TSX-V: GBR
VANCOUVER, May 4, 2020 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear", TSX-V: GBR; OTCQX: GTBDF) today
reported results from its ongoing fully funded $21 million exploration program at its 100% owned
flagship Dixie Project in the Red
Lake district of Ontario.
Chris Taylor, President and CEO
of Great Bear said, "As we approach the one-year anniversary of
the discovery of the LP Fault and our 100th drill hole into
this target, our sense of enthusiasm continues to build as the LP
Fault continues to deliver robust gold results with more detailed
drilling. New drill hole BR-118 returned one of the longest
high-grade gold intervals to-date, and was completed in the middle
of a 150 metre gap in drilling. Mineralization begins
immediately at the bedrock surface, with consistent geology and
mineralization styles observed in both neighbouring drill
sections. Importantly, all other drill holes reported in this
release also continue to successfully intersect gold mineralization
at all points tested along the LP Fault to-date."
The Company has completed 99 of approximately 300 planned
drill holes into the LP Fault target, as part of its 5 kilometre
long by 500 metre deep grid drill program. Current drill
hole locations and results are provided in Figure 1, and in
Table 1, respectively. An updated long section of the
LP Fault drilling is provided in Figure 2.
Drill Results Highlights:
- Drill hole BR-118 on drill section 20650 was completed
in the middle of a 150 metre gap in drilling. The drill hole
contained two significant mineralized intervals:
-
- 10.17 g/t gold over 6.80 metres, within a broader interval of
3.18 g/t gold over 56.95 metres, beginning at the bedrock surface
at 30.20 metres, and
- 18.57 g/t gold over 13.00 metres, including 132.00 g/t gold
over 0.50 metres, within a broader interval of 2.67 g/t over 104.15
metres beginning at 127.15 metres. Figure 3. An image of gold
mineralization from this highlight interval is also provided in
Figure 6.
- Continuity of gold mineralization is suggested by
similar results on both adjacent drill sections:
-
- Drill section 20750, located 75 - 100 metres to the northwest
of BR-118, includes previously reported drill hole BR-068 which
returned 10.58 g/t gold over 21.10 metres (February 13, 2020). Figure 4.
- Drill section 20600, located 50 - 75 metres to the southeast of
BR-118, includes previously reported drill hole BR-037 which
returned 16.60 g/t gold over 6.0 metres, and 5.60 g/t
gold over 25.25 metres (October 30,
2019). Figure 5.
- Other new drill highlights include drill hole BR-089 on
section 21100, located 450 metres northwest of BR-118.
Assays include 18.06 g/t gold over 4.75 metres, which
includes 156.00 g/t gold over 0.50 metres, and 11.03 g/t
gold over 6.95 metres, which includes 112.00 g/t gold over
0.5 metres. This occurs within a broader interval of 1.93
g/t gold over 52.15 metres.
- Drill hole BR-088 on section 22000, located 900
metres to the northwest of BR-089 and 1.35 kilometres
to the northwest of BR-118, intersected 0.71 g/t gold over
100.95 metres.
- The Company also relogged and assayed historical drill hole
DC-13-07, which was completed in 2007 in the immediate footwall
south of the LP Fault by a previous explorer. New assays include
7.87 g/t gold over 2.00 metres, collected from un-sampled,
mineralized historic drill core.
Table 1: Current drill results.
Drill sections are arranged from southeast (top of Table) to
northwest (bottom of Table), corresponding to the map provided in
Figure 1.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Gold
(g/t)
|
Section
|
BR-105
|
|
175.00
|
179.50
|
4.50
|
1.35
|
19900
|
and
|
341.65
|
344.90
|
3.25
|
1.05
|
BR-106
|
|
318.00
|
321.00
|
3.00
|
0.83
|
19900
|
and
|
427.15
|
429.50
|
2.35
|
0.61
|
BR-104
|
|
65.00
|
69.00
|
4.00
|
1.15
|
19900
|
and
|
77.85
|
83.00
|
5.15
|
1.30
|
and
|
228.00
|
240.10
|
12.10
|
0.67
|
DC-13-07
|
|
24.95
|
26.00
|
1.05
|
1.10
|
19950
|
and
|
105.00
|
107.00
|
2.00
|
7.87
|
including
|
106.00
|
107.00
|
1.00
|
12.60
|
DC-14-07
|
|
92.00
|
93.00
|
1.00
|
0.17
|
19950
|
BR-103
|
|
392.25
|
396.25
|
4.00
|
0.20
|
19950
|
and
|
417.50
|
442.00
|
24.50
|
0.23
|
and
|
463.50
|
464.50
|
1.00
|
1.77
|
and
|
517.75
|
536.25
|
18.50
|
0.87
|
including
|
523.50
|
527.00
|
3.50
|
2.93
|
and
including
|
526.50
|
527.00
|
0.50
|
16.90
|
and
|
612.00
|
624.50
|
12.50
|
0.37
|
BR-118
|
|
30.20
|
87.15
|
56.95
|
3.18
|
20650
|
including
|
40.00
|
80.20
|
40.20
|
4.42
|
and
including
|
55.10
|
79.20
|
24.10
|
6.00
|
and
including
|
61.70
|
63.30
|
1.60
|
14.91
|
and
including
|
68.40
|
75.20
|
6.80
|
10.17
|
and
|
127.15
|
231.30
|
104.15
|
2.67
|
including
|
156.00
|
184.90
|
28.90
|
8.75
|
and
including
|
156.00
|
169.00
|
13.00
|
18.57
|
and
including
|
159.70
|
169.00
|
9.30
|
24.65
|
and
including
|
159.70
|
162.90
|
3.20
|
53.62
|
and
including
|
159.70
|
160.70
|
1.00
|
94.90
|
and
including
|
159.70
|
160.20
|
0.50
|
132.00
|
BR-122
|
|
446.00
|
488.00
|
42.00
|
0.34
|
20950
|
BR-130
|
|
165.00
|
167.50
|
2.50
|
2.09
|
21000
|
and
|
190.25
|
219.00
|
28.75
|
0.33
|
BR-131
|
|
167.00
|
169.70
|
2.70
|
5.29
|
21000
|
including
|
168.00
|
169.20
|
1.20
|
11.70
|
and
|
183.00
|
187.85
|
4.85
|
5.09
|
including
|
186.50
|
187.85
|
1.35
|
18.02
|
and
including
|
186.50
|
187.00
|
0.50
|
47.70
|
and
|
324.00
|
366.30
|
42.30
|
0.51
|
BR-089
|
|
172.55
|
182.00
|
9.45
|
8.15
|
21100
|
including
|
172.55
|
179.50
|
6.95
|
11.03
|
including
|
172.55
|
175.05
|
2.50
|
7.81
|
and
including
|
177.50
|
178.00
|
0.50
|
112.00
|
and
|
190.50
|
191.50
|
1.00
|
2.86
|
including
|
191.00
|
191.50
|
0.50
|
5.59
|
and
|
225.25
|
228.00
|
2.75
|
1.51
|
|
242.00
|
293.25
|
51.25
|
1.93
|
including
|
279.00
|
293.25
|
14.25
|
6.18
|
and
including
|
282.50
|
287.25
|
4.75
|
18.06
|
And
including
|
282.50
|
285.65
|
3.15
|
26.89
|
and
including
|
283.65
|
284.15
|
0.50
|
156.00
|
BR-099
|
|
118.20
|
138.50
|
20.30
|
0.34
|
21300
|
and
|
291.00
|
292.00
|
1.00
|
4.68
|
and
|
301.50
|
322.50
|
21.00
|
0.42
|
including
|
315.00
|
315.50
|
0.50
|
5.46
|
and
|
446.80
|
456.00
|
9.20
|
2.40
|
including
|
454.50
|
456.00
|
1.50
|
12.10
|
BR-116
|
|
288.25
|
294.25
|
6.00
|
0.50
|
21400
|
and
|
466.60
|
496.00
|
29.40
|
0.39
|
including
|
492.35
|
494.15
|
1.80
|
3.36
|
and
|
509.00
|
513.70
|
4.70
|
1.38
|
and
|
523.35
|
532.70
|
9.35
|
1.10
|
including
|
527.60
|
528.70
|
1.10
|
7.77
|
BR-097
|
|
40.60
|
45.00
|
4.40
|
0.15
|
21400
|
and
|
255.00
|
259.00
|
4.00
|
1.39
|
and
|
391.70
|
393.50
|
1.80
|
3.49
|
BR-098
|
|
148.50
|
153.50
|
5.00
|
0.69
|
21400
|
and
|
310.15
|
311.65
|
1.50
|
1.05
|
and
|
376.85
|
396.50
|
19.65
|
0.28
|
and
|
419.70
|
448.50
|
28.80
|
0.65
|
including
|
431.25
|
438.00
|
6.75
|
2.24
|
and
including
|
431.25
|
432.65
|
1.40
|
8.93
|
and
|
493.25
|
495.05
|
1.80
|
9.90
|
BR-115
|
|
428.55
|
431.00
|
2.45
|
0.53
|
21525
|
and
|
481.80
|
502.40
|
20.60
|
0.43
|
and
|
527.80
|
562.65
|
34.85
|
0.20
|
BR-088
|
|
172.50
|
174.00
|
1.50
|
0.70
|
22000
|
and
|
357.00
|
366.00
|
9.00
|
0.97
|
and
|
375.35
|
383.50
|
8.15
|
0.74
|
and
|
449.30
|
450.45
|
1.15
|
3.38
|
and
|
515.55
|
616.50
|
100.95
|
0.71
|
including
|
515.55
|
527.00
|
11.45
|
1.38
|
and
including
|
549.95
|
557.45
|
7.50
|
1.12
|
and
including
|
606.30
|
616.50
|
10.20
|
1.80
|
*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 up to 3 m of internal dilution of zero
grade. Drill holes DC-13-07 and DC-14-07 were
originally drilled by a past explorer but were assayed by Great
Bear, and are located in the immediate footwall south of the LP
Fault zone.
|
Complete assays for the highlighted reported intervals in hole
BR-118 are also included graphically within section 20650 in Figure
3 below.
Approximately 200 drill holes remain to be completed as part of
the Company's ongoing 2020 LP Fault drill program. Additional
drill holes are also planned into the Dixie Limb and Hinge zones,
in additional to other regional targets. The Company remains
fully funded for this work and does not anticipate requiring
further financing in 2020.
Updated drill collar locations, azimuths and dips, together with
an updated complete assay table for the LP Fault drilling to-date
will be posted to the Company's web site at
www.greatbearresources.ca. Drill collar locations, azimuths and
dips for the drill holes included in this release are provided in
the table below:
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Depth
|
Dip
|
Azimuth
|
BR-088
|
455986
|
5635191
|
374
|
762
|
-63
|
225
|
BR-089
|
456591
|
5634475
|
358
|
717
|
-68
|
214
|
BR-097
|
456314
|
5634687
|
362
|
537
|
-60
|
220
|
BR-098
|
456371
|
5634762
|
364
|
681
|
-60
|
220
|
BR-099
|
456482
|
5634659
|
363
|
642
|
-55
|
220
|
BR-103
|
457736
|
5634241
|
364
|
810
|
-60
|
210
|
BR-104
|
457647
|
5633886
|
318
|
366
|
-53
|
206
|
BR-105
|
457691
|
5633975
|
357
|
500
|
-55
|
207
|
BR-106
|
457738
|
5634071
|
356
|
624
|
-57
|
207
|
BR-115
|
456325
|
5634908
|
371
|
741
|
-59
|
220
|
BR-116
|
456436
|
5634848
|
367
|
792
|
-60
|
220
|
BR-117
|
456554
|
5634762
|
364
|
798
|
-55
|
220
|
BR-118
|
456923
|
5634183
|
356
|
771
|
-68
|
222
|
BR-122
|
456815
|
5634528
|
357
|
777
|
-54
|
215
|
BR-130
|
456593
|
5634373
|
358
|
481
|
-55
|
215
|
BR-131
|
456648
|
5634454
|
357
|
648
|
-60
|
218
|
DC-13-07
|
457456
|
5633794
|
361
|
200
|
-50
|
210
|
DC-14-07
|
457489
|
5633740
|
360
|
116
|
-60
|
210
|
Completion of Plan of Arrangement
The Company is pleased to announce that it has received Final
TSX Venture Exchange ("TSX-V") approval of the previously
announced plan of arrangement ("Arrangement") to reorganize
its business, including the spin-off of its wholly-owned
subsidiary, Great Bear Royalties Corp. The Arrangement is expected
to close as of 12:01 a.m. on
May 5, 2020. Existing common shares
of Great Bear are expected to be delisted on the TSX-V effective on
the close of business on May 4, 2020.
New common shares of Great Bear are expected to commence trading on
the TSX-V at the market opening on May 5,
2020.
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 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.
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 gundue
reliance on forward-looking statements or information.
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SOURCE Great Bear Resources Ltd.