Mr. Chris Taylor reports
GREAT BEAR DRILLS 18.57 G/T GOLD OVER 13.00 M, WITHIN 2.67 G/T GOLD OVER 104.15 M AT LP FAULT
Great Bear Resources Ltd. has released results from its continuing fully financed $21-million exploration program at its 100-per-cent-owned flagship Dixie project in the Red Lake district of Ontario.
Chris Taylor, president and chief executive officer of Great Bear, said: "As we approach the one-year anniversary of the discovery of the LP fault and our 100th drill hole into this target, our sense of enthusiasm continues to build as the LP fault continues to deliver robust gold results with more detailed drilling. New drill hole BR-118 returned one of the longest high-grade gold intervals to date and was completed in the middle of a 150-metre gap in drilling. Mineralization begins immediately at the bedrock surface, with consistent geology and mineralization styles observed in both neighbouring drill sections. Importantly, all other drill holes reported in this release also continue to successfully intersect gold mineralization at all points tested along the LP fault to date."
The company has completed 99 of approximately 300 planned drill holes into the LP fault target, as part of its five-kilometre-long-by-500-metre-deep grid drill program. Current drill hole locations are shown on the company's website and results are provided in the associated table. An updated long section of the LP fault drilling is provided in an image on the company's website.
Drill results highlights:
-
Drill hole BR-118 on drill Section 20650 was completed in the middle of a 150-metre gap in drilling. The drill hole contained two significant mineralized intervals:
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10.17 grams per tonne gold over 6.80 metres, within a broader interval of 3.18 g/t gold over 56.95 metres, beginning at the bedrock surface at 30.20 metres;
- 18.57 g/t gold over 13.00 metres, including 132.00 g/t gold over 0.50 metre, within a broader interval of 2.67 g/t over 104.15 metres beginning at 127.15 metres. An image of gold mineralization from this highlight interval is also provided on the company's website.
- Continuity of gold mineralization is suggested by similar results on both adjacent drill sections:
-
Drill Section 20750, located 75 to 100 metres to the northwest of BR-118, includes previously reported drill hole BR-068, which returned 10.58 g/t gold over 21.10 metres (Feb. 13, 2020).
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Drill Section 20600, located 50 to 75 metres to the southeast of BR-118, includes previously reported drill hole BR-037, which returned 16.60 g/t gold over 6.0 metres and 5.60 g/t gold over 25.25 metres (Oct. 30, 2019).
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Other new drill highlights include drill hole BR-089 on Section 21100, located 450 metres northwest of BR-118. Assays include 18.06 g/t gold over 4.75 metres, which includes 156.00 g/t gold over 0.50 metre, and 11.03 g/t gold over 6.95 metres, which includes 112.00 g/t gold over 0.5 metre. This occurs within a broader interval of 1.93 g/t gold over 52.15 metres.
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Drill hole BR-088 on Section 22000, located 900 metres to the northwest of BR-089
and
1.35 kilometres to the northwest of BR-118, intersected 0.71 g/t gold over 100.95 metres.
-
The company also relogged and assayed historical drill hole DC-13-07, which was completed in 2007 in the immediate footwall south of the LP fault by a previous explorer. New assays include 7.87 g/t gold over 2.00 metres, collected from unsampled, mineralized historic drill core.
CURRENT DRILL RESULTS
Drill hole From To Width* Gold
(m) (m) (m) (g/t)
BR-105 175.00 179.50 4.50 1.35
and 341.65 344.90 3.25 1.05
BR-106 318.00 321.00 3.00 0.83
and 427.15 429.50 2.35 0.61
BR-104 65.00 69.00 4.00 1.15
and 77.85 83.00 5.15 1.30
and 228.00 240.10 12.10 0.67
DC-13-07 24.95 26.00 1.05 1.10
and 105.00 107.00 2.00 7.87
including 106.00 107.00 1.00 12.60
DC-14-07 92.00 93.00 1.00 0.17
BR-103 392.25 396.25 4.00 0.20
and 417.50 442.00 24.50 0.23
and 463.50 464.50 1.00 1.77
and 517.75 536.25 18.50 0.87
including 523.50 527.00 3.50 2.93
and including 526.50 527.00 0.50 16.90
and 612.00 624.50 12.50 0.37
BR-118 30.20 87.15 56.95 3.18
including 40.00 80.20 40.20 4.42
and including 55.10 79.20 24.10 6.00
and including 61.70 63.30 1.60 14.91
and including 68.40 75.20 6.80 10.17
and 127.15 231.30 104.15 2.67
including 156.00 184.90 28.90 8.75
and including 156.00 169.00 13.00 18.57
and including 159.70 169.00 9.30 24.65
and including 159.70 162.90 3.20 53.62
and including 159.70 160.70 1.00 94.90
and including 159.70 160.20 0.50 132.00
BR-122 446.00 488.00 42.00 0.34
BR-130 165.00 167.50 2.50 2.09
and 190.25 219.00 28.75 0.33
BR-131 167.00 169.70 2.70 5.29
including 168.00 169.20 1.20 11.70
and 183.00 187.85 4.85 5.09
including 186.50 187.85 1.35 18.02
and including 186.50 187.00 0.50 47.70
and 324.00 366.30 42.30 0.51
BR-089 172.55 182.00 9.45 8.15
including 172.55 179.50 6.95 11.03
including 172.55 175.05 2.50 7.81
and including 177.50 178.00 0.50 112.00
and 190.50 191.50 1.00 2.86
including 191.00 191.50 0.50 5.59
and 225.25 228.00 2.75 1.51
242.00 293.25 51.25 1.93
including 279.00 293.25 14.25 6.18
and including 282.50 287.25 4.75 18.06
And including 282.50 285.65 3.15 26.89
and including 283.65 284.15 0.50 156.00
BR-099 118.20 138.50 20.30 0.34
and 291.00 292.00 1.00 4.68
and 301.50 322.50 21.00 0.42
including 315.00 315.50 0.50 5.46
and 446.80 456.00 9.20 2.40
including 454.50 456.00 1.50 12.10
BR-116 288.25 294.25 6.00 0.50
and 466.60 496.00 29.40 0.39
including 492.35 494.15 1.80 3.36
and 509.00 513.70 4.70 1.38
and 523.35 532.70 9.35 1.10
including 527.60 528.70 1.10 7.77
BR-097 40.60 45.00 4.40 0.15
and 255.00 259.00 4.00 1.39
and 391.70 393.50 1.80 3.49
BR-098 148.50 153.50 5.00 0.69
and 310.15 311.65 1.50 1.05
and 376.85 396.50 19.65 0.28
and 419.70 448.50 28.80 0.65
including 431.25 438.00 6.75 2.24
and including 431.25 432.65 1.40 8.93
and 493.25 495.05 1.80 9.90
BR-115 428.55 431.00 2.45 0.53
and 481.80 502.40 20.60 0.43
and 527.80 562.65 34.85 0.20
BR-088 172.50 174.00 1.50 0.70
and 357.00 366.00 9.00 0.97
and 375.35 383.50 8.15 0.74
and 449.30 450.45 1.15 3.38
and 515.55 616.50 100.95 0.71
including 515.55 527.00 11.45 1.38
and including 549.95 557.45 7.50 1.12
and including 606.30 616.50 10.20 1.80
Drill sections are arranged from southeast (top of table) to
northwest (bottom of table), corresponding to the map provided in an
image on the company's website.
* Widths are drill-indicated core length, as insufficient
drilling has been undertaken to determine true widths at
this time. Average grades are calculated with uncapped
gold assays, as insufficient drilling has been completed
to determine capping levels for higher-grade gold intercepts.
Average widths are calculated using a 0.10 g/t gold cut-off
grade with up to three m of internal dilution of zero grade.
Drill holes DC-13-07 and DC-14-07 were originally drilled
by a past explorer but were assayed by Great Bear and are
located in the immediate footwall south of the LP fault zone.
Complete assays for the highlighted reported intervals in hole BR-118 are also included graphically within Section 20650 in an image on the company's website.
Approximately 200 drill holes remain to be completed as part of the company's ongoing 2020 LP fault drill program. Additional drill holes are also planned into the Dixie Limb and Hinge zones, in additional to other regional targets. The company remains fully financed for this work and does not anticipate requiring further financing in 2020.
Updated drill collar locations, azimuths and dips, together with an updated complete assay table for the LP fault drilling to date will be posted to the company's website. Drill collar locations, azimuths and dips for the drill holes included in this release are provided in a table on the company's website.
Completion of plan of arrangement
The company is pleased to announce that it has received final TSX Venture Exchange approval of the previously announced plan of arrangement to reorganize its business, including the spinoff of its wholly owned subsidiary, Great Bear Royalties Corp. The arrangement is expected to close as of 12:01 a.m. on May 5, 2020. Existing common shares of Great Bear are expected to be delisted on the TSX Venture Exchange effective on the close of business on May 4, 2020. New common shares of Great Bear are expected to commence trading on the TSX-V at the market opening on May 5, 2020.
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 via a 15-minute drive on a paved highway which runs the length of the northern claim boundary and a network of well-maintained logging roads.
The Dixie project hosts two principle styles of gold mineralization:
- High-grade gold in quartz veins and silica-sulphide replacement zones (Dixie Limb and Hinge). 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 to lower-grade envelopes (LP fault). The LP fault is a significant gold-hosting structure, which has been seismically imaged to extend to 14 kilometres 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 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 Northwest Ontario, where the company controls over 300 square km of highly prospective tenure across four projects: the flagship Dixie project (100 per cent owned), the Pakwash property (earning a 100-per-cent interest), the Dedee property (earning a 100-per-cent interest) and the Sobel property (earning a 100-per-cent interest), 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 SGS Canada Inc. in Red Lake, Ont., and Activation Laboratories in Ontario, 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 10.0 g/t gold are analysed 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 (QA/QC). No QA/QC issues were noted with the results reported herein.
Qualified person and National Instrument 43-101 disclosure
R. Bob Singh, PGeo, director and vice-president of exploration, and Andrea Diakow, PGeo, 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.
We seek Safe Harbor.
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