Great Bear Resources Drills New High-Grade Gold Discovery on a 1.6 Kilometre Step-Out Hole, and Additional Near Surface Interval of 40.30 metres of 1.73 g/t Gold in Main Drill Area at Dixie Project, Red Lake District
TSX VENTURE: GBR
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2018) - Great Bear Resources (TSXV: GBR) (the "Company" or "Great Bear") today reported gold results for a further 10 drill holes from its ongoing 2018 drilling. A fully funded drill program consisting of 40 — 50 additional drill holes totalling 7,000 metres has now commenced and is expected to continue until November 2018. Results will be issued regularly throughout the remainder of the year. Highlights of the latest drill results include:
New High-Grade Gold Discovery
- A 1.6 kilometre step-out along the main Dixie Limb Zone ("DLZ") intersected near-surface high-grade gold mineralization at a vertical depth of only 37 metres. Hole DNW-001 returned 1.40 metres of 12.74 g/t gold, including 0.5 metres of 23.30 g/t gold, within a wider interval of 5.60 metres of 3.52 g/t gold. Drill locations are shown on Figure 1.
Wide Near-Surface Gold Mineralization
- Shallow drilling to test near-surface mineralization of the DLZ in the main drill area returned wide gold-mineralized intervals including multiple higher-grade intercepts. Hole DL-013 returned 40.30 metres of 1.73 g/t gold from 35 metres vertical depth. This included 12.3 metres of 3.13 g/t gold and 2.0 metres of 6.38 g/t gold. A cross section of this drilling is shown on Figure 2.
Scale of Gold System
- The DLZ consists of a favourable geological contact that hosts gold mineralization and has now been drill confirmed along 2.3 kilometres of strike length. A high resolution geophysical survey completed by Great Bear shows the zone may extend for up to 10 kilometres strike length on the property. All of 90+ drill holes that have intersected this target have encountered the same extensive gold-bearing hydrothermal system, and all holes contain gold mineralization.
Chris Taylor, President of Great Bear said, "Step-out drill spacing is typically a few metres to tens of metres in the Red Lake district. Our step-outs at 850 metres and 1.6 kilometres along the Dixie Limb Zone have all intersected gold mineralization, including high-grade gold. This remarkable result shows the size and strength of the gold system at our flagship Dixie project. Simultaneously, we have identified gold over significant widths in near-surface holes overlying deeper high-grade gold intercepts in the vicinity of most historical drilling. Great Bear's Dixie project is located only 15 minutes drive along the highway from Red Lake, and all reported gold results are from areas underlying or adjacent to existing logging roads, 5 minutes from the highway and accessible year-round."
Table 1: Highlighted drill results from latest 10 drill holes. Drill location and gold interval start depth are provided. All intervals are drill indicated core length and do not represent true thicknesses.
|Drill Hole||Vertical Depth
|DNW-001||37.8||52.60||58.20||5.60||3.52||1.6 km Step-Out|
|DNW-002||55.3||67.50||69.70||2.20||3.86||1.6 km Step-Out|
|DNW-003||117.1||152.80||154.00||1.20||1.33||850 m Step-Out|
|DL-011||232.0||279.00||284.85||5.85||2.25||Main Drill Area|
|DL-012||115.6||133.50||143.50||10.00||2.29||Main Drill Area|
|DL-013||39.5||47.70||88.00||40.30||1.73||Near-Surface of Main Drill Area|
|DL-014||52.1||57.50||65.90||8.40||1.90||Near-Surface of Main Drill Area|
|DL-015||56.7||63.00||70.90||7.90||2.69||Near-Surface of Main Drill Area|
|DL-016||52.0||68.00||86.50||18.50||1.09||Near-Surface of Main Drill Area|
|DL-017||126.0||137.00||166.00||29.00||1.00||Main Drill Area|
The Company is now prospecting, trenching and completing a grid of follow-up drill holes in the vicinity of the step-out drilling to determine the geometry of gold mineralization in this new area. Ongoing drilling will also continue to target extensions along strike and at depth of various targets within the DLZ, including the Main Dixie Limb, Hinge Zone, South Limb, and Hanging Wall Zone targets.
The northwest step-out drilling intersected a diverse suite of sulphides including coarse arsenopyrite with visible gold within a broad interval of silica alteration and veining. This style of high grade gold mineralization and alteration is similar to that reported at producing gold mines in the Red Lake district. The DLZ as a whole is characterized by extensive silicification, silica veining, and various sulphide assemblages with varying visible gold content.
Figure 1: Map of drill holes completed in 2018 by Great Bear to date, including location of step-out drill holes along Dixie Limb Zone. Background is high resolution magnetic data. The target contact is shown as a dashed line.
Figure 2: Cross section through the DLZ showing highlighted intercept of 40.30 metres of 1.73 g/t gold in DL-013. Historical drill core includes unsampled intervals where indicated. Interpreted mineralized zone boundaries are shown.
Highlights of Great Bear's drilling of the Dixie project to-date include:
- Completion of 23 drill holes totalling approximately 4,000 metres, with gold mineralization in all drill holes along 2.3 kilometres of strike length of the DLZ. Combined with historical drilling, over 190 drill holes totalling approximately 28,000 metres have been completed at the Dixie property.
- Discovery of wide, high-grade gold mineralization including 16.84 g/t gold over 10.40 metres
- Discovery of high-grade gold at the Hinge Zone returning 17.18 g/t gold over 1.7 metres, including 46.3 g/t gold over 0.60 metres
- Discovery of high-grade gold at the Hanging Wall Zone returning 12.41 g/t gold over 1.5 metres, including 30.20 g/t gold over 0.55 metres
- Discovery of thicker zones of gold mineralization near surface including 1.73 g/t gold over 40.30 metres
- Discovery of high-grade near-surface gold including 1.40 metres of 12.74 within 5.60 metres of 3.52 g/t gold at a 1.6 kilometre step-out
All gold zones at the Dixie project remain open along strike and at depth. See news releases of November 2, 2017 and May 25, 2018.
The Company announced raising $2.1m in May 2018 and is fully funded through the completion of the current drill program.
About Great Bear
Great Bear is earning a 100% royalty-free interest in the Dixie property which consists of 9,140 hectares in the Red Lake district covering a drill and geophysically defined multi-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district. The project has seen over 190 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact — the Dixie Limb Zone. In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.'s (TSXV: PGM) Madsen property. All of Great Bear's Red Lake projects are accessible year-round through existing roads.
Drill core was logged and sampled in a secure core storage facility located in Red Lake Ontario. Core samples from the program were cut in half, using a diamond cutting saw, and were sent to Activation Laboratories Ltd. in Ancaster Ontario, an accredited mineral analysis laboratory, for analysis. All samples were analysed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold were analysed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates were routinely inserted into the sample stream, as part of Great Bear's quality control/quality assurance program.
Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person 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.
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.
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