TSX-V: GBR
VANCOUVER, Feb. 20, 2020 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear", TSX-V: GBR) today reported new
developments from its fully funded $21
million exploration program at its 100% owned flagship Dixie
Project in the Red Lake district
of Ontario.
The Company has made significant progress in its predictive
modeling of gold mineralization at the LP Fault zone, and its
regional exploration program. Highlights include:
- Identification of key geological controls to the
distribution of high-grade gold mineralization along the LP
Fault. High-grade gold mineralization occurs in close proximity
to a steeply-dipping felsic volcanic/metasedimentary contact.
Figure 1.
- The Company has retained Mr. James
Gray, P.Geo., an independent consultant from Advantage
Geoservices Ltd., to assist Great Bear's geological team with gold
mineralization modeling. Mr. Gray's experience includes resource
definition drilling and geological modeling at the David Bell mine
at the Hemlo gold deposit,
formerly operated by Teck Corporation, and currently owned by
Barrick Gold Corp.
- An airborne SkyTEM (electromagnetic) survey has been
completed across the property, identifying new regional exploration
drill targets. The new targets have similar geophysical
characteristics to both the LP Fault zone and the Hinge and
Dixie Limb zones. Follow-up
drilling is required. Figure 2 and Figure 3.
- 13 reconnaissance drill holes were completed outside of
previously drilled areas across 11 kilometres of the property.
The primary purpose of this drilling was to identify favorable
structural and geological settings for additional follow-up
drilling. Six new occurrences of highly anomalous gold
mineralization have been discovered in 9 of the 13 drill holes,
as shown on Figure 4. Highlighted results are included in
the drill results table posted to the Company's website at
www.greatbearresources.ca.
- These new gold occurrences include: 1) highly deformed
metasedimentary rocks (LP Fault style), and 2) quartz vein systems
(Hinge zone style). The geological marker sequence (deformed
meta-sedimentary rocks) previously identified at the LP Fault zone
has now been intersected along approximately 7 kilometres. Drill
density is insufficient at this time to determine what the gold
distributions and geometries of these new gold occurrences may
ultimately be. Follow-up drilling is required.
- The Company has engaged consultants to assist with preliminary
metallurgical testing of gold mineralized samples in advance
of more advanced studies planned for 2021.
- Ongoing environmental baseline studies continue on the
property.
- As previously announced on February
13, 2020, a table of highlighted assay results, including
drill locations, azimuths and dips from the central 4.2 kilometre
segment of the LP Fault have now been posted to the Company's web
site. The Company has also provided three dimensional .DXF files of
important geological controls on mineralization.
Chris Taylor, President and CEO
of Great Bear said, "Ongoing drilling has shown us that the
gold-mineralized system at Dixie is at least 11 kilometres in
strike extent. These early reconnaissance drill results are
very similar to our initial footwall drilling into the LP Fault
zone in 2018 and early 2019. We now need to drill in the
vicinity of these new occurrences to determine if and where
high-grade gold is present, and whether these occurrences are
connected. Within the LP Fault zone itself, high-grade gold
adjacent to a felsic volcanic/metasediment contact marks an
additional similarity to Barrick's Hemlo deposit. The gold deposits at
Hemlo display similar geological
and structural contexts, and have similar disseminated high-grade
gold mineralization as observed at the LP Fault."
Newly Identified Gold Controls
Ongoing LP Fault drilling has demonstrated that most of the >
5 g/t gold intercepts and nearly all of the >10 g/t gold
intercepts drilled along the LP Fault to-date occur within 50 to
100 metres of the metasedimentary/felsic volcanic
contact.
This gold mineralization control provides a laterally and
vertically-extensive, sheet-like contact that can be targeted with
ongoing drilling, and will be important to ongoing modeling of the
LP Fault zone.
Regional Geophysics and Reconnaissance Drilling
The Company completed a high-resolution electromagnetic (SkyTEM)
airborne geophysical survey over the entire Dixie property in
September of 2019 and recently received the survey results.
The purpose of the survey was to test if the LP Fault style of
mineralization produces a resistive electromagnetic response.
The LP Fault mineralization is associated with strong silica and
albite alteration of felsic volcanic and metasedimentary rocks,
which was expected to be electrically resistive. Results
confirmed highly resistive responses below the known sections of
the LP Fault in the modelled 3D inversion of the SkyTEM data
(Figures 2 and 3), and several new multi-kilometre resistive
trends with similar geophysical properties to the gold zone of the
LP Fault have been identified and warrant follow-up field work
and ultimately drill testing.
The Company also repeated its exploration methods from the
initial LP Fault discovery with additional regional drilling.
High-contrast magnetic breaks were drilled prior to receipt of the
SKYTEM data, on one to two kilometre centres along the projected
strike extent of the LP Fault, and targeting additional regional
features. The purpose of this program was to identify similar
structural and geological settings to the LP Fault
mineralization. Multiple zones of anomalous gold were
intersected along an interpreted strike length of 11
kilometres. Some of these new zones display similarities
to the LP Fault Zone and others are more comparable to the Hinge
zone vein system.
Highlights of regional reconnaissance drill holes have been
included in the LP Fault results table posted to the Company's web
site. Drill holes that successfully intercepted gold
mineralization were: BR-052, 053, 054, 055, 056, 071, 072, 073, and
111. Seven of the nine drill holes which successfully intercepted
gold mineralization are located along a possible on-strike
projection of the LP Fault zone, while 2 of the gold-bearing drill
holes occur at new regional targets (Figure 4).
Reconnaissance drill holes that did not intersect gold were BR-048,
049, 070 and 110.
Live Webinar on Thursday February
20th
Great Bear reminds interested shareholders that they are invited
to join a webinar detailing recent progress in the Company's
ongoing fully-funded 200,000 metre drill program on Thursday, February 20th at
11:15am PST/2:15pm EST. Management will be available to
answer questions following the presentation. Online
registration and participation details may be found at the
following link: https://bit.ly/37YvChd
For those unable to participate, a recording of the webinar will
be posted to the Company's web site following the live
broadcast.
ABOUT THE DIXIE PROJECT
The Dixie Project is 100% owned, comprised of 9,140 hectares of
contiguous claims that extend over 22 kilometres, and is located
approximately 25 kilometres southeast of the town of Red Lake, Ontario. The project is accessible
year-round via a 15 minute drive on a paved highway which runs the
length of the northern claim boundary and a network of
well-maintained logging roads.
The Dixie Project hosts two principle styles of gold
mineralization:
- High-grade gold in quartz veins and silica-sulphide
replacement zones (Dixie Limb and
Hinge). Hosted by mafic volcanic rocks, and localized near
regional-scale D2 fold axes. These mineralization styles are also
typical of the significant mined deposits of the Red Lake district.
- High-grade disseminated gold with broad moderate to lower
grade envelopes (LP Fault). The LP Fault is a significant
gold-hosting structure which has been seismically imaged to extend
to 14 kilometres depth (Zeng and Calvert, 2006), and has been interpreted by
Great Bear to have up to 18 kilometres of strike length on the
Dixie property. High-grade gold mineralization is controlled by
structural and geological contacts, and moderate to lower-grade
disseminated gold surrounds and flanks the high-grade intervals.
The dominant gold-hosting stratigraphy consists of felsic sediments
and volcanic units.
About Great Bear
Great Bear Resources Ltd. is a well-financed gold
exploration company managed by a team with a track record of
success in mineral exploration. Great Bear is focused in the
prolific Red Lake gold district in
northwest Ontario, where the
company controls over 300 km2 of highly prospective
tenure across 4 projects: the flagship Dixie Project (100%
owned), the Pakwash Property (earning a 100% interest), the Dedee
Property (earning a 100% interest), and the Sobel Property (earning
a 100% interest), all of which are accessible year-round through
existing roads.
QA/QC and Core Sampling Protocols
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 Activation Laboratories in Ontario, an accredited mineral analysis
laboratory, for analysis. All samples are analyzed for gold using
standard Fire Assay-AA techniques. Samples returning over 10.0 g/t
gold are analyzed 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. Drill hole location information is provided
below:
Qualified Person and NI 43-101 Disclosure
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
Cautionary note regarding forward-looking
statements
This release contains certain "forward looking statements"
and certain "forward-looking information" as defined under
applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use
of forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking information are based on management of the
parties' reasonable assumptions, estimates, expectations, analyses
and opinions, which are based on such management's experience and
perception of trends, current conditions and expected developments,
and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be
incorrect.
Great Bear undertakes no obligation to update forward-looking
information except as required by applicable law. Such
forward-looking information represents management's best judgment
based on information currently available. No forward-looking
statement can be guaranteed, and actual future results may vary
materially. Accordingly, readers are advised not to place undue
reliance on forward-looking statements or information.
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SOURCE Great Bear Resources Ltd.