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Great Bear Resources Ltd (3)
Symbol C : GBR
Shares Issued 36,827,249
Close 2019-03-11 C$ 2.88
Recent Sedar Documents

Great Bear drills 0.7 m of 31.4 g/t Au at Dixie

2019-03-11 07:35 ET - News Release

Mr. Chris Taylor reports

GREAT BEAR DRILLS NEW GOLD INTERCEPTS ALONG FOLD AXIS AT DIXIE INCLUDING 31.40 G/T GOLD OVER 0.70 M AT 64 M DEPTH - EXPANDS DISTRICT LAND HOLDINGS

Great Bear Resources Ltd. has released drill results from reconnaissance drilling to the west of the Dixie Hinge zone (DHZ) at its 100-per-cent-owned Dixie project in the Red Lake district of Ontario, and acquisition of new district properties covering additional gold mineralization targets.

Two exploratory drill fences were completed 150 metres and 400 metres west of the current DHZ drilling, along the D2 fold axis that is interpreted to be a significant gold control, using the recently added second drill rig as shown in an image on the company's website. All five of five drill holes intersected gold mineralization. Highlights include:

  • 31.40 grams per tonne gold over 0.70 metre within a 2.70-metre interval of 8.70 g/t gold at only 64 m vertical depth; an image of gold within this new high-grade intercept is provided on the company's website;
  • Multiple gold-bearing veins intersected in two of the five drill holes;
  • Newly discovered gold veins may comprise significant strike length extensions to the DHZ vein system or may be new gold zones; further drilling required;
  • Second drill rig continuing to drill test new targets across the Dixie property.

  RESULTS OF RECONNAISSANCE DRILLING TO THE WEST OF THE HINGE ZONE
  
Drill hole          From      To    Width      Gold    Vertical depth
                     (m)     (m)      (m)     (g/t)               (m)

DSL-016            83.30   86.00     2.70      8.70                64
including          83.30   84.00     0.70     31.40
DSL-017           126.00  127.50     1.50      2.95               106
and               255.30  255.80     0.50      1.11               214
DSL-018            75.30   75.80     0.50      3.84                54
and               214.65  217.15     2.50      2.68               154
including         214.65  215.15     0.50      6.32
DMS-001            35.77   39.20     3.43      2.09                29
including          38.00   39.20     1.20      4.95
and including      38.00   38.70     0.70      6.67
DMS-002            47.25   50.10     2.85      2.43                43
including          47.65   48.45     0.80      4.58

All widths are drill-indicated core length and insufficient data 
exist to determine true widths and vein orientations at this time.

Additional drilling has also been completed within the Hinge zone, results of which have not been received at the time of this release. DHZ drill results will be released once assay results are received and processed.

Chris Taylor, president and chief executive officer of Great Bear, said: "In a district where 25-metre stepout drilling is considered aggressive, our new reconnaissance drill holes located 150 metres and 400 metres from the Hinge zone have yet again shown the extensive footprint of gold mineralization at Dixie, and the apparent importance of major D2 fold axes as regional gold controls. We look forward to further drilling in these areas to determine if these are separate new gold discoveries, or whether the Hinge zone extends through this entire strike length."

The company notes that gold-bearing veins have now been drilled over a strike length of approximately 500 metres from the easternmost Hinge zone drill holes to the newest drilling to the west. This veining is located on the south side of an ultramafic body and fault that are subparallel to the regional D2 fold axis.

The company also notes that the next interpreted D2 fold axis to the north, also shown in an image on the company's website, also hosts high-grade gold within a quartz feldspar porphyry dike, including 30.20 g/t gold over 0.55 metre, within a wider interval of 12.41 g/t gold over 1.5 metres in hole DL-009, which was drilled by the company in late 2017. This second fold axis is also an exploration target for future stepout drilling.

Great Bear is currently undertaking a fully financed 30,000-metre, approximately 150-drill-hole program that is expected to continue through 2019. A second drill rig was added to the project in February, 2019, to accelerate this work and is now drilling additional gold targets.

Property acquisitions

The company also reports new low-cost, royalty-free property acquisitions adding to its strategic land positions in the Red Lake district of Ontario.

The newly acquired properties will be mapped and prospected in summer 2019, with minimal impact on the company's current Dixie property exploration budget and program.

Mr. Taylor continued: "Following our recent drill success at Dixie, the total staked area within the Red Lake district increased by over 150 per cent, constituting the area's largest staking rush in decades. We have completed a model-driven geological review of the district using the Dixie property's D2 fold and deep-seated structural gold controls as guides. This work suggests additional prospective areas for gold mineralization, which we have now secured, royalty free. We intend to prospect the new properties in summer 2019."

Great Bear has not completed sufficient work on the new properties to verify results from historical work.

Dedee property

Highlights of the Dedee property include:

  • Covers the western strike extensions of the major regional D2 fold axial plane that is interpreted as a control of the new high-grade gold discoveries at Great Bear's flagship Dixie property;
  • Two folded greenstone belts interpreted at Dedee that mimic the geometry of the Dixie folded greenstones;
  • Historical drill reports of sulphides similar to the Dixie Limb zone mineralization that were never assayed for gold;
  • Conductive trends similar to the Dixie Limb zone also identified in historic unpublished geophysical surveys; at Dixie, these led Teck Resources to the original gold discovery of the 88-4 zone and associated gold; they are also prospective targets at Dedee;
  • 15,300-hectare land area (153 square kilometres);
  • Road accessible though logging roads, approximately 20-minute drive from Red Lake.

The Dedee property was acquired in part through staking, and will be acquired in part through an inexpensive royalty-free option agreement with an arm's-length third party. Terms of the option portion of the acquisition are:

  1. $6,000 upon signing the option agreement;
  2. 15,000 shares after receiving acceptance of the exchange for the issuance of the shares under this agreement;
  3. $10,000 on or before the date that is one year after the effective date;
  4. $12,000 on or before the date that is two years after the effective date;
  5. $16,000 on or before the date that is three years after the effective date;
  6. $24,000 on or before the date that is four years after the effective date.

Pakwash property

The 3,100-hectare (31 square kilometres) Pakwash property is located southeast of the Dixie property and covers portions a major regional fault structure lying along English River sediments. Historical work has identified gold lake sediment anomalies which are coincident with regional fault zones and gold-in-soil (MMI) anomalies which have not been followed up with detailed exploration.

The Pakwash property will be acquired through an inexpensive royalty-free option agreement with an arm's-length third party. Terms of the option agreement are:

  1. $10,000 upon signing the option agreement;
  2. 25,000 shares within seven business days of receiving acceptance of the exchange for the issuance of the shares under this agreement;
  3. $8,000 on or before the date that is one year after the effective date;
  4. $12,000 on or before the date that is two years after the effective date;
  5. $15,000 on or before the date that is three years after the effective date;
  6. $20,000 on or before the date that is four years after the effective date.

Sobel property

The 3,200-hectare (32 square kilometres) Sobel property, is located along the strike extension of the main D2 fold axial plane that is a major interpreted control of gold mineralization at the Red Lake gold mine, operated by Goldcorp.

The property overlies prospective Balmer sequence rocks of the main Red Lake greenstone belt.

The Sobel property will also be acquired through an inexpensive royalty-free option agreement with an arm's-length third party. Terms of the option agreement are:

  1. $10,000 upon signing the option agreement;
  2. 30,000 shares within seven business days of receiving acceptance of the exchange for the issuance of the shares under this agreement;
  3. $12,000 on or before the date that is one year after the effective date;
  4. $20,000 on or before the date that is two years after the effective date;
  5. $20,000 on or before the date that is three years after the effective date.

The company has elected to buy out all the outstanding royalties on the newly optioned properties for total consideration of 38,500 shares of Great Bear.

The schedule of optional payments for all of the optioned properties can be accelerated at any time at the company's discretion in order to achieve full ownership at an earlier date. The options may also be terminated at any time subsequent to the initial cash and share payment.

About Great Bear Resources Ltd.

The Dixie property is located an approximately 15-minute drive along Highway 105 from downtown Red Lake, Ont. The Red Lake mining district has produced over 30 million ounces of gold and is one of the premier mining districts in Canada, benefiting from major active mining operations, including the Red Lake gold mine of Goldcorp Inc., plus modern infrastructure and a skilled work force. In addition, Great Bear is also earning a 100-per-cent royalty-free interest in its West Madsen properties, which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.'s Madsen property.

Drill core is logged and sampled in a secure core storage facility located in Red Lake, Ont. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories Ltd. in Ancaster, Ont., and SGS Canada Inc. in Red Lake, Ont., both of which are accredited mineral analysis laboratories, for analysis. All samples are analyzed for gold using standard fire assay-AA (atomic absorption) techniques. Samples returning over 3.0 g/t gold are analyzed utilizing standard fire assay-gravimetric methods. 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 (QA/QC). No QA/QC issues were noted with the results reported herein.

R. Bob Singh, PGeo, director and vice-president, 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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