Great Bear Drills 30.51 g/t Gold Over 12.40 m at LP Fault

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Great Bear Resources Ltd.

Jun 08, 2020, 07:30 ET

TSX-V:  GBR  

VANCOUVER, BC, June 8, 2020 /CNW/ - Great Bear Resources Ltd. (the "Company" or "Great Bear", (TSXV: GBR); (OTCQX: GTBAF) today reported results from its ongoing fully funded $21 million exploration program at its 100% owned flagship Dixie Project in the Red Lake district of Ontario.

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Chris Taylor, President and CEO of Great Bear said, "The LP Fault continues to demonstrate excellent continuity of near-surface high-grade gold, and has just yielded the highest-grade, widest drill interval to date.  Deeper drilling towards the northwest margin of our planned grid program has also extended high-grade gold mineralization in this area.  Having completed our upsized private placement, we have over $50 million in cash and sufficient capital to continue aggressive drilling into 2022.  Updated exploration plans reflective of our ability to undertake an expanded fully-funded drill program will be provided in the near future."

The Company has completed 111 of approximately 300 planned drill holes into the LP Fault target, as part of its 5 kilometre long by 500 metre deep grid drill program.  Current drill hole locations and results are provided in Figure 1, and in Table 1, respectively.  An updated long section of the LP Fault drilling is provided in Figure 2.

Drill Results Highlights:

New drill hole BR-133 on section 20050 was completed in a 140 metre gap in drilling.  It contained multiple mineralized intervals, highlights of which include:

  • 30.51 g/t gold over 12.40 metres, including 103.56 g/t gold over 1.10 metres, within a broader interval of 15.45 g/t gold over 25.15 metres, beginning at 163.35 metres down hole. Figure 3.
  • This is the widest, highest-grade gold interval drilled at the LP Fault to date. Mineralization is present at the bedrock surface.
  • Previously disclosed drill hole BR-118 (May 4, 2020), which assayed 18.57 g/t gold over 13.00 metres, was formerly considered one of the best high-grade intervals along the LP Fault zone prior to BR-133. These holes are 600 metres apart and both intersect the same gold zone.

Continuity of gold mineralization is suggested by deeper drilling on the same section as BR-133:

  • New drill hole BR-134 intersected the same mineralized zone 75 metres vertically below BR-133. Assays include 11.16 g/t gold over 18.50 metres, including 47.95 g/t gold over 1.50 metres, within a broader interval of 3.62 g/t gold over 63.65 metres, beginning at 158.35 metres down hole.

Continuity of gold mineralization is also suggested by similar results on both adjacent sections to BR-133 and 134:

  • Drill section 20100, located 50 metres to the northwest of BR-133, includes previously reported drill hole BR-020 which returned 10.65 g/t gold over 17.25 metres (September 3, 2019).
  • Drill section 19950, located 90 - 100 metres to the southeast of BR-133, includes previously reported drill hole BR-065 which returned 48.67 g/t gold over 8.70 metres (December 16, 2019).

Extension of high-grade gold:

  • New drill hole BR-127 was completed near the northwestern limit of LP Fault drilling on section 22450, approximately 2,400 metres northwest of BR-133 in the on-strike continuation of the same mineralized zone, as shown on Figure 2. The drill hole intersected the gold zone at greater depth than previous drilling on this section.
  • Results are significantly better than shallower drilling on this section, and include 10.28 g/t gold over 3.90 metres, within a broader interval of 5.04 g/t gold over 10.10 metres at a depth of approximately 375 vertical metres. Figure 4.
  • Results extend drill-confirmed high-grade gold mineralization by approximately 100 metres to the northwest and demonstrate increased grade and thickness of gold mineralization at greater depth. Further deeper drilling is required in this area. Increased gold mineralization at greater depth was also recently reported at the adjacent Dixie Limb zone (May 11, 2020), and is a common feature of mesothermal gold deposits in northwestern Ontario.

Other drill results:

  • Additional drilling continues to successfully intersect gold mineralization along all points of the LP Fault.
  • New drill hole BR-109, located 150 metres northwest of BR-133 on drill section 20200 intersected 14.48 g/t gold over 4.00 metres, within a broader interval of 3.23 g/t gold over 27.25 metres.
  • New drill hole BR-108, located on the same drill section as BR-109, intersected multiple gold-bearing intervals along 228.80 metres of core length, including 14.97 g/t gold over 1.00 metres, within a broader interval of 1.04 g/t gold over 71.50 metres.

Approximately 189 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 addition to other regional targets.  The Company remains fully funded for this work and does not anticipate requiring further financing until 2022.

Table 1: Current drill results.  Drill sections are arranged from southeast (top of Table) to northwest (bottom of Table), corresponding to the map provided in Figure 1.

Drill Hole

From (m)

To (m)

Width* (m)

Gold (g/t)

Section

BR-107

312.50

317.50

5.00

0.69

19900

and

442.10

443.10

1.00

1.48

and

534.40

550.15

15.75

0.46

including

543.00

545.00

2.00

1.33

and

638.00

639.00

1.00

2.71

BR-133

37.50

41.00

3.50

4.03

20050

including

40.00

41.00

1.00

13.30

and

84.00

84.90

0.90

8.76

and

128.75

146.50

17.75

1.75

including

138.50

141.00

2.50

6.96

and including

140.10

141.00

0.90

15.60

and

150.00

159.00

9.00

2.88

including

155.70

159.00

3.30

7.32

and including

158.25

159.00

0.75

26.10

and

163.35

188.50

25.15

15.45

including

170.25

182.65

12.40

30.51

and including

171.40

182.65

11.25

32.25

and including

171.40

172.50

1.10

103.56

and including

174.15

176.00

1.85

67.85

BR-134

50.00

53.50

3.50

1.10

20050

and

128.00

137.50

9.50

0.46

and

158.35

222.00

63.65

3.62

including

198.50

217.00

18.50

11.16

and including

207.50

217.00

9.50

19.24

and including

215.50

217.00

1.50

47.97

and including

216.50

217.00

0.50

79.20

and

390.00

395.00

5.00

1.38

BR-108

280.00

351.50

71.50

1.04

20200

including

297.00

299.50

2.50

4.20

and including

322.50

341.50

19.00

2.06

and including

330.00

335.50

5.50

4.32

and including

334.00

335.00

1.00

14.97

and

442.15

442.65

0.50

23.20

and

508.30

508.80

0.50

21.90

BR-109

134.50

149.40

14.90

0.94

20200

including

148.25

149.40

1.15

4.94

and

207.75

235.00

27.25

3.23

including

210.50

218.50

8.00

9.40

and including

210.50

214.50

4.00

14.48

and including

212.50

214.50

2.00

21.67

and

483.00

484.00

1.00

5.16

BR-119

36.00

106.65

70.65

0.88

20650

 

including

43.20

64.00

20.80

1.14

and including

82.50

106.65

24.15

1.01

and including

99.75

102.00

2.25

4.88

BR-132

284.00

321.75

37.75

0.31

21100

BR-123

59.00

63.50

4.50

4.70

21200

including

60.00

63.50

3.50

5.83

and

280.75

284.15

3.40

0.58

BR-124

88.50

90.70

2.20

1.13

21200

and

177.60

178.60

1.00

3.73

and

267.00

273.25

6.25

1.02

and

267.00

267.60

0.60

6.46

and

361.00

363.50

2.50

0.79

BR-125

64.70

67.30

2.60

1.73

21350

BR-126

75.00

77.40

2.40

5.09

21350

including

76.70

77.40

0.70

15.70

and

93.20

96.60

3.40

1.47

and

151.00

151.50

0.50

4.26

and

237.00

243.50

6.50

0.44

BR-128

476.00

492.00

16.00

1.94

22350

including

476.00

478.00

2.00

12.20

and including

477.00

478.00

1.00

20.20

and

503.00

535.75

32.75

0.70

including

503.00

516.00

13.00

1.14

BR-127

410.45

411.50

1.05

4.32

22450

and

423.00

455.60

32.60

1.79

including

423.80

433.90

10.10

5.04

and including

430.00

433.90

3.90

10.28

and including

431.40

432.40

1.00

36.76

and including

431.40

431.90

0.50

64.10

and

494.50

510.50

16.00

0.24

and

530.70

564.75

34.05

0.52

including

531.80

536.75

4.95

1.27

and including

534.85

535.50

0.65

5.76

and

634.70

635.50

0.80

3.87

*Widths are drill indicated core length, as insufficient drilling has been undertaken to determine true widths at this time.  Average grades are calculated with un-capped 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 3 m of internal dilution of zero grade. 

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 web site at www.greatbearresources.ca. Drill collar locations, azimuths and dips for the drill holes included in this release are provided in the table below:

Hole ID

Easting

Northing

Elevation

Depth

Dip

Azimuth

BR-107

457779

5634162

361

711

-58

210

BR-108

457465

5634208

360

717

-60

205

BR-109

457413

5634095

352

555

-58

205

BR-119

456892

5634128

356

487

-62

210

BR-123

456441

5634509

360

456

-50

218

BR-124

456442

5634510

360

372

-68

218

BR-125

456318

5634540

361

357

-48

218

BR-126

456318

5634540

361

465

-68

218

BR-127

455676

5635492

381

708

-57

228

BR-128

455771

5635427

378

672

-55

228

BR-132

456590

5634474

358

570

-55

214

BR-133

457511

5634004

353

468

-48

205

BR-134

457511

5634004

353

519

-60

205

About the Dixie Project

The Dixie Project is 100% owned, comprised of 9,140 hectares of contiguous claims that extend over 22 kilometres, and is located approximately 25 kilometres southeast of the town of Red Lake, Ontario. 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

Great Bear Resources Ltd. is a well-financed gold exploration company managed by a team with a track 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 km2 of highly prospective tenure across 4 projects: the flagship Dixie Project  (100% owned), the Pakwash Property (earning a 100% interest), the Dedee Property (earning a 100% interest), and the Sobel Property (earning a 100% interest), all of which are accessible year-round through existing roads.

QA/QC and Core Sampling Protocols

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  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 analysed 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% 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 1 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 (QAQC).  No QAQC issues were noted with the results reported herein. 

Qualified Person and NI 43-101 Disclosure

Mr. R. Bob Singh, P.Geo, Director and VP Exploration, and Ms. Andrea Diakow P.Geo, 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.

ON BEHALF OF THE BOARD

"Chris Taylor"                                  

Chris Taylor, President and CEO

Cautionary note regarding forward-looking statements

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

Great Bear undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

SOURCE Great Bear Resources Ltd.

Investor Inquiries: Mr. Knox Henderson, Tel: 604-551-2360, Fax: 604-646-4526, [email protected], www.greatbearresources.ca

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Great Bear Resources Ltd.