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Great Bear Resources Ltd (3)
Symbol GBR
Shares Issued 52,996,358
Close 2021-02-12 C$ 14.95
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Great Bear drills 16.95 m of 13.07 g/t Au at Dixie

2021-02-16 07:54 ET - News Release

Mr. Chris Taylor reports


Great Bear Resources Ltd. has released results from its continuing 2021 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: "The pace of incoming results continues to accelerate, and we've now reported 250 drill holes from the LP fault. Most of the 20 drill holes reported in this release occur within 75- to 100-metre-wide previously undrilled gaps along a 1.1-kilometre segment of the 4.2-kilometre-long grid drilling area of the central LP fault zone. Once again, we observed the same continuity of gold mineralization on the finer scale that has been previously observed with widely spaced drilling. We have included figures [on the company's website] comparing current tightly spaced drill results to more widely spaced drilling from one year ago. When the previously announced $70-million financing closes this month, Great Bear will have over $100-million in cash. An update on the 2021 exploration program and budget will be provided in early March."

This news release provides results from 20 new LP fault drill holes completed along 1.1 kilometres of strike length. Great Bear has now published results from 250 LP fault drill holes and anticipates up to 400 LP fault drill holes will be completed by the end of 2021. The new drill results from this release are provided in in the associated table and on the company's website.

New drill results

High-grade drill results include:

  • 13.07 g/t gold over 16.95 metres from 195.50 to 212.45 metres in drill hole BR-251 on drill Section 19950. This section is located 25 metres to the northwest of the drill holes highlighted on Section 19925 in the company's last news release of Feb. 8, 2021;
  • 32.01 g/t gold over 8.10 metres from 103.80 to 111.90 metres in drill hole BR-232 on drill Section 20375 (located 425 metres northwest of drill Section 19950).

Bulk-tonnage drill results include:

  • 3.67 g/t gold over 45.45 metres from 72.00 to 117.45 metres in drill hole BR-252 on drill Section 19950, which included a high-grade core of 85.50 g/t gold over 0.50 metre from 80.40 to 80.90 metres;
  • 2.55 g/t gold over 32.50 metres from 183.00 to 215.50 metres in drill hole BR-216 on drill Section 20150, which included a high-grade core of 10.23 g/t gold over 3.90 metres from 187.10 to 191.00 metres.

Some drill sections contain several closely spaced bulk-tonnage-type gold intervals defining significant aggregate widths of mineralization as shown in the associated table:

  • Drill hole BR-231 contained an aggregate 100.70 metres of bulk-tonnage mineralization ranging from 0.55 g/t to 3.20 g/t gold between 57.90 and 215.40 metres on drill Section 20700. Subintervals included 1.35 g/t gold over 30.30 metres from 57.90 to 88.20 metres.
  • Drill hole BR-224 contained an aggregate 139.50 metres of bulk-tonnage mineralization ranging from 0.49 g/t to 6.07 g/t gold between 244.15 and 403.00 metres on drill Section 20575. Subintervals included 1.05 g/t gold over 57.15 metres from 280.35 to 337.50 metres.

Mr. Taylor continued: "In order to help convey the size of the LP fault discovery, we use one-kilometre-long-by-500-metre-high reference grids on the long sections. However, [on the company's website] we have also provided an additional figure 3 showing the same data in three dimensions. The scale box in figure 3 measures 4,200 metres long by 1,400 metres wide by 950 metres deep. The LP fault is not a vein-type deposit and cannot be adequately illustrated in long section because of multiple parallel gold zones and a wide halo of disseminated gold mineralization, all of which extend to bedrock surface and remain open in all directions."

Drill hole                        From            To        Width*          Gold
                                   (m)           (m)           (m)         (g/t)

BR-251                           96.60         98.00          1.40          8.57
and                             184.50        219.00         34.50          6.73
including                       195.50        212.45         16.95         13.07
and including                   208.60        210.60          2.00         89.72
BR-252                           72.00        117.45         45.45          3.67
including                        80.40         80.90          0.50         85.50
and including                   102.00        115.50         13.50          8.18
BR-179                          460.00        474.00         14.00          0.64
BR-216                          123.00        146.40         23.40          1.66
including                       136.70        145.85          9.15          3.88
and                             183.00        215.50         32.50          2.55
and including                   187.10        191.00          3.90         10.23
BR-237                           41.60         91.50         49.90          0.61
including                        58.80         71.00         12.20          2.06
and                             195.70        205.75         10.05          1.15
BR-222                          475.50        489.00         13.50          0.34
BR-214                          162.00        214.25         52.25          0.53
including                       169.50        183.00         13.50          1.13
and                             515.30        518.00          2.70          5.46
BR-207                           22.00         24.50          2.50          3.54
BR-235                           29.20         40.00         10.80          1.07
                                181.30        196.30         15.00          7.88
BR-236                           61.50         91.50         30.00          0.75
including                        70.80         72.50          1.70          5.83
BR-226                          584.25        589.30          5.05          2.63
BR-234                          148.95        156.70          7.75          0.70
and                             239.60        240.00          0.40          6.16
BR-227                          543.70        570.50         26.80          1.04
BR-233                           74.50         93.00         18.50          1.55
and                             294.00        295.00          1.00          9.44
BR-232                          103.80        111.90          8.10         32.01
including                       106.75        107.50          0.75        241.00
BR-225                          138.35        149.15         10.80          1.16
and                             189.80        263.45         73.65          0.55
BR-224                          244.15        267.00         22.85          0.73
and                             280.35        337.50         57.15          1.05
including                       295.00        307.50         12.50          2.01
and                             343.50        403.00         59.50          0.49
BR-231                           57.90         88.20         30.30          1.35
including                        77.40         88.20         10.80          3.20
and including                    82.50         86.70          4.20          6.02
and                             145.00        215.40         70.40          0.55
including                       154.00        157.00          3.00          6.37
BR-230                          158.00        168.70         10.70          0.65
and                             254.80        294.20         39.40          0.43
BR-195                          223.60        264.15         40.55          0.44

* 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. Interval widths 
are calculated using a 0.10 g/t gold cut-off grade with up to three m of 
internal dilution of zero grade.  

Update on financing

The underwriters have asked the company to extend the closing date for the previously announced (see company news releases of Jan. 21, 2021) $70-million bought-deal private placement financing until Feb. 25, 2021. The underwriters requested extra time for administrative reasons associated with the flow-through portion of the financing. Following closing, Great Bear will have over $100-million in cash and expects to provide an update on the 2021 exploration program and budget in early March, 2021.

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 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-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 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 330 square kilometres 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.

QA/QC (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-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, 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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