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.
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:
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.
*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:
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, 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.
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