TSX-V: GBR
VANCOUVER, July 10, 2019 /CNW/ - Great Bear Resources
Ltd. (the "Company" or "Great Bear", TSX-V: GBR) today reported a
significant expansion of the Hinge Zone high-grade gold
discovery at its 100% owned Dixie Project in the Red Lake District of Ontario.
Chris Taylor, President and CEO
of Great Bear said, "Our strong results drove us to fast track our
exploration process with aggressive new step-down drilling. We have
now hit more high-grade gold mineralization 440 metres down-plunge
from surface and 150 metres down-plunge from the nearest previously
reported high-grade intercept. Results suggest the Hinge Zone
projects from near-surface with significant depth potential, and
contains a high degree of continuity of gold mineralization within
its extensive vein network. During 2019, we plan to test its
continuity down to increasing depths, and will also drill deeper
and along strike into what we interpret as at least 6 additional
gold zones with similar plunges along the 500 metre strike length
of the Hinge Zone vein swarm we have drilled so far."
New 3D sections of the Hinge Zone and Dixie Limb, showing multiple steeply-plunging
gold zones, are provided in Figure 1, Figure 2 and Figure
3. The most recent assay results are provided in Table
1.
Highlights of the most recent Hinge Zone drill results
include:
- All 11 drill holes (100%) intersected from 1 to 5
gold-bearing quartz veins
- Drill hole DHZ-042 intersected 3.00 metres of 23.21 g/t
gold including 1.00 metre of 50.66 g/t gold at 229 metres
vertical depth
- Drill hole DL-048 intersected 3.90 metres of 18.09
g/t gold including 1.00 metre of 69.97 g/t gold at
342 metres vertical depth, 150 metres down-plunge of
previous high-grade intercepts
July 2019 marks the one year
anniversary of Great Bear's Hinge Zone drill program. A
summary of some key points of the Hinge Zone discovery as drilled
to-date include:
- The Hinge Zone gold-bearing quartz vein swarm has been drilled
for over 500 metres of east-west strike length and
remains open to extension.
- The D2 Axial plane which is interpreted to be an important
control to the vein swarm has a possible east-west strike extent
of up to 5 kilometres within the Dixie greenstone belt,
before intersecting a granitic batholith to the west.
- Drilling has thus far observed that the vein swarm contains at
least 6 steeply-plunging high-grade sub-zones, and the
Company is drilling east-west and north-south drill fences in an
effort to discover the total number of sub-zones that are
present, and delineate their geometries along strike and at
depth.
- The Hinge Zone vein swarm has an approximate north-south
extent, or total known zone width based on drilling, of
300 m, flanking an
ultramafic-hosting fault. Proximity to the fault is
interpreted to be a key gold mineralization control at both the
Hinge and Dixie Limb Zones.
- The generally predictable plunges of Hinge Zone gold
zones observed to-date (approx. 70 degrees to the west) have
greatly increased the speed and efficiency of drill progress.
![Figure 1: 3D section of the Hinge Zone showing drill results to-date. (CNW Group/Great Bear Resources Ltd.) Figure 1: 3D section of the Hinge Zone showing drill results to-date. (CNW Group/Great Bear Resources Ltd.)](https://mma.prnewswire.com/media/945074/Great_Bear_Resources_Ltd__Great_Bear_Drills_Major_Hinge_Zone_Exp.jpg)
With its recently-completed financing, Great Bear currently has
approximately $20,000,000 in cash and
low operating all-in drill costs of approximately $175/metre. The Company continues to
undertake a fully funded, 90,000 metre drill program that is
expected to continue through 2019 and 2020. Targets tested
will include the Hinge Zone, Dixie Limb
Zone, Bear-Rimini Zone, LP Fault, North Fault, and other
targets across the property. In order to accelerate the
program, a second drill rig was added in February, and a third
drill rig arrived in June 2019. Approximately 60,000 metres
of drilling remain in the current program.
Table 1: Highlighted results from most recent Hinge
Zone drilling.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Gold
(g/t)
|
Vein
|
Vertical Depth
(m)
|
DHZ-040
|
|
257.30
|
258.30
|
1.00
|
16.56
|
1
|
206
|
including
|
257.80
|
258.30
|
0.50
|
31.59
|
and
|
264.50
|
265.00
|
0.50
|
8.43
|
2
|
212
|
DHZ-041
|
|
159.50
|
161.00
|
1.50
|
1.95
|
1
|
138
|
including
|
160.00
|
160.50
|
0.50
|
3.70
|
and
|
166.30
|
167.30
|
1.00
|
2.57
|
2
|
143
|
including
|
166.80
|
167.30
|
0.50
|
4.55
|
and
|
183.00
|
183.50
|
0.50
|
3.38
|
3
|
157
|
DHZ-042
|
|
276.90
|
279.90
|
3.00
|
23.21
|
1
|
229
|
including
|
276.90
|
278.90
|
2.00
|
34.12
|
and
including
|
276.90
|
277.90
|
1.00
|
50.66
|
DHZ-043
|
|
108.50
|
110.00
|
1.50
|
2.69
|
1
|
99
|
including
|
109.00
|
109.50
|
0.50
|
5.07
|
and
|
184.50
|
185.00
|
0.50
|
4.37
|
2
|
167
|
DHZ-044
|
|
218.15
|
225.05
|
6.90
|
4.56
|
1
|
181
|
including
|
218.15
|
222.55
|
4.40
|
6.39
|
and
including
|
218.15
|
218.65
|
0.50
|
9.96
|
and
including
|
220.30
|
222.55
|
2.25
|
9.39
|
DL-048
|
|
416.30
|
420.20
|
3.90
|
18.09
|
1
|
342
|
including
|
417.65
|
418.65
|
1.00
|
69.97
|
and
including
|
417.65
|
420.20
|
2.55
|
27.57
|
DHZ-045
|
|
67.35
|
67.85
|
0.50
|
2.36
|
1
|
62
|
and
|
127.00
|
127.50
|
0.50
|
4.09
|
2
|
115
|
and
|
156.00
|
156.50
|
0.50
|
3.25
|
3
|
141
|
and
|
204.20
|
207.10
|
2.90
|
1.70
|
4
|
185
|
and
|
225.20
|
233.80
|
8.60
|
3.15
|
5
|
207
|
DHZ-046
|
|
225.20
|
229.70
|
4.50
|
5.53
|
1
|
198
|
including
|
229.20
|
229.70
|
0.50
|
37.32
|
DHZ-047
|
|
265.50
|
266.00
|
0.50
|
3.21
|
1
|
247
|
DHZ-048
|
|
31.70
|
45.50
|
13.80
|
1.63
|
1
|
30
|
including
|
39.80
|
45.50
|
5.70
|
2.39
|
and
including
|
39.80
|
41.05
|
1.25
|
4.72
|
and
including
|
43.50
|
46.00
|
2.50
|
3.21
|
and
including
|
44.50
|
45.50
|
1.00
|
6.41
|
and
|
236.00
|
237.50
|
1.50
|
7.02
|
2
|
183
|
including
|
237.00
|
237.50
|
0.50
|
20.40
|
DHZ-049
|
|
38.30
|
46.90
|
8.60
|
2.39
|
1
|
35
|
and
|
226.90
|
228.40
|
1.50
|
15.52
|
2
|
184
|
including
|
227.90
|
228.40
|
0.50
|
44.94
|
and
|
243.00
|
243.50
|
0.50
|
4.68
|
3
|
197
|
* reported width
is determined to be 90-95% of true width based on intersection
points of the drill hole intercept with the geological model and
oriented drill core data.
|
Chris Taylor continued, "The
nearly universal pattern within gold deposits in the Red Lake district is of multiple
steeply-plunging "ore shoots" developed along lithological and
structural controls at variable depths, and our results at Dixie
to-date suggest the same type of pattern may be present within the
Hinge Zone vein swarm. We don't yet know how many
steeply-plunging sub-zones of gold mineralization are present,
however we have already intersected 6 to 8 of them along 500 metres
of strike length. We continue to drill aggressively on the
known sub-zones and will continue to step out along strike and at
depth in an attempt to discover how many there are, and to
characterize their size, grade and continuity of gold
endowment."
About Great Bear
Great Bear Resources Ltd. (TSX-V: GBR) is a
well-financed company based in Vancouver,
Canada, managed by a team with a track record of success in
the mineral exploration sector. Great Bear holds a 100% interest,
royalty free, in its flagship Dixie property, which is road
accessible year-round via Highway 105, a 15-minute drive from
downtown Red Lake, Ontario.
The Red Lake mining district is
one of the premier mining districts in Canada, benefitting from major active mining
operations including the Red Lake Gold Mine of Newmont Goldcorp
Corp., plus modern infrastructure and a skilled workforce.
Production from the Red Lake
district does not necessarily reflect the mineralization that may,
or may not be hosted on the Company's Dixie property. The
Dixie property covers a drill and geophysically defined multi
kilometre gold mineralized system similar to that associated with
other producing gold mines in the district. In addition,
Great Bear is also earning a 100% royalty-free interest in the
Pakwash, Dedee and Sobel properties, which cover regionally
significant gold-controlling structures and prospective
geology. 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 SGS Canada Inc. in Red Lake,
Ontario, and Activation Laboratories in Burnaby, British Columbia, 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 10.0 g/t gold are analysed utilizing
standard Fire Assay-Gravimetric methods. Selected samples with
visible gold are also analyzed with a standard 1 kg metallic screen
fire assay. 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
(QAQC). No QAQC issues were noted with the results reported
herein.
Mr. R. Bob Singh, P.Geo, Director
and VP Exploration, and Ms. Andrea Diakow
P.Geo, Exploration Manager for Great Bear are the Qualified
Persons as defined by National Instrument 43-101 responsible for
the accuracy of technical information contained in this news
release.
ON BEHALF OF THE BOARD
"Chris
Taylor"
Chris Taylor, President and
CEO
Inquiries:
Tel: 604-646-8354
Fax: 604-646-4526
info@greatbearresources.ca
www.greatbearresources.ca
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.
We seek safe harbor
View original content to download
multimedia:http://www.prnewswire.com/news-releases/great-bear-drills-major-hinge-zone-expansion-to-440-m-down-plunge-3-90-m-of-18-09-gt-gold-including-1-00-m-of-69-97-gt-gold-300882355.html
SOURCE Great Bear Resources Ltd.