Great Bear Expands Gold Properties in Red Lake, Ontario

June 7, 2018 – Vancouver, British Columbia, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today announced it has expanded its Dixie and West Madsen gold properties in the Red Lake district of Ontario through staking.  A map of the expanded properties is shown below.

Figure 1: Map of Great Bear’s expanded gold properties in the Red Lake district of Ontario

The Company has added 2,029 hectares of mineral claims to the Dixie project, for a total project area of 9,140 hectares.  The newly staked claims control prospective geological horizons parallel to gold-mineralized contacts currently being drilled by the Company.  Great Bear’s recent drilling identified a multi-kilometre gold-bearing system at the Dixie property that the Company is currently exploring through a 10,000 metre drill program.  Recent drill results include 17.18 g/t gold over 1.7 metres, which includes 46.3 g/t gold over 0.60 metres from the Hinge Zone and 16.84 g/t gold over 10.40 metres, which includes 130.10 g/t gold over 1.05 metres from the main Dixie Limb Zone (see news releases of May 25, 2018 and September 7, 2017).

An additional 1,136 hectares have also been staked to expand Great Bear’s West Madsen project, covering the on-strike extensions of prospective geological contacts, and linking the Company’s West Madsen A and B blocks.  The West Madsen property now covers 3,860 hectares.  The West Madsen property controls prospective on-strike extensions of gold-bearing structures currently being drilled by Great Bear’s neighbour Pure Gold Mining Ltd. (TSX-V: PGM), where recent results include 33.3 g/t gold over 8.3 metres from the Wedge Zone, and 57.1 g/t gold over 22.1 metres from the primary resource area.  Wedge Zone drilling is ongoing approximately 1.5 kilometres from the eastern boundary of the West Madsen project.

The Company will explore the newly staked ground at Dixie and West Madsen through summer 2018, and report results as they become available.  Drilling at the Dixie project will resume in June 2018.

 

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property which consists of 9,140 hectares in the Red Lake district covering a drill and geophysically defined multi-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district.  The project has seen over 180 drill holes to-date and has yielded high grade near-surface gold results from several gold zones including the Main Dixie Limb, Hinge and Hanging Wall Zones.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.’s (TSX-V: PGM) Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

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

Great Bear’s Drilling Returns High Grade Gold at Dixie Project, Red Lake, Ontario

May 25, 2018 – Vancouver, British Columbia, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today announced results from the first 5 drill holes of its Phase 2 drill program at its Dixie project in the Red Lake district of Ontario.  A total of 15 holes were drilled along 2.3 kilometres strike length of a prospective geological contact, testing both new and existing gold targets.  All holes hit the hydrothermal alteration system which is characterized by varying silicification, sulphide mineralization and gold content.  Drilling will recommence in June 2018.

 

Highlights from the first five drill holes include:

  • The first “Hinge Zone” drilling by Great Bear intercepted high-grade gold including 17.18 g/t gold over 1.7 metres, which includes 46.3 g/t gold over 0.60 metres in drill hole DHZ-002. DHZ-001, drilled 75 metres vertically above DHZ-002 intersected 15 g/t gold over 1.25 metres, suggesting significant vertical and grade continuity.   Oriented core data suggests that these intercepts are likely from a vein system that is parallel to historically drilled veins, indicating multiple high-grade gold veins are present in the Hinge Zone

 

  • A “Hanging Wall Zone” was intercepted parallel to the main Dixie Limb Zone, returning 41 g/t gold over 1.5 metres including 30.20 g/t gold over 0.55 metres. This  adds an additional drill-confirmed high-grade gold-bearing zone within the primary drill area

 

  • Gold is confirmed at the “South Limb Zone”; DSL-001, Great Bear’s first drill hole into this target intersected a 32 metre wide zone of quartz veining and silica/sulphide alteration containing anomalous gold mineralization which included 34 g/t gold over 0.50 metres and 3.47 g/t gold over 1.0 metre

 

Chris Taylor, CEO of Great Bear commented, “Our Phase 2 drilling was ambitiously designed to test the size potential of the Dixie gold system at shallow depths and along strike, plus a number of new gold targets.  It was successful on all fronts.  Our drilling has revealed a regionally-significant gold-bearing hydrothermal system which has now been drilled along more than 2 kilometres of a favourable geological contact.  The system contains multiple drill-confirmed high-grade gold zones comparable in width and grade to mined deposits in Red Lake, all of which are open to extension.  Historical drilling and geophysics suggest that the primary gold-bearing contact may extend for up to 10 kilometres on the property.  The remaining 7,000 metres of the Phase 2 drill program will include further step-out holes along this contact, and follow-up delineation drilling of areas with high-grade gold intercepts at depth.”

 

Table 1: Drill intercept highlights from the first 5 of 15 drill holes completed during initial Phase 2 drilling.  All interval lengths are drill indicated and may not represent true thicknesses.


 

Hinge Zone

DHZ-001 and DHZ-002 are the first holes drilled into the Hinge Zone by Great Bear.  They intersected quartz veins with strong peripheral biotite alteration and both contained high-grade intervals with visible gold.

This combination of hydrothermal biotite alteration with quartz vein-hosted high-grade visible gold also occurs at the High Grade Zone at the Red Lake gold mine operated by Goldcorp (TSX: G). The intercepts in the two Hinge Zone holes are 75 metres apart (vertically) and remain open for follow-up drilling.

 

Hanging Wall Zone

High-grade gold mineralization was encountered in drill hole DL-009 at the contact between a rhyolite  and tholeiitic basalt, and occurs approximately 80 meters above (in the hanging wall) of the primary Dixie Limb contact.  Significant visible gold is observed which returned 30.20 g/t gold over 0.5 metres, within a broader interval of 2.59 g/t gold over 7.40 metres.  Several historical holes intersected the same contact (according to historical drill log descriptions), however not all of the intervals were assayed for gold by past explorers.  The Company will continue to explore this zone and test other possible parallel gold zones.

Figure 1: Drill plan showing locations of first 15 holes of the 2018 drill program.  Sub-zones within the Dixie gold system are labeled

South Limb Zone

 Hole DSL-001 is the first hole drilled by Great Bear into the interpreted South Limb of an apparent folded duplication of the main Dixie Limb, as shown on Figure 1.  Observations of a wide silicified and sulphide-gold bearing interval in DSL-001 suggests that the Dixie hydrothermal system may be wider in this area, and that significant gold potential exists at South Limb.

 

Pending Assays

The Company is awaiting assays from 10 additional drill holes.  These include step out holes along the primary Dixie Limb contact that increase its drilled strike length from approximately 500 metres to 2.3 kilometres, and additional drill holes into the main Dixie Limb within the primary drill area.  Results are expected to be received over the next four weeks, and will be released in batches as processed.  The Company expects to be drilling again during June.

 

Drill core was logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program were cut in half, using a diamond cutting saw, and were sent to Activation Laboratories Ltd. in Ancaster Ontario, an accredited mineral analysis laboratory, for analysis.  All samples were analysed for gold using standard Fire Assay-AA techniques.  Samples returning over 3.0 g/t gold were analysed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates were routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program.

 

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property which consists of 7,106 hectares in the Red Lake district covering a drill and geophysically defined multi-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district.  The project has seen over 160 drill holes to-date and has yielded high grade near-surface gold results including 10.40 m of 16.84 g/t gold.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 2,725 hectares and are contiguous with Pure Gold Mining Inc.’s (TSX-V: PGM) Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

 

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

 

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

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

 

 

 

Great Bear Closes $1,720,000 Financing and Receives Additional $425,000 Through Warrant Exercises

May 23, 2018 – Vancouver, BC, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today announced closing of a non-brokered private placement for gross proceeds of $1,720,252, subject to exchange approval.  The Company has also received $425,533 since the beginning of 2018 from the exercise of common share purchase warrants, for total fundraising of $2,145,785.

Chris Taylor, Great Bear’s CEO said, “We thank our shareholders for their continued support despite volatile market conditions.  Great Bear is now fully financed to complete the extended Phase 2 drill program at our Dixie project which was announced on April 19, 2018.  Drilling is slated to recommence in June 2018.  The extended program is expected to consist of a total of 10,000 metres of drilling testing various targets.  Approximately 3,000 metres of drilling has been completed to-date in 15 drill holes, from which we eagerly await results.”

In connection with the current placement, the Company has issued 1,565,000 non-flow-through units (each, a “NFT Unit”) at a price of $0.50, consisting of one common share and one-half-of-one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.70 per share for a period of twenty-four (24) months.  The common share purchase warrants are subject to acceleration at the Company’s discretion in the event the Company’s common shares trade on a volume weighted average price (VWAP) basis of $0.83 or more for a period of ten consecutive trading days.

The Company has also issued 1,616,814 flow-through units (each, a “FT Unit”) at a price of $0.58, consisting of one common share and one-half-of-one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.70 per share for a period of twenty-four (24) months.  The common share purchase warrants are subject to acceleration on the same terms as the NFT Unit warrants.

The securities issued by Great Bear in connection with the private placement are subject to a four month hold period as prescribed by applicable securities laws.  Insiders participated for a portion of the placement.  Finder’s fees of $71,946.00 and 132,900 broker’s warrants were issued in relation to closing of the placement.  Broker’s warrants have the same terms as the NFT and FT warrants.

Following issuance of securities related to this placement, Great Bear will have 23,106,169 common shares issued and outstanding.

Great Bear is earning a 100% royalty-free interest in the Dixie property which consists of 7,106 hectares.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 2,725 hectares and are contiguous with Pure Gold Mining Inc.’s (TSX-V: PGM) Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, M.Sc., P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

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

 

 

Great Bear Expands Red Lake Drilling to 10,000 Metres and Announces Private Placement

April 19, 2018 – Vancouver, British Columbia, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today announced expansion of its ongoing 3,000 metre drill program in the Red Lake district, Ontario to 10,000 metres.

Great Bear’s President and CEO Chris Taylor said, “We have completed eight of twelve planned drill holes, and are expanding our current work program to include up to 10,000 total metres of drilling and up to 30 additional drill holes.  We will continue to explore our high-grade gold zones at Dixie Lake and their extensions, as well as newly-defined gold-bearing structures at West Madsen.”

Drilling is expected to conclude at Dixie Lake in the coming days due to spring thaw, but will resume approximately one month later when road access is clear.  Assay results from the current drilling are expected to be available at that time for further drill planning purposes.  A concurrent field program consisting of geological mapping, prospecting, trenching and drill targeting will be undertaken from May to August at both Dixie Lake and West Madsen.

 

Private Placement

To fund the expanded drill program, and subject to regulatory approval, the Company will undertake a non-brokered private placement consisting of both non-flow-through and flow-through unit offerings.  The Company will issue up to 4,000,000 NFT Units and up to 3,448,276 FT Units, for total gross proceeds of up to $2,000,000.

Each non-flow-through unit (each, a “NFT Unit”) will be issued at a price of $0.50 and will consist of one common share and one-half-of-one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.70 per share for a period of twenty four (24) months.  The common share purchase warrants will be subject to acceleration at the Company’s discretion in the event the Company’s common shares trade on a volume weighted average price (VWAP) basis of $0.83 or more for a period of ten consecutive trading days.

Each flow-through unit (each, a “FT Unit”) will be issued at a price of $0.58 and will consist of one common share and one-half-of-one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.70 per share for a period of twenty four (24) months.  The common share purchase warrants will be subject to acceleration on the same terms as the NFT Unit warrants.

The securities issued by Great Bear in connection with the private placement will be subject to a four month hold period as prescribed by applicable securities laws.  Insiders may participate for a portion of the placement.  Finder’s fees may be payable as part of this transaction.

 

Project Update

All drill holes completed to-date during Phase 2 drilling at the Company’s flagship Dixie Lake project have successfully reached target depths and all results are pending at the time of this news release.  Core logging continues, and 5 of the 8 completed drill holes have been sent for assay to Activation Laboratories Ltd. in Ancaster Ontario, an accredited mineral analysis laboratory, for analysis.

The Company has noted increased claim staking and drilling activity in the immediate vicinity of its West Madsen property, which is contiguous with the Madsen mine property of Pure Gold Mining Inc. (TSX-V: PGM; “Pure Gold”).  Recent drill results reported by Pure Gold at Madsen include 8.3 m of 33.3 g/t gold and 2.0 m of 22.5 g/t gold from the “Wedge Zone”, located less than 1.5 kilometres from Great Bear’s West Madsen claims.  Gold mineralization at the Wedge Zone has been reported by Pure Gold to be hosted by blue-grey quartz veins and controlled by a major through-going structure.  This structure strikes towards Great Bear’s property.

Three major gold-bearing structural trends have been identified at West Madsen using the Company’s 2017 high-resolution airborne magnetic survey combined with historical assessment work and the Company’s own prospecting.  These cross several kilometres of strike length at Great Bear’s West Madsen Block A.  One of these trends is interpreted to represent the on-strike extension of the structural corridor that also hosts the Wedge Zone.  This trend is known to be gold bearing on Great Bear’s property, as prospecting within a large exploration trench during summer 2017 returned 0.9 g/t gold from a broad area of silicified, sulphide-bearing alteration (see Great Bear news release of November 14, 2017).

Maps of Great Bear’s projects and summaries of results to-date can be found at the Company’s web site at www.greatbearresources.ca.

 

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie Lake property which consists of 7,106 hectares in the Red Lake district covering a drill and geophysically defined multi-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district.  The project has seen over 160 drill holes to-date and has yielded high grade near-surface gold results including 10.40 m of 16.84 g/t gold.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 2,725 hectares and are contiguous with Pure Gold Mining Inc.’s (TSX-V: PGM) Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

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

 

Great Bear Provides Drilling Update for Dixie Lake Gold Project, Red Lake District, Ontario

April 5, 2018 – Vancouver, British Columbia, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today provided an update on Phase 2 drilling at its Dixie Lake gold project, located in the Red Lake district of Ontario.

Drilling commenced on March 14, 2018 and is ongoing.  Seven drill holes have been completed at this time, while an estimated 8 holes remain to be drilled.  The first two of the seven completed drill holes have been sent for assay to Activation Laboratories Ltd. in Ancaster Ontario, an accredited mineral analysis laboratory, for analysis.  The remaining holes are being geologically logged and split prior to shipment for assay.

Chris Taylor, Great Bear’s President and CEO said, “Drilling is on time and on budget as we progress through our Phase 2 drill program.  We are stepping out from our Phase 1 drill locations to target on-strike extensions to the known mineralization, and to place the first characterization holes into new targets at the South Limb, Hinge and Northwest extension that have not yet been drilled by Great Bear.  Results from the first 8 -10 holes will provide guidance for the final drill holes of this program, as we aim to define the geometry, strength and geological controls on mineralization in these new areas.”

Details of the current drill program were reported by the Company on November 2, 2017 and January 16, 2018.  The Company will release batches of drill results as these become available.

The Phase 2 drill program is expected to continue until spring thaw temporarily restricts road access.  When ground conditions permit, field investigations will resume across the Company’s Dixie Lake and West Madsen properties.  In addition to ongoing drilling in and around the Main Zone at Dixie Lake, the Company is identifying additional targets for summer exploration where historical prospecting results, and the Company’s own high-resolution geophysical survey results, show high prospectively for additional gold mineralization.

 

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie Lake property which consists of 7,106 hectares in the Red Lake district covering a drill and geophysically defined multi-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district.  The project has seen over 160 drill holes to-date and has yielded high grade near-surface gold results including 10.40 m of 16.84 g/t gold.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 2,725 hectares and are contiguous with Pure Gold Mining Inc.’s (TSX-V: PGM) Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

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

 

 

Great Bear Mobilizes Crews for Drill Program at Dixie Lake Gold Project, Red Lake District

March 1, 2018 – Vancouver, British Columbia, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today announced that crews are being mobilized for the Phase 2 drill program at its Dixie Lake gold project, located in the Red Lake district of Ontario.

The 3,000 metre Phase 2 drilling program is designed to test four zones on the property: Dixie, Hinge, South Limb and NW zones.  The Dixie zone was drilled by GBR in the summer of 2017, with significant gold results in all holes drilled.  See news release dated September 7, 2017 and November 2, 2017 which included a highlight interval of 10.40 m of 16.84 g/t gold.  The Hinge zone was drilled in 2008 and 2010 by previous operators and the South Limb was last drilled in 2004. The NW zone, located approximately 1.7 km northwest of the Dixie zone, was last drilled in 2005; mineralization similar in nature to the Dixie zone was intersected.  A table of historical drill result highlights from Dixie Lake is provided in Table 1 below.

Table 1: Highlighted results from the Dixie Lake Project

Hole From(m) To (m) Width (m) Gold (g/t) Area
DC-10-07 181.83 182.30 0.47 163.75 Hinge Zone
DC-10-07 and 201.12 203.12 2.00 32.65 Hinge Zone
DC-10-07 including 202.12 203.12 1.00 61.97 Hinge Zone
DC-10-07 and including 199.30 203.12 3.82 17.22 Hinge Zone
DC-08-01R 127.60 129.80 2.20 17.20 Hinge Zone
DC-08-01R including 127.60 128.90 1.30 22.93 Hinge Zone
DC-18-07 156.83 158.17 1.34 7.04 Hinge Zone
DC-18-07 including 157.80 158.17 0.37 24.41 Hinge Zone
DL-005 162.60 173.00 10.40 16.84 Dixie Zone
DL-005 including 164.60 172.45 7.85 21.53 Dixie Zone
DL-005 and including 170.75 172.45 1.70 82.54 Dixie Zone
DL-005 and including 171.40 172.45 1.05 130.10 Dixie Zone
DL-04-06 333.33 345.67 12.34 7.54 Dixie Zone
DL-04-06 including 335.42 342.49 7.07 12.26 Dixie Zone
DL-04-06 and including 335.42 336.88 1.46 40.27 Dixie Zone
DL-89-9 49.83 52.66 2.83 15.56 Dixie Zone
DL-89-9 including 51.48 52.66 1.18 30.58 Dixie Zone
DL-11-05 132.2 138.5 6.3 10.78 Dixie Zone
DL-11-05 including 134.7 138.5 3.8 14.76 Dixie Zone
DL-11-05 and including 135.8 137.00 1.2 30.48 Dixie Zone
DL-03-08 123.80 129.05 5.25 7.44 Dixie Zone
DL-03-08 including 124.36 129.05 4.69 8.09 Dixie Zone
DL-03-08 and including 127.19 127.76 0.57 39.70 Dixie Zone
DL-03-08 and including 127.19 129.05 1.86 14.64 Dixie Zone
DL-04-04 including 229.07 232.15 3.08 13.63 Dixie Zone
DL-04-04 and including 230.05 232.15 2.10 18.46 Dixie Zone
DL-04-04 and including 230.82 232.15 1.33 23.32 Dixie Zone
DC-04-07 216.00 218.00 2.00 5.02 South Limb
DC-04-07 including 217.00 218.00 1.00 9.01 South Limb

*Great Bear has verified historical drill results against original drill logs and assay certificates.  Great Bear has re-sampled selected intervals of historical drill to verify results.  Width is expressed as core length and does not represent true width.

Stock Option Grant

The Company has also granted an aggregate of 565,000 stock options to directors, advisors and consultants of the Company, exercisable at $0.51 per share for a period of five years.

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie Lake property which consists of 7,106 hectares in the Red Lake district covering a drill and geophysically defined multi-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district.  The project has seen over 160 drill holes to-date and has yielded high grade near-surface gold results including 10.40 m of 16.84 g/t gold.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 2,725 hectares and are contiguous with Pure Gold Mining Inc.’s (TSX-V: PGM) Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

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

 

 

Great Bear Provides Drill Program Update

January 16, 2018 – Vancouver, British Columbia, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today announced completion of drill hole planning and preparation for a Phase 2 drill program at the Dixie Lake gold project, located in the Red Lake district of Ontario.

The drill program will focus on:

  • Extending the strike length of known gold mineralization within the main gold-bearing structure,
  • Testing high-grade gold mineralization at depths of up to 200 metres, and
  • Testing additional gold zones and prospective geophysical targets within the main gold structure

The program will consist of approximately 3,000 metres of diamond drilling in 15 – 20 drill holes across 2 kilometres of strike length. Four areas will be drill-tested, as shown on Figure 1 below.

Figure 1: Areas to be targeted with Phase 2 drilling

Four primary areas will be drill tested during Phase 2 drilling as described below.

Area 1 (Dixie Structure): Follow-up drilling along the main Dixie structure where the Company completed its 2017 drill program. The primary targets in this area are down-plunge extensions of high grade gold intercepts, including those disclosed by the Company on September 7 and November 2, 2017. The Company believes sufficient structural information has been collected to predict gold zone geometries and will test the continuity of higher grade gold mineralization at depths of up to 200 metres.

Current results suggest 3 – 5 zones of higher grade gold are present within a continuously gold mineralized structure defined by 70 drill holes to-date, along 500 m of strike length. Steeply-dipping structurally-hosted gold zones are common in Red Lake and can increase in grade with depth.

Area 2 (Hinge Zone): Drill test the “Hinge Zone” of the main Dixie structure. This area was drilled in 2007 and 2008 by previous explorers but has not yet been drilled by Great Bear. It may represent the hinge of the main Dixie Lake structure where the gold zone has been tightly to isoclinally folded. This area yielded the highest grade historical intercepts on the project, prior to Great Bear’s drilling. Highlights from the historical drilling are shown in Table 1 below.

Table 1: Historical drill results from the Hinge zone

Hole Number From (m) To (m) Width (m)* Au (g/t)
DC-10-07 181.83 182.30 0.47 163.75
DC-10-07 and 201.12 203.12 2.00 32.65
DC-10-07 including 202.12 203.12 1.00 61.97
DC-10-07 and including 199.30 203.12 3.82 17.22
DC-08-01IR 127.60 129.80 2.20 17.20
DC-08-01IR including 127.60 128.90 1.30 22.93
DC-18-07 156.83 158.17 1.34 7.04
DC-18-07 including 157.80 158.17 0.37 24.41

Area 3 (South Limb): If the main Dixie Lake gold structure is tightly folded, the zone drilled by Great Bear during its Phase 1 program may be repeated on the other limb of this fold. The Company will now drill test the southern limb during Phase 2 drilling. Sporadic historical drilling returned a high value of 15.06 m of 2.23 g/t Gold including 1.0 m of 9.01 g/t gold. The geometry of gold mineralization in this area will inform the Company whether gold mineralization pre- or post-dates the folding, which will be critical to later defining total mineralized volumes in Areas 1, 2 and 3.

Area 4 (Northwest Limb): The Company recently extended its claims into this area to control the on-strike extension of the main Dixie Lake gold structure, as disclosed on September 5, 2017.  Great Bear will now drill test the area around a historical drill hole which returned 7.0 m of 2.0 g/t gold including 1.0 m of 10.47 g/t gold. Recent analysis by Great Bear strongly suggests that this interval has the same mineralization characteristics, and matching host rock descriptions to holes drilled by the Company within the main Dixie Lake structure, approximately 2 kilometres away.  The 2017 airborne geophysical survey carried out by the Company shows a continuous magnetic anomaly between the main Dixie Structure and this 2005 drill hole. Successful confirmation of gold mineralization in this area would suggest significant on-strike potential for gold mineralization along the Dixie structure, which has been geophysically interpreted to extend for over 20 kilometres on Great Bear’s claims, as disclosed by the Company on November 2, 2017, and as shown on Figure 2.

Figure 2: 20 kilometres of the Dixie gold structure as interpreted from a high-resolution geophysical survey completed by Great Bear in 2017. Area of Phase 2 drilling shown in inset

Drilling will begin in Areas 1, 2 and 3, and will proceed to Area 4 when approvals are received for an extended drill area.  Drilling is expected to begin in the first two weeks of February and will proceed for 4 – 8 weeks once underway.

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie Lake property which consists of 7,106 hectares in the Red Lake district covering a drill and geophysically defined multi-kilometre gold mineralized structure like that hosting other producing gold mines in the district. The project has seen over 160 drill holes to-date and has yielded high grade near-surface gold results including 10.40 m of 15.89 g/t gold. In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 2,725 hectares and are contiguous with Pure Gold Mining Inc.’s (TSX-V: PGM) Madsen property. All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.

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

About the Assay Techniques

Drill core was logged and sampled in a secure core storage facility located in Red Lake Ontario. Core samples from the program were cut in half, using a diamond cutting saw, and were sent to Activation Laboratories Ltd. in Ancaster Ontario, an accredited mineral analysis laboratory, for analysis. All samples were analysed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold were analysed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates were routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program.

Selected samples of coarse reject splits from intervals that included visible gold were subjected to additional metallic screening protocols consisting of a representative 1000 gram split sieved at 100 mesh (149 micron), with assays performed on the entire +100 mesh and 2 splits of the -100 mesh fraction. A  final assay was calculated based on the weight of each fraction.

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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