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Great Bear Resources Ltd (3)
Symbol GBR
Shares Issued 53,142,858
Close 2021-06-03 C$ 16.08
Recent Sedar Documents

Great Bear drills 2.3 m of 50.5 g/t Au at Dixie

2021-06-03 10:59 ET - News Release

Mr. Chris Taylor reports

GREAT BEAR PROVIDES TWO NEW DETAILED HIGH-GRADE LONG SECTIONS AND REACHES 318 DRILL HOLES REPORTED ON TWO YEAR ANNIVERSARY OF LP FAULT DISCOVERY

Great Bear Resources Ltd. has released results from its continuing fully financed $45-million 2021 exploration program at its 100-per-cent-owned flagship Dixie project in the Red Lake district of Ontario.

This release includes two new detailed high-grade domain long sections that occur adjacent to the north of previously released domain BR7, plus drill results from 18 new LP fault drill holes mainly targeting the peripheral bulk-tonnage domains. A total of 318 drill holes have now been reported from the LP fault since its discovery two years ago.

Chris Taylor, president and chief executive officer of Great Bear, said: "We are very pleased to mark the two-year anniversary of the LP fault discovery by entering the final months of near-surface maiden resource estimation drilling, with results published from 318 of approximately 400 anticipated drill holes. We also provide two additional high-grade domains in this release and will continue to provide regular updates on additional domains as drilling nears completion within the various areas."

Continuing drilling continues to intersect high-grade and bulk-tonnage-style gold mineralization at the LP fault. New results include:

  • 50.05 grams per tonne gold over 2.30 metres from 315.80 metres to 318.10 metres downhole in drill hole BR-294;
  • 61.20 grams per tonne gold over 1.10 metres from 143.85 metres to 144,95 metres downhole in drill hole BR-311; this occurred within a broader interval assaying 3.85 grams per tonne gold over 32.35 metres from 118.85 metres to 151.20 metres downhole;
  • 29.52 grams per tonne gold over 2.50 metres from 276.55 metres to 279.05 metres downhole in drill hole BR-321; this occurred within a broader interval assaying 2.10 grams per tonne gold over 49.25 metres from 254.00 metres to 303.25 metres downhole.

Many of the drill holes provided in this release primarily targeted the bulk-tonnage-style lower-grade envelope, which occurs adjacent to, and between, the various higher-grade domains within the LP fault. These areas are important for future bulk-tonnage gold mineral resource estimation. Results include:

  • 1.27 grams per tonne gold over 38.25 metres from 342.00 metres to 380.25 metres downhole (263-metre vertical depth) in drill hole BR-288;
  • 1.02 grams per tonne gold over 30.00 metres from 220.00 metres to 250.00 metres downhole (183-metre vertical depth) in drill hole BR-321;
  • 4.19 grams per tonne gold over 14.80 metres from 43.00 metres to 57.80 metres downhole (38-metre vertical depth) in drill hole BR-310;
  • 1.11 grams per tonne gold over 24.90 metres from 101.60 metres to 126.50 metres downhole (88-metre vertical depth) in drill hole BR-310;
  • 0.65 gram per tonne gold over 70.20 metres from 271.50 metres to 341.70 metres downhole (237-metre vertical depth) in drill hole BR-279;
  • 0.63 gram per tonne gold over 81.75 metres from 539.50 metres to 621.25 metres downhole (460-metre vertical depth) in drill hole BR-305.

About high-grade gold domains AURO20 and BR1

The 17 high-grade domains are structurally and geologically distinctive from the surrounding lower-grade, bulk-tonnage-style gold mineralization. Together, they span a strike length of 4.2 kilometres and occur within eight larger, stratigraphically controlled, lower-grade domains. They are characterized by high degrees of strain and/or transposed quartz vein zones following two distinct structural fabrics and transition from upper greenschist to lower amphibolite facies metamorphism. Gold in the high-grade domains is generally observed as free gold, is often transposed into and overgrows the dominant structural fabrics, and is higher grade on average than the surrounding bulk-tonnage gold zones.

Domain BR1, presented in this news release, has a surface strike length of 850 metres and has been drilled to a depth of up to 430 metres (where it remains open to extension). BR1 is a high-strain zone hosted within strongly altered (albite, biotite plus or minus quartz veined) felsic volcanic rocks and occurs oblique to the dominant geological contacts. It has an average strike orientation of 290 degrees and dips 74 degrees to the north.

Domain AURO20 links BR1 to the previously released BR7 along an orientation of 280 degrees and dips 70 degrees to the north. With a strike length of 120 metres and current vertical extent of 420 metres (also open at depth), mineralization in this domain is hosted in felsic volcanic rocks and quartz veins.

Drilling is planned to intersect the various high-grade domains at 40-metre to 50-metre spacing. Drilling is nearing completion in the near-surface portions of all 17 high-grade domains along more than four kilometres of strike length of the central LP fault. This drilling is expected to be completed from surface to an average of approximately 400 metres depth by year-end.

Great Bear's progress can be followed using the company's plan maps, long sections and cross-sections and through the VRIFY model posted at the company's website. All LP fault drill hole highlighted assays, plus drill collar locations and orientations, can also be downloaded at the company's website.

About the Dixie project

The Dixie project is 100 per cent owned, comprising 9,140 hectares of contiguous claims that extend over 22 kilometres, and is located approximately 25 kilometres southeast of the town of Red Lake, Ont. The project is accessible year-round through a 15-minute drive on a paved highway that runs the length of the northern claim boundary and a network of well-maintained logging roads.

The Dixie project hosts two principal styles of gold mineralization:

  • High-grade gold in quartz veins and silica-sulphide replacement zones (Dixie Limb, Hinge and Arrow zones): 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-grade to lower-grade envelopes (LP fault): The LP fault is a significant gold-hosting structure that has been seismically imaged to extend to 14-kilometre 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-grade 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 Resources Ltd.

Great Bear Resources is a well-financed gold exploration company managed by a team with a record of success in mineral exploration. Great Bear is focused in the prolific Red Lake gold district in Northwestern Ontario, where the company controls over 200 square kilometres of highly prospective tenure across four projects, all 100 per cent owned: the flagship Dixie project, the Pakwash property, the Sobel property, and the Red Lake North property, all of which are accessible year-round through existing roads.

Quality assurance/quality control and core sampling protocols

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 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 grams per tonne gold are analyzed utilizing standard fire assay (gravimetric) methods. Pulps from approximately 5 per cent 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 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 control/quality assurance issues were noted with the results reported herein.

Qualified persons and National Instrument 43-101 disclosure

R. Bob Singh, PGeo, vice-president, exploration, and Andrea Diakow, PGeo, exploration manager for Great Bear, are the qualified persons as defined by NI 43-101 responsible for the accuracy of technical information contained in this news release.

We seek Safe Harbor.

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