TSX-V: GBR
VANCOUVER, BC,
March 1, 2021 /CNW/ - Great Bear
Resources Ltd. (the "Company" or "Great Bear") (TSX-V: GBR) (OTCQX:
GTBAF) today reported the expansion of its 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, "Our cash balance of over $100 million has allowed us to accelerate our
exploration and significantly expand our 2021 exploration budget
from $25 million to $45 million. We are confident we have more
than sufficient capital for completion of maiden resource drilling
of the near-surface (0 – 400 metre depth), upper portions of the LP
Fault, Dixie Limb and Hinge zones. Currently there are five
drill rigs on site, which we plan to increase over the course of
the year, beginning in April. Details of the expected timing
of delivery of initial maiden resources will be provided over the
coming weeks."
Expanded 2021 Program Details
- Planned budget of $45 million,
increased from $25 million.
- Planned drilling of approximately 175,000 metres, for a total
of approximately 400,000 metres completed by Great Bear by year
end.
- At least 200 drill holes to be completed in 2021, for a total
of approximately 600 drill holes completed by Great Bear by year
end.
- Currently five drill rigs active on site, with additional
drills to be added beginning in April.
- Approximately 80% of planned drilling to target the LP
Fault.
- Approximately 15% of planned drilling to target the Hinge and
Dixie Limb zones.
- Up to 5% of planned drilling to test new high priority regional
targets.
- The primary program objective is maiden resource delineation at
the LP Fault, Dixie Limb and Hinge zones from 0 to 400 metres
depth.
- Additional drilling will also include testing zone extensions
to depths greater than 750 metres from surface, as has
recently been accomplished at the Dixie Limb and Hinge zones
(May 11, 2020 and December 9, 2020).
- Approximately $1 million in
exploration is planned for Great Bear's other Red Lake area properties.
- Expected cash balance of approximately $60 million by year end, allowing further 2021
program expansions as may be required, and program extension
throughout 2022.
The Company is also planning to undertake additional advanced
exploration work during 2021 including metallurgical studies, and
may further modify its 2021 work program as results inform ongoing
geological modeling. Great Bear will continue to provide
regular updates on its progress throughout the year.
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.