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Great Bear Resources Ltd (3)
Symbol GBR
Shares Issued 48,272,472
Close 2020-07-13 C$ 17.31
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Great Bear Resources back to five drill rigs at Dixie

2020-07-13 10:34 ET - News Release

Mr. Chris Taylor reports

GREAT BEAR RETURNS TO FIVE DRILL RIGS AT DIXIE

Great Bear Resources Ltd. has returned to prepandemic levels of drill activity 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: "At the outset of the COVID-19 pandemic, we reduced our drill count from five to three rigs and implemented a series of risk mitigation protocols which will remain in place, designed to protect our staff and local communities. Great Bear has grown significantly since March, driven by our success with those three rigs. I'm now very pleased to announce that we will return to five active drill rigs this month, which amounts to a significant 67-per-cent increase in drill activity over recent levels. This will accelerate our grid drill program at the LP fault and allow ongoing simultaneous exploration of additional targets across the property."

Approximately 180 of 300 planned drill holes remain to be completed in 2020 as part of the company's fully financed $21-million drill program. With approximately $48-million in cash, the company is well positioned to significantly expand its exploration activities through 2022 and will provide updates on future drill plans as details become available.

About the Dixie project

The Dixie project is 100 per cent owned, comprises 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 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, 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 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-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 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 300 square kilometres 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.

Qualified person and National Instrument 43-101 disclosure

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 NI 43-101 responsible for the accuracy of technical information contained in this news release.

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