Great Bear Resources Reports 7.00 m of 68.76 g/t Gold from Revised Hinge Zone Interval, Announces New 30,000 m, 150 Drill Hole Program at Dixie Project, Red Lake District
TSX VENTURE: GBR
Vancouver, British Columbia--(Newsfile Corp. - September 20, 2018) - Great Bear Resources (TSXV: GBR) (the "Company" or "Great Bear") today reported revised results from its recent high-grade gold discovery in the Hinge Zone, and provided details on its new drill program, now underway at its Dixie Project in the Red Lake District of Ontario.
Drill hole DHZ-004 was originally reported as returning 44.47 g/t gold over 7.00 metres on August 22, 2018. The interval has been increased to 68.76 g/t gold over 7.00 metres through re-assay of a previously under-reported core interval.
Table 1: Revised assay results for drill hole DHZ-004. All intervals are drill indicated, as there has been insufficient drilling in the Hinge Zone to define true thicknesses.
|Original Interval Gold (g/t)||Revised Interval Gold (g/t)|
*The interval contains a 2.75 m section of 0.02 g/t gold from 129.00 m to 131.75 m.
R. Bob Singh, P.Geo, Director and VP Exploration of Great Bear commented, "As part of our quality control procedures, all high grade intercepts are reviewed in detail and samples are flagged for check-assay and re-assay. After reviewing the intercepts in hole DHZ-004, it was determined that the analytical result from sample number 279693, originally reported as 1.7 g/t gold over 0.5 metres of core length, did not match the visual description of the drill core and was inconsistent with the grade of surrounding samples. After consultation with SGS Canada's quality control department, the sample was re-submitted for triplicate assays which returned an average of 341 g/t gold by gravimetric analysis. We are satisfied with the results of our quality control assessment and do not anticipate any further changes to our reported results."
SGS Canada Inc., Great Bear's assay laboratory, provided the following comment:
"Great Bear Resources submitted samples to SGS Canada Minerals Red Lake laboratory on July 17th, 2018. The samples were tested under report RL1801865 on August 3rd, 2018. Great Bear Resources requested a repeat analysis on sample # 279693 as the Great Bear geology team had previously identified visible gold in this sample. The original result was 1.7 g/t gold by AAS instrumentation and the subsequent triplicate check assay reported 303 g/t, 350 g/t and 370 g/t gold by gravimetric analysis.
The sample was originally tested through the typical exploration gold method with the upper limit of 10 g/t gold. The issue was likely due to incomplete dissolution of the dore bead prior to instrumental analysis and related to the high gold content. This under reporting issue appears to be limited to sample # 279693.
As with all quality concerns, SGS strives to continuously improve and provide customer satisfaction. SGS is working closely with Great Bear Resources and measures have been put in place to prevent this issue in future."
An image of the core segment originally assayed as containing 1.7 g/t gold is shown in Figure 1.
2018 — 2019 Dixie Project Drill Program
The Company also reports it has commenced a 30,000 metre drill program that will consist of approximately 150 drill holes and will continue through 2018 and 2019. The program's anticipated budget is $5,500,000. The Company currently has $11,500,000 on hand following the closing of a $10,070,000 private placement announced September 11, 2018.
The new drill program will continue to drill test the Dixie Limb Zone ("DLZ"), including its various sub-zones such as the Hinge Zone and South Limb Zones. Step-out drilling will also test additional targets along the 10 kilometre strike length of the DLZ.
In addition to the DLZ, a number of parallel structural trends and geological contacts have also been identified by Great Bear's technical team that represent new potential gold mineralization targets elsewhere on the Dixie property. Many of these are associated with D2 fold closures, potential intrusive bodies, and cross-cutting structures that have been defined using the Company's 2017 high-resolution airborne magnetic survey data. These factors are important gold mineralization controls across the district and have the potential to host additional zones of gold mineralization at Dixie.
Additions to the Exploration Team
The Company is pleased to announce that Director and VP Exploration R. Bob Singh, P.Geo, has increased his involvement with the Company to a full-time basis. The Company has also retained Andrea Diakow, P.Geo, as Exploration Manager. Bob and Andrea have previously worked together on other Red Lake drill programs for a variety of publicly-traded exploration companies.
The Company also reports that it has retained Rimini Exploration and Consulting Ltd., based in Red Lake, to assist with project operations. Rimini staff have assisted Great Bear since the Company's drill program was initiated in summer 2017.
Collectively, Great Bear's exploration staff have over 110 years of experience in the Red Lake district, including underground at the main Red Lake Gold Mine operated by Goldcorp Inc.
The Company also reports it has granted an aggregate of 1,220,000 stock options to officers, directors, advisors and consultants of the Company, exercisable at $1.85 per share for a period of five years. The options are subject to a four month hold period.
About Great Bear
Great Bear is earning a 100% royalty-free interest in the Dixie property for remaining payments totaling $110,000 over three years. The property consists of 9,140 hectares located approximately 15 minutes' drive along Highway 105 from downtown Red Lake, Ontario. The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce. The Dixie property covers 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 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 (QAQC). No QAQC issues were noted with the results reported herein.
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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