TSX-V:
GBR
VANCOUVER, BC, June 11, 2020 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear"), (TSXV: GBR) (OTCQX: GTBAF) 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, "Drill hole BR-137 has intersected the
highest grade, widest gold interval at the LP Fault to
date. It was completed in a 90 metre long previously
undrilled segment of the LP Fault. Results include up to
18.5 ounces per tonne (576 g/t) gold over a metre, within a
broader interval of approximately one ounce per tonne (31.33
g/t) gold over 20.55 metres. More importantly, all
adjacent drill holes, both vertically on the same section and
laterally along strike, are also strongly mineralized over
significant widths, suggesting excellent continuity of high-grade
gold mineralization."
The Company has completed 115 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:
New drill hole BR-137 on section 20000 was completed in a
90 metre gap in drilling. It intersected multiple
mineralized intervals along 258.40 metres of core length,
highlights of which include:
- 576.00 g/t gold over 1.00 metre, within a broader
interval of 31.33 g/t gold over 20.55 metres. The total
mineralized interval is 14.65 g/t gold over 45.10 metres.
Figure 3.
- Mineralization is present at the bedrock surface, and
this is the widest, highest-grade gold interval drilled at the
LP Fault to date.
- Intense alteration and deformation in BR-137 and
surrounding drill holes includes strong silicification and partial
to complete obliteration of primary rock textures. Gold
mineralization occurs within disseminated planes or sheets that are
parallel to the dominant structural fabric and appear to be
vertically and laterally continuous between drill holes on the same
drill sections, and across adjacent drill sections. Figures 4
and 5.
Continuity of gold mineralization is suggested by deeper
drilling on the same section as BR-137:
- New drill hole BR-138 intersected the same mineralized
zone 50 - 75 metres vertically below BR-137. Assays include
33.84 g/t gold over 2.40 metres, including 100.00 g/t
gold over 0.50 metres, within a broader interval of 5.13 g/t
gold over 26.00 metres. The total mineralized interval returned
3.52 g/t gold over 39.00 metres.
- The LP Fault gold mineralized zone on section 20000 has
currently been drilled from bedrock surface to 250 metres vertical
depth, and remains open to extension.
High-grade gold has been extended at depth on the adjacent drill
section to the northwest:
- New drill holes BR-135 and BR-136 were completed
100 metres and 150 metres respectively vertically below previously
released drill holes BR-133 and BR-134 (June
8, 2020). All four of these drill holes are located on drill
section 20050, 50 metres to the northwest of BR-137 and BR-138.
Figure 6.
- BR-135 intersected 35.56 g/t gold over 2.00
metres, within a broader interval of 5.19 g/t gold over
16.65 metres. The total mineralized interval returned 2.92
g/t gold over 32.50 metres.
- BR-136 intersected 24.22 g/t gold over 2.10
metres, which included 99.70 g/t gold over 0.5 metres,
within a broader interval of 3.37 g/t gold over 39.00
metres. The total mineralized interval returned 1.95 g/t
gold over 72.00 metres.
- The LP Fault gold mineralized zone on section 20050 has
currently been drilled from bedrock surface to 350 metres vertical
depth, and remains open to extension.
Continuity of gold mineralization is also
observed on the adjacent drill section to the southeast:
- Drill section 19950, located 40 - 50 metres to the southeast of
BR-133, includes previously reported drill hole BR-065 which
returned 48.67 g/t gold over 8.70 metres (December 16, 2019).
Approximately 185 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 addition to other regional targets. The Company remains
fully funded for this work and does not anticipate requiring
further financing until 2022.
Webinar Today
The Company reminds interested shareholders that management is
hosting a webinar detailing recent progress later today,
June 11th at 11:15am PDT/2:15pm
EDT. Management will be available to answer questions
following the presentation. Online registration and participation
details may be found at the following link:
https://register.gotowebinar.com/register/3408563418758052620?source=WS
For those unable to participate, a recording of the webinar
will be posted to the Company's web site following the live
broadcast.
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-137
|
|
76.70
|
85.50
|
8.80
|
0.96
|
20000
|
and
|
169.90
|
173.00
|
3.10
|
8.38
|
including
|
171.40
|
173.00
|
1.60
|
16.08
|
and
|
178.00
|
223.10
|
45.10
|
14.56
|
including
|
202.55
|
223.10
|
20.55
|
31.33
|
and
including
|
214.45
|
222.30
|
7.85
|
78.75
|
and
including
|
214.45
|
217.95
|
3.50
|
174.59
|
and
including
|
215.15
|
216.15
|
1.00
|
576.00
|
and
including
|
215.15
|
215.65
|
0.50
|
766.00
|
and
|
301.00
|
335.10
|
34.10
|
0.58
|
BR-138
|
|
25.50
|
49.50
|
24.00
|
0.89
|
20000
|
including
|
36.25
|
47.25
|
11.00
|
1.66
|
and
|
208.00
|
247.00
|
39.00
|
3.52
|
including
|
216.50
|
242.50
|
26.00
|
5.13
|
and
including
|
226.50
|
242.00
|
15.50
|
7.70
|
and
including
|
237.00
|
242.00
|
5.00
|
19.35
|
and
including
|
237.00
|
239.40
|
2.40
|
33.84
|
and
including
|
237.50
|
238.00
|
0.50
|
100.00
|
BR-135
|
|
162.00
|
178.00
|
16.00
|
0.33
|
20050
|
and
|
196.00
|
205.00
|
9.00
|
1.00
|
including
|
204.00
|
205.00
|
1.00
|
6.52
|
and
|
313.00
|
345.50
|
32.50
|
2.92
|
including
|
313.00
|
337.00
|
24.00
|
3.82
|
and
including
|
317.00
|
337.00
|
20.00
|
4.46
|
and
including
|
321.00
|
337.65
|
16.65
|
5.19
|
and
including
|
325.00
|
328.00
|
3.00
|
24.61
|
and
including
|
325.50
|
327.50
|
2.00
|
35.56
|
and
|
446.00
|
447.00
|
1.00
|
6.59
|
BR-136
|
|
253.00
|
269.00
|
16.00
|
1.43
|
20050
|
including
|
254.00
|
259.00
|
5.00
|
4.08
|
and
|
332.50
|
404.50
|
72.00
|
1.95
|
including
|
365.50
|
404.50
|
39.00
|
3.37
|
and
including
|
375.10
|
377.20
|
2.10
|
24.22
|
and
including
|
375.60
|
376.10
|
0.50
|
99.70
|
and
|
394.05
|
401.00
|
6.95
|
6.43
|
*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.
|
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-135
|
457555
|
5634100
|
359
|
669
|
-60
|
207
|
BR-136
|
457585
|
5634163
|
362
|
492
|
-62
|
209
|
BR-137
|
457564
|
5634013
|
355
|
477
|
-48
|
207
|
BR-138
|
457564
|
5634014
|
355
|
549
|
-60
|
207
|
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.
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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/great-bear-drills-31-33-gt-gold-over-20-55-m-including-576-00-gt-gold-over-1-00-m-at-lp-fault-301074120.html
SOURCE Great Bear Resources Ltd.