Vancouver, British Columbia--(Newsfile Corp. - September 7, 2017) - Great Bear Resources (TSXV: GBR) (the "Company" or "Great Bear") today announced results from the first 5 holes of an 8-hole drill program completed on the Dixie Lake Project, located in the Red Lake District of Ontario.
Highlights of drilling include:
Hole DL-005 intersected 10.40 m of 16.84 g/t gold including 1.05 m of 130.10 g/t gold
Hole DL-004 intersected 6.30 m of 5.56 g/t gold including 1.0 m of 8.33 g/t gold
Hole DL-001 intersected 4.60 m of 4.07 g/t gold including 0.50 m of 10.50 g/t gold
Hole DL-003 intersected 13.75 m of 2.11 g/t gold including 1.5 m of 5.42 g/t gold
Results for holes DL-006, DL-007a and DL-008 are pending.
Chris Taylor, M.Sc. P.Geo, CEO of Great Bear said, "We have recently more than tripled our Dixie Lake land position because our geological interpretation suggests we are exploring a regionally significant gold-bearing structure that mineralizes diverse geological units. With Dixie Lake's road access, on-site power lines, and location 20 kilometres from Red Lake, Great Bear is well-positioned to grow along with this emerging project. Great Bear has the option to earn a 100% interest in the Dixie Lake project, royalty-free, for an additional $150,000 in payments over four years."
R. Bob Singh, P.Geo, Vice President Exploration and Director of Great Bear said, "The intercept in hole DL-005 is the widest — highest grade intercept on the property to-date, and shows the potential of the main mineralized structures to host high-grade gold. It carries grade throughout the intercept, within a basalt that is strongly altered by silica and sulphides. Our 3D geological modelling, re-logging of historical drill core and re-interpretation of the zone has clearly led to a better understanding of the structural and geological relationships of high-grade gold on this property that we plan to pursue over the fall and winter."
The Company anticipates a fall-winter exploration program consisting of mapping, geophysical investigations, and drilling. Details will be released once all assay results from Phase 1 drilling are received. The Company completed a private placement in July 2017 and is funded for the planned exploration.
Table 1 contains composite intervals for holes DL-001 to DL-005. Table 2 contains individual assays for hole DL-005. A plan map is shown in Figure 1 and a cross section in Figure 2.
All 8 drill holes completed by Great Bear intersected a strong silica with sulphide zone consisting of pyrite and pyrrhotite with lesser arsenopyrite, sphalerite and galena. Visible gold was noted in some intervals. This zone is interpreted as a structurally controlled hyrdrothermal replacement of pre-existing rock units. The zone crosses through various lithological units and has been identified along strike for at least 450 metres by Great Bear, with indications from past work of over 1.4 kilometres of strike length that remains open to extension.
Table 1: Composite results of drill holes returned to date
|Hole Number||From (m)||To (m)||Width (m)*||Au (g/t)|
*Width represents core length and does not reflect true width of the zone. Great Bear has not completed enough work on the project to determine true width of the zone. Current interpretations suggest that the zone dips between 60 — 90 degrees. All composite intervals are calculated using a minimum cutoff grade of 0.50 g/t gold with < 1.5 metres of internal dilution.
Table 2: Complete results for Hole DL-005 showing continuity of mineralization
|Sample||Hole||From (m)||To(m)||Width (m)||Au (g/t)|
Figure 1: Drill plan with drill hole intercepts and interpreted mineralization. Multiple sub-parallel gold mineralized trends are observed and are being interpreted by Great Bear's geologists.
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Figure 2: Cross section through the main Dixie Lake zone. The zone projects to surface and has been drill-confirmed to approximately 500 vertical metres depth. It remains open to depth and along strike. Geometry and mineralization style are similar to other structurally-controlled deposits in the Red Lake district.
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Great Bear is earning a 100% royalty-free interest in the Dixie Lake property which now consists of 7106 hectares. In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 2725 hectares and are contiguous with Pure Gold Mining Inc.'s (TSX-V: 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 analyzed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold were analyzed 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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