TSX-V: GBR
VANCOUVER, BC, Dec. 9, 2020 /CNW/ - Great Bear Resources
Ltd. (the "Company" or "Great Bear", TSX-V: GBR) (OTCQX: GTBAF)
today reported results from its ongoing $21
million fully funded 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, "Our second deep drill hole at Dixie has
more than doubled the depth of the Hinge zone to over 850
vertical metres. The deep intercept demonstrates the
significant expansion potential of the Dixie Project at depth.
While our drilling remains mostly focused on the larger LP
Fault zone, we believe the Hinge and Dixie Limb zones have
comparable potential to other successful "Red Lake style" projects in the
district. To expand on this potential, we plan to add
additional drills in 2021 that will be focused on the Hinge and
Dixie Limb zones, while the current five drills remain focused on
the LP Fault."
Drill Results Highlights:
- Previously reported LP Fault drill hole BR-036
(October 30, 2019; 10.32 g/t gold
over 18.20 metres from 58.80 to 77.00 metres) was extended from
its original final depth of 537 metres to a new downhole depth
of 1,425 metres to intersect the Hinge zone at
depth.
- BR-036 intersected the deep extension of the Hinge zone 850
metres vertically below the surface, and 510 metres down-plunge
from the previous deepest Hinge zone intercept. The new intercept
is located close to the regional D2 fold axial plane that controls
the Hinge zone mineralization. Figure 1.
- BR-036 intersected identical quartz veining with red-brown
hydrothermal biotite alteration and similar grades and widths to
those observed at shallower depths, assaying 15.18 g/t gold over
4.90 metres, from 1,190.90 to 1,195.80 metres, within a broader
interval of 6.00 g/t gold over 15.30 metres, from 1,190.20
to 1,205.50 metres. The centre of the mineralized zone assayed
55.95 g/t gold over 1.00 metre from 1194.80 to 1195.80
metres. Table 1, Figure 2, Figure 3 and
Figure 4.
- Previously reported deep drill hole BR-085, which targeted the
deep extension of the Dixie Limb zone (May 11, 2020; 10.19 g/t gold over 19.00
metres from 1,008.55 to 1,027.55 metres), also intersected
three similar Hinge zone style veins, approximately 200 metres
northwest of the intercept in
BR-036 (including 25.50 g/t gold over 0.50 metres from
1,180.85 to 1,181.35 metres).
Table 1: Assay results from BR-036,
the first deep drill hole targeting the Hinge zone.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Gold
(g/t)
|
Zone
|
BR-036
|
|
1182.00
|
1184.50
|
2.50
|
2.50
|
Hinge
|
including
|
1182.00
|
1182.50
|
0.50
|
5.28
|
and
|
1190.20
|
1205.50
|
15.30
|
6.00
|
including
|
1190.90
|
1195.80
|
4.90
|
15.18
|
and
including
|
1190.90
|
1191.40
|
0.50
|
15.30
|
and
including
|
1193.55
|
1195.80
|
2.25
|
28.86
|
and
including
|
1194.20
|
1195.80
|
1.60
|
37.89
|
and
including
|
1194.80
|
1195.80
|
1.00
|
55.95
|
and
including
|
1203.25
|
1203.80
|
0.55
|
19.60
|
*True widths are 90% of interval
widths based on intersection points of the drill hole intercept
with the geological model and oriented drill core
data. Interval widths are calculated using a 0.10 g/t
gold cut-off grade with up to 3 m of
internal dilution of zero grade.
New Regional Vein Zone Northwest of the Hinge
Zone
The Company has also identified a new regional exploration
target. LP Fault drill hole BR-074 (December 16, 2019) was extended from an original
depth of 576 metres to a new downhole depth of 1,359 metres into
the area approximately half-way between the Hinge and Arrow
(June 18, 2020; 19.32 g/t gold
over 2.10 m within 3.00 g/t gold Over
15.00 m) zones, located
approximately 600 metres to the northwest of the deep Hinge
intercept in BR-036. Figure 5.
BR-074 intersected one of the widest occurrences of locally
gold-bearing quartz veins observed at the Dixie project
to-date. Multiple quartz veins with minor carbonate
veining were intersected over more than 130 metres of drill
length from approximately 1,122 to 1,258 metres down
hole. Visible gold was noted in 2 locations, with the
interval from 1,165.50 to 1,166.00 assaying 2.53 g/t. At the
Dixie Project, this type of widespread veining and alteration helps
identify the overall hydrothermal footprint of the gold
mineralizing system and provides key targets for follow-up
drilling. Figure 6.
Further regional drilling will be undertaken in this area to
determine if significant gold mineralization is present where this
large new vein swarm intersects various geological contacts and
structures. The new vein zone may also be an on-strike
continuation of the Hinge zone.
Planned 2021 Drill Program Expansion
The Company also announces its intention to expand its
current drill program by an additional 100,000 metres in
2021. The Company currently has approximately
$41 million in cash and the expanded
program is expected to cost approximately $25 million through the end of 2021.
Great Bear has been operating with 3 to 5 drill rigs throughout
2020, with approximately 25,000 metres drilled per fiscal
quarter. The Company recently acquired a larger additional
core logging facility located in the town of Red Lake and plans to increase the number
of drill rigs during 2021.
Additional drills will be largely used to expand and define the
mineralized zones at the Hinge and Dixie Limb zones, while the
current five drill rigs remain focused on the larger LP Fault
target. The additional drills may also be used at various
times throughout the calendar year to drill other regional targets
at the Dixie Project, and/or at Great Bear's other Red Lake area properties.
Drill collar location, azimuth and dip for drill holes included
in this release are provided in the table below:
Hole ID
|
Easting
|
Northing
|
Elevation
|
Length
|
Dip
|
Azimuth
|
BR-036
|
456942
|
5634074
|
356
|
1425
|
-54
|
213
|
BR-074
|
456440
|
5634357
|
359
|
1359
|
-55
|
220
|
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 principal styles of gold
mineralization:
- High-grade gold in quartz veins and silica-sulphide
replacement zones (Dixie Limb, Hinge and Arrow zones). 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 330 km2 of highly prospective
tenure across 5 projects: the flagship Dixie Project (100% owned),
the Pakwash Property (earning a 100% interest), the Dedee Property
(earning a 100% interest), the Sobel Property (earning a 100%
interest), and the Red Lake North 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
www.greatbearresources.ca
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.
Such factors, among other things, include: impacts arising
from the global disruption caused by the Covid-19 coronavirus
outbreak, business integration risks; fluctuations in general
macroeconomic conditions; fluctuations in securities markets;
fluctuations in spot and forward prices of gold or certain other
commodities; change in national and local government, legislation,
taxation, controls, regulations and political or economic
developments; risks and hazards associated with the business of
mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formations pressures, cave-ins and flooding); discrepancies between
actual and estimated metallurgical recoveries; inability to obtain
adequate insurance to cover risks and hazards; the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of increasing costs associated
with mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining
necessary licenses, permits and approvals from government
authorities); and title to properties.
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.