|
8.00
|
9.40
|
and
including
|
210.50
|
214.50
|
4.00
|
14.48
|
and
including
|
212.50
|
214.50
|
2.00
|
21.67
|
and
|
483.00
|
484.00
|
1.00
|
5.16
|
BR-119
|
|
36.00
|
106.65
|
70.65
|
0.88
|
20650
|
including
|
43.20
|
64.00
|
20.80
|
1.14
|
and
including
|
82.50
|
106.65
|
24.15
|
1.01
|
and
including
|
99.75
|
102.00
|
2.25
|
4.88
|
BR-132
|
|
284.00
|
321.75
|
37.75
|
0.31
|
21100
|
BR-123
|
|
59.00
|
63.50
|
4.50
|
4.70
|
21200
|
including
|
60.00
|
63.50
|
3.50
|
5.83
|
and
|
280.75
|
284.15
|
3.40
|
0.58
|
BR-124
|
|
88.50
|
90.70
|
2.20
|
1.13
|
21200
|
and
|
177.60
|
178.60
|
1.00
|
3.73
|
and
|
267.00
|
273.25
|
6.25
|
1.02
|
and
|
267.00
|
267.60
|
0.60
|
6.46
|
and
|
361.00
|
363.50
|
2.50
|
0.79
|
BR-125
|
|
64.70
|
67.30
|
2.60
|
1.73
|
21350
|
BR-126
|
|
75.00
|
77.40
|
2.40
|
5.09
|
21350
|
including
|
76.70
|
77.40
|
0.70
|
15.70
|
and
|
93.20
|
96.60
|
3.40
|
1.47
|
and
|
151.00
|
151.50
|
0.50
|
4.26
|
and
|
237.00
|
243.50
|
6.50
|
0.44
|
BR-128
|
|
476.00
|
492.00
|
16.00
|
1.94
|
22350
|
including
|
476.00
|
478.00
|
2.00
|
12.20
|
and
including
|
477.00
|
478.00
|
1.00
|
20.20
|
and
|
503.00
|
535.75
|
32.75
|
0.70
|
including
|
503.00
|
516.00
|
13.00
|
1.14
|
BR-127
|
|
410.45
|
411.50
|
1.05
|
4.32
|
22450
|
and
|
423.00
|
455.60
|
32.60
|
1.79
|
including
|
423.80
|
433.90
|
10.10
|
5.04
|
and
including
|
430.00
|
433.90
|
3.90
|
10.28
|
and
including
|
431.40
|
432.40
|
1.00
|
36.76
|
and
including
|
431.40
|
431.90
|
0.50
|
64.10
|
and
|
494.50
|
510.50
|
16.00
|
0.24
|
and
|
530.70
|
564.75
|
34.05
|
0.52
|
including
|
531.80
|
536.75
|
4.95
|
1.27
|
and
including
|
534.85
|
535.50
|
0.65
|
5.76
|
and
|
634.70
|
635.50
|
0.80
|
3.87
|
*Widths are drill
indicated core length, as insufficient drilling has been undertaken
to determine true widths at this time. Average grades are
calculated with un-capped gold assays, as insufficient drilling has
been completed to determine capping levels for higher grade gold
intercepts. Average widths are calculated using a 0.10 g/t
gold cut-off grade with up to 3 m of internal dilution of zero
grade.
|
Updated drill collar locations, azimuths and dips, together with
an updated complete assay table for the LP Fault drilling to-date
will be posted to the Company's web site at
www.greatbearresources.ca. Drill collar locations, azimuths and
dips for the drill holes included in this release are provided in
the table below:
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Depth
|
Dip
|
Azimuth
|
BR-107
|
457779
|
5634162
|
361
|
711
|
-58
|
210
|
BR-108
|
457465
|
5634208
|
360
|
717
|
-60
|
205
|
BR-109
|
457413
|
5634095
|
352
|
555
|
-58
|
205
|
BR-119
|
456892
|
5634128
|
356
|
487
|
-62
|
210
|
BR-123
|
456441
|
5634509
|
360
|
456
|
-50
|
218
|
BR-124
|
456442
|
5634510
|
360
|
372
|
-68
|
218
|
BR-125
|
456318
|
5634540
|
361
|
357
|
-48
|
218
|
BR-126
|
456318
|
5634540
|
361
|
465
|
-68
|
218
|
BR-127
|
455676
|
5635492
|
381
|
708
|
-57
|
228
|
BR-128
|
455771
|
5635427
|
378
|
672
|
-55
|
228
|
BR-132
|
456590
|
5634474
|
358
|
570
|
-55
|
214
|
BR-133
|
457511
|
5634004
|
353
|
468
|
-48
|
205
|
BR-134
|
457511
|
5634004
|
353
|
519
|
-60
|
205
|
About the Dixie Project
The Dixie Project is 100% owned, comprised of 9,140 hectares of
contiguous claims that extend over 22 kilometres, and is located
approximately 25 kilometres southeast of the town of Red Lake, Ontario. The project is accessible
year-round via a 15 minute drive on a paved highway which runs the
length of the northern claim boundary and a network of
well-maintained logging roads.
The Dixie Project hosts two principle styles of gold
mineralization:
- High-grade gold in quartz veins and silica-sulphide
replacement zones (Dixie Limb and Hinge). Hosted by mafic
volcanic rocks and localized near regional-scale D2 fold axes.
These mineralization styles are also typical of the significant
mined deposits of the Red Lake
district.
- High-grade disseminated gold with broad moderate to lower
grade envelopes (LP Fault). The LP Fault is a significant
gold-hosting structure which has been seismically imaged to extend
to 14 kilometres depth (Zeng and Calvert, 2006), and has been interpreted by
Great Bear to have up to 18 kilometres of strike length on the
Dixie property. High-grade gold mineralization is controlled by
structural and geological contacts, and moderate to lower-grade
disseminated gold surrounds and flanks the high-grade intervals.
The dominant gold-hosting stratigraphy consists of felsic sediments
and volcanic units.
About Great Bear
Great Bear Resources Ltd. is a well-financed gold
exploration company managed by a team with a track record of
success in mineral exploration. Great Bear is focused in the
prolific Red Lake gold district in
northwest Ontario, where the
company controls over 300 km2 of highly prospective
tenure across 4 projects: the flagship Dixie Project (100%
owned), the Pakwash Property (earning a 100% interest), the Dedee
Property (earning a 100% interest), and the Sobel Property (earning
a 100% interest), all of which are accessible year-round through
existing roads.
QA/QC and Core Sampling Protocols
Drill core is logged and sampled in a secure core storage
facility located in Red Lake Ontario. Core samples from the
program are cut in half, using a diamond cutting saw, and are sent
to Activation Laboratories in Ontario, an accredited mineral analysis
laboratory, for analysis. All samples are analysed for gold using
standard Fire Assay-AA techniques. Samples returning over 10.0 g/t
gold are analysed utilizing standard Fire Assay-Gravimetric
methods. Pulps from approximately 5% of the gold mineralized
samples are submitted for check analysis to a second lab.
Selected samples are also chosen for duplicate assay from the
coarse reject of the original sample. Selected samples with
visible gold are also analyzed with a standard 1 kg metallic screen
fire assay. Certified gold reference standards, blanks and
field duplicates are routinely inserted into the sample stream, as
part of Great Bear's quality control/quality assurance program
(QAQC). No QAQC issues were noted with the results reported
herein.
Qualified Person and NI 43-101 Disclosure
Mr. R. Bob Singh, P.Geo, Director
and VP Exploration, and Ms. Andrea Diakow
P.Geo, Exploration Manager for Great Bear are the Qualified
Persons as defined by National Instrument 43-101 responsible for
the accuracy of technical information contained in this news
release.
ON BEHALF OF THE BOARD
"Chris
Taylor"
Chris Taylor, President and
CEO
Cautionary note regarding forward-looking
statements
This release contains certain "forward looking statements"
and certain "forward-looking information" as defined under
applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use
of forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking information are based on management of the
parties' reasonable assumptions, estimates, expectations, analyses
and opinions, which are based on such management's experience and
perception of trends, current conditions and expected developments,
and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be
incorrect.
Great Bear undertakes no obligation to update forward-looking
information except as required by applicable law. Such
forward-looking information represents management's best judgment
based on information currently available. No forward-looking
statement can be guaranteed and actual future results may vary
materially. Accordingly, readers are advised not to place undue
reliance on forward-looking statements or information.
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SOURCE Great Bear Resources Ltd.