Great Bear Resources Provides Update on Progress at Dixie Project, Red Lake District, Ontario
TSX VENTURE: GBR
Vancouver, British Columbia--(Newsfile Corp. - July 11, 2018) - Great Bear Resources (TSXV: GBR) (the "Company" or "Great Bear") today provided an update on ongoing 2018 drilling at its flagship Dixie project, located in the Red Lake district of Ontario. A fully funded drill program consisting of 40 — 50 additional drill holes totalling 7,000 metres is underway and is expected to continue until November 2018. Results will be issued regularly throughout the remainder of the year.
Progress at the Dixie project since the 2018 exploration program resumed in June includes:
Completion of 5 drill holes with a total of 1,400 metres of drilling.
Completion of historical core relogging, with additional historical intervals submitted for assay.
Commencement of geological mapping and prospecting work.
The Company also plans to begin a geological mapping and prospecting program during August at its West Madsen project, contiguous with Pure Gold Mining Inc.'s Madsen property, where Pure Gold is currently drilling the Wedge Zone discovery less than 1.5 kilometres from Great Bear's property boundary.
The Company also reports it has granted an aggregate of 330,000 stock options to officers, directors, advisors and consultants of the Company, exercisable at $0.55 per share for a period of five years. The options are subject to a four month hold period.
Highlights of Great Bear's drilling of the Dixie project to-date include:
Completion of 28 drill holes totalling approximately 5,400 metres, with gold mineralization in all drill holes assayed to-date along 2.3 kilometres of strike length of the Dixie Limb Zone. Combined with historical drilling, approximately 200 drill holes totalling approximately 30,000 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, May 25, 2018 and June 27, 2018.
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 approximately 200 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 Madsen property. 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 Activation Laboratories Ltd. in Ancaster Ontario, and SGS Canada Inc. in Red Lake, Ontario, 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 3.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. 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.
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.
We seek safe harbor