Great Bear’s Red Lake Properties

Great Bear significantly increased its road-accessible land position in the Red Lake District by 5-fold with its acquisition of the West Madsen gold project announced November 2016 and expansion in June 2018 to 3860 hectares. Together with the Dixie Lake Project to the east, recently expanded in June 2018 to 9140 hectares, Great Bear now has agreements in place to control 13,000 hectares of prospective greenstone belts.

The Dixie Lake project has drill ready targets with shallow historical drilling that encountered significant high grade gold intercepts. The West Madsen project lies within a newly recognized extension of the same greenstone belts which host Pure Gold’s Madsen project.

With a steady stream of excellent results being generated by Pure Gold at Madsen, the on-strike extensions of those gold-hosting units and major control structures make West Madsen a compelling target for new gold exploration

Dixie Lake

Great Bear is purchasing a 100% interest in the Dixie Lake Gold project, Red Lake Ontario. In July 2017, the company entered into a purchase agreement with Newmont Mining to acquire Newmont’s 33% stake in the project for $80,000 in total cash payments over 4 years.  In September 2017, the company acquired an additional 26 minerals claims and today the Dixie Lake property covers 13,000 hectares. Through the purchase of Newmont’s interest, Great Bear will have a 100% interest in the expanded project and all royalties relating to these claims.

2017/2018 Exploration

In September 2017, Great Bear announced results from the first 5 holes of an 8-hole, 1,000 metre drill program at Dixie Lake.  This is the first drilling program performed by Great Bear, following up on more than 160 holes historically drilled from various operators from 1988 to 2011.  The 2017 program, designed to test a new geological interpretation by Great Bear returned the widest – highest grade intercept on the property to date: 10.40 metres of 16.84 grams per tonne gold.

Highlights of 2017 drilling include:

10.40 m of 16.84 g/t gold including 1.05 m of 130.10 g/t gold

6.30 m of 5.56 g/t gold including 1.0 m of 8.33 g/t gold

4.60 m of 4.07 g/t gold including 0.50 m of 10.50 g/t gold

13.75 m of 2.11 g/t gold including 1.5 m of 5.42 g/t gold

In April 2018 the company commenced a 3,000 metre drill program. 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 2018 drill holes include:

Hinge Zone

  • Indications of multiple high-grade gold veins present
  • DHZ-002   – 17.18 g/t Au over 1.7m  — Incl. 46.3 g/t Au over 0.60m
  • DHZ-001   – 10.15 g/t Au over 1.25m

Hanging Wall Zone

  • Drilling adds an additional drill-confirmed high-grade gold-bearing zone within the primary drill area
  • DL-009 – 12.41 g/t Au over 1.5m — Incl. 30.20 g/t Au over 0.55m

South Limb Zone

  • Gold is confirmed – first drill hole into this target intersected a 32 metre wide zone of quartz veining and silica/sulphide alteration containing anomalous gold mineralization
  • 5.34 g/t Au over 0.50m and 3.47 g/t gold over 1.0m

In May 2018, Great raised $2.1 million through a $1.7 million financing and $425,000 warrant exercise. The funds will be used for an additional 7,000 metres of drilling to be completed in 2018

Geology at Dixie Lake:

Dixie Lake is a typical Archean mesothermal gold vein system located approximately 20-25 km from significant mines that share the same geological and metallogenic characteristics (Red Lake, Madsen and Rahill-Bonanza). Dixie Lake hosts a series of mafic-felsic sequences within the Red Lake Greenstone Belt. Significant folding and thinning of the greenstone lends itself to enriched zones of gold mineralization.

Past Work Programs

Examination of historic work on the project by Company geologists have identified several inconsistencies in the database that led to an underestimation of gold grades. The Company continues to evaluate this and test the exploration potential created by the structural folding of the mineralization sequences, which lend themselves to the formation of higher grade ore shoots.

Drilling highlights from the historical database include: 2.2 m at 17.2 g/t gold in hole DC-08-01R; 4.6 m grading 9.75 g/t gold in hole DL-04-04; and 1.97 m grading 17.77 g/t gold in hole DL-89-9.

While the project has an extensive history of exploration, Great Bear believes it’s new interpretation of the geology and structure should allow for a much more focused exploration program on these higher grade shoots as well as testing parallel zones that have been identified as a result of the compilation studies of the extensive historical data available. Recent drilling, announced September 7, 2017, has led to a better understanding of the structural and geological relationships of high-grade gold at Dixie Lake.

West Madsen

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 3,860 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.

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 on this website.

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