In November 2016, Great Bear signed a purchase agreement to acquire 100 percent ownership of the West Madsen gold project in the Red Lake Gold District Total for a purchase cost of $70,000 cash and 100,000 shares over four years the from the underlying property vendor. The project comprises two claims blocks, the easternmost (Block ‘A’) of which is situated 3 kilometres to the west of Pure Gold Mining’s Madsen property; each block is roughly six kilometres by three kilometres in size, for a total area of 2,000 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.