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Great Bear Resources Ltd (3)
Symbol C : GBR
Shares Issued 39,376,860
Close 2019-07-10 C$ 4.67
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Great Bear drills 3.9 m of 18.09 g/t Au at Dixie

2019-07-10 09:14 ET - News Release

Mr. Chris Taylor reports


Great Bear Resources Ltd. has significantly expanded the Hinge zone high-grade gold discovery at its 100-per-cent-owned Dixie project in the Red Lake district of Ontario.

Chris Taylor, president and chief executive officer of Great Bear, commented: "Our strong results drove us to fast-track our exploration process with aggressive new stepdown drilling. We have now hit more high-grade gold mineralization 440 metres down plunge from surface and 150 metres down plunge from the nearest previously reported high-grade intercept. Results suggest the Hinge zone projects from near-surface with significant depth potential and contains a high degree of continuity of gold mineralization within its extensive vein network. During 2019, we plan to test its continuity down to increasing depths and will also drill deeper and along strike into what we interpret as at least six additional gold zones with similar plunges along the 500-metre strike length of the Hinge zone vein swarm we have drilled so far."

The most recent assay results are provided in the attached table.

Highlights of the most recent Hinge zone drill results include:

  • All 11 drill holes (100 per cent) intersected from one to five gold-bearing quartz veins.
  • Drill hole DHZ-042 intersected 3.0 metres of 23.21 grams per tonne gold, including 1.0 metre of 50.66 g/t gold at 229 metres of vertical depth.
  • Drill hole DL-048 intersected 3.90 metres of 18.09 g/t gold, including 1.0 metre of 69.97 g/t gold at 342 metres of vertical depth, 150 metres down plunge of previous high-grade intercepts.

July, 2019, marks the one-year anniversary of Great Bear's Hinge zone drill program. A summary of some key points of the Hinge zone discovery, as drilled to date, include:

  • The Hinge zone gold-bearing quartz vein swarm has been drilled for over 500 metres of east-west strike length and remains open to extension.
  • The D2 axial plane, which is interpreted to be an important control to the vein swarm, has a possible east-west strike extent of up to five kilometres within the Dixie greenstone belt, before intersecting a granitic batholith to the west.
  • Drilling has thus far observed that the vein swarm contains at least six steeply plunging high-grade subzones, and the company is drilling east-west and north-south drill fences in an effort to discover the total number of subzones that are present and delineate their geometries along strike and at depth.
  • The Hinge zone vein swarm has an approximate north-south extent, or total known zone width based on drilling, of 300 m, flanking an ultramafic-hosting fault. Proximity to the fault is interpreted to be a key gold mineralization control at both the Hinge and Dixie Limb zones.
  • The generally predictable plunges of Hinge zone gold zones observed to date (approximately 70 degrees to the west) have greatly increased the speed and efficiency of drill progress.

With its recently completed financing, Great Bear currently has approximately $20-million in cash and low operating all-in drill costs of approximately $175 per metre. The company continues to undertake a fully financed, 90,000-metre drill program that is expected to continue through 2019 and 2020. Targets tested will include the Hinge zone, Dixie Limb zone, Bear-Rimini zone, LP fault, north fault and other targets across the property. In order to accelerate the program, a second drill rig was added in February, and a third drill rig arrived in June, 2019. Approximately 60,000 metres of drilling remain in the current program.

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

DHZ-040           257.30    258.30        1.00        16.56    
Including         257.80    258.30        0.50        31.59                             
And               264.50    265.00        0.50         8.43       
DHZ-041           159.50    161.00        1.50         1.95 
Including         160.00    160.50        0.50         3.70                              
And               166.30    167.30        1.00         2.57       
Including         166.80    167.30        0.50         4.55                              
And               183.00    183.50        0.50         3.38            
DHZ-042           276.90    279.90        3.00        23.21             
Including         276.90    278.90        2.00        34.12                             
And including     276.90    277.90        1.00        50.66                             
DHZ-043           108.50    110.00        1.50         2.69                  
Including         109.00    109.50        0.50         5.07                              
And               184.50    185.00        0.50         4.37                  
DHZ-044           218.15    225.05        6.90         4.56             
Including         218.15    222.55        4.40         6.39                              
And including     218.15    218.65        0.50         9.96                              
And including     220.30    222.55        2.25         9.39                              
DL-048            416.30    420.20        3.90        18.09            
Including         417.65    418.65        1.00        69.97                             
And including     417.65    420.20        2.55        27.57                             
DHZ-045            67.35     67.85        0.50         2.36                 
And               127.00    127.50        0.50         4.09                
And               156.00    156.50        0.50         3.25                  
And               204.20    207.10        2.90         1.70                    
And               225.20    233.80        8.60         3.15                   
DHZ-046           225.20    229.70        4.50         5.53                  
Including         229.20    229.70        0.50        37.32                             
DHZ-047           265.50    266.00        0.50         3.21                   
DHZ-048            31.70     45.50        3.80         1.63                  
Including          39.80     45.50        5.70         2.39                              
And including      39.80     41.05        1.25         4.72                              
And including      43.50     46.00        2.50         3.21                              
And including      44.50     45.50        1.00         6.41                              
And               236.00    237.50        1.50         7.02                
Including         237.00    237.50        0.50        20.40                             
DHZ-049            38.30     46.90        8.60         2.39                     
And               226.90    228.40        1.50        15.52                  
Including         227.90    228.40        0.50        44.94                             
And               243.00    243.50        0.50         4.68                     

Mr. Taylor continued: "The nearly universal pattern within gold deposits in the Red Lake district is of multiple steeply plunging 'ore shoots' developed along lithological and structural controls at variable depths, and our results at Dixie to date suggest the same type of pattern may be present within the Hinge zone vein swarm. We don't yet know how many steeply plunging subzones of gold mineralization are present; however, we have already intersected six to eight of them along 500 metres of strike length. We continue to drill aggressively on the known subzones and will continue to step out along strike and at depth in an attempt to discover how many there are and to characterize their size, grade and continuity of gold endowment."

About Great Bear Resources Ltd.

Great Bear Resources is a well-financed company based in Vancouver, Canada, managed by a team with a record of success in the mineral exploration sector. Great Bear holds a 100-per-cent interest, royalty-free, in its flagship Dixie property, which is road accessible year-round via Highway 105, a 15-minute drive from downtown Red Lake, Ont. The Red Lake mining district 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 the Pakwash, Dedee and Sobel properties, which cover regionally significant gold-controlling structures and prospective geology.

Quality assurance/quality control

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 SGS Canada Inc. in Red Lake, Ont., and Activation Laboratories in Ancaster, Ont., both of which are accredited mineral analysis laboratories, for analysis. All samples are analyzed for gold using standard fire assay-AA techniques. Samples returning over three grams per tonne gold are analyzed utilizing standard fire assay-gravimetric methods. Selected samples with visible gold are also analyzed with a standard one-kilogram 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. No quality assurance/quality control issues were noted with the results reported herein.

R. Bob Singh, PGeo, a director and vice-president of exploration, and Andrea Diakow, PGeo, exploration manager at 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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