TSX-V: GBR
VANCOUVER, BC, Jan. 20, 2021 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear", (TSXV: GBR) (OTCQX: GTBAF)
today reported results from its ongoing $25
million fully funded 2021 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, "Results from over 50 drill holes are expected
to be received between now and the end of February 2021, marking our most active period
of incoming results in the Dixie Project's history.
Today's results consist of near-surface drill holes targeting the
same high-grade domain on tight 25 metre centres along 200
metres of the LP Fault zone, demonstrating exceptional
continuity of high-grade gold mineralization extending to bedrock
surface."
This news release provides results from 7 additional LP
Fault drill holes over 200 metres of strike length on 7
drill sections. Great Bear has now published results from
227 LP Fault drill holes and anticipates up to 400 LP
Fault drill holes will be completed by the end of 2021.
Figure 1 and Table 1.
Shallow High-Grade Results
New shallow high-grade drill results between
bedrock surface and approximately 70 vertical metres depth
include:
- 10.01 g/t gold over 34.85 metres from 50.50 to 85.35
metres in drill hole BR-218 on drill section 19925.
-
- This included a high-grade core of 106.40 g/t gold over 2.25
metres from 77.70 to 79.95 metres.
- 15.25 g/t gold over 10.40 metres from 63.00 to 73.40
metres in drill hole BR-243 on drill section 20000 (located 75
metres northwest of drill section 19925).
-
- The total mineralized interval was 5.09 g/t gold over 36.40
metres from bedrock surface (37.40 to 74.00 metres).
- 16.69 g/t gold over 8.60 metres from bedrock surface
(30.40 to 39.00 metres) in drill hole BR-241 on drill section 20025
(located 25 metres northwest of drill section 20000).
- 15.68 g/t gold over 11.75 metres from 75.75 to 87.50
metres in drill hole BR-242 on drill section 20050 (located 25
metres northwest of drill section 20025).
-
- This included a high-grade core of 44.47 g/t gold over 2.70
metres from 76.50 to 79.20 metres.
- 20.83 g/t gold over 5.50 metres from 42.00 to 47.50
metres in drill hole BR-240 on drill section 20075 (located 25
metres northwest of drill section 20050).
-
- The total near-surface mineralized interval was 4.94
g/t gold over 36.20 metres from 40.30 to 76.50 metres.
Additional results from this release include 10.31 g/t gold
over 3.15 metres, from 163.90 to 167.05 in drill hole BR-217 on
drill section 20100 (located 25 metres northwest of drill section
20075). This occurred within a total mineralized interval of
1.13 g/t gold over 67.90 metres from 133.50 to 201.40
metres.
An updated map showing the traces of drill holes provided in
this release is provided in Figure 1.
Table 1: Assay results from this news
release. Most drill sections are spaced 25 metres apart.
Hole
|
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Gold
(g/t)
|
Section
|
BR-219
|
|
23.10
|
38.70
|
15.60
|
1.29
|
19900
|
|
and
|
46.00
|
58.30
|
12.30
|
6.57
|
|
|
including
|
48.85
|
55.70
|
6.85
|
11.21
|
|
|
and
including
|
48.85
|
49.35
|
0.50
|
89.10
|
|
|
and
|
219.00
|
222.75
|
3.75
|
2.68
|
|
BR-218
|
|
38.00
|
38.50
|
0.50
|
137.00
|
19925
|
|
and
|
50.50
|
85.35
|
34.85
|
10.01
|
|
|
including
|
51.50
|
53.60
|
2.10
|
12.04
|
|
|
and
including
|
69.80
|
84.15
|
14.35
|
21.47
|
|
|
and
including
|
77.70
|
79.95
|
2.25
|
106.40
|
|
BR-243
|
|
37.60
|
74.00
|
36.40
|
5.09
|
20000
|
|
including
|
63.00
|
73.40
|
10.40
|
15.25
|
|
BR-241
|
|
30.40
|
53.80
|
23.40
|
6.61
|
20025
|
|
including
|
30.40
|
39.00
|
8.60
|
16.69
|
|
|
and
including
|
33.50
|
38.00
|
4.50
|
30.93
|
|
BR-242
|
|
55.00
|
71.60
|
16.60
|
1.05
|
20050
|
|
and
|
75.15
|
98.40
|
23.25
|
8.43
|
|
|
including
|
75.75
|
87.50
|
11.75
|
15.68
|
|
|
and
including
|
76.50
|
79.20
|
2.70
|
44.47
|
|
|
and
including
|
83.80
|
87.50
|
3.70
|
15.96
|
|
BR-240
|
|
40.30
|
76.50
|
36.20
|
4.94
|
20075
|
|
including
|
42.00
|
52.40
|
10.40
|
12.85
|
|
|
and
including
|
42.00
|
47.50
|
5.50
|
20.83
|
|
|
and
including
|
42.50
|
43.00
|
0.50
|
123.00
|
|
|
and
|
263.00
|
265.15
|
2.15
|
2.11
|
|
BR-217
|
|
133.50
|
201.40
|
67.90
|
1.13
|
20100
|
|
including
|
152.40
|
174.45
|
22.05
|
2.12
|
|
|
and
|
163.90
|
167.05
|
3.15
|
10.31
|
|
|
and
|
197.50
|
201.40
|
3.90
|
4.79
|
|
* 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. Interval widths are calculated using a
0.10 g/t gold cut-off grade with up to 3 m of internal dilution of
zero grade.
|
A complete assay table for all LP Fault drill holes released to
date is posted to the Company's web site at
www.greatbearresources.ca.
Drill collar location, azimuth and dip for drill holes included
in this release are provided in the table below (UTM zone 15N, NAD
83):
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Length
|
Dip
|
Azimuth
|
BR-217
|
457437
|
5634046
|
353
|
303
|
-45
|
204
|
BR-218
|
457562
|
5633883
|
353
|
294
|
-50
|
203
|
BR-219
|
457582
|
5633846
|
354
|
291
|
-50
|
203
|
BR-240
|
457426
|
5633916
|
353
|
342
|
-50
|
204
|
BR-241
|
457456
|
5633886
|
353
|
284
|
-45
|
203
|
BR-242
|
457457
|
5633926
|
351
|
396
|
-50
|
203
|
BR-243
|
457497
|
5633897
|
351
|
315
|
-52
|
201
|
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 principal styles of gold
mineralization:
- High-grade gold in quartz veins and silica-sulphide
replacement zones (Dixie Limb, Hinge
and Arrow zones). 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 330 km2 of highly prospective
tenure across 5 projects: the flagship Dixie Project (100% owned),
the Pakwash Property (earning a 100% interest), the Dedee Property
(earning a 100% interest), the Sobel Property (earning a 100%
interest), and the Red Lake North 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, 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.
Such factors, among other things, include: impacts arising
from the global disruption caused by the Covid-19 coronavirus
outbreak, business integration risks; fluctuations in general
macroeconomic conditions; fluctuations in securities markets;
fluctuations in spot and forward prices of gold or certain other
commodities; change in national and local government, legislation,
taxation, controls, regulations and political or economic
developments; risks and hazards associated with the business of
mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formations pressures, cave-ins and flooding); discrepancies between
actual and estimated metallurgical recoveries; inability to obtain
adequate insurance to cover risks and hazards; the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of increasing costs associated
with mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining
necessary licenses, permits and approvals from government
authorities); and title to properties.
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.