October 11, 2017 – Vancouver, BC, Canada. – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR) today provided an update on geophysical survey progress across its Red Lake gold district projects. The survey is now complete. In total, 2,676 line kilometres of high resolution airborne magnetic data were collected at 50 metre line spacing across all of the Company’s Red Lake properties. Results are expected to be received by the Company within 10 – 15 business days. The survey was completed by Geotech Ltd. of Aurora, Ontario.
Final results from the Company’s summer 2017 Phase 1 drill program completed at the Dixie Lake project are also expected to be received within the same timeframe. A field mapping and prospecting program will begin at the Dixie Lake and West Madsen properties in mid-October. The Company plans to undertake a Phase 2 drill program at Dixie Lake once results from both the geophysical survey and October field program are received and reviewed, during winter 2017 – 2018.
The Company also reports it has granted an aggregate of 210,000 stock options to officers, directors, advisors and consultants of the Company, exercisable at $0.36 per share for a period of five years. The options are subject to a four month hold period.
About Great Bear
Collectively, Great Bear controls 9,831 hectares of highly prospective land in the Red Lake district. Great Bear has the option to earn a 100% interest in all of its properties, royalty free, for total remaining payments of $274,000 over four years.
Its principal asset is the 7,106 hectare Dixie Lake property, where over 160 drill holes, including 5 completed by Great Bear, have defined a structurally-controlled gold mineralized system with potential for over 15 kilometres of strike length. Recent results include 10.40 m of 16.84 g/t gold and 6.30 m of 5.56 g/t gold from one of several known mineralized zones (see September 7, 2017 news release).
Also in Red Lake, the West Madsen project consists of two claims blocks totalling approximately 2,725 hectares, contiguous with Pure Gold Mining’s (TSX-V: PGM, “Pure Gold”) Madsen property and covering the along-strike extensions of regional gold-controlling geology that is currently being explored extensively by Pure Gold at Madsen, less than 2.5 kilometres from Great Bear’s property.
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, President and CEO
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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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