TSX-V:
GBR
VANCOUVER, July 16, 2019 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear", TSX-V: GBR) today reported the
discovery of the new high-grade "Yuma" gold zone at its 100%
owned Dixie Project in the Red
Lake District of Ontario.
Like the recently discovered Bear-Rimini Zone (see news release
of May 28, 2019), the Yuma Zone is
also hosted by the "LP Fault", which is an 18 kilometre
long gold-bearing deep-seated crustal structure at the Dixie
project. Both new high-grade gold zones within the LP Fault
are shown in Figure 1.
Highlights of the new Yuma gold discovery include:
- Historic drill hole DC-12-07 (drilled in 2007 by past
operators) is a 1.4 kilometre step-out to the southeast along
the LP Fault from Great Bear's Bear-Rimini discovery hole
DNW-011, and was the only other hole to be drilled to-date into the
footwall of the LP Fault.
- The final metres of DC-12-07 intersected silicified volcanic
rocks visibly similar to those which yielded high-grade gold at
the Bear-Rimini discovery. Lower-grade gold mineralization was
also intersected higher up the hole within the LP Fault, as was
also the case in the Bear-Rimini Zone.
- Great Bear's geologists noted sparse fine visible gold
within strongly silicified felsic volcanic rocks towards the end of
DC-12-07, where the Company projected the Bear-Rimini Zone's
on-strike gold mineralization could occur. Past operators had
recorded this interval as un-mineralized and it had not been
sampled.
- Great Bear sampled the previously uncut core, which assayed
5.5 metres of 4.07 g/t gold beginning at 193.50 metres
down-hole, including 2.0 metres of 10.57 g/t gold and
including 0.5 metres of 36.90 g/t gold. The
historical hole had been terminated prematurely.
- Two historical drill holes were subsequently re-entered and
extended by Great Bear, as shown on Figure 2. Both holes
intersected similar silicified geology to drill hole DC-12-07 and
assays are pending.
Chris Taylor, President and CEO
of Great Bear said, "This is the cheapest discovery hole we've ever
had, since the high-grade visible gold interval was sitting
unreported for 12 years in drill core stored on the property.
The new Yuma zone matched our projections of where a Bear-Rimini
type gold zone could exist along strike and flanking the LP
Fault. We now know that high-grade gold is present in both
locations where the footwall of the fault has been drilled across
1.4 kilometres of strike length, however the majority of the
fault's 18 kilometres of projected strike length remain
untested. We plan to complete further step-outs along the LP
Fault and the parallel North Fault to see just how extensive this
system is, and how it varies in gold distribution."
The company has fast-tracked re-logging and sampling of all
available historical drill core from areas north of the LP Fault
zone. Results will be released as received and
analyzed. Follow-up drilling is already underway.
Drill Hole DC-12-07 (Yuma Zone) Description
Reglogging of hole DC-12-07 identified quartz-sericite-pyrite
altered intermediate to felsic volcanic rocks. Historical
sampling had outlined two low grade zones of gold mineralization
(0.28 g/t gold over 34.5 metres and 0.33 g/t gold over 5.0 metres,
shown visually on Figure 2) higher up the drill hole and associated
with the LP Fault; the drill hole's deepest reported assay interval
was 1.03 g/t gold over 0.5 metres at 218.25 metres depth. A
zone of strong silicification with visible gold was noted near the
bottom of the hole from 193.50 metres to 199.00 metres in unsampled
drill core, shown in Figure 3. For comparison, the
lower image in Figure 3 shows drill core from Great Bear's
Bear-Rimini discovery hole DNW-011, located 1.4 kilometres
away. Zones in both holes are hosted within similar felsic
volcanic host rocks, both have widespread quartz-sericite-pyrite
alteration and the high-grade gold in both holes is hosted by
strong silicification.
Extension of Historical Holes
DC-12-07 has now been re-entered and extended by
Great Bear from its original 218.25 metre length to 336 metres.
Oriented foliation and quartz vein data suggest that the zone
may be dipping steeply to the north. To test this
interpretation, historical hole DL-03-10, which was
completed by past operators below DC-12-07 at a steeper angle,
was also extended from 207 metres to 376.5 metres (as shown
in Figure 2). The extension was designed to target the
down-dip projection of the observed mineralization in
DC-12-07. Both extended drill holes intersected strongly
quartz-sericite-pyrite altered felsic volcanic rocks with zones of
variable silicification, from which assays are pending. An
image of the original on-site core storage is provided in Figure
4.
The Company continues to undertake a fully funded, 90,000 metre
drill program that is expected to continue through 2019 and
2020. Targets tested will include the Hinge Zone,
Dixie Limb Zone, Bear-Rimini Zone,
Yuma Zone, LP Fault, North Fault, and other targets across the
property. In order to accelerate the program, a second drill
rig was added in February, and a third drill rig arrived in June of
2019. Approximately 55,000 metres of drilling remain in the
current program.
With its recently-completed financing, the Company currently has
approximately $20,000,000 in cash and
no immediate financing requirements.
About Great Bear
Great Bear Resources Ltd. (TSX-V: GBR) is a well
financed company based in Vancouver,
Canada, managed by a team with a track record of success in
the mineral exploration sector. Great Bear holds a 100% interest,
royalty free, in its flagship Dixie property, which is road
accessible year-round via Highway 105, a 15 minute drive from
downtown Red Lake,
Ontario. The Red Lake mining district is one of the premier
mining districts in Canada,
benefitting from major active mining operations including the Red
Lake Gold Mine of Newmont Goldcorp Corp., plus modern
infrastructure and a skilled workforce. Production from the
Red Lake district does not
necessarily reflect the mineralization that may, or may not be
hosted on the Company's Dixie property. The Dixie property
covers a drill and geophysically defined multi kilometre gold
mineralized structure similar to that associated with other
producing gold mines in the district. In addition, Great Bear
is also earning a 100% royalty-free interest in the Pakwash, Dedee
and Sobel properties, which cover regionally significant
gold-controlling structures and prospective geology. All of
Great Bear's Red Lake projects are
accessible year-round through existing roads.
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 SGS Canada Inc. in Red Lake,
Ontario, and Activation Laboratories in Burnaby, British Columbia, both of which are
accredited mineral analysis laboratories, 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. 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.
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
Inquiries:
Tel: 604-646-8354
Fax: 604-646-4526
info@greatbearresources.ca
www.greatbearresources.ca
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 of 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
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SOURCE Great Bear Resources Ltd.