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Great Bear Resources Ltd (3)
Symbol GBR
Shares Issued 23,883,311
Close 2018-08-22 C$ 1.18
Recent Sedar Documents

Great Bear drills 16.35 m of 26.91 g/t Au at Dixie

2018-08-22 10:22 ET - News Release

Mr. Chris Taylor reports

GREAT BEAR ANNOUNCES HIGH-GRADE DISCOVERY; DRILLS 16.35 M OF 26.91 G/T GOLD AND 7.00 M OF 44.47 G/T GOLD IN TWO HOLES AT HINGE ZONE, DIXIE PROJECT, RED LAKE DISTRICT

Great Bear Resources Ltd. has confirmed a significant new high-grade gold discovery in the Hinge zone at its Dixie project located in the Red Lake district of Ontario. Drill results are provided in the attached table and include:

  • Drill hole DHZ-003 returned 16.35 metres of 26.91 grams per tonne gold, including separate subintervals of 5.05 metres of 51.39 g/t gold and one metre of 112.63 g/t gold.
  • Drill hole DHZ-004, a follow-up drill hole completed 15 metres vertically below DHZ-003, intersected higher-grade gold mineralization, returning seven metres of 44.47 g/t gold, including two metres of 143.24 g/t gold, which includes one metre of 224.03 g/t gold.
  • The newly reported intercepts from the Hinge zone are shallow, occurring above 110 metres vertical depth, and are open in all directions.
  • As announced on May 23, 2018, Great Bear closed a financing and received funds from warrant exercises totalling $2.1-million. The company is fully financed to drill the remaining 5,000 metres of the current 10,000-metre drill program, which commenced in March, 2018.

Chris Taylor, MSc, PGeo, chief executive officer of Great Bear Resources, said: "We recently recognized the potential for a transformative discovery at Great Bear's Dixie project when we noted structurally controlled high-grade gold within quartz veins flanked by red-brown hydrothermal biotite alteration. These features, combined with increased grades and zone thicknesses at fold hinges, are key characteristics of high-grade gold deposits currently in production in Red Lake. The missing piece at Dixie was whether we would also see gold enrichment at fold hinges at our project. We tested the fold hinge concept at shallow depths of approximately 100 vertical metres and successfully generated the high-grade gold results announced today."

Bob Singh, PGeo, director and vice-president of exploration of Great Bear Resources, commented: "We made the current discovery by analyzing structural data collected from oriented drill core, which pointed us to a local D2 fold hinge. Our first hole, DHZ-003, encountered a wide interval of quartz veining with visible gold and we immediately followed up with a second hole, DHZ-004, which also hit the zone and encountered even stronger grades. In total, the Hinge zone has been intersected in eight drill holes over 70 vertical metres, all of which contain high-grade gold. The zone remains open in all directions. We look forward to further testing the Hinge zone and other new discoveries through the remaining 5,000 metres and estimated 20 to 25 drill holes of our fully funded summer 2018 drill program."

Highlighted drill intervals from other targets are provided in the attached table. Photographs of the drill core from holes DHZ-003 and DHZ-004 have been posted at the company's website.

LATEST DRILL RESULTS FROM NEW DISCOVERY HOLES IN THE HINGE ZONE  
       (all intervals are drill indicated, as there has 
         been insufficient drilling in the Hinge zone 
                 to define true thicknesses)

Drill hole       From (m)      To (m)    Width (m)    Gold (g/t)

DHZ-003            118.3      141.15        22.85         19.33   
including          124.8      141.15        16.35         26.91   
including          124.8      137.10        12.30         34.00   
including         132.05      137.10         5.05         51.39   
including         127.10      128.10         1.00        112.63  
DHZ-004           124.50      131.50         7.00         44.47   
including         124.50      128.30         3.80         81.09   
including         124.50      126.50         2.00        143.25  
including         125.50      126.50         1.00        224.03  

Main Dixie limb drilling

Drilling within the main Dixie limb zone (DLZ) continues to successfully intersect gold mineralization, including high-grade intervals.

Drill hole DL-021 returned 9.5 metres of 3.6 g/t gold, including five metres of 5.48 g/t gold, which included 0.5 metre of 19.03 g/t gold. The intercept in drill hole DL-021 is located 13 metres vertically below drill hole DL-020, which returned 16.8 metres of 5.6 grams gold, including 2.7 metres of 14.92 grams gold (as reported by the company on Aug. 2, 2018). The current results show continuity of high-grade gold mineralization at the targeted geological contact.

The company will continue to drill the main DLZ in order to define the size and grade of the mineralized system, and the geometry of its high-grade gold mineralized zones.

Northwest stepout drilling

The company is analyzing geological and structural data from oriented drill core in the vicinity of a 1.6-kilometre stepout along the DLZ in order to guide upcoming drilling. In particular, the same methodology is being applied that was utilized at the Hinge zone and DLZ during Great Bear's recent discoveries, with a focus on modelling potential fold geometries and the plunge of gold-mineralized zones.

Four additional drill holes were completed in this area, all of which encountered gold mineralization ranging from anomalous to high grade. Drill hole DNW-004 intersected 3.2 metres of 1.71 g/t gold, including 0.5 metre of 9.02 g/t gold at a vertical depth of less than 70 metres. This drill hole is collared approximately 20 metres northeast of drill hole DNW-001, which returned 5.6 metres of 3.52 g/t gold, including 1.4 metres of 12.74 g/t gold (as disclosed by the company on June 27, 2018).

 
    LATEST HIGHLIGHTED DRILL RESULTS FROM THE MAIN DLZ AND NORTHWEST STEPOUT

Drill hole       From (m)    To (m)    Width (m)    Gold (g/t)              Comment  
    
DL-021            188.50    198.00         9.50          3.60              Main DLZ     
including         193.00    198.00         5.00          5.48              Main DLZ       
including         194.65    195.15         0.50         19.03              Main DLZ       
DNW-004            73.25     76.45         3.20          1.71     Northwest stepout
including          75.95     76.45         0.50          9.02     Northwest stepout                
DNW-005            83.40     84.40         1.00          1.22     Northwest stepout                
DNW-006            60.00     62.00         2.00          0.53     Northwest stepout                
DNW-007            93.30     94.70         1.40          0.21     Northwest stepout                

The company also reports that two exploratory drill holes were completed into a new area located approximately one kilometre to the northeast of the DLZ. The area is characterized by a magnetic low response measuring approximately five kilometres in length by 500 metres in width. Limited historical drilling returned a high value of 6.73 g/t gold over 0.5 metre in this area.

Great Bear's drill hole DNE-001 intersected a very broad, 176-metre-wide hydrothermal alteration zone containing disseminated sulphide mineralization and quartz-sericite alteration with anomalous gold. The best subinterval was 3.9 metres of 1.01 g/t gold, which included 0.7 metre of 2.97 g/t gold. Anomalous gold was also detected over narrower widths in drill hole DNE-002.

The geology observed in these drill holes consists mostly of non-magnetic felsic volcanic units. The company believes that contact zones between these hydrothermally altered felsic volcanic rocks and highly magnetic mafic rocks (similar to the DLZ) may have strong exploration potential. Follow-up work in this area will include identification of such contacts. A contact of this type may occur approximately 250 metres southwest of Great Bear's drilling.

The remaining 5,000 metres of the current drill program will primarily target the DLZ, Hinge zone and South limb targets. Drilling will continue through fall 2018, with results being released in batches as received.

About Great Bear Resources Ltd.

Great Bear Resources is earning a 100-per-cent royalty-free interest in the Dixie property for remaining payments totalling $110,000 over three years.

Mr. Singh, PGeo, director and vice-president of exploration for Great Bear, is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

We seek Safe Harbor.

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