TSX-V: GBR
VANCOUVER, BC, April 7, 2021 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear") (TSXV: GBR) (OTCQX: GTBAF) today
provided an update on its ongoing fully funded $45 million 2021 exploration program at its 100%
owned flagship Dixie Project in the Red
Lake district of Ontario.
Great Bear is pleased to announce the arrival of a sixth
drill rig at the Dixie Project. The sixth rig is being
added to accelerate the 2021 drill program, and along with the
other five drills will continue to both infill and expand on the
three main gold zones including the Hinge, Dixie Limb and LP Fault zones.
The Company's primary focus remains infill and expansion
drilling of the LP Fault zone at 25 – 75 metre centres.
However, there remain large undrilled gaps of 100 – 400 metres
between existing drill holes in several areas of the LP Fault, and
within the other Dixie Project gold zones where step-out and
step-down drilling have already successfully expanded the zones,
all of which remain open to extension. Upcoming drill
activities are outlined below.
LP Fault zone:
- Step-out drilling to depths of approximately 800 vertical
metres from surface (see news release of March 29, 2021) is planned along up to 4
kilometres of strike length of the LP Fault zone. This follows the
recent successful doubling of the zone's known vertical extent with
three deep drill holes completed along a 500 metre strike length
segment.
- Drill hole BR-260 (see news released dated March 29, 2021) intersected 15.57 g/t gold over
3.05 metres in the LP Fault zone 790 metres vertically below the
surface and approximately 400 metres down-plunge from the nearest
hole. The intervening 400 metre gap requires follow up
drilling for this and the other two recent deep drill holes.
- Approximately 1.2 kilometres of strike length of the southeast
portion of the LP Fault zone has only been drilled on 150 – 200
centres to date and will require infill work (see news release of
February 13, 2020).
Hinge zone:
- Drill hole BR-036 (see news release dated December 9, 2020) intersected 15.18 g/t gold over
4.90 metres in the deepest Hinge zone hole, 850 metres vertically
below the surface and 510 metres down-plunge from the nearest
hole. The intervening 510 metre gap in drilling requires
follow up.
Dixie Limb zone:
- Drill hole BR-085 (see news released dated May 11, 2020) intersected 10.19 g/t gold over
19.0 metres in the deepest Dixie
Limb zone hole, 740 metres vertically below the surface and
380 metres down-plunge from the nearest hole. The intervening
380 metre gap in drilling requires follow up, as does the along
strike projection of the zone at depth.
Regional drilling:
- Regional targets such as the Arrow Zone (see news release of
June 18, 2020) have seen limited
follow up work and will require additional drilling.
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.
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
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 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.
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SOURCE Great Bear Resources Ltd.