In August 2017, Great Bear signed a purchase agreement to acquire 100 percent ownership of an expanded West Madsen gold project in the Red Lake Gold District. The total remaining payments to acquire a 100% interest in the West Madsen property is $124,000 over four years plus payment of 100,000 common shares of Great Bear. All royalties at the Madsen project are being purchased for payment of 200,000 common shares of Great Bear.
The project comprises two claims blocks, the easternmost (Block ‘A’) is now directly contiguous to Pure Gold Mining’s Madsen property; each block is roughly six kilometres by three kilometres in size, for a total area of 2,725 hectares.
The West Madsen project is a newly identified geological continuity of the greenstone belt within the Balmer and Confederation assemblages, which are host to the adjacent historical Madsen and Starratt Olsen mines. Results from neighboring Pure Gold’s Madsen project, reported September to November 2016, include 126.6 g/t gold over 3.7 metres; 34.0 g/t Gold over 11.0 metres; 25.4 g/t gold over 8.0 metres; and 76.0 g/t gold over 2.1 metres. Recent logging road construction has opened the area to cost-effective exploration for the first time. Great Bear’s next step on the property is an initial exploration program of mapping and sampling and geophysics towards defining priority drilling targets.