Mr. Chris Taylor reports
NEW GOLD CONTROL AT DIXIE LIMB ZONE YIELDS HIGH GRADES INCLUDING 17.55 G/T GOLD OVER 2.55 M WITHIN 9.15 G/T GOLD OVER 5.30 M - WEST MADSEN PROPERTY OPTIONED TO GOLDON RESOURCES
Great Bear Resources Ltd. has discovered a new gold control within its Dixie Limb zone (DL) target, which is associated with thickened and higher-grade gold mineralization. The new discovery enhances the DL as a significant potential host of high-grade gold. The DL is the original gold discovery at the Dixie project, made by Teck Resources. It is located approximately 200 metres to the north of, and is subparallel to, Great Bear's 2018 high-grade gold discovery at the Hinge zone (DHZ).
Nine additional drill holes have also been completed into the Hinge zone for which assays are pending; these results will be released when available. Continued drilling of the DHZ remains a top priority through 2019 and 2020, as part of the company's fully financed 60,000-metre drill program.
The company also reports it has entered into a binding letter of intent (LOI) with GoldON Resources Ltd. wherein GoldON has the option to earn an initial 60-per-cent interest and a subsequent 100-per-cent interest in Great Bear's West Madsen property.
New high-grade drill strategy in the Dixie Limb
The Dixie Limb zone is a major gold target at the Dixie project, second only to the Hinge zone in exploration importance. This is due to its potential size, strong continuity of grade and the presence of gold extending to within a few metres of surface. Great Bear's recent drilling successfully tested newly interpreted high-grade gold controls in the zone. Results include:
- New drilling has intersected a Hinge zone-style east-west-trending high-grade gold vein which intersects the DL and is associated with increased grades and widths of mineralization at the intersection.
- The newly discovered gold control allows Great Bear to prioritize drill targeting of high-grade zones within the broader mineralized system in the DL.
- New drill results include 17.55 grams per tonne (g/t) gold over 2.55 metres within a broader interval of 9.15 g/t gold over 5.30 metres and 24.21 g/t gold over 1.30 metres within a broader interval of 5.05 g/t gold over 15.85 metres.
- The DL has been drill defined along a 600-metre strike length where all (100 per cent) of more than 100 drill holes have encountered gold mineralization at a geological contact between various basalt and metasediments units.
- The DL has considerable depth potential based on geological and structural modelling. The deepest drill hole intersects the zone at approximately 450 metres vertical depth and the zone remains open to extension in all directions.
- The newly defined intersection provides a predictable plunge of high-grade gold mineralization which Great Bear successfully targeted during recent drilling. Great Bear has also used a similar predictive plunge technique to define high-grade gold mineralization in the Hinge zone.
Current DL drill results are shown in an attached table. All drill results which intersect the DL within 50 metres along strike to either side of the predicted intersection are shown in the other attached table.
RECENT DRILLING RESULTS
Drill hole From To Width Gold Vertical Comment
(m) (m) (m) (g/t) depth (m)
DL-041 112.70 120.80 8.10 5.44 92 At predicted intersection
Including 113.75 115.20 1.45 10.65
And including 118.50 120.80 2.30 9.29
And including 118.50 119.00 0.50 24.38
DL-042 130.80 142.10 11.30 4.67 118 At predicted intersection
Including 136.45 141.75 5.30 9.15
And including 138.30 140.80 2.50 17.55
And including 138.30 139.80 1.50 20.12
DL-045 144.45 160.3 15.85 5.05 140 At predicted intersection
Including 147.00 149.00 2.00 9.67
And including 159.00 160.30 1.30 24.21
And including 159.60 160.00 0.40 74.91
Drill holes listed below were drilled elsewhere in the DL, away from the intersection plunge.
DL-040 186.90 197.30 10.40 0.76 162 Away from predicted intersection
Including 187.40 187.90 0.50 2.79
And including 196.30 196.80 0.50 4.27
DL-043 135.30 139.25 3.95 2.13 105
DL-044 121.70 133.95 12.25 1.77 105
Including 128.00 128.5 0.50 5.81
And including 132.10 133.95 1.85 4.06
Including 155.75 156.25 0.50 3.00
Chris Taylor, president and chief executive officer of Great Bear, said: "While it's hard to compare almost any mineralization to the exceptional gold at the Hinge zone, the Dixie Limb displays impressive silica-sulphide replacement with gold that predictably occurs in over 100 drill holes targeting the same geological contact across a large area. We now observe that the same late gold event that has led to high-grade mineralization in the Hinge zone also positively affects the Dixie Limb. We look forward to further defining high-grade steeply plunging gold zones within this target and will drill to determine how many of these upgraded gold zones are present within the DL."
HISTORICAL DRILLING RESULTS
Drill hole From To Width Gold Vertical Comment
(m) (m) (m) (g/t) depth (m)
DL-004 56.20 62.50 6.30 5.56 48 Great Bear's drilling
Including 59.50 62.50 3.00 6.45
And including 62.00 62.50 0.50 16.40
DL-005 162.60 173.00 10.40 16.84 131
Including 164.60 172.45 7.85 21.53
And including 171.40 172.45 1.05 130.10
DL-020 173.00 195.00 22.00 4.31 150
Including 178.20 195.00 16.80 5.60
Including 179.35 186.00 6.65 9.43
And including 179.35 182.05 2.70 14.92
And including 180.85 182.05 1.20 22.86
DL-021 188.50 198.00 9.50 3.60 161
Including 193.00 198.00 5.00 5.48
Including 194.15 195.15 1.00 11.35
And including 194.65 195.15 0.50 19.03
DL-024 225.00 244.00 19.00 3.08 199
Including 225.50 229.30 3.80 6.27
Including 227.10 229.30 2.20 7.97
DL-036a 368.45 377.90 9.45 2.38 358
And including 377.40 377.90 0.50 15.67
DL-04-04 222.90 232.77 9.87 5.08 192 Previous explorers
Including 228.15 232.77 4.62 9.75
And including 230.05 232.15 2.10 18.46
And including 230.82 232.15 1.33 23.32
DL-04-06 333.33 345.67 12.34 7.66 322
Including 333.33 342.49 9.16 9.86
And including 335.42 336.88 1.46 40.27
Recent drilling has intersected both the DL and Dixie Hinge zone within the same north-south directed drill holes, crossing the intervening area between the two zones as shown in the recent drilling results table. It was recently noted that an east-west trend of gold mineralization is present between the two zones in the northern, hanging wall portion of an ultramafic unit and fault that divides the DL from the DHZ. The new mineralized trend is a gold-bearing quartz vein similar to gold-bearing vein in the Hinge zone, which occurs to the south.
It was noted by the company that most historic drill holes within the DL display increased grades and thicknesses of gold mineralization along approximately 100 metres of strike length centred on the predicted intersection of the new gold-bearing vein and the DL. Three follow-up drill holes (DL-041, 042 and 045) were recently completed to test the predicted intersection and all encountered higher-grade gold mineralization.
During the company's continuing fully financed 60,000-metre drill program, the company's drilling within the DL will test both the currently defined steeply plunging zone of high-grade gold mineralization and will also explore to define additional structural intersections within the DL that may also relate to higher grades. Drilling will also continue at the DHZ as previously disclosed on April 1, 2019.
LOI to option West Madsen property
Mr. Taylor said: "Great Bear recently announced a significant expansion of its drill program at our flagship 100-per-cent-owned Dixie property. While we are optimistic about the exploration potential of West Madsen, our primary focus is significantly accelerating our exploration efforts at Dixie. We are therefore pleased to have GoldON actively explore West Madsen for potential on-strike gold mineralization from Pure Gold Resources' Madsen property. A retained net smelter royalty, together with share and cash payments to Great Bear, will continue to provide positive exposure for our shareholders to any discoveries that may be made at West Madsen."
Signing of the LOI will be followed by finalization of a definitive agreement between Great Bear and GoldON. In order to earn an initial 60-per-cent interest in the property, GoldON must:
- Incur minimum exploration expenditures on the property, as follows:
- $100,000 on or before the first anniversary of the definitive agreement;
- A cumulative total of not less than $350,000 on or before the second anniversary of the definitive agreement;
- A cumulative total of not less than $750,000 on or before the third anniversary of the definitive agreement.
- Pay cash to Great Bear as follows:
- $50,000 within 10 days of signing a definitive agreement;
- $50,000 on or before the date that is 10 days after the first anniversary of the definitive agreement;
- $75,000 on or before the date that is 10 days after the second anniversary of the definitive agreement.
- Issue common shares of GoldON to Great Bear as follows:
- 250,000 shares within 10 days of signing the definitive agreement;
- 250,000 shares on or before the date that is 10 days after the first anniversary of the definitive agreement;
- 375,000 shares on or before the date that is 10 days after the second anniversary of the definitive agreement.
In order to earn an additional 40-per-cent interest, for a total of 100-per-cent interest, GoldON must:
- Incur additional exploration expenditures on the property of at least $750,000 on or before the fourth anniversary of the definitive agreement;
- Pay $500,000 cash or issue 500,000 shares to Great Bear at GoldON's election on or before the date that is 15 days after the third anniversary of the definitive agreement.
Great Bear will retain a 2.5-per-cent net smelter return royalty after GoldON completes the initial 60-per-cent earn-in. GoldON will have the right to buy back 1 per cent of the royalty for $500,000 at any time prior to a production decision being made on all or part of the property. The LOI and pending definitive agreements are subject to exchange approval.
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, benefitting from major active mining operations, including the Red Lake gold mine of Goldcorp Inc., plus modern infrastructure and a skilled work force. The Dixie property covers a drill and geophysically defined 10-kilometre gold-mineralized structure similar to that hosting other producing gold mines in the district. In addition, Great Bear is also earning a 100-per-cent royalty-free interest in the Pakwash, Dedee and Sobel properties, which cover regionally significant gold-controlling structures and prospective geology.
R. Bob Singh, professional geoscientist, director and vice-president of exploration, and Andrea Diakow, professional geoscientist, 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.
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