TSX-V: GBR
VANCOUVER, Sept. 30, 2019 /CNW/ - Great Bear Resources
Ltd. (the "Company" or "Great Bear", TSX-V: GBR) today provided a
progress update from its ongoing 90,000 metre drill program at its
100% owned Dixie project in the Red
Lake district of Ontario,
including new drill results.
Chris Taylor, President and CEO
of Great Bear said, "With aggressive drilling we have now completed
14 drill fences spaced from 50 to 800 metres apart along 3.2
kilometres (or just 18%) of the LP Fault and have a large number
of drill results pending. New observations have
transformed our understanding of the LP Fault mineralization
system. We have observed similar and correlatable geology
and/or mineralization styles within all drill holes intersecting
the structure to-date. We will continue to utilize
sub-zone names such as Bear-Rimini, Yuma and Auro for geographic
reference, however it now appears these are portions of a
continuous mineralized system spanning kilometres of strike length
which remains open along strike and at depth."
Highlights of the LP Fault drill program's progress to-date
include:
- 14 drill fences have been completed along 3.2 kilometres of
strike length, with one to three drill holes per drill fence.
Completed drill hole locations are shown on Figure 1. The
locations of recent drill sections within the broader LP Fault
target are shown on Figure 2. A 3D view of all current drill
sections is shown on Figure 3.
- The Company has noted very strong geological continuity
including similar geology, alteration, structural characteristics,
geochemistry, geophysical signature and gold mineralization
along all drill holes intersecting the LP Fault deformation
zone to-date. Results suggest a continuous, multi-kilometre
zone that remains open to extension along strike and at depth,
with mineralization projecting to the near-surface in all
locations. Examples of drill core from various drill sections are
included in Figure 1.
- Gold zones in all results reported to-date for the LP Fault are
associated with silica and albite alteration with minor
sulphides including pyrite and sphalerite, with lesser amounts of
arsenopyrite and chalcopyrite. Visible gold is also noted in
several of the reported intervals. Quartz sericite alteration
associated with gold mineralization extends for up to 500 metres of
core length.
- There are two primary styles of gold mineralization
along the LP Fault, both of which extend to the near-surface and
are being actively drilled by Great Bear: 1) Near-vertical
high-grade gold zones, and 2) disseminated zones of low to moderate
gold grades which surround and flank the high-grade intervals.
Fully funded with $18m in
cash, Great Bear plans to drill along approximately 18
kilometres of the strike length of the LP Fault target between now
and summer 2020. Drilling will continue along strike of the LP
Fault in generally 100 metre to 1 kilometre step-outs.
The LP fault represents a major break/deformation zone between
felsic and mafic volcanic rocks and is associated with significant
gold-bearing alteration. It is similar in character to
other large gold-hosting deformation zones in Archean greenstone
belts. Well-known Canadian examples include the Larder Lake
Cadillac Break that extends through Kirkland Lake and Val D'Or, the Porcupine Destor Fault Zone of
the Timmins Camp, the Detour Lake Fault Zone, the Pike Fault in the
Meliadine camp of Nunavut, and the
Cochenour-Gullrock deformation zone of the Red Lake Mine
complex.
While most additional drill results remain pending at this time,
completed assays from two additional Auro Zone drill holes have been returned
to-date and are summarized in Table 1:
- Drilling has expanded the Auro Zone's tested strike length
to over 300 metres, including northwest towards the adjacent
Yuma Zone, and southeast towards areas previously undrilled by
Great Bear.
- Drilling intersected gold mineralization from surface to
over 420 metres vertical depth. This shows a similar
drill-established depth extent to gold mineralization as observed
at the Yuma Zone (480 vertical metres), located 1 kilometre to the
northwest of Auro. Gold mineralization remains open in all
directions.
- Multiple gold mineralized intervals were observed along 510
metres of core length from 110 metres to 620 metres depth in
drill hole BR-022. This is the most southeasterly drill
hole completed along the LP Fault to-date, and has the widest
observed interval of gold mineralization as defined by core
length.
- Drill hole BR-022 was completed approximately 150 metres
southeast of Auro Zone discovery
hole BR-020, as shown on Figure 5.
- Significant intercepts include 100.48 g/t gold over 0.5
metres, within 14.90 g/t gold over 3.55 metres, which is hosted
within a broader interval of 41.00 metres of 2.09 g/t
gold.
- Drill hole BR-021 was completed approximately 200 metres
to the northwest of discovery hole BR-020. Gold-bearing intervals
were noted along 112 metres of core length from 10 metres to 100
metres vertical depth, as shown on Figure 4.
- Significant intercepts include 42.72 g/t gold over 1.0 metre
at 50 metres vertical depth, and 13.50 metres of 1.07 g/t gold
at 80 metres vertical depth.
![Figure 3: 3D view to west of approximately 3.5 kilometres of the LP Fault deformation zone, to approximately 750 metres depth. The locations of all drill fences completed to-date are shown in true scale and spatial orientation. The adjacent Dixie Limb and Hinge Zones are also shown. (CNW Group/Great Bear Resources Ltd.) Figure 3: 3D view to west of approximately 3.5 kilometres of the LP Fault deformation zone, to approximately 750 metres depth. The locations of all drill fences completed to-date are shown in true scale and spatial orientation. The adjacent Dixie Limb and Hinge Zones are also shown. (CNW Group/Great Bear Resources Ltd.)](https://mma.prnewswire.com/media/1003274/Great_Bear_Resources_Ltd__Great_Bear_Completes_14_Drill_Fences_A.jpg)
Great Bear will continue to provide regular drill program
updates throughout the remainder of 2019 and through 2020.
Assay results will continue to be released in batches as received
and processed. Approximately 28,000 metres of drilling remain
to be completed as part of the Company's ongoing 90,000 metre drill
program.
Table 1: Assay intervals from the
newest LP Fault drilling in Auro
Zone area. Vertical depths reported from the centre of
each interval.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Gold
(g/t)
|
Vertical
Depth (m)
|
Location
Section
|
BR-021
|
|
16.00
|
24.00
|
8.00
|
0.20
|
21.46
|
20250
|
and
|
29.00
|
50.00
|
21.00
|
0.43
|
37.38
|
including
|
39.00
|
45.00
|
6.00
|
0.76
|
39.43
|
and
|
70.00
|
71.00
|
1.00
|
42.72
|
62.68
|
and
|
90.50
|
104.00
|
13.50
|
1.07
|
84.42
|
including
|
90.50
|
97.00
|
6.50
|
1.94
|
81.58
|
and
|
115.00
|
118.00
|
3.00
|
0.56
|
99.98
|
BR-022
|
|
110.00
|
116.10
|
6.10
|
2.62
|
94.04
|
19950
|
including
|
111.40
|
113.10
|
1.70
|
7.92
|
93.45
|
and
|
274.00
|
299.00
|
25.00
|
0.19
|
215.23
|
and
|
432.90
|
439.00
|
6.10
|
4.05
|
309.95
|
including
|
432.90
|
435.70
|
2.80
|
8.18
|
308.93
|
and
|
445.00
|
452.00
|
7.00
|
0.41
|
317.67
|
and
|
461.60
|
512.00
|
50.40
|
1.78
|
340.79
|
including
|
471.00
|
512.00
|
41.00
|
2.09
|
343.59
|
and
including
|
471.00
|
478.00
|
7.00
|
2.37
|
333.44
|
and
including
|
490.00
|
491.00
|
1.00
|
8.15
|
342.99
|
and
including
|
505.20
|
508.75
|
3.55
|
14.90
|
352.78
|
and
including
|
506.20
|
506.70
|
0.50
|
100.48
|
352.47
|
and
|
600.00
|
620.00
|
20.00
|
0.52
|
412.63
|
*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 in the Auro Zone to determine capping levels for
higher grade gold intercepts. Average widths are calculated
using a 0.10 g/t gold cut-off grade with < 3 m of internal
dilution of zero grade.
|
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 hosts different styles of gold
mineralization. High-grade gold-bearing quartz veins and
silica-sulphide replacement zones hosted by mafic volcanic rocks,
and localized near regional-scale D2 folds occur at the Dixie Limb
and Hinge Zones. These mineralization styles are also typical
of the significant mined deposits of the Red Lake district.
The LP Fault is large a trans-crustal deformation zone that is
interpreted to traverse the Dixie property for approximately 20
kilometres of strike length and has been drilled along 3.2
kilometres of strike length to-date. It hosts high-grade gold
mineralization that is controlled by structural and geological
contacts, and low to moderate grade disseminated gold that
surrounds and flanks the high-grade intervals. The dominant
gold-hosting stratigraphy consists of felsic sediments and volcanic
units.
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 Ontario, 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. 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.
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.