VANCOUVER, Nov. 19, 2019 /CNW/ - Great Bear Resources Ltd. (the "Company" or "Great Bear", TSX-V: GBR) today reported the appointment of Mr. Calum Morrison to the position of Vice President, Corporate Development.
Mr. Morrison has over 15 years of experience in the mining industry, having worked both in corporate development and investment banking roles. Mr. Morrison has managed and led negotiations on numerous transactions with aggregate value in excess $5 billion; including acquisitions, divestments, joint ventures, and other strategic initiatives. Most recently Mr. Morrison was a senior member of Teck Resources Limited's Corporate Development team that oversaw the origination, negotiation, and execution of numerous transactions.
Mr. Morrison is a Chartered Financial Analyst (CFA) Charter Holder, a Chartered Professional Accountant (CPA, CA), and holds a Bachelor of Environmental Science honours degree from Dalhousie university.
Chris Taylor, President and CEO of Great Bear said, "Over eighty percent of our district-scale Dixie property has yet to be explored, and Great Bear will remain focused on building upon its track record of exploration success through 2020 and 2021. However, even at this early stage, interest in our discoveries has been very strong. We are very pleased to welcome Calum to our executive team as we are confident he will help us maximize shareholder benefit through the growth of strong relationships within our industry, as the Company continues to advance the Dixie property."
The Company also reports it has granted an aggregate of 125,000 stock options to an employee of the Company, exercisable at $6.57 per share for a period of five years. Fifty percent of the options vest after an initial four month hold period, while the remaining fifty percent vest on November 18, 2020.
The Board of Directors has also resolved to make the warrants from the September 2018 financing which are exercisable at $1.75 and expire on September 11, 2020, transferrable. All other terms remain the same. If any of these warrant holders wish to transfer their warrants, please contact the Company's Corporate Secretary, Jeff Dare at: [email protected].
About Great Bear
Great Bear Resources Ltd. (TSX-V: GBR) is a well-financed company based in Vancouver, Canada, managed by a team with a track record of success in the mineral exploration sector. Great Bear holds a 100% interest in its flagship Dixie property, which is road accessible year-round via Highway 105, a 15-minute drive from downtown Red Lake, Ontario. The Red Lake mining district is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Newmont Goldcorp Corp., plus modern infrastructure and a skilled workforce. Production from the Red Lake district does not necessarily reflect the mineralization that may, or may not be, hosted on the Company's Dixie property.
The Dixie property hosts different styles of gold mineralization. High-grade gold-bearing quartz veins and silica-sulphide replacement zones hosted by mafic volcanic rocks, and localized near regional-scale D2 folds, occur at the Dixie Limb and Hinge Zones. These mineralization styles are also typical of the significant mined deposits of the Red Lake district.
The LP Fault is large a trans-crustal deformation zone that is interpreted to traverse the Dixie property for approximately 20 kilometres of strike length and has been drilled along 4.0 kilometres of strike length to-date. It hosts high-grade gold mineralization that is controlled by structural and geological contacts, and low to moderate grade disseminated gold that surrounds and flanks the high-grade intervals. The dominant gold-hosting stratigraphy consists of felsic sediments and volcanic units.
In addition, Great Bear is also earning a 100% royalty-free interest in the Pakwash, Dedee and Sobel properties, which cover regionally significant gold-controlling structures and prospective geology. All of Great Bear's Red Lake projects are accessible year-round through existing roads.
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.
For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
We seek safe harbor
SOURCE Great Bear Resources Ltd.
For further information: Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360