Mr. Chris Taylor reports

GREAT BEAR DRILLS 510 M STEP-DOWN, DOUBLES HINGE ZONE DEPTH WITH 15.18 G/T GOLD OVER 4.90 M FROM 1,190.00 M DOWNHOLE

Great Bear Resources Ltd. has released results from its continuing $21-million fully financed 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: "Our second deep drill hole at Dixie has more than doubled the depth of the Hinge zone to over 850 vertical metres. The deep intercept demonstrates the significant expansion potential of the Dixie project at depth. While our drilling remains mostly focused on the larger LP fault zone, we believe the Hinge and Dixie Limb zones have comparable potential to other successful 'Red Lake style' projects in the district. To expand on this potential, we plan to add additional drills in 2021 that will be focused on the Hinge and Dixie Limb zones, while the current five drills remain focused on the LP fault."

Drill results highlights:

• Previously reported LP Fault drill hole BR-036 (Oct. 30, 2019: 10.32 grams per tonne gold over 18.2 m from 58.8 m to 77 m) was extended from its original final depth of 537 m to a new downhole depth of 1,425 m to intersect the Hinge zone at depth.
• BR-036 intersected the deep extension of the Hinge zone 850 m vertically below the surface and 510 m down plunge from the previous deepest Hinge zone intercept. The new intercept is located close to the regional D2 fold axial plane that controls the Hinge zone mineralization.
• BR-036 intersected identical quartz veining with red-brown hydrothermal biotite alteration, and similar grades and widths to those observed at shallower depths, assaying 15.18 g/t gold over 4.9 m, from 1,190.9 m to 1,195.8 m, within a broader interval of six g/t gold over 15.3 m, from 1,190.2 m to 1,205.5 m. The centre of the mineralized zone assayed 55.95 g/t gold over one m from 1194.8 m to 1195.8 m.
• Previously reported deep drill hole BR-085, which targeted the deep extension of the Dixie Limb zone (May 11, 2020: 10.19 g/t gold over 19 m from 1,008.55 m to 1,027.55 m), also intersected three similar Hinge-zone-style veins, approximately 200 m northwest of the intercept in BR-036 (including 25.5 g/t gold over 0.5 m from 1,180.85 m to 1,181.35 m).

                 ASSAY RESULTS FROM BR-036,
     THE FIRST DEEP DRILL HOLE TARGETING THE HINGE ZONE
  
Drill hole     From (m)    To (m)  Width* (m)  Gold (g/t)   Zone 

BR-036         1,182.00  1,184.50        2.50        2.50  Hinge
including      1,182.00  1,182.50        0.50        5.28           
and            1,190.20  1,205.50       15.30        6.00           
including      1,190.90  1,195.80        4.90       15.18          
and including  1,190.90  1,191.40        0.50       15.30          
and including  1,193.55  1,195.80        2.25       28.86          
and including  1,194.20  1,195.80        1.60       37.89          
and including  1,194.80  1,195.80        1.00       55.95          
and including  1,203.25  1,203.80        0.55       19.60          

* True widths are 90 per cent of interval widths based on intersection points of the drill-hole intercept with the geological model and oriented drill core data. Interval widths are calculated using a 0.1 g/t gold cut-off grade with up to three m of internal dilution of zero grade.

New regional vein zone northwest of the Hinge zone

The company has also identified a new regional exploration target. LP fault drill hole BR-074 (Dec. 16, 2019) was extended from an original depth of 576 m to a new downhole depth of 1,359 m into the area approximately halfway between the Hinge and Arrow (June 18, 2020: 19.32 g/t gold over 2.1 m within three g/t gold over 15 m) zones, located approximately 600 m to the northwest of the deep Hinge intercept in BR-036.

BR-074 intersected one of the widest occurrences of locally gold-bearing quartz veins observed at the Dixie project to date. Multiple quartz veins with minor carbonate veining were intersected over more than 130 m of drill length from approximately 1,122 m to 1,258 m downhole. Visible gold was noted in two locations, with the interval from 1,165.5 m to 1,166 m assaying 2.53 g/t. At the Dixie project, this type of widespread veining and alteration helps identify the overall hydrothermal footprint of the gold-mineralizing system and provides key targets for follow-up drilling.

Further regional drilling will be undertaken in this area to determine if significant gold mineralization is present where this large new vein swarm intersects various geological contacts and structures. The new vein zone may also be an on-strike continuation of the Hinge zone.

Planned 2021 drill program expansion

The company intends to expand its current drill program by an additional 100,000 m in 2021. The company currently has approximately $41-million in cash and the expanded program is expected to cost approximately $25-million through the end of 2021.

Great Bear has been operating with three to five drill rigs throughout 2020, with approximately 25,000 m drilled per fiscal quarter. The company recently acquired a larger additional core logging facility located in the town of Red Lake and plans to increase the number of drill rigs during 2021.

Additional drills will be largely used to expand and define the mineralized zones at the Hinge and Dixie Limb zones, while the current five drill rigs remain focused on the larger LP fault target. The additional drills may also be used at various times throughout the calendar year to drill other regional targets at the Dixie project, and/or at Great Bear's other Red Lake area properties.

About the Dixie project

The Dixie project is 100 per cent owned, comprising 9,140 hectares of contiguous claims that extend over 22 km and is located approximately 25 km southeast of the town of Red Lake, Ont. The project is accessible year-round by 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 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- to lower-grade envelopes (LP fault). The LP fault is a significant gold-hosting structure, which has been seismically imaged to extend to 14 km depth (Zeng and Calvert, 2006) and has been interpreted by Great Bear to have up to 18 km 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.

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 g/t 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 kg 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 NI 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.

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 330 square km of highly prospective tenure across five 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), the Sobel property (earning a 100-per-cent interest) and the Red Lake North property (earning a 100-per-cent interest) all of which are accessible year-round through existing roads.

We seek Safe Harbor.