November 2, 2017 – Vancouver, BC, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today announced complete results of the summer 2017 drill program completed on the Dixie Lake project, located in the Red Lake district of Ontario. All 8 drill holes returned intervals of gold mineralization. Results are provided in Table 1.
The Company has identified four steeply-plunging zones of high grade gold(containing intercepts with greater than 5 g/t gold, with a high of 163 g/t gold) within the 500 m by 300 m area of the main gold structure that has been drilled to-date. Mineralization displays excellent continuity, with 70 of 73 drill holes (96%) having intercepted at least 3 g/t gold, and 40 drill holes (55%) having intercepted greater than 5 g/t gold. Gold grades are positively correlated with 1) increasing depth, and 2) proximity to the centre of these high grade, steeply plunging gold zones.
Table 1: Results from Phase 1 drilling at Dixie Lake. New results are from DL-006, 007a and 008. Holes DL-001 to 005 were disclosed on September 7, 2017.
|Hole Number||From (m)||To (m)||Width (m)*||Au (g/t)|
*Width represents core length and does not reflect true width of the zone. Great Bear has not completed enough work on the project to determine true width of the zone. Current interpretations suggest that the zone dips between 60 – 90 degrees. All composite intervals are calculated using a minimum cut-off grade of 0.50 g/t gold with < 1.5 metres of internal dilution.
Results of a high resolution geophysical survey completed in October confirmed that the Dixie Lake gold zone occurs within a more than 20 kilometre long, major regional structure on Great’s Bear’s claims. The area drilled by Great Bear is one of several targets with similar geophysical expressions along this trend, suggesting capacity for multiple on-strike gold zones. Historical drilling has confirmed gold mineralization has been intersected along 2.5 kilometres of strike length of this structure to-date.
Figure 1: Long section through main zone showing pierce points of gold intercepts. Zone remains open along strike and at depth. Three steeply-plunging higher grade gold zones have been drill-confirmed by Great Bear. The “hinge zone” has not yet been tested by Great Bear, but includes several high grade intercepts including 17.22 g/t gold over 3.8 m.
Chris Taylor, CEO of Great Bear said, “Mineralization in the main zone is remarkably continuous over more than 500 m of strike length and 60 drill holes drilled to-date, and remains open along strike and at depth. The same style of mineralization has also been drilled over 2 kilometres away along strike of the main control structure, and there is no drilling in between. The Company plans to test the intervening area as it presents a large target with strong gold potential. We plan to begin Phase 2 drilling after Christmas, and will also test targets within splays and parallels of the main structure, with the dual goals of expanding the main zone, and defining additional gold zones.”
Figure 2: Results of 50 m spaced high resolution airborne magnetic survey over the Dixie Lake claims. A large structural trend hosting gold mineralization has been defined for over 20 kilometres of strike length. Inset shows location of long section in Figure 1. Historical drilling also confirms gold mineralization occurs within splays and parallels of the main structure. These zones also require follow up field testing and drilling by Great Bear.
Great Bear is earning a 100% royalty-free interest in the Dixie Lake property which consists of 7106 hectares. In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 2725 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.
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
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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