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Champion Bear Resources Ltd
Symbol CBA
Shares Issued 52,393,326
Close 2019-10-24 C$ 0.14
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Champion Bear plans exploration, drilling at Eagle

2019-10-25 09:14 ET - News Release

An anonymous director reports

CHAMPION BEAR ANNOUNCES EXPLORATION AND DRILLING PLANS FOR PALLADIUM AND COPPER PROPERTY AT EAGLE ROCK

Champion Bear Resources Ltd. is planning for further exploration and drilling on its palladium-bearing and copper-bearing property at Eagle Rock, approximately 65 kilometres (km) south of Dryden, in Northwestern Ontario.

The Eagle Rock property overlies the Entwine Lake intrusive complex and hosts numerous sulphide showings, including the Campbell platinum-palladium-copper-bearing (Pt-Pd-Cu) zone, first explored by Noranda Ltd. in 1969. The Campbell zone is a continuous, predictable, reef-like horizon exposed at surface over more than one kilometre. The claims are owned 100 per cent by Champion Bear and comprise approximately 60 contiguous unpatented mining claims comprising 384 claim units totalling 6,912 hectares within the Eagle Rock Lake, Islet Lake and Eltrut Lake mining area. In September, 2019, Champion Bear entered into an option agreement to acquire an additional 14 claims (7,659,311 hectares) adjacent to the south end of its existing holdings. The optioned claims have similar geology as the Campbell zone to the north and is host to several historic showing and trenches.

In its most recent drilling program, conducted in early 2019, Champion Bear encountered platinum group elements (PGE) and Cu in every one of its nine additional holes (see press release dated May 28, 2019). A summary of some of the more significant 2019 intersection are:

  • Drill hole ER19-24 intersected 7.5 metres (m) of 0.548 gram per tonne (g/t) palladium, 0.323 g/t platinum, 0.250 g/t gold and 0.40 per cent copper from 101.0 m to 108.5 m.
  • Drill hole ER19-25 intersected 10.0 m of 0.645 g/t palladium, 0.398 g/t platinum, 0.325 g/t gold and 0.45 per cent copper from 75.0 m to 85.0 m, including three two-metre-long intervals with over 0.9 g/t palladium.
  • Drill hole ER19-28 intersected 34.0 m of 0.465 g/t palladium, 0.281 g/t platinum, 0.201 g/t gold and 0.3 per cent copper from 97.0 m to 131.0 m, including four two-metre-long intervals with over 0.7 g/t palladium.
  • Drill hole ER19-29 intersected 56.0 m of 0.488 g/t palladium, 0.272 g/t platinum, 0.188 g/t gold and 0.42 per cent copper from 46.0 m to 102.0 m, including six two-metre-long intervals with over 0.7 g/t palladium.
  • Drill hole ER19-30 intersected eight m of 0.511 g/t palladium, 0.306 g/t platinum, 236 g/t gold and 0.42 per cent copper from 91.0 m to 99.0 m, including one two-metre-long interval with over 0.8 g/t palladium.

To date, Champion Bear has drilled a total of 104 holes in the Campbell zone and is preparing to expand its exploration along the PGE-Cu zones which remain open in all directions.

In 2014, Champion Bear announced the results of an extensive third party investigation of its Eagle Rock property (see press release dated May 21, 2014). That third party study was led by one of the world's leading geological experts on Cu-PGE exploration, Dr. John Corkery, who was the chief geologist for North American Palladium at the time and later served for a time as Champion Bear's chief geologist. Dr. Corkery, whose background has included groundbreaking work in Scandinavia, northern Europe and North America, has a proven record of discovery and development, including being the recipient in 2012 of the discovery of the year award from the Northwestern Ontario Prospectors Association for his work at Lac des Iles. Dr. Corkery has expressed the view that Eagle Rock could potentially be the next big Cu-PGE play in Northwestern Ontario. It has the real potential to grow to five times its current size.

In the exploration assessment report filed with the Ontario Ministry of Northern Development and Mines (Champion Bear's independent geological adviser, Todd McCracken, professional geologist, of WSP Canada Inc. in Sudbury), has confirmed that as a result of work completed to date, Champion Bear has a sound understanding of the geological environment hosting the mineralization on its Eagle Rock properties. Mr. McCracken has recommended that Champion Bear continue with two further, independent exploration programs which are expected to be run concurrently. Phase 1 is designed to expand the viability of the project, identifying and delineating the new mineralized zones identified during previous exploration campaigns, as well as further work on the surface potential at the Campbell zone. This will entail a mixture of prospecting, geophysics and diamond drilling. The estimated budget for phase 1 is approximately $800,000.

Phase 2 is designed to delineate the known mineralized zones on the Eagle Rock properties through a well-established diamond drill program. This phase has an estimated budget of $1.18-million.

Phases 1 and 2, as outlined above, are intended to target Pt-Pd-Cu deposits in its Eagle Rock property.

Thus, Champion Bear intends to explore options to raise at least $2-million in support of these programs and for general corporate activities.

Champion Bear notes that the price of palladium is currently at a 10-year high, having traded upward of $1,700 (U.S.) an ounce.

Todd McCracken, professional geoscientist, manager of mining for WSP Canada is the qualified person (QP) under the meaning of Canadian National Instrument 43-101 (Standards for Disclosure of Mineral Projects), has reviewed and is responsible for the technical content of this news release.

About Champion Bear Resources Ltd.

Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The company's primary targets are platinum group metals, precious metals and polymetallic base metals deposits. Champion Bear's aim is to create shareholder value through selective property acquisition, followed by focused exploration emphasizing drilling. The company has assembled a large land position in the Dryden and Sudbury areas, totalling over 16,000 hectares.

We seek Safe Harbor.

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