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||and including||199.30||203.12||3.82||17.22||Hinge 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||and including||335.42||336.88||1.46||40.27||Dixie Zone|
|DL-11-05||and including||135.8||137.00||1.2||30.48||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||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|
*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, President and CEO
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