VANCOUVER, July 24, 2019 /CNW/ - Great Bear Resources Ltd. (the "Company" or "Great Bear", TSX-V: GBR) today reported ongoing drill confirmation of recently predicted high-grade structural gold controls in the Dixie Limb Zone at its 100% owned Dixie Project in the Red Lake District of Ontario. The most recent drill highlights are provided in Table 1.
Highlights of the most recent results include:
Thickened zone widths near a predicted intersection of the Hinge Zone vein swarm with the Dixie Limb, including 12.10 metres of 5.87 g/t gold, which includes a high-grade core of 4.60 metres of 14.32 g/t gold.
Higher gold grades at these predicted intersections of up to 1.00 metre of 54.51 g/t gold and 0.60 metres of 73.33 g/t gold.
Table 1: Recent drill results from the Dixie Limb Zone targeting new structural controls.
*Drill interval widths are 80%of true width based on intersection points of the drill hole intercept with the geological model and oriented drill core data.
Newly defined gold zone geometries within the Dixie Limb are provided in Figure 1.
Chris Taylor, President and CEO of Great Bear said, "When I first heard of the Dixie project almost 10 years ago, what we now call the Dixie Limb was the only known significant gold zone on the property. At the time, I was told it was a 4 g/t average gold occurrence. We now know that there are also higher grade gold zones developed along the 600 metre strike length of the target. When we began defining a significant swarm of gold-bearing quartz veins at the adjacent Hinge Zone, we analysed drill data at the Dixie Limb and predicted that veins parallel to the Hinge Zone could also intersect it. Our drilling has confirmed that steeply-plunging high-grade gold occurs at and near these intersections, and that these intersections are priority drill targets within the Limb. We will continue to drill these zones to define their number, size, gold endowment, and extent to depth."
Some of the Company's drill holes targeting the adjacent Hinge Zone also intersect the Dixie Limb, as the two zones are generally separated by only 50 to 200 metres.
The Company also reports it has granted an aggregate of 400,000 stock options to employees, directors, consultants and advisors of the Company, exercisable at $5.31 per share for a period of five years. The options are subject to a four month hold period.
The Company continues to undertake a fully funded, 90,000 metre drill program that is expected to continue through 2019 and 2020. Targets tested will include the Hinge Zone, Dixie Limb Zone, Bear-Rimini Zone, Yuma Zone, LP Fault, North Fault, and other targets across the property. In order to accelerate the program, a second drill rig was added in February, and a third drill rig arrived in June of 2019. Approximately 55,000 metres of drilling remain in the current program.
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, royalty free, 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 covers a drill and geophysically defined multi kilometre gold mineralized structure similar to that associated with other producing gold mines in the district. 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.
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 SGS Canada Inc. in Red Lake, Ontario, and Activation Laboratories in Burnaby, British Columbia, both of which are accredited mineral analysis laboratories, 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. 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.
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, President and CEO
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: please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360; Inquiries: Tel: 604-646-8354, Fax: 604-646-4526, [email protected], www.greatbearresources.ca