TSX-V: GBR
VANCOUVER, BC, Nov. 24, 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.
New Drill Result Highlights
Each of the following new drill holes targets 40 –
150 m previously undrilled gaps
in the 4,200 metre by 500 metre LP Fault drill grid. Results
are arranged by section, referenced to section 20000. Also see
Table 1 for complete results:
- Section 20000: BR-169 assayed 5.56 g/t gold over
38.40 metres, including 11.57 g/t gold over 10.55
metres.
- Section 20075 (75 metres to northwest): BR-159 assayed
5.14 g/t gold over 32.75 metres, including 65.34 g/t gold
over 1.65 metres.
- Section 20400 (400 metres to northwest): BR-174 assayed
3.39 g/t gold over 40.10 metres, including 20.63 g/t gold
over 5.15 metres.
- Section 20475 (475 metres to the northwest): BR-176
assayed 21.93 g/t gold over 5.50 metres, including 187.00
g/t gold over 0.60 metres.
- Section 20525 (525 metres to the northwest). BR-211
intersected many gold intervals: 6.46 g/t gold over 8.85
metres including 48.10 g/t gold over 1.00 metre; 1.54
g/t gold over 52.00 metres; 1.61 g/t gold over 32.30
metres; and 1.20 g/t gold over 16.25 metres. In
aggregate, over 189 metres of >1 g/t gold mineralization
were intersected in this drill hole over 358.85 metres of core
length starting at bedrock surface.
- Section 20600 (600 metres to northwest): BR-212
assayed 4.69 g/t gold over 101.50 metres, including 41.25
g/t gold over 5.25 metres. The highest-grade central
mineralized interval assayed 181.00 g/t gold over 0.50
metres. This is the longest multi-gram gold interval
drilled at the project to date and occurs at shallow depths of
approximately 80 to 170 vertical metres.
- Section 20975 (975 metres to northwest): BR-194 assayed
5.42 g/t gold over 16.25 metres, including 31.90 g/t gold
over 0.50 metres.
Chris Taylor, President and CEO
of Great Bear said, "Drill holes reported in this release are from
large, 40 – 150 m undrilled gaps and
step-outs in the previously completed drill grid. All holes
successfully intersected gold mineralization where predicted by our
models prior to drilling. With this release we have
now reported results for 198 drill holes at the LP Fault
since its discovery just 18 months ago, all of which have
intersected gold. We are preparing to release a preliminary
3D model of the LP Fault and its high-grade gold zones from surface
to approximately 400 metres depth along 4.2 kilometres of strike
length on November 30, 2020."
The following summarizes the geological/mineralization model
definition drilling process on drill section 20600. Also
refer to the cross section provided in Figure 1, the updated
plan map provided in Figure 2, and the updated long section
provided in Figure 3:
- As reported above, new drill hole BR-212 on drill
section 20600 returned 4.69 g/t gold over 101.50 metres,
including 41.25 g/t gold over 5.25 metres.
- This hole was completed as a 43 metre down-dip continuity
test of previously reported (October 30,
2019) drill hole BR-037 which had two main mineralized
intervals: 1) 5.60 g/t gold over 25.25 metres, including a
central high-grade interval which assayed 59.05 g/t gold over
1.05 metres, and 2) 2.01 g/t gold over 66.06 metres,
which included a central high-grade interval assaying 35.96 g/t
gold over 1.73 metres.
- Similarly, BR-212 is a 73 metre up-dip continuation of
the mineralized zone in previously reported drill hole BR-142
(July 6, 2020), which assayed 7.26
g/t gold over 53.5 metres, including 32.39 g/t gold over
4.25 metres.
- Geology, structure and gold mineralization have now been
consistently traced between all five drill holes on this section
over approximately 400 vertical metres.
- High-grade zones within the larger disseminated gold
zone, have been defined and incorporated into the Company's models
as shown on section 20600, defining predictable, structurally
controlled, sheet-like geometries of gold mineralization.
- The Company anticipates completing additional drill holes
between BR-036 and BR-037, and between BR-142 and BR-067. Average
vertical spacing up and down dip from the existing holes will
average 50 - 75 metres on this section. Additional drilling will
also be undertaken below drill hole BR-067. Mineralization is
present from bedrock surface and remains open at depth.
This same model-driven drill process is being repeated on
more than 80 individual drill sections across more than 4
kilometres of the central LP Fault zone. Additional
reconnaissance drill sections have also been completed on 400 –
1000 metre spacing along an additional six kilometres of strike
length of the LP Fault, for a total of approximately 11 kilometres
of drilled strike length. All holes to date have intersected
gold mineralization.
Table 1: Current LP
Fault drill results. Drill sections are arranged from southeast
(top of Table) to northwest (bottom of Table).
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Width
(m)
|
Gold
(g/t)
|
Section
|
BR-184
|
|
34.75
|
40.60
|
5.85
|
0.82
|
19650
|
and
|
249.00
|
254.00
|
5.00
|
0.62
|
BR-185
|
|
38.85
|
39.50
|
0.65
|
5.13
|
19825
|
and
|
46.50
|
52.80
|
6.30
|
3.21
|
including
|
51.00
|
52.80
|
1.80
|
10.74
|
BR-186
|
|
109.50
|
122.50
|
13.00
|
1.00
|
19825
|
and
|
174.00
|
174.75
|
0.75
|
8.37
|
and
|
307.50
|
309.55
|
2.05
|
2.78
|
BR-187
|
|
288.00
|
291.00
|
3.00
|
1.87
|
19825
|
and
|
314.00
|
335.20
|
21.20
|
0.70
|
and
|
427.50
|
428.50
|
1.00
|
6.07
|
and
|
434.65
|
437.25
|
2.60
|
1.16
|
BR-188
|
|
69.80
|
75.50
|
5.70
|
0.83
|
19900
|
and
|
145.00
|
164.00
|
19.00
|
0.76
|
and
|
269.00
|
274.60
|
5.60
|
2.90
|
including
|
269.00
|
272.55
|
3.55
|
4.36
|
BR-169
|
|
39.95
|
41.50
|
1.55
|
6.13
|
20000
|
and
|
93.00
|
95.45
|
2.45
|
7.04
|
including
|
93.00
|
93.50
|
0.50
|
31.10
|
and
|
111.00
|
149.40
|
38.40
|
5.56
|
including
|
127.80
|
148.50
|
20.70
|
9.99
|
and
including
|
127.80
|
147.55
|
19.75
|
10.22
|
and
including
|
127.80
|
130.70
|
2.90
|
27.65
|
and
including
|
137.95
|
148.50
|
10.55
|
11.57
|
BR-159
|
|
579.25
|
612.00
|
32.75
|
5.14
|
20075
|
including
|
588.50
|
606.65
|
18.15
|
7.19
|
and
including
|
605.00
|
606.65
|
1.65
|
65.34
|
BR-174
|
|
176.90
|
217.00
|
40.10
|
3.39
|
20400
|
including
|
207.00
|
216.00
|
9.00
|
13.82
|
and
including
|
207.00
|
212.15
|
5.15
|
20.63
|
and
|
232.50
|
237.00
|
4.50
|
4.17
|
and
|
282.00
|
291.00
|
9.00
|
1.71
|
BR-175
|
|
185.50
|
196.00
|
10.50
|
2.32
|
20425
|
and
|
228.00
|
266.70
|
38.70
|
1.33
|
including
|
256.00
|
264.70
|
8.70
|
3.84
|
BR-176
|
|
229.00
|
247.00
|
18.00
|
1.57
|
20475
|
including
|
232.50
|
238.00
|
5.50
|
3.07
|
and
|
258.00
|
263.50
|
5.50
|
21.93
|
including
|
260.80
|
262.95
|
2.15
|
55.38
|
and
including
|
260.80
|
261.40
|
0.60
|
187.00
|
and
|
285.00
|
303.70
|
18.70
|
1.02
|
and
|
454.30
|
458.30
|
4.00
|
3.91
|
BR-211
|
|
43.15
|
52.00
|
8.85
|
6.46
|
20525
|
including
|
48.15
|
49.15
|
1.00
|
48.10
|
and
|
70.25
|
122.25
|
52.00
|
1.54
|
including
|
99.80
|
105.60
|
5.80
|
7.80
|
and
|
169.75
|
202.05
|
32.30
|
1.61
|
including
|
174.00
|
187.25
|
13.25
|
3.21
|
and
including
|
181.45
|
187.25
|
5.80
|
5.10
|
and
|
379.50
|
434.00
|
54.50
|
0.50
|
including
|
385.75
|
402.00
|
16.25
|
1.20
|
BR-212
|
|
53.00
|
60.35
|
7.35
|
1.16
|
20600
|
and
|
65.00
|
88.00
|
23.00
|
0.67
|
and
|
92.00
|
193.50
|
101.50
|
4.69
|
including
|
96.00
|
103.50
|
7.50
|
11.10
|
and
including
|
100.00
|
102.75
|
2.75
|
20.30
|
and
including
|
131.00
|
136.25
|
5.25
|
41.25
|
and
including
|
131.00
|
131.55
|
0.55
|
129.00
|
and
including
|
133.25
|
135.75
|
2.50
|
56.54
|
and
including
|
133.75
|
134.25
|
0.50
|
181.00
|
and
including
|
157.00
|
172.75
|
15.75
|
7.03
|
and
including
|
169.75
|
172.25
|
2.50
|
24.40
|
and
|
197.95
|
248.80
|
50.85
|
0.40
|
BR-191
|
|
211.50
|
213.00
|
1.50
|
7.89
|
20900
|
and
|
345.60
|
352.00
|
6.40
|
1.01
|
and
|
430.10
|
435.00
|
4.90
|
2.03
|
and
|
433.15
|
434.50
|
1.35
|
6.30
|
BR-192
|
|
68.00
|
71.25
|
3.25
|
6.23
|
20975
|
including
|
68.60
|
69.10
|
0.50
|
35.20
|
and
|
127.50
|
140.75
|
13.25
|
1.44
|
including
|
134.50
|
139.85
|
5.35
|
3.23
|
and
including
|
139.35
|
139.85
|
0.50
|
23.10
|
BR-193
|
and
|
141.00
|
144.35
|
3.35
|
1.33
|
20975
|
and
|
170.50
|
172.80
|
2.30
|
2.18
|
and
|
393.50
|
394.00
|
0.50
|
39.10
|
BR-194
|
|
138.75
|
155.00
|
16.25
|
5.42
|
20975
|
including
|
141.90
|
152.00
|
10.10
|
8.58
|
and
|
245.50
|
247.95
|
2.45
|
6.82
|
including
|
245.50
|
246.00
|
0.50
|
31.90
|
and
|
251.00
|
252.50
|
1.50
|
3.11
|
*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. Interval widths are calculated using a 0.10 g/t
gold cut-off grade with up to 3 m of internal dilution of zero
grade.
|
A complete assay table for all LP Fault drill holes completed to
date is posted to the Company's web site at
www.greatbearresources.ca
Drill collar locations, azimuths and dips for the drill holes
included in this release are provided in the table below, and have
been posted to the Company's web site for all LP Fault drill
holes.
The Company reminds interested shareholders that a live webinar
will take place on Monday, November
30th at 9:00am
PST/12:00pm EST.
Management will be available to answer questions following
the presentation. Online registration and participation
details may be found at the following link:
https://us02web.zoom.us/webinar/register/WN_XCKIzugJTFOETejNpYYGyg
Table 2: Coordinates of new drill holes reported
in this release (NAD 83).
Drill
Hole
|
Easting
|
Northing
|
Elevation
|
Depth
|
Dip
|
Azimuth
|
BR-159
|
457652
|
5634378
|
372
|
738
|
-55
|
209
|
BR-169
|
457524
|
5633960
|
352
|
429
|
-49
|
201
|
BR-174
|
457218
|
5634243
|
356
|
651
|
-51
|
211
|
BR-175
|
457172
|
5634255
|
355
|
798
|
-63
|
215
|
BR-176
|
457142
|
5634308
|
356
|
803
|
-61
|
212
|
BR-184
|
457871
|
5633871
|
366
|
420
|
-53
|
209
|
BR-185
|
457697
|
5633886
|
360
|
474
|
-54
|
209
|
BR-186
|
457745
|
5633984
|
360
|
498
|
-55
|
209
|
BR-187
|
457795
|
5634069
|
360
|
648
|
-52
|
209
|
BR-188
|
457680
|
5634004
|
357
|
594
|
-54
|
207
|
BR-191
|
456790
|
5634422
|
357
|
891
|
-60
|
216
|
BR-192
|
456617
|
5634315
|
358
|
450
|
-56
|
212
|
BR-193
|
456649
|
5634360
|
357
|
575
|
-57
|
213
|
BR-194
|
456684
|
5634424
|
357
|
653
|
-59
|
211
|
BR-211
|
457004
|
5634152
|
356
|
642
|
-56
|
214
|
BR-212
|
456977
|
5634200
|
356
|
741
|
-62
|
211
|
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 principal styles of gold
mineralization:
- High-grade gold in quartz veins and silica-sulphide
replacement zones (Dixie Limb, Hinge
and Arrow zones). 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 330 km2 of highly prospective
tenure across 5 projects: the flagship Dixie Project (100%
owned), the Pakwash Property (earning a 100% interest), the Dedee
Property (earning a 100% interest), the Sobel Property (earning a
100% interest), and the Red Lake North 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.
Such factors, among other things, include: impacts arising
from the global disruption caused by the Covid-19 coronavirus
outbreak, business integration risks; fluctuations in general
macroeconomic conditions; fluctuations in securities markets;
fluctuations in spot and forward prices of gold or certain other
commodities; change in national and local government, legislation,
taxation, controls, regulations and political or economic
developments; risks and hazards associated with the business of
mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formations pressures, cave-ins and flooding); discrepancies between
actual and estimated metallurgical recoveries; inability to obtain
adequate insurance to cover risks and hazards; the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of increasing costs associated
with mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining
necessary licenses, permits and approvals from government
authorities); and title to properties.
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.