Great Bear Discovers New High Grade Targets at the Perdito Project, Inyo County, California
04 March 2014 - 1:00AM
Access Wire
Vancouver, BC /
Accesswire / March 3, 2014 / Great Bear Resources Ltd. (TSX-V: GBR, "Great
Bear", or the "Company") is pleased to announce the discovery of
new mineralized zones at the Perdito Project, located in Inyo
County, California, where it has an option to earn a 100% interest.
Highlights include:
-
- Discovery of a
new high grade oxide gold target
returning 4.90 g/t gold over 7.92 m in continuous channel
sampling, extending the strike of at-surface gold
showings in the East zone by 100 metres. Results include 1.8 metres
of 20.06 g/t gold. Mineralization is hosted by the same highly
altered calcareous shale previously drilled by Newmont Mining Corp. (NYSE: NEM, "Newmont")
in the Discovery area, approximately two kilometres to the
west of the new showing. The new target remains open to
extension.
-
-
Recognition of a new prospective geological contact
that parallels the East zone and hosts oxide gold mineralization in
similar calcareous shale overlain
by limestone. A review of 23 historic geochemical grab samples
taken along 1.7 kilometres of strike at this contact yielded an
average of 1.25 g/t gold, ranging from anomalous to 9.47 g/t gold.
Alteration and mineralization similar to that of the East zone has
been confirmed through field investigation. The new target adds
significant potential to the project and will be explored through
ongoing field work.
-
-
Discovery of new
gold mineralized zones within the limestone unit that underlies the
previously drilled shale-hosted oxide gold
targets, with composite chip and
channel samples returning from 0.15 to 0.86 g/t gold. Results
demonstrate that the limestone units that comprise more than 50% of
the stratigraphic sequence at Perdito can also be mineralized
surrounding areas of structural preparation.
-
-
Discovery of structurally hosted high grade
polymetallic mineralization returning up to 354 g/t (10.32 oz/st)
silver, 20.86% zinc, 2.86% lead and 0.14 g/t gold
in composite grab sampling from the East
zone. The discovery may support previous interpretive work by
Newmont that a manto-type sediment replacement, base and precious
metal system underlies the Discovery and East zones. Historic
mining of similar high grade polymetallic zones was common in this
region but such mineralization has not previously been reported
from the East zone.
New Oxide Gold
Results
Ongoing field investigations
have shown a mineralization pattern at the Perdito project that is
typical of many sediment-hosted oxide gold deposits across the
Great Basin. Mineralization is generally stratigraphically
controlled; however stronger mineralization is spatially associated
with low to high angle structural "feeders" that cut the main
gold-hosting strata.
The new oxide gold showing in
the East zone lies stratigraphically above the majority of
historically reported results, within the same shale unit. The new
showing is located approximately 100 metres to the east of
previously reported channel sampling by Great Bear
that returned 25.6 metres of 8.5 g/t gold (see Company news release
of October 30, 2013). Mineralization was channel sampled
perpendicular to stratigraphy and the zone is open down-dip, where
it is covered by talus. Results are summarized in the table
below.
---------------------------------------------------
|Sample |Gold |Gold |Gold |Sample |Width|Width|
| |(ppb)|(g/t)|(oz/st)|Type |(ft) |(m) |
|-------------------------------------------------|
|SV-48-SVE|352 |0.35 |0.010 |Channel|7 |2.13 |
|-------------------------------------------------|
|SV-49-SVE|379 |0.38 |0.011 |Channel|6 |1.83 |
|-------------------------------------------------|
|SV-50-SVE|262 |0.26 |0.008 |Channel|5 |1.52 |
|-------------------------------------------------|
|SV-51-SVE|20069|20.07|0.585 |Channel|6 |1.83 |
|-------------------------------------------------|
|SV-52-SVE|513 |0.51 |0.015 |Channel|2 |0.61 |
---------------------------------------------------
Table 1:
Continuous channel
sample results from a new oxide gold showing in the East zone. The
zone remains open to extension, but is covered by talus after
sample SV-52-SVE. Results average 4.90 g/t gold over 26 feet (7.93
metres).
Sampling
of structurally prepared bioclastic limestone stratigraphically
below the main shale-limestone contact approximately 500 metres to
the east of the Discovery area also yielded significant oxide gold
mineralization, with associated silicification and calcite
alteration of the host rocks. Results are summarized in the table
below.
---------------------------------------------------
|Sample |Gold |Gold |Gold |Sample |Width|Width|
| |(ppb)|(g/t)|(oz/st)|Type |(ft) |(m) |
|-------------------------------------------------|
|BXH-001|155 |0.16 |0.005 |Channel |30 |9.1 |
|-------------------------------------------------|
|BXH-002|797 |0.80 |0.023 |Channel |10 |3.1 |
|-------------------------------------------------|
|BXH-003|615 |0.62 |0.018 |Channel |10 |3.1 |
|-------------------------------------------------|
|BXH-004|326 |0.33 |0.009 |Composite|- -- |
|-------------------------------------------------|
|BXH-006|855 |0.86 |0.025 |Composite|- -- |
---------------------------------------------------
Table 2:
Mineralized
bioclastic limestone from below the main shale-limestone contact in
the East zone. Mineralization is spatially related to low-angle
structures that affect the sampled area.
A review
of historical drill logs shows gold-mineralized limestone was also
encountered below the main shale host rocks in several drill holes
completed by Newmont in the Discovery area. Results support
follow-up work along the numerous through-going structural trends,
many of which show elevated gold values along strike.
New Oxide Gold Mineralized Shale
Target
A review
of historic data followed by field investigation of a shale unit
lower in the stratigraphic sequence than previously investigated by
Great Bear has shown that a
separate mineralized trend parallels the East zone and shows
similar alteration and mineralization styles over a strike length
of approximately two kilometres. Oxide gold
mineralization was previously drill-proven within this lower shale,
as supported by Newmont's drill hole CGL-16, which
returned 9.14 metres of
1.65 g/t gold and 12.19 metres of 1.39 g/t gold from intervals
within 55 metres of surface. The newly
identified mineralized contact sits stratigraphically above
Newmont's drilling and was originally prospected by BHP Ltd. (NYSE:
BHP) geologists in the late 1990's. 23 historic geochemical grab samples taken
along 1.7
kilometres of strike at the contact between the shale and overlying
limestone yielded an average of 1.25 g/t gold, ranging from anomalous to 9.47 g/t gold.
Field
investigations show an increase of alteration and mineralization
within the upper section of shale immediately below the limestone
cap. Geochemical results show the contact has the capacity for
higher grade mineralization. The recognition of this new, strongly
mineralized contact adds significant potential to the project and
will be explored through ongoing field work.
Discovery of Polymetallic
Mineralization
Airborne
magnetic surveys completed by Newmont in the early 1990's led them
to conclude that a Jurassic monzonite porphyry stock with
associated silver-gold-lead-zinc carbonate replacement
mineralization could be present at depth below the gold system of
the Discovery and East zones. Such porphyry intrusions and
associated polymetallic mineralization surface on the west half of
Great Bear's claims (see Great Bear's news release of April
18th, 2013) and have been mined to the north and south of
the property.
Great Bear
identified a mineralized structure that intersects the
shale-limestone contact that hosts the gold mineralization
previously drilled by Newmont. EZ-002, a composite grab sample
taken from the center of the structure, returned
0.14 g/t gold, 2.86%
zinc, 20.86% lead and 354 g/t silver.
Follow up
work identified a broad area spanning at least 150 metres of strike
that exhibits strong iron oxide alteration and decalcification with
carbonate veining. The area hosts unusually strong arsenic
anomalism, with samples averaging greater than 0.60% arsenic. 4 of
11 samples assayed greater than 1% arsenic, the upper detection
limit of the assay technique. Samples from this area also
average 85 ppb
gold (9 to 276 ppb gold), 0.30% lead (0.01% to 2.86% lead), 2.02%
zinc (0.02% to 20.86% zinc), and 38 g/t (1.10 oz/st) silver (0.2
g/t to 354 g/t silver). As most
gold mineralization in the Discovery and East zones is "gold-only",
the results define a large and discrete polymetallic
anomaly.
While the
oxide gold system previously explored by Newmont and
BHP remains the primary focus of Great Bear's work,
polymetallic mineralization is also being explored by the Company
through ongoing work across its main claim block due to the
significant historical mining of such mineralization in this
area.
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.
"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 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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