TSX-V: GBR
VANCOUVER, July 24, 2019 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear", TSX-V: GBR) today reported ongoing
drill confirmation of recently predicted high-grade structural
gold controls in the Dixie Limb Zone at its 100% owned Dixie
Project in the Red Lake District
of Ontario. The most recent
drill highlights are provided in Table 1.
Highlights of the most recent results include:
- Thickened zone widths near a predicted intersection of
the Hinge Zone vein swarm with the Dixie Limb, including 12.10
metres of 5.87 g/t gold, which includes a high-grade core of
4.60 metres of 14.32 g/t gold.
- Higher gold grades at these predicted intersections of
up to 1.00 metre of 54.51 g/t gold and 0.60 metres of
73.33 g/t gold.
Table 1: Recent drill results from the
Dixie Limb Zone targeting new structural controls.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Gold
(g/t)
|
DL-048
|
|
196.7
|
206.7
|
10.0
|
3.23
|
including
|
197.2
|
202.7
|
5.50
|
4.38
|
and
including
|
197.2
|
199.7
|
2.50
|
6.76
|
and
including
|
202.2
|
202.7
|
0.50
|
10.85
|
DL-049
|
|
186.7
|
195.15
|
8.45
|
6.94
|
including
|
190.0
|
195.15
|
5.15
|
11.13
|
and
including
|
192.1
|
195.15
|
3.05
|
17.65
|
and
including
|
192.6
|
194.1
|
1.50
|
32.27
|
and
including
|
193.2
|
193.8
|
0.60
|
73.33
|
DL-050
|
|
205.9
|
218.0
|
12.10
|
5.87
|
including
|
210.9
|
217.5
|
6.60
|
10.58
|
and
including
|
211.9
|
216.5
|
4.60
|
14.32
|
or
including
|
213.6
|
217.5
|
3.90
|
16.72
|
and
including
|
214.95
|
216.5
|
1.55
|
39.21
|
and
including
|
215.5
|
216.5
|
1.00
|
54.51
|
DL-051
|
|
217.8
|
233.5
|
15.70
|
0.86
|
*Drill interval widths are 80% of
true width based on intersection points of the drill hole intercept
with the geological model and oriented drill core data.
Newly defined gold zone geometries within the Dixie Limb are
provided in Figure 1.
Chris Taylor, President and CEO
of Great Bear said, "When I first heard of the Dixie project almost
10 years ago, what we now call the Dixie Limb was the only known
significant gold zone on the property. At the time, I was
told it was a 4 g/t average gold occurrence. We now know that
there are also higher grade gold zones developed along the 600
metre strike length of the target. When we began defining a
significant swarm of gold-bearing quartz veins at the adjacent
Hinge Zone, we analysed drill data at the Dixie Limb and predicted
that veins parallel to the Hinge Zone could also intersect
it. Our drilling has confirmed that steeply-plunging
high-grade gold occurs at and near these intersections, and that
these intersections are priority drill targets within the
Limb. We will continue to drill these zones to define their
number, size, gold endowment, and extent to depth."
Some of the Company's drill holes targeting the adjacent Hinge
Zone also intersect the Dixie Limb, as the two zones are generally
separated by only 50 to 200 metres.
The Company also reports it has granted an aggregate of 400,000
stock options to employees, directors, consultants and advisors of
the Company, exercisable at $5.31 per
share for a period of five years. The options are subject to
a four month hold period.
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.
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
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.