April 5, 2018 – Vancouver, British Columbia, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today provided an update on Phase 2 drilling at its Dixie Lake gold project, located in the Red Lake district of Ontario.
Drilling commenced on March 14, 2018 and is ongoing. Seven drill holes have been completed at this time, while an estimated 8 holes remain to be drilled. The first two of the seven completed drill holes have been sent for assay to Activation Laboratories Ltd. in Ancaster Ontario, an accredited mineral analysis laboratory, for analysis. The remaining holes are being geologically logged and split prior to shipment for assay.
Chris Taylor, Great Bear’s President and CEO said, “Drilling is on time and on budget as we progress through our Phase 2 drill program. We are stepping out from our Phase 1 drill locations to target on-strike extensions to the known mineralization, and to place the first characterization holes into new targets at the South Limb, Hinge and Northwest extension that have not yet been drilled by Great Bear. Results from the first 8 -10 holes will provide guidance for the final drill holes of this program, as we aim to define the geometry, strength and geological controls on mineralization in these new areas.”
Details of the current drill program were reported by the Company on November 2, 2017 and January 16, 2018. The Company will release batches of drill results as these become available.
The Phase 2 drill program is expected to continue until spring thaw temporarily restricts road access. When ground conditions permit, field investigations will resume across the Company’s Dixie Lake and West Madsen properties. In addition to ongoing drilling in and around the Main Zone at Dixie Lake, the Company is identifying additional targets for summer exploration where historical prospecting results, and the Company’s own high-resolution geophysical survey results, show high prospectively for additional gold mineralization.
About Great Bear
Great Bear is earning a 100% royalty-free interest in the Dixie Lake property which consists of 7,106 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 160 drill holes to-date and has yielded high grade near-surface gold results including 10.40 m of 16.84 g/t gold. In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 2,725 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, President and CEO
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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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