Great Bear Samples 25.6 metres of 8.4 grams Gold at the Perdito Project, Inyo County, California
31 October 2013 - 12:00AM
Access Wire
October
30, 2013 - Great Bear Resources Ltd. (TSX-V: GBR, "Great Bear", or
the "Company") is pleased to announce the first results of field
work investigating the Carlin-type sediment-hosted oxide gold
system at the Perdito project, Inyo County, California. Results
from continuous channel sampling of surface mineralization
include:
-25.6 metres (84 feet) of 8.4 g/t
(0.25 oz/st) gold, defining a new
high-grade from-surface oxide gold target, the "East
Zone".
-45.7 metres (150 feet) of 3.1 g/t
(0.09 oz/st) gold, extending the
strike of known mineralization to the southeast of previous
drilling in the "Resource Area".
-15.1 metres (50 feet) of 2.1 g/t
(0.06 oz/st) gold, defining a new
oxide gold target 200 metres south of the "Resource Area" and
hosted by the same shaley unit.
Work
focused on continuous channel sampling of several bedrock exposures
of a highly altered shaley unit previously drilled by Newmont
Mining Corp. (NYSE: NEM, "Newmont"). In the early 1990's, Newmont
completed a test grid of 8
drill holes over a 450 m x 250 m area,
the "Resource Area", defining a broad zone of mineralization at
about 2.0 g/t gold. The shaley unit is exposed at surface for about
3 kilometres of strike. Sampling by Great Bear has extended the
known area of from-surface mineralization within this unit.
Complete results of Great Bear's channel sampling are summarized in
the table below.
Additional
results are pending from a large number of chip, grab and composite
panel samples taken across a 7 kilometre by 6 kilometre area
covering significant portions of the main claim block and will be
released once available.
Historic Gold Recovery Test
Results
Great Bear
is also pleased to report it has reviewed results of pilot gold
recovery work undertaken by BHP Ltd. (NYSE: ADR, "BHP") on oxide
gold mineralization from the "Resource Area". The top 325 feet of
drill hole CM97-4 were subjected to one hour cyanide shake leach
testing in 65 separate samples of five foot drill intervals.
Testing achieved 91.8%
average gold recoveries from all
15 samples (representing 75 feet of the drill hole) that had
comparative fire assay grades of greater than 0.5 g/t gold, with an
average grade of 4.01 g/t gold. Although this work is at an early
stage, recovery results to date indicate the oxide gold
mineralization may have excellent heap leach recovery
potential.
--------------------------------------------------------------
|Channel Sample 1: Approx. 200 metres south of |
|Newmont’s “Resource Area” |
|------------------------------------------------------------|
|Sample |Gold (g/t) |Length (ft)|Length (m) |Total |
|------------------------------------------------------------|
|RA-001 |0.55 |10.00 |3.05 |2.01 g/t |
| | | | |(0.06 oz/st)|
| | | | |gold over |
| | | | |15.70 metres|
| | | | |(50 feet) |
|-----------------------------------------------| |
|RA-002 |3.67 |10.00 |3.05 | |
|-----------------------------------------------| |
|RA-003 |6.89 |3.00 |0.91 | |
|-----------------------------------------------| |
|RA-004 |0.67 |7.50 |2.29 | |
|-----------------------------------------------| |
|RA-005 |1.68 |8.00 |2.44 | |
|-----------------------------------------------| |
|RA-006 |1.56 |9.00 |2.74 | |
|-----------------------------------------------| |
|RA-007 |2.33 |2.00 |0.61 | |
|-----------------------------------------------| |
|RA-008 |1.85 |2.00 |0.61 | |
|------------------------------------------------------------|
|Partial bedrock exposure . The collected samples span |
|a strike length of 21 metres, with small, <2 m unsampled |
|gaps between some samples where talus covered bedrock. |
|------------------------------------------------------------|
|Channel Sample 2: Approx. 70 metres southeast of |
|Newmont’s closest drilling in the “Resource Area” |
|------------------------------------------------------------|
|Sample |Gold (g/t) |Length (ft)|Length (m) |Total |
|------------------------------------------------------------|
|RA-009 |3.42 |8.00 |2.44 |3.10 g/t |
| | | | |(0.09 oz/st)|
| | | | |gold over |
| | | | |45.72 metres|
| | | | |(150 feet) |
|-----------------------------------------------| |
|RA-010 |4.71 |10.00 |3.05 | |
|-----------------------------------------------| |
|RA-011 |4.10 |12.00 |3.66 | |
|-----------------------------------------------| |
|RA-012 |2.97 |8.00 |2.44 | |
|-----------------------------------------------| |
|RA-013 |3.63 |9.00 |2.74 | |
|-----------------------------------------------| |
|RA-014 |3.78 |20.00 |6.10 | |
|-----------------------------------------------| |
|RA-015 |1.23 |30.00 |9.14 | |
|-----------------------------------------------| |
|RA-016 |4.67 |12.00 |3.66 | |
|-----------------------------------------------| |
|RA-017 |3.32 |20.00 |6.10 | |
|-----------------------------------------------| |
|RA-018 |2.86 |10.00 |3.05 | |
|-----------------------------------------------| |
|RA-019 |1.97 |11.00 |3.35 | |
|------------------------------------------------------------|
|RA-020 * |5.65 |7.00 |2.13 |Taken to |
| | | | |retest |
| | | | |RA-015 |
|------------------------------------------------------------|
|Bedrock exposure was generally excellent. However s |
|ample RA-015 was taken from an area of poor bedrock |
|exposure and included some talus from overlying units. |
| Sample RA-020 was taken 5 metres to the east of RA015 |
|in an area of complete bedrock exposure to better |
|represent bedrock mineralization than RA-015. |
|------------------------------------------------------------|
|Channel Sample 3: Defines a new “East Zone” drill |
|target 2 kilometres east of Newmont’s drilling in the |
|“Resource Area” |
|------------------------------------------------------------|
|Sample |Gold (g/t) |Length (ft)|Length (m) |Total |
|------------------------------------------------------------|
|EZ-014 |5.78 |25.00 |7.62 |8.44 g/t |
| | | | |(0.25 oz/st)|
| | | | |gold over |
| | | | |25.60 metres|
| | | | |(84 feet) |
|-----------------------------------------------| |
|EZ-015 |11.20 |10.00 |3.05 | |
|-----------------------------------------------| |
|EZ-016 |13.60 |13.00 |3.96 | |
|-----------------------------------------------| |
|EZ-017 |14.10 |8.00 |2.44 | |
|-----------------------------------------------| |
|EZ-018 |6.46 |10.00 |3.05 | |
|-----------------------------------------------| |
|EZ-019 |5.44 |18.00 |5.49 | |
--------------------------------------------------------------
Table 1:
Results of recent channel sampling by Great Bear
Results adjacent to
the "Resource Area" are consistent with previously reported drill
results from Newmont and BHP's work and demonstrate that the
Carlin-type oxide gold system remains open to extension in this
area. Channel sample 1 defines an entirely new exposure of oxide
gold mineralization, outlining a new drill target, while channel
sample 2 significantly extends previous surface channel sampling by
Newmont of 12.2 metres (40 feet) of 5.18 g/t (0.151 oz/st) gold.
The discovery in channel sample 3 of high grade at-surface gold
mineralization approximately two kilometres to the east of the
"Resource Area" that had not been drilled by past operators shows
that there is strong potential for new discoveries at the Perdito
project, despite extensive past work by senior mining
companies.
The "Resource Area"
of Newmont and BHP, together with the newly identified "East Zone"
mineralization are developed within a shaley unit mapped by the
United States Geological Survey as east-west
striking and moderately north dipping, with approximately three
kilometres of surface exposure and possibly 300 metres of true
vertical thickness. Mineralization appears to be generally more
intense at or close to the basal contact between this unit and an
underlying bioclastic limestone unit.
Photographs of all
channel samples and maps of sampling work will be posted to the
Company's web site at www.greatbearresources.ca.
Ongoing Work
Work on the oxide
gold system will continue to test extensions to previously drilled
and sampled areas, with the aim of supporting and expanding on BHP
and Newmont's past efforts. Prior
to Great Bear, BHP undertook the most recent work on the project,
testing nine oxide gold targets across a 4.2 kilometre by 2.5
kilometre area that included Newmont's "Resource Area" drilling. In
internal reports, BHP geologists made non NI 43-101 compliant
estimates that this area could contain 2,000,000 ounces of gold at
grades of 1 - 2 g/t, and recommended a 50+ drill hole follow-up
program to expand on positive test drilling. This estimate includes
Newmont's pilot non-NI 43-101 compliant internal resource estimate
at the "Resource Area" of 174,000 oz at an average grade of 0.059
oz/st (2.0 g/t) gold, which Great Bear's recent sampling work
supports as being open to extension in several directions. While
not reliable under NI 43-101 standards, these estimates do
represent the possible scope of the oxide gold project.
Addition to the Board of Directors
The Company is also
pleased to announce the addition of Mr. David Antony to its board
of directors. Mr. Antony is a Chartered
Accountant and has over 17 years' experience in assisting companies
in structuring transactions, accessing capital, and corporate
governance. In the last five years, Mr. Antony has been Chief
Executive Officer of Southern Pacific Resource Corp. where he
continues as Chairman of the board of that company. He is currently
Chief Executive and director of a number of TSX-V listed resource
companies. In addition Mr. Antony sits on both the Local Advisory
and National Advisory Committees for the Toronto Venture
Exchange.
The Company
also announces that 75,000 incentive stock
options have been allocated to a director of the Company. The stock
options have an exercise price of $0.20 per share are exercisable
for a period of five years from the date of grant.
Mr. Chris Taylor,
M.Sc. P.Geo, is the Qualified Person as defined by National
Instrument 43-101 responsible for the accuracy of this news
release.
For
further information please contact Mr. Chris Taylor, P.Geo,
President at 604-681-0037.
ON BEHALF OF THE BOARD
"Chris Taylor"
Chris Taylor, President
Inquiries:
Tel: 604-681-0037
Fax: 604-681-0094
info@greatbearresources.ca
www.greatbearresources.ca
About Great Bear
Great Bear is a
well-funded Canadian precious metals exploration company working in
leading jurisdictions of Canada and the United States. A 100%
interest can be obtained in the Perdito oxide gold project,
California, and a 70% interest can be obtained in the BA
silver-rich VMS project, Eskay Creek District, northern British
Columbia.
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 o 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
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