New Sediment-Hosted Oxide Gold, Copper and Polymetallic Targets Identified at Perdito Project
May 14 2014 - 8:00AM
Access Wire
Vancouver, BC / ACCESSWIRE /
May 14, 2014 / Great Bear
Resources Ltd. (TSX-V: GBR, "Great Bear", or the "Company") is
pleased to announce that it has identified multiple
sediment-hosted oxide
gold, copper and polymetallic targets at its Perdito project, Inyo County, California,
where the Company has an option to earn a 100% interest.
The
Company further reports that it has received favorable feedback
from the Bureau of Land Management (BLM) regarding its Phase 1
drill permit. The Company will not be required to complete either
archaeological or faunal surveys but is required to complete a
botanical survey of the proposed drill sites, which is now
underway. The company expects to receive its drill permit after
review of the survey findings by the BLM.
While the
Company's main focus remains the oxide gold system previously
drilled by Newmont Mining Corp. (NYSE: NEM, "Newmont") and BHP Ltd.
(NYSE: BHP) on the eastern half of its main claim block, the
Company is also investigating the 20 square km area that comprises
the western half of the claim block, previously the focus of
exploration by Asamera Minerals Inc. ("Asamera"). Findings from
recent field work in this western area by GBR include:
-Discovery
of new sediment-hosted oxide gold targets and confirmation of
previously drilled targets. Highlights include channel sampling
of 10.7 m (35 ft) of 1.73 g/t (0.05 oz/st) Au.
-Identification of porphyry style veining, alteration
and related copper-silver+/-gold mineralization.
Highlights include
composite grab samples returning up to 15.29% Cu and 106 g/t (3.10
oz/st) Ag.
-Polymetallic mineralization including
silver-lead+/-gold+/-zinc+/-copper in a peripheral halo to the
porphyry style veining and alteration. Highlights include composite grab
samples returning 0.51 g/t (0.05 oz/st) Au, 805 g/t (23.48 oz/st)
Ag, 0.39% Cu and 2.60% Pb.
Work carried out from
December 2013 to April 2014 on the western half of the main claim
block included collection of 100 channel and grab samples, and
mapping and interpretive work by two internationally recognized
porphyry experts. Highlights are provided in Table 1.
------------------------------------------------------------------------------
|SAMPLE|Au |Au |Ag |Ag |Cu |Pb |Zn |TYPE |HOST |
| |(g/t)|(oz/st)|(g/t) |(oz/st)|(%) |(%) |(%) | | |
|----------------------------------------------------------------------------|
|SV-3 |0.16 |0.005 |3.90 |0.11 |0.03 |0.01 |0.01|5' Channel|Limestone |
|----------------------------------------------------------------------------|
|SV-56 |0.01 |0.000 |1.83 |0.05 |2.93 |0.00 |0.00|3' Channel|Limestone |
|----------------------------------------------------------------------------|
|SV-58 |0.74 |0.021 |15.00 |0.44 |0.31 |0.03 |0.02|Float |- |
|----------------------------------------------------------------------------|
|SV-65 |0.00 |0.000 |26.18 |0.76 |0.03 |4.54 |0.01|Comp. Grab|Qz Vein |
|----------------------------------------------------------------------------|
|SV-68 |1.73 |0.050 |2.18 |0.06 |0.01 |0.02 |0.03|35' |Siltstone |
| | | | | | | | |Channel | |
|----------------------------------------------------------------------------|
|SV-72 |2.84 |0.083 |0.21 |0.01 |0.00 |0.00 |0.01|15' |Sandstone |
| | | | | | | | |Channel | |
|----------------------------------------------------------------------------|
|SV-75 |0.05 |0.001 |5.04 |0.15 |7.36 |0.00 |0.02|6' Channel|Porphyry |
|----------------------------------------------------------------------------|
|SV-76 |0.03 |0.001 |69.26 |2.02 |1.10 |0.01 |0.02|Comp. Grab|Qz Vein |
|----------------------------------------------------------------------------|
|SV-77 |0.05 |0.002 |1.84 |0.05 |0.15 |0.00 |0.00|4' Channel|Porphyry |
|----------------------------------------------------------------------------|
|SV-78 |0.03 |0.001 |67.49 |1.97 |2.18 |0.00 |0.01|Comp. Grab|Limestone |
|----------------------------------------------------------------------------|
|SV-83 |0.21 |0.006 |32.66 |0.95 |3.02 |0.03 |0.04|Comp. Grab|Limestone |
|----------------------------------------------------------------------------|
|SV-84 |0.51 |0.015 |805.00|23.48 |0.39 |2.60 |0.10|Comp. Grab|Qz Vein |
|----------------------------------------------------------------------------|
|SV-85 |0.13 |0.004 |0.42 |0.01 |0.01 |0.00 |0.01|30' |Siltstone |
| | | | | | | | |Channel | |
|----------------------------------------------------------------------------|
|SV-100|0.02 |0.001 |107.00|3.12 |0.02 |4.44 |1.25|Comp. Grab|Bx'd Diorite|
|----------------------------------------------------------------------------|
|SV-109|0.02 |0.000 |314.00|9.16 |0.04 |9.01 |4.55|4' Channel|Bx'd Diorite|
|----------------------------------------------------------------------------|
|SV-110|0.01 |0.000 |304.00|8.87 |0.08 |13.05|4.15|3' Channel|Bx'd |
| | | | | | | | | |Limestone |
|----------------------------------------------------------------------------|
|SV-111|0.02 |0.001 |773.00|22.55 |0.02 |27.61|1.56|Comp. Grab|Bx'd |
| | | | | | | | | |Limestone |
|----------------------------------------------------------------------------|
|SV-118|0.00 |0.000 |952.00|27.77 |0.04 |29.09|1.95|Comp. Grab|Bx'd Diorite|
|----------------------------------------------------------------------------|
|SV-145|1.98 |0.058 |0.39 |0.01 |0.00 |0.00 |0.01|5' Channel|Siltstone |
|----------------------------------------------------------------------------|
|SV-148|6.13 |0.179 |2.58 |0.08 |0.00 |0.02 |0.07|3' Channel|Limestone |
|----------------------------------------------------------------------------|
|SV-149|1.35 |0.039 |0.75 |0.02 |0.00 |0.01 |0.03|6' Channel|Diorite |
|----------------------------------------------------------------------------|
|SV-153|0.05 |0.001 |27.57 |0.80 |0.47 |0.01 |0.01|4' Channel|Limestone |
|----------------------------------------------------------------------------|
|SV-154|0.22 |0.006 |247.40|7.22 |14.74|0.13 |0.21|Comp. Grab|Limestone |
|----------------------------------------------------------------------------|
|SV-155|0.13 |0.004 |62.74 |1.83 |1.62 |0.05 |0.07|4' Channel|Limestone |
|----------------------------------------------------------------------------|
|SV-156|0.05 |0.001 |106.40|3.10 |15.29|0.06 |0.09|Comp. Grab|Limestone |
|----------------------------------------------------------------------------|
|SV-157|1.90 |0.056 |144.80|4.22 |0.83 |0.03 |0.10|15' |Limestone |
| | | | | | | | |Channel | |
|----------------------------------------------------------------------------|
|SV-159|0.06 |0.002 |25.58 |0.75 |2.15 |0.04 |0.05|4' Channel|Siltstone |
|----------------------------------------------------------------------------|
|AW004 |0.02 |0.001 |8.04 |0.23 |0.01 |0.10 |0.07|Comp. Grab|Limestone |
------------------------------------------------------------------------------
Table 1:
Highlights of
sampling results from across the western half of the main claim
block. "Bx'd" refers to hydrothermal brecciation. Channel samples
in ft.
About 25% of the mapped
area consists of various porphyritic to equigranular dikes, sills
and stocks of presumed Jurassic to Cretaceous age, showing various
styles of alteration and mineralization. The large number of
intrusive bodies distinguishes the area from the Newmont and BHP
area to the east, where mineralization is exclusively sediment
hosted.
The
Company is currently working with its consultants to reinterpret
the zoned mineralization patterns that have been discovered across
an approximately 2.5 km by 6.5 km (16 sq km) area, and will report
results work when available. Preliminary review suggests the
patterns are broadly consistent with the upper levels of at least
one porphyry and/or skarn target at modest depth.
A summary
of historic work was provided in Great Bear's news release of April
18, 2013. More than 100 drill holes were completed on the western
half of the main claim block by Asamera in the 1980's, however
original data is sparse and in many cases only highlighted values
in historic reports are available. In most cases the reported
intervals include high cutoff values of about 1 g/t gold, and lack
multi-element analysis including copper and silver. Nonetheless,
gold mineralization has been drill confirmed in three areas across
five kilometers of strike. Highlighted results of that drilling are
presented in Table 2.
----------------------------------------------
|Drill |From|To |Width|Width|Gold |Gold |
|Hole |(ft)|(ft)|(ft) |(m) |(oz/st)|(g/t)|
|--------------------------------------------|
|SR-09 |250 |270 |20 |6.1 |0.152 |5.21 |
|--------------------------------------------|
|SR-15 |150 |165 |15 |4.6 |0.167 |5.73 |
|--------------------------------------------|
|SR87 C-3|258 |280 |22 |6.7 |0.253 |8.67 |
|--------------------------------------------|
|DG-1 |31 |76 |45 |13.7 |0.025 |0.86 |
|--------------------------------------------|
|DG-5 |46.5|57.3|10.8 |3.3 |0.051 |1.75 |
|--------------------------------------------|
|SC-3 |0 |64 |64 |19.5 |0.025 |0.86 |
|--------------------------------------------|
|SC-8 |25 |30 |5 |1.5 |0.253 |8.67 |
----------------------------------------------
Table 2:
Highlighted historic
drill results from the western half of the Company's main claim
block as reported in historic Asamera reports
Mr. Chris Taylor, M.Sc. P.Geo, is
the Qualified Person as defined by National Instrument 43-101
responsible for the accuracy of this news release.
For
further information please contact Mr. Chris Taylor at
604-681-0037.
"Chris Taylor"
Chris Taylor, President and CEO
Inquiries:
Tel: 604-681-0037
Fax: 604-681-0094
info@greatbearresources.ca
www.greatbearresources.ca
About Great Bear
Great Bear is a well-funded Canadian
precious metals exploration company working in leading
jurisdictions of Canada and the United States. A 100% interest can
be obtained in the Perdito oxide gold project, California, and a
70% interest can be obtained in the BA silver-rich VMS project,
Eskay Creek District, northern British Columbia.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy o this release.
This new release
may contain forward-looking statements. These statements are based
on current expectations and assumptions that are subject to risks
and uncertainties. Actual results could differ materially because
of factors discussed in the management discussion and analysis
section of our interim and most recent annual financial statement
or other reports and filings with the TSX Venture Exchange and
applicable Canadian securities regulations. We do not assume any
obligation to update any forward-looking statements.
We seek safe
harbor
SOURCE: Great Bear Resources Ltd.
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