Great Bear Discovers Key Ultramafic Geology During Summer Mapping Program at Dixie Project, Red Lake District

October 15, 2018 – Vancouver, British Columbia, Canada – Great Bear Resources (the "Company" or "Great Bear", TSX-V: GBR) today reported results from summer geological mapping, including a new geological discovery at its flagship Dixie project in the Red Lake district of Ontario.  These new findings have provided additional high-priority drill targets.  A fully-funded 30,000 […]

Great Bear Drills Highest Grade Gold To-Date at New Near-Surface Discovery in “South Limb Zone”, Dixie Project, Red Lake District

September 27, 2018 – Vancouver, British Columbia, Canada – Great Bear Resources (the "Company" or "Great Bear", TSX-V: GBR) today reported a new high-grade gold discovery, the “South Limb Zone” (“SLZ”) at its Dixie Project in the Red Lake District of Ontario.  Results are also provided from ongoing drilling of the Dixie Limb Zone (“DLZ”).
Highlights of the new SLZ discovery include:

  • The SLZ discovery includes the highest-grade results drilled to-date at the Dixie project, at only 75 metres vertical depth.  The best intercept returned 1.75 m of 101.05 g/t gold including 346.79 g/t gold over 0.5 metres within a vein zone of 10.35 metres of 18.23 g/t gold in drill hole DSL-004.  Gold is hosted by “crack-seal” style veining typical of the Red Lake district that has placed higher grade gold on both margins of the vein
  • The SLZ is a large target with potential for several kilometres of strike length, as shown on Figure_1.  Recent discoveries in the SLZ and Hinge Zone occur along the axis of a multi-kilometre scale, largely untested regional D2 fold.  D2 folding is also a key gold control at the Red Lake Gold Mine, operated by Goldcorp Inc.
  • Three drill holes completed along 220 metres of strike length of the new SLZ target all intersected gold within a well-developed quartz vein system

Highlights of drilling within the DLZ include:

  • The DLZ, extending to the north of the SLZ and Hinge Zone, continues to yield gold results in all (100%) of the 32 drill holes completed by Great Bear along the 2.3 kilometres of strike length that has been drilled to-date. The target is geophysically defined as having over 10 kilometres of potential strike length
  • New results from the DLZ include deeper tests of the zone, returning 3.80 metres of 6.27 g/t gold, including 0.60 metres of 17.29 g/t gold, within a wider interval of 19.00 metres of 3.08 g/t gold at 194.86 metres vertical depth in hole DL-024

Drill results from the SLZ are provided in Table 1. Drill results from the DLZ are provided in Table 2.  An image of gold mineralization in drill hole DSL-004 is provided in Figure 2.  Complete assays from hole DSL-004 are provided in Table 3.
Table 1: New drill intercepts from SLZ discovery.  Drill holes span 220 metres of strike length of the regional D2 fold axis.

Drill Hole

 

From
(m)

To
(m)

Width
(m)

Gold
(g/t)

Vertical Depth (m)

DSL-002

 

136.90

138.20

1.30

1.15

112.14

DSL-003

 

96.85

97.85

1.00

3.81

91.00,

146.59

 

156.00

166.50

10.50

3.11

including

161.00

163.20

2.20

13.46

DSL-004

 

90.15

100.50

10.35

18.23*

73.85

including

90.15

91.90

1.75

101.05

and including

90.15

90.65

0.50

346.79

and including

98.50

100.50

2.00

4.06

*  Length weighted un-capped averages are calculated using a 1.3 g/t Au cut-off grade with < 1.25 m of internal dilution of zero grade.  Geostatistical analysis is insufficient to determine capping levels for the high-grade intercept in the DSL area. Drilling is insufficient to determine true thickness of reported intervals.

Chris Taylor, President and CEO of Great Bear said, “We have made another exciting near-surface high-grade gold discovery in a new area of our Dixie project.   At our South Limb Zone discovery, gold occurs within an up-to 40-metre-wide series of parallel quartz veins that follow a regional northwest to southeast trending D2 fold axis.  The Hinge Zone also occurs adjacent to this fold axis.  D2 folds are also important high-grade controls at the main Red Lake mine, and at other mines in the district.  This new target has potential for several kilometres of strike length, and is one of several D2 folds at the Dixie project.  We will continue with step-out and down-dip drilling along this new discovery to determine its extent.  The Dixie Limb Zone also continues to yield exceptionally consistent gold results as we drill to define mineralization in the area.”

In addition to drilling of the SLZ and DLZ, a geological drill hole, DHZ-005, was completed 100 metres to the southeast of the Hinge Zone to test the orientation of the regional D2 fold axis.  It remained in the footwall basalt unit over its entire core length of 252 metres and intersected a new interval of 1.40 metres of 1.17 g/t gold at 197 metres depth.   Structural data from oriented drill core were collected that will be used to plan upcoming follow-up drill holes into the Hinge Zone and SLZ.

Figure 1: Map of current drill locations, showing the new SLZ discovery, the DLZ and the Hinge Zone.  The locations of two regional D2 fold axes are shown as defined by drilling and as inferred from geophysics.


Ongoing Work

The Company is currently completing a down-hole gyroscopic resurvey of a number of Great Bear’s and other historical drill holes, in order to accurately model the three-dimensional geometry of the various mineralized zones that it is exploring.

The Company’s new 30,000 metre, 150 drill hole drill program is now underway, and is expected to continue drilling through 2018 and 2019.  Targets to be drilled include the Hinge Zone, SLZ and DLZ, as well as a number of newly defined, highly prospective geological and structural targets across the project.  Results will continue to be released in batches as received.

Highlights of all of Great Bear’s drill results can be viewed at the Company’s web site at www.greatbearresources.ca.

Table 2: Current drill results from the Dixie Limb Zone, testing from surface to 241 vertical metres depth.  All widths are drill indicated as insufficient drilling has been completed to define true thickness.

Drill Hole

 

From
(m)

To
(m)

Width
(m)

Gold
(g/t)

Vertical Depth (m)

DL-022

 

92.20

99.00

6.80

2.94

75.53

including

95.60

99.00

3.40

4.72

and including

97.50

99.00

1.50

7.92

and including

98.50

99.00

0.50

13.42

DL-023

 

104.90

117.80

12.90

3.64

90.06

including

104.90

107.80

2.90

7.56

and including

105.40

107.10

1.70

10.01

and including

110.20

112.30

2.10

6.42

and

111.20

112.30

1.10

9.28

DL-024

 

225.00

244.00

19.00

3.08

194.86

including

225.50

229.30

3.80

6.27

and including

227.10

229.30

2.20

7.97

and

240.40

241.00

0.60

17.29

DL-025

 

287.55

292.15

4.60

1.73

241.15

including

287.55

288.85

1.30

3.59

including

287.55

288.15

0.60

5.36

Figure 2: Image of a section of drill core from DSL-004 showing gold mineralization returning 346.79 g/t gold over 0.5 metres, within a 10.35 metre interval returning 18.23 g/t gold.


Table 3: All assay intervals from DSL-004 showing typical crack-seal veining grade distribution across 10.35 metres

Drill Hole

From
(m)

To
(m)

Width
 (m)

Gold (g/t)

DSL-004

90.15

90.65

0.50

346.79

DSL-004

90.65

91.90

1.25

2.75

DSL-004

91.90

93.20

1.30

0.03

DSL-004

93.20

94.70

1.50

1.30

DSL-004

94.70

96.50

1.80

0.52

DSL-004

96.50

97.25

0.75

1.35

DSL-004

97.25

98.50

1.25

0.00

DSL-004

98.50

99.20

0.70

1.31

DSL-004

99.20

99.80

0.60

2.70

DSL-004

99.80

100.50

0.70

7.99

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property for remaining payments totaling $110,000 over three years.  The property consists of 9,140 hectares located approximately 15 minutes’ drive along Highway 105 from downtown Red Lake, Ontario.  The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce.  The Dixie property covers 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 200 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.’s Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories Ltd. in Ancaster Ontario, and SGS Canada Inc. in Red Lake, Ontario, both of which are accredited mineral analysis laboratories, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC).  No QAQC issues were noted with the results reported herein.

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”                                  

Chris Taylor, President and CEO

Inquiries:
Tel: 604-646-8354
Fax: 604-646-4526
info@greatbearresources.ca
www.greatbearresources.ca

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

Great Bear Reports 7.00 m of 68.76 g/t Gold from Revised Hinge Zone Interval, Announces New 30,000 m, 150 Drill Hole Program at Dixie Project, Red Lake District

September 20, 2018 – Vancouver, British Columbia, Canada – Great Bear Resources (the "Company" or "Great Bear", TSX-V: GBR) today reported revised results from its recent high-grade gold discovery in the Hinge Zone, and provided details on its new drill program, now underway at its Dixie Project in the Red Lake District of Ontario.

Drill hole DHZ-004 was originally reported as returning 44.47 g/t gold over 7.00 metres on August 22, 2018.  The interval has been increased to 68.76 g/t gold over 7.00 metres through re-assay of a previously under-reported core interval.

Table 1: Revised assay results for drill hole DHZ-004.  All intervals are drill indicated, as there has been insufficient drilling in the Hinge Zone to define true thicknesses.

Drill Hole   From
(m)
To
(m)
Width
(m)
Original Interval
Gold (g/t)
Revised Interval
Gold (g/t)
DHZ-004   124.50 131.50 7.00 44.47 68.76
including 124.50 128.30 3.80 81.09 125.84
including 124.50 126.50 2.00 143.25 228.27
including 125.50 126.50 1.00 224.03 302.48

*The interval contains a 2.75 m section of 0.02 g/t gold from 129.00 m to 131.75 m.

R. Bob Singh, P.Geo, Director and VP Exploration of Great Bear commented, “As part of our quality control procedures, all high grade intercepts are reviewed in detail and samples are flagged for check-assay and re-assay.  After reviewing the intercepts in hole DHZ-004, it was determined that the analytical result from sample number 279693, originally reported as 1.7 g/t gold over 0.5 metres of core length, did not match the visual description of the drill core and was inconsistent with the grade of surrounding samples.   After consultation with SGS Canada’s quality control department, the sample was re-submitted for triplicate assays which returned an average of 341 g/t gold by gravimetric analysis.  We are satisfied with the results of our quality control assessment and do not anticipate any further changes to our reported results.“

SGS Canada Inc., Great Bear’s assay laboratory, provided the following comment:

“Great Bear Resources submitted samples to SGS Canada Minerals Red Lake laboratory on July 17th, 2018.  The samples were tested under report RL1801865 on August 3rd, 2018.  Great Bear Resources requested a repeat analysis on sample # 279693 as the Great Bear geology team had previously identified visible gold in this sample.  The original result was 1.7 g/t gold by AAS instrumentation and the subsequent triplicate check assay reported 303 g/t, 350 g/t and 370 g/t gold by gravimetric analysis.

The sample was originally tested through the typical exploration gold method with the upper limit of 10 g/t gold. The issue was likely due to incomplete dissolution of the dore bead prior to instrumental analysis and related to the high gold content. This under reporting issue appears to be limited to sample # 279693.

As with all quality concerns, SGS strives to continuously improve and provide customer satisfaction. SGS is working closely with Great Bear Resources and measures have been put in place to prevent this issue in future.”

An image of the core segment originally assayed as containing 1.7 g/t gold is shown in Figure 1.

Figure 1: Image of DHZ-004 sample 279693, originally reported as 1.7 g/t gold, but returning an average grade of 341 g/t gold in triplicate gravimetric re-assay.

2018 – 2019 Dixie Project Drill Program

The Company also reports it has commenced a 30,000 metre drill program that will consist of approximately 150 drill holes and will continue through 2018 and 2019.

The program will continue to drill test the Dixie Limb Zone (“DLZ”), including its various sub-zones such as the Hinge Zone and South Limb Zones.  Step-out drilling will also test additional targets along the 10 kilometre strike length of the DLZ.

In addition to the DLZ, a number of parallel structural trends and geological contacts have also been identified by Great Bear’s technical team that represent new potential gold mineralization targets elsewhere on the Dixie property.  Many of these are associated with D2 fold closures, potential intrusive bodies, and cross-cutting structures that have been defined using the Company’s 2017 high-resolution airborne magnetic survey data.  These factors are important gold mineralization controls across the district and have the potential to host additional zones of gold mineralization at Dixie. 

Additions to the Exploration Team

The Company is pleased to announce that Director and VP Exploration R. Bob Singh, P.Geo, has increased his involvement with the Company to a full-time basis.  The Company has also retained Andrea Diakow, P.Geo, as Exploration Manager.  Bob and Andrea have previously worked together on other Red Lake drill programs for a variety of publicly-traded exploration companies.

The Company also reports that it has retained Rimini Exploration Consultants Ltd., based in Red Lake, to assist with project operations.  Rimini staff have assisted Great Bear since the Company’s drill program was initiated in summer 2017.

Collectively, Great Bear’s exploration staff have over 110 years of experience in the Red Lake district, including underground at the main Red Lake Gold Mine operated by Goldcorp Inc.

The Company also reports it has granted an aggregate of 1,220,000 stock options to officers, directors, advisors and consultants of the Company, exercisable at $1.85 per share for a period of five years.  The options are subject to a four month hold period.

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property for remaining payments totaling $110,000 over three years.  The property consists of 9,140 hectares located approximately 15 minutes’ drive along Highway 105 from downtown Red Lake, Ontario.  The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce.  The Dixie property covers 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 200 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.’s Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories Ltd. in Ancaster Ontario, and SGS Canada Inc. in Red Lake, Ontario, both of which are accredited mineral analysis laboratories, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC).  No QAQC issues were noted with the results reported herein.

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”

Chris Taylor, President and CEO

Inquiries:
Tel: 604-646-8354
Fax: 604-646-4526
info@greatbearresources.ca

www.greatbearresources.ca

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

Great Bear Closes $10,000,000 Private Placement Including $5,700,000 Investment from Rob McEwen and McEwen Mining, Receives Additional $1,130,000 from Warrant Exercises

Vancouver, British Columbia, September 11, 2018 – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today announced it has closed fully-subscribed brokered and non-brokered private placements for gross proceeds of $10,073,913 (the “Financing”), previously announced on August 24, 2018. The Company has also received $1,130,414 from the exercise of common share purchase warrants since June 30, 2018, its most recently completed financial quarter for which interim financial statements have been filed.

Chris Taylor, President and CEO of Great Bear said, “We received very strong demand for this financing and are extremely pleased to add Rob McEwen as a significant new shareholder, given his past successes as an operator and investor in the Red Lake district.  We will continue to drill the Dixie property, and are now fully funded to achieve important project milestones.  As the project is readily accessible year-round, drilling is expected to continue through 2018 and 2019, and we will continue to release results in batches as received.”

In connection with the Financing, the Company issued a total of 6,947,518 units each consisting of one common share and one-half of one common share purchase warrant (each, a “Unit”) at a price of $1.45 per Unit. Each whole warrant (a “Warrant”) will be exercisable into a common share of Great Bear at a price of $1.75 for a period of two years. The non-brokered portion of the Financing consisted of 3,016,586 Units for gross proceeds of $4,374,062, and the brokered portion of the Financing consisted of 3,930,932 Units for gross proceeds of $5,699,851.

Key participants in the Financing include Rob McEwen, who purchased 3,144,746 units ($4.56 million) and McEwen Mining Inc. (“McEwen Mining”), which purchased 786,186 units ($1.14 million) for a total of 3,930,932 units ($5.7 million).  On completion of the Financing, Rob McEwen and McEwen Mining will collectively own 16.3% of Great Bear on a partially diluted basis.  Northfield Capital Corporation (TSX-V: NFD.A), a company controlled by Robert Cudney, also participated for 414,300 units ($600,000) of the Financing.

Insiders participated for a portion of the Financing.  The Agent for the brokered portion of the Financing, which included Units purchased by Rob McEwen and McEwen Mining, was IBK Capital Corp. of Toronto (“IBK Capital”). Great Bear paid IBK Capital a cash commission of $360,000 and issued 248,275 broker warrants to IBK Capital.  Each broker warrant will entitle the holder to purchase a Unit at a price of $1.45 for a period of one year from the date of closing.  Each Unit issuable upon exercise of a broker warrant will consist of one common share of Great Bear and one-half of one Warrant.  Each whole Warrant will be exercisable into a common share of Great Bear at a price of $1.75 for a period of two years from the date of closing.  Finders’ fees of $165,860 and 164,384 broker warrants were also paid on the non-brokered portion of the Financing.

The securities to be issued in the Financing will be subject to a four-month and one day hold period expiring on January 12, 2019, in accordance with applicable Canadian securities laws. Following issuance of securities related to this placement, Great Bear will have 34,179,161 common shares issued and outstanding.

The proceeds from the Financing will be used for exploration and drilling in Red Lake, Ontario as well as for general working capital purposes.

 

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property for remaining payments totaling $110,000 over three years.  The property consists of 9,140 hectares located approximately 15 minutes drive along Highway 105 from downtown Red Lake, Ontario.  The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce.  The Dixie property covers 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 200 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.’s Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

 

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”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 604-646-8354

Fax: 604-646-4526

info@greatbearresources.ca

www.greatbearresources.ca

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 contains 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, other than as required by securities laws.

We seek safe harbor

 

Great Bear Resources Announces $10 Million Private Placement, Investment from Rob McEwen and McEwen Mining

Vancouver, British Columbia, August 24, 2018 – Great Bear Resources Ltd. (“Great Bear” or the “Company”) (TSXV: GBR) is pleased to announce it will be conducting a private placement financing of units (“Units”), priced at $1.45 per Unit, for gross proceeds of up to $10 million (the “Financing”).  Each Unit will consist of one common share and one-half of one common share purchase warrant (a “Warrant”).  Each whole Warrant will be exercisable into a common share of Great Bear at a price of $1.75 for a period of two years.

The Company is pleased to announce that Rob McEwen has agreed to purchase $4.8 million of the Financing and that McEwen Mining Inc. has agreed to purchase $1.2 million of the Financing for a total of $6 million.  On completion of the Financing, Rob McEwen and McEwen Mining will collectively own 18.8% of Great Bear Resources on a partially diluted basis.

“We are very pleased to have Rob McEwen as a partner of Great Bear Resources.  His record of success in the Red Lake district is quite simply unmatched,” said Chris Taylor, President and Chief Executive Officer of Great Bear.  “We will now be funded to achieve significant milestones at our Dixie project, and anticipate positive opportunities for our shareholders as we advance these new high grade gold discoveries.”

“I’m excited to join the Great Bear team in the development of what I believe could be a significant new gold discovery in the Red Lake camp,” added Rob McEwen.  “Their technical work is excellent and I’m delighted to join forces with them to further unlock, once again, the riches of the world-class Red Lake gold camp.”

The proceeds from the Financing will be used for exploration and drilling in Red Lake, Ontario as well as for general working capital purposes.

A portion of the Financing will be brokered by IBK Capital Corp. of Toronto (“IBK”) including Units to be purchased by Rob McEwen and McEwen Mining.  Great Bear has agreed to pay IBK a cash commission equal to 6 per cent of the amount raised by IBK and to issue to IBK broker warrants equal to 6 per cent of the number of Units sold to investors introduced by IBK. Each broker warrant will be exercisable into a Unit at $1.45 per Unit for a period of one year.  Finders’ fees may be payable on the non-brokered portion of the Financing on the same basis as the brokered portion of the Financing.

The Financing is subject to all necessary regulatory approvals, including acceptance by the TSX Venture Exchange. The securities to be issued in the Financing will be subject to a four-month hold period in accordance with applicable Canadian securities laws.

 

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property for remaining payments totaling $110,000 over three years.  The property consists of 9,140 hectares located approximately 15 minutes’ drive along Highway 105 from downtown Red Lake, Ontario.  The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce.  The Dixie property covers 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 200 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.’s 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”                               

Chris Taylor, President and CEO

 

Inquiries:

Tel: 604-646-8354

Fax: 604-646-4526

info@greatbearresources.ca

www.greatbearresources.ca

 

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 contains 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, other than as required by securities laws.

We seek safe harbor

Great Bear Announces High-Grade Discovery; Drills 16.35 m of 26.91 g/t Gold and 7.00 m of 44.47 g/t Gold in Two Holes at Hinge Zone, Dixie Project, Red Lake District

 

August 22, 2018 – Vancouver, British Columbia, Canada – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today reported a significant new high-grade gold discovery in the Hinge Zone at its Dixie Project in the Red Lake District of Ontario.  Drill results are provided in Table 1 and include:

  • Drill hole DHZ-003 returned 16.35 metres of 26.91 g/t gold including separate sub-intervals of 5.05 metres of 51.39 g/t gold, and 1.0 metre of 112.63 g/t gold

 

  • Drill hole DHZ-004, a follow-up drill hole completed 15 metres vertically below DHZ-003 intersected higher-grade gold mineralization, returning 7.00 metres of 44.47 g/t gold, including 2.00 metres of 143.24 g/t gold, which includes 1.00 metre of 224.03 g/t gold

 

  • The newly reported intercepts from the Hinge Zone are shallow, occurring above 110 metres vertical depth and are open in all directions

 

  • As announced on May 23, 2018, Great Bear closed a financing and received funds from warrant exercises totalling $2.1 million and is fully funded to drill the remaining 5,000 metres of the current 10,000 metre drill program which commenced in March 2018

 

Chris Taylor, M.Sc. P.Geo, CEO of Great Bear said, “We recently recognized the potential for a transformative discovery at Great Bear’s Dixie project when we noted structurally controlled high grade gold within quartz veins, flanked by red-brown hydrothermal biotite alteration.  These features, combined with increased grades and zone thicknesses at fold hinges, are key characteristics of high grade gold deposits currently in production in Red Lake.  The missing piece at Dixie was whether we would also see gold enrichment at fold hinges at our project.  We tested the fold hinge concept at shallow depths of approximately 100 vertical metres and successfully generated the high-grade gold results announced today.”

R.Bob Singh, P.Geo, Director and VP Exploration of Great Bear continued, “We made the current discovery by analyzing structural data collected from oriented drill core, which pointed us to a local D2 fold hinge. Our first hole, DHZ-003, encountered a wide interval of quartz veining with visible gold and we immediately followed up with a second hole, DHZ-004, which also hit the zone and encountered even stronger grades. In total the Hinge Zone has been intersected in 8 drill holes over 70 vertical metres, all of which contain high grade gold.   The zone remains open in all directions.  We look forward to further testing the Hinge Zone and other new discoveries through the remaining 5,000 metres and estimated 20 – 25 drill holes of our fully-funded summer 2018 drill program.”

A cross section through the Hinge Zone is provided in Figure 1.  Highlighted drill intervals from other targets are provided in Table 2.  A map of current drill locations is provided in Figure 2.  Photographs of the drill core from holes DHZ-003 and DHZ-004 have been posted to the Company’s web site at www.greatbearresources.ca.

Table 1: Latest drill results from new discovery holes in the Hinge Zone.  All intervals are drill indicated, as there has been insufficient drilling in the Hinge Zone to define true thicknesses.

Drill Hole

 

From (m) To (m) Width (m) Gold (g/t)
DHZ-003 118.3 141.15 22.85* 19.33
including 124.8 141.15 16.35 26.91
including 124.8 137.10 12.30 34.00
including 132.05 137.10 5.05 51.39
including 127.10 128.10 1.00 112.63
DHZ-004 124.50 131.50 7.00 44.47
including 124.50 128.30 3.80 81.09
including 124.50 126.50 2.00 143.25
including 125.50 126.50 1.00 224.03

*The interval contains a 2.75 m section of 0.02 g/t gold from 129.00 m to 131.75 m.

Main Dixie Limb Drilling

Drilling within the main Dixie Limb Zone (“DLZ”) continues to successfully intersect gold mineralization, including high grade intervals.

Drill hole DL-021 returned 9.50 metres of 3.60 g/t gold including 5.00 metres of 5.48 g/t gold, which included 0.50 metres of 19.03 g/t gold.  The intercept in drill hole DL-021 is located 13 metres vertically below drill hole DL-020, which returned 16.80 metres of 5.60 grams gold, including 2.70 metres of 14.92 grams gold, as reported by the Company on August 2, 2018.  The current results show continuity of high grade gold mineralization at the targeted geological contact.

The Company will continue to drill the main DLZ in order to define the size and grade of the mineralized system, and the geometry of its high grade gold mineralized zones.

Northwest Step-Out Drilling

The Company is analyzing geological and structural data from oriented drill core in the vicinity of a 1.6 kilometre step-out along the DLZ in order to guide upcoming drilling.  In particular, the same methodology is being applied that was utilized at the Hinge Zone and DLZ during Great Bear’s recent discoveries, with a focus on modeling potential fold geometries, and the plunge of gold-mineralized zones.

Four additional drill holes were completed in this area, all of which encountered gold mineralization ranging from anomalous to high grade.  Drill hole DNW-004 intersected 3.20 metres of 1.71 g/t gold including 0.50 metres of 9.02 g/t gold at a vertical depth of less than 70 metres.  This drill hole is collared approximately 20 metres northeast of drill hole DNW-001 which returned 5.60 metres of 3.52 g/t gold including 1.40 metres of 12.74 g/t gold, as disclosed by the Company on June 27, 2018.

  Figure 1: Cross section through the Hinge Zone, showing drill results to-date.  View direction is to the East.

Table 2: Latest highlighted drill results from the main DLZ and Northwest Step-out

Drill Hole   From (m) To (m) Width (m) Gold (g/t) Comment
DL-021 188.50 198.00 9.50 3.60 Main DLZ
including 193.00 198.00 5.00 5.48
including 194.65 195.15 0.50 19.03
DNW-004 73.25 76.45 3.20 1.71 Northwest Step-out
including 75.95 76.45 0.50 9.02
DNW-005 83.40 84.40 1.00 1.22
DNW-006 60.00 62.00 2.00 0.53
DNW-007 93.30 94.70 1.40 0.21

 

  Figure 2: Plan map showing the locations of currently reported drill results

The Company also reports that two exploratory drill holes were completed into a new area located approximately 1.0 kilometre to the northeast of the DLZ.  The area is characterized by a magnetic low response measuring approximately 5 kilometres in length by 500 metres in width.  Limited historical drilling returned a high value of 6.73 g/t gold over 0.50 metres in this area.

Great Bear’s drill hole DNE-001 intersected a very broad, 176 metre wide hydrothermal alteration zone containing disseminated sulphide mineralization and quartz-sericite alteration with anomalous gold.  The best sub-interval was 3.90 metres of 1.01 g/t gold, which included 0.7 metres of 2.97 g/t gold.  Anomalous gold was also detected over narrower widths in drill hole DNE-002.

The geology observed in these drill holes consists mostly of non-magnetic felsic volcanic units.  The Company believes that contact zones between these hydrothermally altered felsic volcanic rocks and highly magnetic mafic rocks similar to the DLZ may have strong exploration potential.  Follow-up work in this area will include identification of such contacts.  A contact of this type may occur approximately 250 metres southwest of Great Bear’s drilling, where a distinct magnetic high can be seen on Figure 2.

The remaining 5,000 metres of the current drill program will primarily target the DLZ, Hinge Zone, and South Limb targets.  Drilling will continue through fall 2018, with results being released in batches as received.

 

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property for remaining payments totaling $110,000 over three years.  The property consists of 9,140 hectares located approximately 15 minutes’ drive along Highway 105 from downtown Red Lake, Ontario.  The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce.  The Dixie property covers 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 200 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.’s Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories Ltd. in Ancaster Ontario, and SGS Canada Inc. in Red Lake, Ontario, both of which are accredited mineral analysis laboratories, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC).  No QAQC issues were noted with the results reported herein.

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”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 604-646-8354

Fax: 604-646-4526

info@greatbearresources.ca

www.greatbearresources.ca

 

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

 

 

 

Great Bear Drills 16.80 m of 5.60 g/t Gold Including 2.70 m of 14.92 g/t Gold at Dixie Project, Red Lake District

August 1, 2018 – Vancouver, British Columbia, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today reported gold results for a further three drill holes from its ongoing 2018 drilling.  A fully funded drill program consisting of 40 – 50 drill holes totalling 7,000 metres is underway and is expected to continue through fall 2018.  Results will be issued regularly throughout the remainder of the year.  The latest drilling of the Dixie Limb Zone (“DLZ”) has returned 16.80 metres of 5.60 g/t gold, including 2.70 metres of 14.92 g/t gold.  Two new parallel high-grade gold zones were also intersected.  Highlighted drill results are shown in Table 1, a plan map showing drill collar locations is shown in Figure 1 and a cross section is shown in Figure 2.

 

Table 1: Highlighted drill results from latest 3 drill holes.  All intervals are drill indicated core length and do not represent true thicknesses.

Drill Hole From

(m)

To

(m)

Width

(m)

Gold

(g/t)

Target
DL-018   152.35 155.45 3.10 3.23 Dixie Limb
DL-018 Including 152.85 153.45 0.60 5.36
DL-018 253.50 256.00 2.50 3.19 New Footwall Zone
DL-018 Including 254.50 255.00 0.50 8.69
DL-019 165.75 171.65 5.90 1.99 Dixie Limb
DL-019 Including 166.75 167.25 0.50 5.38
DL-020 95.15 96.15 1.00 5.51 New Hanging Wall Zone
DL-020 173.00 195.00 22.00 4.31 Dixie Limb
DL-020 Including 178.20 195.00 16.80 5.60
DL-020 And Including 179.35 182.05 2.70 14.92
DL-020 And Including 180.85 182.05 1.20 22.86

Chris Taylor, President of Great Bear said, “We continue to expand the robust and fertile gold system at our flagship Dixie project.  Our latest drill results suggest excellent continuity of high-grade gold mineralization at the primary gold-hosting contact of the DLZ from surface to a vertical depth of approximately 150 metres.  Historical drilling suggests that gold mineralization extends to at least 450 metres vertical depth and remains open to extension both at depth and along strike, which Great Bear will continue to drill-test.  We have also drilled new high-grade gold zones in the footwall and hanging wall of the DLZ that are parallel to the primary contact and comprise new targets.  It appears that up to three parallel gold-mineralized zones are present along the Dixie Limb where drilled by Great Bear to-date.  We will continue to drill-test the extent and grade of these zones, in addition to further drilling of the Hinge Zone, Northwest Extension, and South Limb Zones.”

Figure 1: Plan map showing drill collar locations.

Figure 2: Cross section looking northwest through the DLZ showing highlighted intercept of 16.80 metres of 5.60 g/t gold in DL-020.  Interpreted mineralized zone boundaries are shown.

The high-grade intervals reported from drill hole DL-020 intersected the primary gold-bearing contact approximately 15 metres vertically below the intercept in drill hole DL-005, which was reported by the Company on September 7, 2017 and returned 10.40 metres of 16.84 g/t gold.

The Company announced raising $2.1 million in May 2018 and is fully funded through the completion of the current drill program.

 

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property which consists of 9,140 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 190 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 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.

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories Ltd. in Ancaster Ontario, and SGS Canada Inc. in Red Lake, Ontario, both of which are accredited mineral analysis laboratories, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC).  No QAQC issues were noted with the results reported herein.

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”                                  

Chris Taylor, President and CEO

 

Inquiries:

Tel: 604-646-8354

Fax: 604-646-4526

info@greatbearresources.ca

www.greatbearresources.ca

 

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

Great Bear Provides Update on Progress at Dixie Project, Red Lake District, Ontario

July 11, 2018 – Vancouver, British Columbia, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today provided an update on ongoing 2018 drilling at its flagship Dixie project, located in the Red Lake district of Ontario.  A fully funded drill program consisting of 40 – 50 additional drill holes totalling 7,000 metres is underway and is expected to continue until November 2018.  Results will be issued regularly throughout the remainder of the year.

 

Progress at the Dixie project since the 2018 exploration program resumed in June includes:

  • Completion of 5 drill holes with a total of 1,400 metres of drilling
  • Completion of historical core relogging, with additional historical intervals submitted for assay
  • Commencement of geological mapping and prospecting work

The Company also plans to begin a geological mapping and prospecting program during August at its West Madsen project, contiguous with Pure Gold Mining Inc.’s (TSX-V:PGM) Madsen property, where Pure Gold is currently drilling the Wedge Zone discovery less than 1.5 kilometres from Great Bear’s property boundary.

The Company also reports it has granted an aggregate of 330,000 stock options to officers, directors, advisors and consultants of the Company, exercisable at $0.55 per share for a period of five years.  The options are subject to a four month hold period.

Highlights of Great Bear’s drilling of the Dixie project to-date include:

  • Completion of 28 drill holes totalling approximately 5,400 metres, with gold mineralization in all drill holes assayed to-date along 2.3 kilometres of strike length of the Dixie Limb Zone. Combined with historical drilling, approximately 200 drill holes totalling approximately 30,000 metres have been completed at the Dixie property.

 

  • Discovery of wide, high-grade gold mineralization including 16.84 g/t gold over 10.40 metres

 

  • Discovery of high-grade gold at the Hinge Zone returning 17.18 g/t gold over 1.7 metres, including 46.3 g/t gold over 0.60 metres

 

  • Discovery of high-grade gold at the Hanging Wall Zone returning 12.41 g/t gold over 1.5 metres, including 30.20 g/t gold over 0.55 metres

 

  • Discovery of thicker zones of gold mineralization near surface including 1.73 g/t gold over 40.30 metres

 

  • Discovery of high-grade near-surface gold including 1.40 metres of 12.74 within 5.60 metres of 3.52 g/t gold at a 1.6 kilometre step-out

All gold zones at the Dixie project remain open along strike and at depth.  See news releases of November 2, 2017, May 25, 2018 and June 27, 2018.

About Great Bear

 

Great Bear is earning a 100% royalty-free interest in the Dixie property which consists of 9,140 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 approximately 200 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 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.

 

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories Ltd. in Ancaster Ontario, and SGS Canada Inc. in Red Lake, Ontario, both of which are accredited mineral analysis laboratories, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program.

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”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 604-646-8354

Fax: 604-646-4526

info@greatbearresources.ca

www.greatbearresources.ca

 

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

 

 

Great Bear Drills New High-Grade Gold Discovery on a 1.6 Kilometre Step-Out Hole, and Additional Near Surface Interval of 40.30 metres of 1.73 g/t Gold in Main Drill Area at Dixie Project, Red Lake District

 

June 27, 2018 – Vancouver, British Columbia, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today reported gold results for a further 10 drill holes from its ongoing 2018 drilling.  A fully funded drill program consisting of 40 – 50 additional drill holes totalling 7,000 metres has now commenced and is expected to continue until November 2018.  Results will be issued regularly throughout the remainder of the year.  Highlights of the latest drill results include:

 

New High-Grade Gold Discovery

  • A 1.6 kilometre step-out along the main Dixie Limb Zone (“DLZ”) intersected near-surface high-grade gold mineralization at a vertical depth of only 37 metres. Hole DNW-001 returned 1.40 metres of 12.74 g/t gold, including 0.5 metres of 23.30 g/t gold, within a wider interval of 5.60 metres of 3.52 g/t gold.  Drill locations are shown on Figure 1.

Wide Near-Surface Gold Mineralization

  • Shallow drilling to test near-surface mineralization of the DLZ in the main drill area returned wide gold-mineralized intervals including multiple higher-grade intercepts. Hole DL-013 returned 40.30 metres of 1.73 g/t gold from 35 metres vertical depth.  This included 12.3 metres of 3.13 g/t gold and 2.0 metres of 6.38 g/t gold.  A cross section of this drilling is shown on Figure 2.

Scale of Gold System

  • The DLZ consists of a favourable geological contact that hosts gold mineralization and has now been drill confirmed along 2.3 kilometres of strike length. A high resolution geophysical survey completed by Great Bear shows the zone may extend for up to 10 kilometres strike length on the property.  All of 90+ drill holes that have intersected this target have encountered the same extensive gold-bearing hydrothermal system, and all holes contain gold mineralization.

Chris Taylor, President of Great Bear said, “Step-out drill spacing is typically a few metres to tens of metres in the Red Lake district.  Our step-outs at 850 metres and 1.6 kilometres along the Dixie Limb Zone have all intersected gold mineralization, including high-grade gold.  This remarkable result shows the size and strength of the gold system at our flagship Dixie project.  Simultaneously, we have identified gold over significant widths in near-surface holes overlying deeper high-grade gold intercepts in the vicinity of most historical drilling.  Great Bear’s Dixie project is located only 15 minutes drive along the highway from Red Lake, and all reported gold results are from areas underlying or adjacent to existing logging roads, 5 minutes from the highway and accessible year-round.”

Table 1: Highlighted drill results from latest 10 drill holes.  Drill location and gold interval start depth are provided.  All intervals are drill indicated core length and do not represent true thicknesses.

The Company is now prospecting, trenching and completing a grid of follow-up drill holes in the vicinity of the step-out drilling to determine the geometry of gold mineralization in this new area.  Ongoing drilling will also continue to target extensions along strike and at depth of various targets within the DLZ, including the Main Dixie Limb, Hinge Zone, South Limb, and Hanging Wall Zone targets.

The northwest step-out drilling intersected a diverse suite of sulphides including coarse arsenopyrite with visible gold within a broad interval of silica alteration and veining.  This style of high grade gold mineralization and alteration is similar to that reported at producing gold mines in the Red Lake district.  The DLZ as a whole is characterized by extensive silicification, silica veining, and various sulphide assemblages with varying visible gold content.

Figure 1: Map of drill holes completed in 2018 by Great Bear to date, including location of step-out drill holes along Dixie Limb Zone.  Background is high resolution magnetic data.  The target contact is shown as a dashed line.

Figure 2: Cross section through the DLZ showing highlighted intercept of 40.30 metres of 1.73 g/t gold in DL-013.  Historical drill core includes unsampled intervals where indicated.  Interpreted mineralized zone boundaries are shown.

 

Highlights of Great Bear’s drilling of the Dixie project to-date include:

  • Completion of 23 drill holes totalling approximately 4,000 metres, with gold mineralization in all drill holes along 2.3 kilometres of strike length of the DLZ. Combined with historical drilling, over 190 drill holes totalling approximately 28,000 metres have been completed at the Dixie property.

 

  • Discovery of wide, high-grade gold mineralization including 16.84 g/t gold over 10.40 metres

 

  • Discovery of high-grade gold at the Hinge Zone returning 17.18 g/t gold over 1.7 metres, including 46.3 g/t gold over 0.60 metres

 

  • Discovery of high-grade gold at the Hanging Wall Zone returning 12.41 g/t gold over 1.5 metres, including 30.20 g/t gold over 0.55 metres

 

  • Discovery of thicker zones of gold mineralization near surface including 1.73 g/t gold over 40.30 metres

 

  • Discovery of high-grade near-surface gold including 1.40 metres of 12.74 within 5.60 metres of 3.52 g/t gold at a 1.6 kilometre step-out

All gold zones at the Dixie project remain open along strike and at depth.  See news releases of November 2, 2017 and May 25, 2018.

The Company announced raising $2.1m in May 2018 and is fully funded through the completion of the current drill program.

About Great Bear

 

Great Bear is earning a 100% royalty-free interest in the Dixie property which consists of 9,140 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 190 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 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.

 

Drill core was logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program were cut in half, using a diamond cutting saw, and were sent to Activation Laboratories Ltd. in Ancaster Ontario, an accredited mineral analysis laboratory, for analysis. All samples were analysed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold were analysed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates were routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program.

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.

 

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 604-646-8354

Fax: 604-646-4526

info@greatbearresources.ca

www.greatbearresources.ca

 

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

Great Bear Expands Gold Properties in Red Lake, Ontario

June 7, 2018 – Vancouver, British Columbia, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today announced it has expanded its Dixie and West Madsen gold properties in the Red Lake district of Ontario through staking.  A map of the expanded properties is shown below.

Figure 1: Map of Great Bear’s expanded gold properties in the Red Lake district of Ontario

The Company has added 2,029 hectares of mineral claims to the Dixie project, for a total project area of 9,140 hectares.  The newly staked claims control prospective geological horizons parallel to gold-mineralized contacts currently being drilled by the Company.  Great Bear’s recent drilling identified a multi-kilometre gold-bearing system at the Dixie property that the Company is currently exploring through a 10,000 metre drill program.  Recent drill results include 17.18 g/t gold over 1.7 metres, which includes 46.3 g/t gold over 0.60 metres from the Hinge Zone and 16.84 g/t gold over 10.40 metres, which includes 130.10 g/t gold over 1.05 metres from the main Dixie Limb Zone (see news releases of May 25, 2018 and September 7, 2017).

An additional 1,136 hectares have also been staked to expand Great Bear’s West Madsen project, covering the on-strike extensions of prospective geological contacts, and linking the Company’s West Madsen A and B blocks.  The West Madsen property now covers 3,860 hectares.  The West Madsen property controls prospective on-strike extensions of gold-bearing structures currently being drilled by Great Bear’s neighbour Pure Gold Mining Ltd. (TSX-V: PGM), where recent results include 33.3 g/t gold over 8.3 metres from the Wedge Zone, and 57.1 g/t gold over 22.1 metres from the primary resource area.  Wedge Zone drilling is ongoing approximately 1.5 kilometres from the eastern boundary of the West Madsen project.

The Company will explore the newly staked ground at Dixie and West Madsen through summer 2018, and report results as they become available.  Drilling at the Dixie project will resume in June 2018.

 

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property which consists of 9,140 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 180 drill holes to-date and has yielded high grade near-surface gold results from several gold zones including the Main Dixie Limb, Hinge and Hanging Wall Zones.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 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”                                 

Chris Taylor, President and CEO

Inquiries:

Tel: 604-646-8354

Fax: 604-646-4526

info@greatbearresources.ca

www.greatbearresources.ca

 

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