Great Bear Resources Completes Purchase of 100% Royalty-Free Interest in Dixie Gold Project, Red Lake, Ontario
TSX VENTURE: GBR
Vancouver, British Columbia--(Newsfile Corp. - November 19, 2018) - Great Bear Resources Ltd. (TSXV: GBR) (the "Company" or "Great Bear"), today announced it has accelerated payments and completed its Purchase Agreements to earn a 100% royalty-free interest in its flagship Dixie project, located in the Red Lake district of Ontario.
Great Bear now has 100% ownership of the 9,140-hectare project. Over 25,000 metres of drilling in 160 drill holes were completed at the project between the late 1980's and 2012 by past explorers. Great Bear followed with an additional 11,000 metres of drilling in approximately 50 drill holes in 2017 and 2018. The Company has now commenced a new approximately 150-hole, 30,000 metre drill program that will continue through 2019, testing known high-grade gold zones and newly identified targets.
Highlights of Great Bear's drill intercepts to-date include 10.40 metres of 16.84 g/t gold in the Dixie Limb Zone, 7.00 metres of 68.76 g/t gold in the Hinge Zone, and 1.75 metres of 101.05 g/t gold in the South Limb Zone. The Company is exploring a multi-zone, from-surface gold system with several kilometres of potential strike length, as defined by drilling, prospecting and geophysics.
About Great Bear
The Dixie property is 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. 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.
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
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