Great Bear Resources Drills 27.36 g/t Gold over 3.65 m Including 153.73 g/t Gold over 0.5 m as Hinge Zone Extended; Defines New Ultramafic Gold Control, and Mobilizes Second Drill at Dixie Project
TSX VENTURE: GBR
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2018) - Great Bear Resources (TSXV: GBR) (the "Company" or "Great Bear"), today reported drill results from 19 holes totalling 4,290 metres from the Hinge Zone ("HZ") and South Limb Zone ("SLZ") at its 100% owned Dixie project in the Red Lake district of Ontario. The Company has expanded its recent high-grade gold discoveries and identified a new ultramafic unit in the core of the Dixie gold system. The Company also announces a second drill rig will be mobilized early in 2019 as it accelerates its fully-funded, ongoing 30,000 metre drill program.
Reconnaissance drilling tested a large 220 metre (east-west) by 190 metre (vertical) area of the SLZ and HZ. Highlights include:
- Drilling below Great Bear's recent HZ discovery extended continuous gold mineralization from surface to 190 metres depth and the zone is open to extension. The deepest hole is located 114 metres down-plunge of the HZ discovery and returned 3.65 metres of 27.36 g/t gold (estimated true width) including 0.5 metres of 153.73 g/t gold (Figure 1).
- 18 of 19 drill holes intersected quartz veins with visible gold at the predicted plunge and dip. Gold was observed in all (19 of 19) drill holes. High-grade gold of greater than 15 g/t was observed in 7 of 19 drill holes.
- Other HZ results include 14.1 metres of 4.45 g/t gold (estimated true width) including 0.50 metres of 48.93 g/t gold and 0.5 metres of 36.71 g/t gold. The HZ shows strong grade continuity and varies from 1.5 to 14.1 metres in estimated true width where drilled to-date.
- SLZ drilling returned 5.95 metres of 4.21 g/t gold including 1.25 metres of 15.16 g/t gold, and 3.60 metres of 5.57 g/t gold including 1.10 metres of 14.01 g/t gold (Figure 2).
- The HZ and SLZ occur within the same extensive gold-mineralized quartz vein network. Veining has been sparsely drilled along 290 metres of strike length to-date and is developed parallel to an ultramafic unit and near a regional scale D2 fold axis and related fault zone. Steeply plunging high-grade zones were successfully targeted during current drilling and the Company expects additional zones similar in style to the HZ may occur along strike of the SLZ/HZ vein trend.
- The Company will continue test drilling along strike of the SLZ/HZ and will follow-up with higher density drilling targeting all high-grade gold intercepts and depth extensions through 2019.
Chris Taylor, President and CEO of Great Bear stated, "We rank this new drilling success as our most significant gold discovery at the Dixie project to-date, as it clearly exceeded our expectations for what is best described as reconnaissance drilling of the new South Limb Zone and Hinge Zone areas. In addition to expanding these zones, we have simultaneously identified an important ultramafic-related gold control that advances our understanding of the gold system and points to potential for discovery of additional gold zones elsewhere on the project."
The Company is now conducting a fully-funded 30,000 metre, approximately 150 drill hole drill program that is expected to continue through 2018 and 2019. Targets to be drilled include the HZ, SLZ and DLZ, as well as a number of newly defined, highly prospective geological and structural targets across the project.
The Company will mobilize a second drill rig early in 2019 in order to more rapidly drill the known mineralized zones, and simultaneously test new gold targets. Results will continue to be released in batches as received.
Ultramafic Unit Central to Gold System Within D2 Fold Structure
The Company has also identified key stratigraphic controls to the gold mineralization with potentially significant exploration implications across the Dixie property. Results stem from ongoing drilling and re-logging/re-sampling of historical drill core.
7 drill holes across the SLZ/HZ and DLZ have intersected a serpentine and talc altered, veined ultramafic unit ("SUM") that is central to the major gold occurrences. Findings include:
- The SUM is coincident with the main regional D2 fold axis and both the historical DLZ and the new HZ and SLZ discoveries parallel this feature on either side over several hundred metres of strike length, forming a "gold mineralized halo" (Figure 3).
- Gold mineralization occurs in all rock types on both sides of the SUM, increasing the number of potential gold-mineralization targets.
- Surface projection of the SUM and parallel DLZ/HZ and SLZ zones highlight prospective drill targets along strike in areas where no previous drilling was carried out. Additional on-strike potential will be drill-tested in 2019.
- The D2-related structures with associated mafic and ultramafic rocks and steeply-plunging gold zones show similarities to the geological setting at the High Grade Zone of the Main Red Lake Gold Mine ("RLGM"), operated by Goldcorp. More generally, ultramafic units are proximal to gold zones at most major Red Lake gold deposits, and this is now confirmed to be the case at the Dixie project.
The most recent drill results are provided in Table 1. Highlighted results from all HZ and SLZ drilling to-date are available at the company's website.
Highlights of all of Great Bear's drill results can be viewed at the Company's web site at www.greatbearresources.ca.
Table 1: New drill results from the Hinge and South Limb Zones. Hinge Zone holes are marked DHZ. South Limb Zone holes are marked DSL.
|Drill Hole||From (m)||To (m)||Width (m)*||Gold (g/t)||Vert. Depth (m)|
* width is determined to be 95-100% of true width based on intersection points of the drill hole intercept with the geological model and oriented drill core data.
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 and newly discovered gold-mineralized vein systems similar to those 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.
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 (QA/QC). No QA/QC 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
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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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