TSX-V: GBR
VANCOUVER, BC, June 18, 2020 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear") (TSXV: GBR) (OTCQX: GTBAF) today
reported results from its ongoing fully funded $21 million exploration program at its 100% owned
flagship Dixie Project in the Red
Lake district of Ontario.
Chris Taylor, President and CEO
of Great Bear said, "Targeted regional drilling has repeated the
success of our original Hinge zone discovery of 2018, one kilometre
west of the Hinge zone. Drill hole REG-002 intersected
three zones of gold mineralization including a 15 metre wide
interval containing high-grade visible gold in quartz veins, the
"Arrow" zone. These new gold-bearing veins have the
same high temperature red-brown hydrothermal biotite alteration
that is characteristic of the Hinge zone veins at Dixie, and the
High Grade Zone at the Red Lake Gold Mine. While our primary
focus remains the ongoing grid drilling program at the LP Fault
zone, systematic follow up drilling of the Arrow discovery is
clearly required, and additional regional targets also need to be
drilled. The discovery of an additional Red Lake style high-grade gold zone in the
first new area we've tested this year supports the strong ongoing
discovery potential of the Dixie project."
Drill hole locations and results are provided in Figure
1, and in Table 1, respectively.
Drill Results Highlights:
New drill hole REG-002 was completed 1.2 kilometres to
the west-northwest of the Hinge zone. Highlights include:
- 19.32 g/t gold over 2.10 metres, including 50.00 g/t
gold over 0.75 metres, within a broader interval of 3.00 g/t
gold over 15.00 metres. Figure 2, Figure 3, Figure 4 and
Figure 5.
- Three mineralized intervals were intersected along
435.55 metres of core length.
- Gold mineralization was present at significant changes in rock
type. In particular, high-grade gold within quartz veins was best
developed at the contact between a high iron tholeiitic pillow
basalt and a massive basalt. This is the same type of geological
contact that is highly mineralized at the Hinge and Dixie Limb zones, however the Arrow zone occurs
at a different stratigraphic position.
- The Arrow zone veins strike 280 degrees and dip steeply to the
northeast, similar to the Hinge zone veins. The regional D2
fold axis that is adjacent to the Hinge, Dixie Limb and Arrow zones extends for
approximately 3.7 kilometres to the west-northwest from the Hinge
Zone, before being terminated by a granitic batholith. The Arrow
zone marks the westernmost drilling along this trend to date.
New drill hole REG-001 was completed to the northeast of
RE-002 on the same drill fence. It intersected anomalous
mineralization returning 0.51 g/t gold over 2.20 metres.
Oriented structural data suggests the mineralized interval in
REG-001 is the same mineralization intersected at the top of drill
hole REG-002 (1.09 g/t gold over 1.00 metres and 1.80 g/t gold over
1.30 metres), as shown on Figure 2. The vertical distance
between the upper intercepts in REG-002 and REG-001 is
approximately 300 metres. These results suggest significant
potential vertical continuity in the Arrow zone, as has been
observed at the other zones across the Dixie property.
The Arrow zone was targeted by projecting established gold
mineralization trends observed within the LP Fault, Dixie Limb and Hinge zones along strike into the
discovery area. While all three of these zones exhibit
different geological controls and alteration signatures, they also
all have a population of quartz veins with an approximately
east-west orientation which often contain high-grade gold.
The trends from the three zones intersect in several
areas (Figure 1) near the Arrow zone and for this reason two
exploratory drill holes were completed to cross two of these
projected trends, resulting in the new discovery.
The Company notes that the Arrow zone discovery is the first
confirmed occurrence of high-grade quartz veins with red-brown
hydrothermal biotite alteration observed outside of the Hinge zone
at Dixie. This type of high temperature alteration is a key
characteristic of the High Grade Zone discovery at the Red Lake
Gold Mine, initially made by Goldcorp Inc.; the mine is now
operated by Evolution Mining Ltd. Other regional gold bearing
quartz veins at Dixie such as those observed in the North Fault
target contain accessory tourmaline gangue mineralogy which is
characteristic of later-stage, lower temperature gold
mineralization across the Red Lake
district.
Table 1: Current drill results.
REG-002 intersected the new Arrow zone.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Gold
(g/t)
|
REG-001
|
|
414.10
|
416.30
|
2.20
|
0.51
|
REG-002
|
|
28.10
|
29.10
|
1.00
|
1.09
|
and
|
81.00
|
82.30
|
1.30
|
1.80
|
and
|
451.50
|
466.50
|
15.00
|
3.00
|
including
|
459.00
|
465.00
|
6.00
|
7.03
|
and
including
|
462.90
|
465.00
|
2.10
|
19.32
|
and
including
|
462.90
|
463.65
|
0.75
|
50.00
|
|
|
*
|
Widths are drill
indicated core length, as insufficient drilling has been undertaken
to determine true widths at this time. Average grades are
calculated with un-capped gold assays, as insufficient drilling has
been completed to determine capping levels for higher grade gold
intercepts. Average widths are calculated using a 0.10 g/t
gold cut-off grade with up to 3 m of internal dilution of zero
grade.
|
Drill collar locations, azimuths and dips for the drill holes
included in this release are provided in the table below:
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Dip
|
Azimuth
|
REG-001
|
455916
|
5634199
|
368
|
-55
|
220
|
REG-002
|
455737
|
5634007
|
364
|
-55
|
220
|
About the Dixie Project
The Dixie Project is 100% owned, comprised of 9,140 hectares of
contiguous claims that extend over 22 kilometres, and is located
approximately 25 kilometres southeast of the town of Red Lake, Ontario. The project is accessible
year-round via a 15 minute drive on a paved highway which runs the
length of the northern claim boundary and a network of
well-maintained logging roads.
The Dixie Project hosts two principle styles of gold
mineralization:
- High-grade gold in quartz veins and silica-sulphide
replacement zones (Dixie Limb, Hinge
and Arrow). Hosted by mafic volcanic rocks and localized near
regional-scale D2 fold axes. These mineralization styles are also
typical of the significant mined deposits of the Red Lake district.
- High-grade disseminated gold with broad moderate to lower
grade envelopes (LP Fault). The LP Fault is a significant
gold-hosting structure which has been seismically imaged to extend
to 14 kilometres depth (Zeng and Calvert, 2006), and has been interpreted by
Great Bear to have up to 18 kilometres of strike length on the
Dixie property. High-grade gold mineralization is controlled by
structural and geological contacts, and moderate to lower-grade
disseminated gold surrounds and flanks the high-grade intervals.
The dominant gold-hosting stratigraphy consists of felsic sediments
and volcanic units.
About Great Bear
Great Bear Resources Ltd. is a well-financed gold
exploration company managed by a team with a track record of
success in mineral exploration. Great Bear is focused in the
prolific Red Lake gold district in
northwest Ontario, where the
company controls over 300 km2 of highly prospective
tenure across 4 projects: the flagship Dixie Project (100%
owned), the Pakwash Property (earning a 100% interest), the Dedee
Property (earning a 100% interest), and the Sobel Property (earning
a 100% interest), all of which are accessible year-round through
existing roads.
QA/QC and Core Sampling Protocols
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 in Ontario, an accredited mineral analysis
laboratory, 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. Pulps from approximately 5% of the gold mineralized
samples are submitted for check analysis to a second lab.
Selected samples are also chosen for duplicate assay from the
coarse reject of the original sample. 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.
Qualified Person and NI 43-101 Disclosure
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
Cautionary note regarding forward-looking
statements
This release contains certain "forward looking statements"
and certain "forward-looking information" as defined under
applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use
of forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking information are based on management of the
parties' reasonable assumptions, estimates, expectations, analyses
and opinions, which are based on such management's experience and
perception of trends, current conditions and expected developments,
and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be
incorrect.
Great Bear undertakes no obligation to update forward-looking
information except as required by applicable law. Such
forward-looking information represents management's best judgment
based on information currently available. No forward-looking
statement can be guaranteed and actual future results may vary
materially. Accordingly, readers are advised not to place undue
reliance on forward-looking statements or information.
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SOURCE Great Bear Resources Ltd.