News Releases

Great Bear Drills New High-Grade Gold at Northwest LP Fault: 25.12 g/t Gold Over 4.25 m

March 16, 2021

March 16, 2021 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR; OTCQX: GTBAF) today reported results from its ongoing fully funded $45 million 2021 exploration program at its 100% owned flagship Dixie Project in the Red Lake district of Ontario.

Chris Taylor, President and CEO of Great Bear said, “We returned to the northwestern kilometre of the LP Fault zone after more than a year drilling elsewhere along strike, and completed seven new drill holes, four of which are located within a 200 metre long previously undrilled segment of the zone.  We encountered new high-grade gold mineralization in addition to the expected bulk tonnage intervals, and will undertake additional drilling in this area over the coming months.”

Note the drill holes in this release are located 1.93 – 2.40 kilometres northwest of the drill holes provided in the Company’s news release of March 11, 2021, within the same multi-kilometre continuously mineralized gold zone, the LP Fault.

This news release provides results from 7 new LP Fault drill holes completed along 250 metres of strike length.  Great Bear has now published results from 267 LP Fault drill holes and anticipates at least 133 additional LP Fault drill holes will be completed by the end of 2021, for a total of at least 400 drill holes.

New LP Fault drill results from this release are provided in Table 1Figure 1, Figure 2 and Figure 3.  Table 2 contains highlighted drill results from initial drilling completed from May 2019 to March 2020.

New LP Fault Drill Results – Northwest Area

  • Several drill holes were planned for previously undrilled section 22200, testing a 200 metre long undrilled segment of the LP Fault zone.  The four deepest holes were completed first and are reported in this release, testing from approximately 180 to 550 metres vertical depth.  All drill holes intersected the same geology with gold mineralization.  Near-surface drilling will follow.
  • Drill hole BR-271 intersected several mineralized zones including:
    • 25.12 g/t gold over 4.25 metres from 406.25 to 410.50 metres
    • This included a high-grade core of 197.00 g/t gold over 0.50 metres from 407.50 to 408.00 metres.
    • 1.11 g/t gold over 23.65 metres from 460.35 to 484.00 metres.
    • 1.07 g/t gold over 53.60 metres from 495.50 to 549.10 metres.
  • Drill hole BR-239 also intersected several mineralized zones including:
    • 19.00 g/t gold over 1.30 metres from 268.50 to 269.80 metres.
    • 1.01 g/t gold over 42.50 metres from 377.20 to 419.70 metres.
  • Drill hole BR-270 intersected 0.85 g/t gold over 81.70 metres from 397.50 to 479.20 metres.

The Company formerly referred to this area as the Bear-Rimini or Discovery zone, prior to determining the LP Fault comprises a multi-kilometre continuously mineralized gold zone.  The Company’s LP Fault discovery drill hole DNW-011 was completed here, intersecting 12.33 g/t gold over 14.00 metres, 194.21 g/t gold over 2.00 metres, and 0.74 g/t gold over 50.60 metres (May 28, 2019).  Also see Table 2.

Figure 1: Map of current drill results showing the location of the new 1.2 kilometre cross section.

The Company notes that its predictive geological models were highly accurate on Section 22200.  Geology and gold mineralization were successfully intersected  to within 3 – 10 metres of expected locations within the 200 metre long previously undrilled gap in the LP Fault zone, as shown in Figure 2.  An image of the high-grade visible gold from BR-271 is provided in Figure 3.

Figure 2: Mineralized zones on section 22200 as predicted prior to drilling, and as drilled.

Figure 3: High-grade gold mineralization from 407.70 metres downhole in BR-271.  Image is of a selected interval and is not representative of all gold mineralization on the property.

Table 1: New drill result highlights from the northwest LP Fault.

Drill Hole

 

From (m)

To (m)

Width* (m)

Gold (g/t)

Section

BR-259

 

347.05

353.05

6.00

4.65

22050

 

and

512.00

519.35

7.35

1.20

 

BR-239

 

224.50

229.00

4.50

3.24

22200

 

including

268.50

269.80

1.30

19.00

 

 

and

295.00

305.00

10.00

1.71

 

 

including

296.00

298.05

2.05

6.55

 

 

 and

377.20

419.70

42.50

1.01

 

BR-258

 

424.75

438.00

13.25

1.05

22200

 

and

473.50

479.95

6.45

3.86

 

 

and

633.75

639.90

6.15

1.09

 

BR-270

 

304.50

312.50

8.00

1.00

22200

 

and

397.50

479.20

81.70

0.85

 

 

including

397.50

407.00

9.50

1.75

 

 

and including

445.25

453.75

8.50

1.87

 

BR-271

 

406.25

410.50

4.25

25.12

22200

 

including

407.50

408.00

0.50

197.00

 

 

and

460.35

484.00

23.65

1.11

 

 

and

495.50

549.10

53.60

1.07

 

 

and

552.40

555.00

2.60

3.88

 

BR-256

 

529.40

564.20

34.80

1.54

22300

BR-257

 

442.50

457.50

15.00

1.62

22300

* Widths are drill indicated core length, as insufficient drilling has been undertaken to determine true widths at this time.  Average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine capping levels for higher grade gold intercepts.  Interval widths are calculated using a 0.10 g/t gold cut-off grade with up to 3 m of internal dilution of zero grade. 

 

Table 2: Top 5 of 32 previously reported drill holes completed in the northwest kilometre of the LP Fault.  Formerly referred to as the Bear-Rimini or Discovery zone.

Drill Hole

 

From (m)

To (m)

Width* (m)

Gold (g/t)

Section

DNW-011

 

58.00

60.00

2.00

194.21

22350

 

including

58.00

58.50

0.50

759.38

 

 

 

58.50

60.00

1.50

5.81

 

 

and

75.00

89.00

14.00

12.33

 

 

including

75.95

80.55

4.60

30.90

 

 

and including

78.45

80.55

2.10

60.27

 

 

and including

78.45

79.55

1.10

98.78

 

 

and including

78.95

79.55

0.60

130.97

 

 

and including

88.00

89.00

1.00

27.15

 

 

and

119.00

169.60

50.60

0.74

 

BR-040

 

360.50

432.10

71.60

1.39

22225

 

including

361.50

365.50

4.00

5.57

 

 

including

401.30

422.00

20.70

2.22

 

BR-043

 

310.50

459.70

149.20

0.95

22125

 

including

318.50

443.90

125.40

1.08

 

 

and including

348.00

363.00

15.00

2.05

 

 

and including

433.50

437.80

4.30

6.09

 

 

and including

436.00

437.80

1.80

12.45

 

BR-088

 

357.00

366.00

9.00

0.97

22000

 

and

375.35

383.50

8.15

0.74

 

 

and

515.55

616.50

100.95

0.71

 

 

including

515.55

527.00

11.45

1.38

 

 

and including

549.95

557.45

7.50

1.12

 

 

and including

606.30

616.50

10.20

1.80

 

BR-127

 

423.00

455.60

32.60

1.79

22500

 

including

423.80

433.90

10.10

5.04

 

 

and including

430.00

433.90

3.90

10.28

 

 

and including

431.40

431.90

0.50

64.10

 

 

and

530.70

564.75

34.05

0.52

 

* Widths are drill indicated core length, as insufficient drilling has been undertaken to determine true widths at this time.  Average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine capping levels for higher grade gold intercepts.  Interval widths are calculated using a 0.10 g/t gold cut-off grade with up to 3 m of internal dilution of zero grade.

Great Bear’s progress can be followed using the Company’s plan maps, long sections and cross sections, and through the VRIFY model posted at the Company’s web site at www.greatbearresources.ca, which will next be updated in Q2 2021.  All LP Fault drill hole highlighted assays, plus drill collar locations and orientations can also be downloaded at the Company’s web site.

Drill collar location, azimuth and dip for drill holes included in this release are provided in the table below (UTM zone 15N, NAD 83):

Hole ID

Easting

Northing

Elevation

Length

Dip

Azimuth

BR-239

455778

5635230

376

480

-60

227

BR-256

455769

5635363

378

657

-60

228

BR-257

455734

5635328

378

495

-61

226

BR-258

455825

5635338

377

690

-60

223

BR-259

455929

5635241

375

747

-60

225

BR-270

455812

5635267

377

627

-62

227

BR-271

455848

5635307

377

672

-61

226

 

About the Dixie Project

The Dixie Project is 100% owned, comprised of 9,140 hectares of contiguous claims that extend over 22 kilometres, and is located approximately 25 kilometres southeast of the town of Red Lake, Ontario. The project is accessible year-round via a 15 minute drive on a paved highway which runs the length of the northern claim boundary and a network of well-maintained logging roads.

The Dixie Project hosts two principal styles of gold mineralization:

  • High-grade gold in quartz veins and silica-sulphide replacement zones (Dixie Limb, Hinge and Arrow zones). Hosted by mafic volcanic rocks and localized near regional-scale D2 fold axes.  These mineralization styles are also typical of the significant mined deposits of the Red Lake district.
  • High-grade disseminated gold with broad moderate to lower grade envelopes (LP Fault).  The LP Fault is a significant gold-hosting structure which has been seismically imaged to extend to 14 kilometres depth (Zeng and Calvert, 2006), and has been interpreted by Great Bear to have up to 18 kilometres of strike length on the Dixie property.  High-grade gold mineralization is controlled by structural and geological contacts, and moderate to lower-grade disseminated gold surrounds and flanks the high-grade intervals.  The dominant gold-hosting stratigraphy consists of felsic sediments and volcanic units.

About Great Bear

Great Bear Resources Ltd. is a well-financed gold exploration company managed by a team with a track record of success in mineral exploration.  Great Bear is focused in the prolific Red Lake gold district in northwest Ontario, where the company controls over 330 km2 of highly prospective tenure across 5 projects: the flagship Dixie Project (100% owned), the Pakwash Property (earning a 100% interest), the Dedee Property (earning a 100% interest), the Sobel Property (earning a 100% interest), and the Red Lake North Property (earning a 100% interest) all of which are accessible year-round through existing roads.

QA/QC and Core Sampling Protocols

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 in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods.  Pulps from approximately 5% of the gold mineralized samples are submitted for check analysis to a second lab.  Selected samples are also chosen for duplicate assay from the coarse reject of the original sample.  Selected samples with visible gold are also analyzed with a standard 1 kg metallic screen fire assay.  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. 

Qualified Person and NI 43-101 Disclosure

Mr. R. Bob Singh, P.Geo, VP Exploration, and Ms. Andrea Diakow P.Geo, Exploration Manager for Great Bear are the Qualified Persons 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

Investor Inquiries:

Mr. Knox Henderson

Tel: 604-646-8354

Direct: 604-551-2360

info@greatbearresources.ca

www.greatbearresources.ca

 

Cautionary note regarding forward-looking statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking statements and information include, but are not limited to, statements in respect of the proposed Offering including the proposed use of proceeds, the closing date of the Offering, receipt of regulatory and stock exchange approvals, the timing of future drilling, exploration and budgets.

Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

Such factors, among other things, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Great Bear undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.