VANCOUVER, June 11, 2019 /CNW/ - Great Bear Resources Ltd. (the "Company" or "Great Bear", TSX-V: GBR) today reported mobilization of a third drill rig to its 100% owned Dixie Project in the Red Lake District of Ontario, as part of its ongoing fully-funded 60,000 metre drill program.
The third drill will target the new Bear-Rimini Zone and the "LP Fault", which is the 18 kilometre long structural target that is adjacent to, and partially hosts, the discovery as shown on Figure 1. Drilling is expected to begin at the Bear-Rimini Zone using the third drill rig within a few days.
The Bear-Rimini discovery consists of multiple zones of shallow high-grade gold mineralization in drill hole DNW-011. Highlight intervals include 14.00 metres of 12.33 g/t gold including 4.60 metres of 30.90 g/t gold, and 2.00 metres of 194.21 g/t gold including 0.50 metres of 759.38 g/t gold (see Great Bear news release of May 28, 2019). The high-grade gold intervals were intersected at less that 100 metres vertical depth in the footwall of the LP Fault. Mineralization within the fault zone itself returned a separate interval of 50.60 metres of 0.74 g/t gold. 15 additional historical drill holes have also cut the LP Fault along 2.5 kilometres of strike length and intercepted similar lower-grade mineralization to that observed within the fault in DNW-011.
Chris Taylor, President and CEO of Great Bear said, "Approximately 30,000 metres of our fully-funded 60,000 metre drill program remain to be drilled this year. Two drill rigs are currently on site at Dixie and will continue to drill the Hinge and Dixie Limb Zones. The third drill rig is expected to be dedicated to ongoing drilling of the Bear-Rimini Zone and LP Fault. The Company will continue to systematically and rapidly explore the high-grade gold zones discovered to date, plus several additional high priority targets that have also been identified across the property."
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. Gold 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 elsewhere in the Red Lake district. 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.
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