TSX-V: GBR
VANCOUVER, BC, Feb. 16, 2021 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear") (TSXV: GBR) (OTCQX: GTBAF) today
reported results from its ongoing 2021 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, "The pace of incoming results continues to
accelerate, and we've now reported 250 drill holes from the LP
Fault. Most of the 20 drill holes reported in this
release occur within 75 - 100 metre wide previously undrilled gaps
along a 1.1 kilometre segment of the 4.2 kilometre long grid
drilling area of the central LP Fault zone. Once again, we
observed the same continuity of gold mineralization on the finer
scale that has been previously observed with widely spaced
drilling. We have included figures in this release
comparing current tightly spaced drill results to more widely
spaced drilling from one year ago. When the previously
announced $70 million financing
closes this month, Great Bear will have over $100 million in cash. An update on the 2021
exploration program and budget will be provided in early
March."
This news release provides results from 20 new LP Fault
drill holes completed along 1.1 kilometres of strike
length. Great Bear has now published results from
250 LP Fault drill holes and anticipates up to 400 LP
Fault drill holes will be completed by the end of 2021.
The new drill results from this release are provided in Table
1, Figure 1, Figure 2 and Figure 3
show drill results in map, long section and 3D views.
New Drill Results
High-grade drill results include:
- 13.07 g/t gold over 16.95 metres from 195.50 to 212.45
metres in drill hole BR-251 on drill section 19950. This section is
located 25 metres to the northwest of the drill holes highlighted
on section 19925 in the Company's last news release of February 8, 2021.
- 32.01 g/t gold over 8.10 metres from 103.80 to 111.90
metres in drill hole BR-232 on drill section 20375 (located 425
metres northwest of drill section 19950).
Bulk tonnage drill results include:
- 3.67 g/t gold over 45.45 metres from 72.00 to 117.45
metres in drill hole BR-252 on drill section 19950, which included
a high-grade core of 85.50 g/t gold over 0.50 metres from
80.40 to 80.90 metres.
Figure 1: Plan map showing mostly 100
– 500 metre spaced drilling as of February
2020 (Top) and mostly 25 – 100 metre spaced drilling from
February 2021 including new results
from this release (Bottom).
Figure 2: Long section through the LP
Fault zone showing mostly 100 – 500 metre spaced drilling as of
February 2020 (Top) and mostly 25 –
100 metre spaced drilling as of February
2021 (Bottom) including current results from this news
release. Each rectangular grid square is one kilometre
long and 500 metres high. All 250 drill holes have
successfully intersected gold mineralization.
Figure 3: Comparison of the LP Fault
gold results to date in three dimensions versus long section view,
showing the same gold interval grade categories with 250 drill
holes. The LP Fault gold system remains open in all
directions.
- 2.55 g/t gold over 32.50 metres from 183.00 to 215.50
metres in drill hole BR-216 on drill section 20150, which included
a high-grade core of 10.23 g/t gold over 3.90 metres from
187.10 to 191.00 metres.
Some drill sections contain several closely spaced bulk tonnage
type gold intervals defining significant aggregate widths of
mineralization as shown in Table 1:
- Drill hole BR-231 contained an aggregate 100.70 metres of
bulk tonnage mineralization ranging from 0.55 g/t to 3.20 g/t
gold between 57.90 and 215.40 metres on drill section
20700.
-
- Sub intervals included 1.35 g/t gold over 30.30 metres
from 57.90 to 88.20 metres.
- Drill hole BR-224 contained an aggregate 139.50 metres of
bulk tonnage mineralization ranging from 0.49 g/t to 6.07 g/t
gold between 244.15 and 403.00 metres on drill section
20575.
-
- Sub intervals included 1.05 g/t gold over 57.15 metres
from 280.35 to 337.50 metres.
As shown in the Company's VRIFY model posted to Great Bear's web
site at www.greatbearresources.ca, halos of lower grade gold
mineralization (0.10 g/t to 1.00 g/t gold) typically also
occur adjacent to, and between, the highlight intervals published
in news releases.
Chris Taylor continued, "In order
to help convey the size of the LP Fault discovery, we use 1
kilometre long by 500 metre high reference grids on the long
sections. However, in this release we have also provided an
additional 'Figure 3' showing the same data in three
dimensions. The scale box in Figure 3 measures 4,200
metres long by 1,400 metres wide by 950 metres deep. The
LP Fault is not a vein type deposit and cannot be adequately
illustrated in long section because of multiple parallel gold zones
and a wide halo of disseminated gold mineralization, all of which
extend to bedrock surface and remain open in all directions."
Table 1: New assay results from the LP
Fault, arranged by drill section from southeast to northwest.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Gold
(g/t)
|
Section
|
BR-251
|
|
96.60
|
98.00
|
1.40
|
8.57
|
19950
|
|
and
|
184.50
|
219.00
|
34.50
|
6.73
|
|
|
including
|
195.50
|
212.45
|
16.95
|
13.07
|
|
|
and
including
|
208.60
|
210.60
|
2.00
|
89.72
|
|
BR-252
|
|
72.00
|
117.45
|
45.45
|
3.67
|
19950
|
|
including
|
80.40
|
80.90
|
0.50
|
85.50
|
|
|
and
including
|
102.00
|
115.50
|
13.50
|
8.18
|
|
BR-179
|
|
460.00
|
474.00
|
14.00
|
0.64
|
20150
|
BR-216
|
|
123.00
|
146.40
|
23.40
|
1.66
|
20150
|
|
including
|
136.70
|
145.85
|
9.15
|
3.88
|
|
|
and
|
183.00
|
215.50
|
32.50
|
2.55
|
|
|
and
including
|
187.10
|
191.00
|
3.90
|
10.23
|
|
BR-237
|
|
41.60
|
91.50
|
49.90
|
0.61
|
20175
|
|
including
|
58.80
|
71.00
|
12.20
|
2.06
|
|
|
and
|
195.70
|
205.75
|
10.05
|
1.15
|
|
BR-222
|
|
475.50
|
489.00
|
13.50
|
0.34
|
20200
|
BR-214
|
|
162.00
|
214.25
|
52.25
|
0.53
|
20200
|
|
including
|
169.50
|
183.00
|
13.50
|
1.13
|
|
|
and
|
515.30
|
518.00
|
2.70
|
5.46
|
|
BR-207
|
|
22.00
|
24.50
|
2.50
|
3.54
|
20225
|
BR-235
|
|
29.20
|
40.00
|
10.80
|
1.07
|
20275
|
|
|
181.30
|
196.30
|
15.00
|
7.88
|
|
BR-236
|
|
61.50
|
91.50
|
30.00
|
0.75
|
20275
|
|
including
|
70.80
|
72.50
|
1.70
|
5.83
|
|
BR-226
|
|
584.25
|
589.30
|
5.05
|
2.63
|
20300
|
BR-234
|
|
148.95
|
156.70
|
7.75
|
0.70
|
20325
|
|
and
|
239.60
|
240.00
|
0.40
|
6.16
|
|
BR-227
|
|
543.70
|
570.50
|
26.80
|
1.04
|
20350
|
BR-233
|
|
74.50
|
93.00
|
18.50
|
1.55
|
20350
|
|
and
|
294.00
|
295.00
|
1.00
|
9.44
|
|
BR-232
|
|
103.80
|
111.90
|
8.10
|
32.01
|
20375
|
|
including
|
106.75
|
107.50
|
0.75
|
241.00
|
|
BR-225
|
|
138.35
|
149.15
|
10.80
|
1.16
|
20475
|
|
and
|
189.80
|
263.45
|
73.65
|
0.55
|
|
BR-224
|
|
244.15
|
267.00
|
22.85
|
0.73
|
20575
|
|
and
|
280.35
|
337.50
|
57.15
|
1.05
|
|
|
including
|
295.00
|
307.50
|
12.50
|
2.01
|
|
|
and
|
343.50
|
403.00
|
59.50
|
0.49
|
|
BR-231
|
|
57.90
|
88.20
|
30.30
|
1.35
|
20700
|
|
including
|
77.40
|
88.20
|
10.80
|
3.20
|
|
|
and
including
|
82.50
|
86.70
|
4.20
|
6.02
|
|
|
and
|
145.00
|
215.40
|
70.40
|
0.55
|
|
|
including
|
154.00
|
157.00
|
3.00
|
6.37
|
|
BR-230
|
|
158.00
|
168.70
|
10.70
|
0.65
|
20750
|
|
and
|
254.80
|
294.20
|
39.40
|
0.43
|
|
BR-195
|
|
223.60
|
264.15
|
40.55
|
0.44
|
21050
|
* 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.
Update on Financing
The underwriters have asked the Company to extend the closing
date for the previously announced (see Company news releases of
January 21, 2021) C$70 million bought deal private placement
financing until February 25, 2021.
The underwriters requested extra time for administrative
reasons associated with the flow-through portion of the financing.
Following closing, Great Bear will have over C$100 million in cash and expects to provide an
update on the 2021 exploration program and budget in early
March 2021.
A table of all LP Fault drill holes released to date is posted
to the Company's web site at www.greatbearresources.ca.
Drill collar location, azimuth and dip for drill holes included
in this release are provided in the table below (UTM zone 15N, NAD
83):
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Length
|
Dip
|
Azimuth
|
BR-179
|
457534
|
5634341
|
370
|
909
|
-63
|
206
|
BR-195
|
456611
|
5634410
|
358
|
591
|
-58
|
215
|
BR-207
|
457306
|
5634010
|
360
|
435
|
-53
|
205
|
BR-214
|
457386
|
5634121
|
354
|
642
|
-60
|
204
|
BR-216
|
457412
|
5634095
|
354
|
318
|
-45
|
201
|
BR-222
|
457469
|
5634333
|
366
|
932
|
-61
|
207
|
BR-224
|
457099
|
5634343
|
355
|
441
|
-52
|
215
|
BR-225
|
457164
|
5634259
|
356
|
426
|
-51
|
210
|
BR-226
|
457391
|
5634358
|
360
|
813
|
-59
|
210
|
BR-227
|
457629
|
5634284
|
366
|
843
|
-64
|
207
|
BR-230
|
456891
|
5634314
|
356
|
816
|
-58
|
211
|
BR-231
|
456895
|
5634221
|
357
|
585
|
-56
|
212
|
BR-232
|
457196
|
5634144
|
355
|
546
|
-57
|
208
|
BR-233
|
457221
|
5634118
|
356
|
555
|
-56
|
208
|
BR-234
|
457177
|
5634022
|
358
|
411
|
-55
|
208
|
BR-235
|
457240
|
5634007
|
361
|
402
|
-52
|
206
|
BR-236
|
457271
|
5634080
|
357
|
501
|
-53
|
208
|
BR-237
|
457332
|
5633989
|
360
|
423
|
-49
|
202
|
BR-251
|
457620
|
5633983
|
355
|
447
|
-52
|
216
|
BR-252
|
457572
|
5633910
|
352
|
267
|
-48
|
215
|
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, 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 statements and information include, but are
not limited to, statements in respect of the proposed Offering
including the proposed use of proceeds, the closing date of the
Offering, receipt of regulatory and stock exchange approvals, the
timing of future drilling, exploration and budgets.
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.