TSX-V: GBR
VANCOUVER, Oct. 10, 2019 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear", TSX-V: GBR) today reported results
from its ongoing 90,000 metre drill program at its 100% owned Dixie
project in the Red Lake district
of Ontario. Highlights of recent
progress include:
- On strike extensions of key geological units that host
gold mineralization where drilled by Great Bear to-date have now
been mapped, drilled and identified in historical drilling along
15 kilometres of the 18.5 kilometre long LP Fault, as shown in
Figure 1.
- The Company continues to advance its three-dimensional
modeling of the LP Fault mineralization as additional drill
information is received. An up-to-date image of the currently
drilled interpreted mineralized zone is provided in Figure
2.
- Results of a Spaciotemporal Geochemical Hydrocarbon
("SGH") survey completed in summer 2019 along 4 kilometres of
the LP Fault have also now been received, and four new drill
targets have been identified, as shown on Figure 3.
Chris Taylor, President and CEO
of Great Bear said, "In a district where gold is usually mined from
discontinuous veins averaging a few metres in width, often at
kilometre-scale depths, the near-surface, multi-kilometre extent of
our LP Fault discovery instead resembles other Archean-age gold
deposits across Ontario and
Quebec. We continue to intersect
high-grade gold intervals with comparable widths and grades to what
have been mined at the major high-grade deposits in Red Lake, however these occur within wide
envelopes of moderate to low grade gold mineralization, which we
observe projecting to surface. During September and October,
mapping crews discovered outcrop exposures of our felsic target
geology, similar to what we're drilling from Bear-Rimini to Auro,
along approximately 15 kilometres of strike length. We have also
now drilled the same units one kilometre to the southeast of the
Auro zone, with assays pending, and through examination of
historical drill core we see that Noranda in 1993, drilled similar
rocks 8 kilometres to the southeast of the Auro zone."
Highlights of recent LP Fault drill results
include:
- Drill hole BR-043, located between the Bear-Rimini and Yuma
sub-zones, intersected multiple gold intervals along 253.90
metres of core length including 125.00 metres of 1.08 g/t gold.
Complete assays from the reported interval, showing continuity of
gold mineralization are provided in Table 1, and in
Figure 4. New highlighted drill results from the LP Fault
are provided in Table 2.
- Drill hole BR-035, located between the Auro and Yuma sub-zones,
intersected multiple gold intervals over 111.30 metres of core
length, including 15.02 g/t gold over 2.50 metres, within a broader
interval of 26.00 metres of 2.55 g/t gold. Separate additional
gold intervals include 9.20 g/t gold over 5.30 metres, within a
broader interval of 56.10 metres of 1.26 g/t gold, as shown in
Figure 5.
- The gold mineralized system tends to increase in apparent
width with increasing depth in most locations.
Great Bear is fully funded with approximately $17m in cash, and $27m on a fully diluted basis. The Company plans
to continue drilling along strike of the LP Fault in generally 100
metre to 1 kilometre step-outs, with additional drilling at Dixie
Limb and Hinge Zones through the remainder of 2019 and throughout
2020.
Table 2: Most recent drill results from
along the LP Fault. Drill results are spaced along 1.6 kilometres
of strike length as shown with included section numbers.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Gold
(g/t)
|
Section
|
Area
|
BR-012
|
|
155.75
|
167.00
|
11.25
|
0.16
|
22350
|
Bear-Rimini-
Yuma
|
and
|
208.00
|
288.00
|
80.00
|
0.60
|
including
|
261.00
|
285.50
|
24.50
|
0.92
|
and
including
|
274.70
|
288.00
|
13.30
|
1.02
|
BR-018
|
|
210.00
|
225.00
|
15.00
|
1.03
|
22250
|
Bear-Rimini-
Yuma
|
and
|
270.20
|
314.60
|
44.40
|
1.05
|
including
|
270.20
|
281.50
|
11.30
|
2.08
|
BR-019
|
|
28.30
|
29.30
|
1.00
|
3.06
|
22300
|
Bear-Rimini-
Yuma
|
and
|
39.30
|
42.50
|
3.20
|
1.03
|
and
|
119.00
|
167.90
|
48.90
|
0.73
|
including
|
148.00
|
158.75
|
10.75
|
1.03
|
BR-030
|
|
301.50
|
302.30
|
0.80
|
37.17
|
22200
|
Bear-Rimini-
Yuma
|
and
|
319.85
|
349.00
|
29.15
|
0.51
|
and
|
365.00
|
403.90
|
38.90
|
0.22
|
and
|
410.70
|
417.80
|
7.10
|
0.30
|
and
|
427.10
|
445.00
|
17.90
|
0.35
|
and
|
485.50
|
491.00
|
5.50
|
0.67
|
and
|
552.50
|
554.50
|
2.00
|
2.91
|
and
|
561.00
|
566.85
|
5.85
|
4.17
|
including
|
566.35
|
566.85
|
0.50
|
43.36
|
and
|
614.00
|
622.60
|
8.60
|
2.27
|
BR-031
|
|
110.05
|
121.55
|
11.50
|
1.28
|
22200
|
Bear-Rimini-
Yuma
|
and
|
134.50
|
165.00
|
30.50
|
0.81
|
and
|
175.30
|
186.00
|
10.70
|
0.33
|
and
|
210.10
|
224.55
|
14.45
|
0.44
|
BR-043
|
|
183.90
|
187.50
|
3.60
|
0.85
|
22100
|
Bear-Rimini-
Yuma
|
and
|
195.00
|
199.90
|
4.90
|
0.41
|
and
|
310.50
|
459.70
|
149.20
|
0.95
|
including
|
318.50
|
443.90
|
125.40
|
1.08
|
and
including
|
433.50
|
437.80
|
4.30
|
6.09
|
and
including
|
436.00
|
437.80
|
1.80
|
12.45
|
and
including
|
348.00
|
363.00
|
15.00
|
2.05
|
BR-034
|
|
165.00
|
234.20
|
69.20
|
0.49
|
20750
|
Yuma-Auro
|
and
|
190.00
|
205.00
|
15.00
|
1.09
|
and
|
222.00
|
227.50
|
5.50
|
1.02
|
and
|
248.80
|
253.70
|
4.90
|
1.83
|
BR-035
|
|
234.50
|
273.00
|
38.50
|
1.77
|
20750
|
Yuma-Auro
|
including
|
244.50
|
270.50
|
26.00
|
2.55
|
and
including
|
261.00
|
270.50
|
9.50
|
6.02
|
and
including
|
268.00
|
270.50
|
2.50
|
15.02
|
and
|
289.70
|
345.80
|
56.10
|
1.26
|
including
|
340.50
|
345.80
|
5.30
|
9.20
|
and
including
|
316.00
|
322.00
|
6.00
|
1.02
|
* 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 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.
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.
Highlights of previously reported drill results from the LP
Fault include 2.00 metres of 194.21 g/t gold and 14.00 metres of
12.33 g/t gold in the Bear-Rimini area, 1.50 metres of 101.71 g/t
gold within a broader interval of 42.00 metres of 5.28 g/t gold in
the Auro area, and 2.00 metres of 27.77 g/t gold within a broader
interval of 7.00 metres of 11.08 g/t gold in the Yuma area.
SGH Sampling Results
A 2,100 sample SGH survey was conducted during summer 2019 along
the LP Fault and North Fault in the Bear-Rimini to Auro area, as
originally disclosed on August 1,
2019. An earlier, smaller test survey at the Hinge and Dixie
Limb Zones had successfully identified the surface projection of
portions of both of those zones.
New results from the LP Fault SGH survey identified four new
target areas that require follow-up drilling, as shown in
Figure 4.
- Target D centers on the North Fault and has not yet been
drilled.
- Target B is located within the felsic volcanic rock
package between the LP Fault and North Fault, and is not proximal
to the LP fault zone. This target constitutes an entirely new drill
target that may be associated with a linear geophysical trend that
may represent a new structure that parallels the LP Fault.
- Target C was already a drill target in the Yuma area and
drilling is ongoing in this area.
- Target A was previously drilled with one hole (BR-015)
returning no significant values. One additional regional drill hole
is pending from within this target area.
As was also the case at the Hinge and Dixie Limb Zones, many
areas of the LP Fault where Great Bear has successfully intersected
gold mineralization in underlying bedrock, including the discovery
drill holes at Bear-Rimini, Yuma and Auro, were not detected by the
SGH survey. As such, areas without SGH targets cannot be excluded
from planned drilling, however the SGH targets can be utilized to
help prioritize drill order, and have the potential to lead to new
discoveries in areas that might not otherwise be drilled.
Ongoing Regional Exploration
The Company also completed a series 7 drill holes testing other
drill targets. Drill holes BR-011a, 13, 14, 15, 16 and 17 tested
areas north of the LP Fault. Structural deformation related to the
LP Fault is mostly absent in these drill holes, along with the
associated widespread silica-albite-sulphide mineralization
observed in conjunction with gold mineralization elsewhere.
This drilling suggests that the development of significant
gold mineralization within the felsic sedimentary and volcanic
units requires structural preparation related to the major
faults. The North Fault, which is interpreted to parallel to
the LP Fault for over 18 kilometres of strike length, and also
presents a target on the SGH survey, remains an exploration target
that will require direct drill testing.
Drill hole BR-010, located 250 metres to the northwest of the
Bear-Rimini Zone along the LP Fault on section 22700 intersected
various minor intervals of gold mineralization along 259.50 metres
of core length, including 10.47 g/t gold over 0.50 metres, 1.18 g/t
gold over 6.00 metres, and 0.23 g/t gold over 17.00 metres. Key
felsic volcanic marker units observed at Bear-Rimini, Yuma and Auro
were absent in this area, and gold mineralization is less well
developed than where these marker units are present further to the
southeast.
Of note, the missing marker units were subsequently
identified by Great Bear's mapping crews in outcrop approximately
750 metres to the northwest of BR-010, further along strike of
the LP Fault, as shown on Figure 1. The Company will follow up
with drilling in this area during the winter program.
High resolution airborne geophysics completed by Great Bear in
2017 also suggests parallel structures to the LP Fault and North
Fault may be present between the two structures. These will also be
drill tested during the winter drill program.
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 26,000 metres of drilling remain to be
completed as part of the Company's ongoing 90,000 metre drill
program.
The Company also reports it has granted an aggregate of 35,000
stock options to consultants of the Company, exercisable at
$7.68 per share for a period of five
years. The options are subject to a four month hold period.
Upcoming Live Broadcast "Fireside Chat" with Rob McEwen on November
12th
Great Bear's President and CEO Chris
Taylor will appear alongside Rob
McEwen, Executive Chairman of McEwen Mining Inc., during a
"fireside chat" discussion to be held at the Zurich Precious Metals
Summit at 3:45 PM CET (9:45 AM EST) on November
12, 2019.
Chris and Rob will discuss their experiences in the mining
industry, the state of the gold market, and other topics. They will
be joined by Anthony Vaccaro, Group
Publisher of the Northern Miner Group, whose publications include
the Northern Miner and Canadian Mining Journal.
The live broadcast can be viewed using the following link, and
will also be posted to the summit's webcast archives:
https://www.gowebcasting.com/conferences/2019/11/11/precious-metals-summit
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 18.5
kilometres of strike length and has been drilled along
approximately 4 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.