October 21, 2016 – Vancouver, BC, Canada. – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR) today announced it has amended its Joint Venture Agreement (the “Agreement”) with Mountain Boy Minerals Ltd. (TSX-V: MTB, “Mountain Boy”) to streamline exploration activities at the BA and Surprise Creek properties in the Golden Triangle area of British Columbia.
The following changes have been implemented:
- Separate Joint Venture agreements have now been signed for the BA and Surprise Creek properties giving Great Bear operational control and casting vote on exploration decisions at BA and Mountain Boy the same for Surprise Creek, and;
- Annual minimum work programs of $250,000 are required at each project to ensure ongoing exploration activity.
Great Bear and Mountain Boy each hold a 50% ownership interest in both properties at the date of signing. All other provisions of the original Agreement remain in effect. The Company believes that advancing each property under a separate agreement with clear operatorship and budgeting provisions and will allow for more efficient and focused exploration to be carried out on both projects.
BA Exploration Update
The Company also announces completion of its 2016 field investigation program at BA. Work included over 150 metres of channel sampling, targeting both recently deglaciated and previously mapped VMS-mineralized stratigraphy, and a comprehensive relogging, resampling, and review of drill core from the 15,000 metre, 82 hole drill program completed in 2010 by the Company.
Assays results from the zinc-silver-lead and gold-copper mineralized zones channel sampled by Great Bear are expected to be received over the coming weeks.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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 778-327-5799 or Mr. Knox Henderson at 604-551-2360.
ON BEHALF OF THE BOARD
Chris Taylor, President and CEO
About the BA and Surprise Creek Properties
The BA project consists of 24 claims totalling 9778 Ha straddling paved highway 37A, the primary access route to Stewart, B.C. The property is underlain by stratigraphy that regionally hosts the Eskay Creek deposit, and contains VMS associated mineralization in several locations. In 2010, Great Bear completed a 82 hole, 15,000 metre drill program targeting a 1,200 metre by 800 metre zone of zinc-silver-lead mineralized stratigraphy beginning 2.5 kilometres from the highway.
The Surprise Creek project consists of 19 claims totalling 7,472 Ha located immediately north of highway 37A. The project is underlain by much of the same stratigraphy as BA. Among other targets, Surprise Creek hosts semi-massive to massive zinc-silver-lead mineralization at the “Ataman Zone”, which is currently being explored by Mountain Boy.
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.
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