Great Bear Drills 30.51 g/t Gold Over 12.40 m at LP Fault
June 8, 2020 – 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 $21 million 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, "The LP Fault continues to demonstrate excellent continuity of near-surface high-grade gold, and has just yielded the highest-grade, widest drill interval to date. Deeper drilling towards the northwest margin of our planned grid program has also extended high-grade gold mineralization in this area. Having completed our upsized private placement, we have over $50 million in cash and sufficient capital to continue aggressive drilling into 2022. Updated exploration plans reflective of our ability to undertake an expanded fully-funded drill program will be provided in the near future."
The Company has completed 111 of approximately 300 planned drill holes into the LP Fault target, as part of its 5 kilometre long by 500 metre deep grid drill program. Current drill hole locations and results are provided in Figure 1, and in Table 1, respectively. An updated long section of the LP Fault drilling is provided in Figure 2.
Drill Results Highlights:
New drill hole BR-133 on section 20050 was completed in a 140 metre gap in drilling. It contained multiple mineralized intervals, highlights of which include:
- 30.51 g/t gold over 12.40 metres, including 103.56 g/t gold over 1.10 metres, within a broader interval of 15.45 g/t gold over 25.15 metres, beginning at 163.35 metres down hole. Figure 3.
- This is the widest, highest-grade gold interval drilled at the LP Fault to date. Mineralization is present at the bedrock surface.
- Previously disclosed drill hole BR-118 (May 4, 2020), which assayed 18.57 g/t gold over 13.00 metres, was formerly considered one of the best high-grade intervals along the LP Fault zone prior to BR-133. These holes are 600 metres apart and both intersect the same gold zone.
Continuity of gold mineralization is suggested by deeper drilling on the same section as BR-133:
- New drill hole BR-134 intersected the same mineralized zone 75 metres vertically below BR-133. Assays include 11.16 g/t gold over 18.50 metres, including 47.95 g/t gold over 1.50 metres, within a broader interval of 3.62 g/t gold over 63.65 metres, beginning at 158.35 metres down hole.
Continuity of gold mineralization is also suggested by similar results on both adjacent sections to BR-133 and 134:
- Drill section 20100, located 50 metres to the northwest of BR-133, includes previously reported drill hole BR-020 which returned 10.65 g/t gold over 17.25 metres (September 3, 2019).
- Drill section 19950, located 90 - 100 metres to the southeast of BR-133, includes previously reported drill hole BR-065 which returned 48.67 g/t gold over 8.70 metres (December 16, 2019).
Extension of high-grade gold:
- New drill hole BR-127 was completed near the northwestern limit of LP Fault drilling on section 22450, approximately 2,400 metres northwest of BR-133 in the on-strike continuation of the same mineralized zone, as shown on Figure 2. The drill hole intersected the gold zone at greater depth than previous drilling on this section.
- Results are significantly better than shallower drilling on this section, and include 10.28 g/t gold over 3.90 metres, within a broader interval of 5.04 g/t gold over 10.10 metres at a depth of approximately 375 vertical metres. Figure 4.
- Results extend drill-confirmed high-grade gold mineralization by approximately 100 metres to the northwest and demonstrate increased grade and thickness of gold mineralization at greater depth. Further deeper drilling is required in this area. Increased gold mineralization at greater depth was also recently reported at the adjacent Dixie Limb zone (May 11, 2020), and is a common feature of mesothermal gold deposits in northwestern Ontario.
Other drill results:
- Additional drilling continues to successfully intersect gold mineralization along all points of the LP Fault.
- New drill hole BR-109, located 150 metres northwest of BR-133 on drill section 20200 intersected 14.48 g/t gold over 4.00 metres, within a broader interval of 3.23 g/t gold over 27.25 metres.
- New drill hole BR-108, located on the same drill section as BR-109, intersected multiple gold-bearing intervals along 228.80 metres of core length, including 14.97 g/t gold over 1.00 metres, within a broader interval of 1.04 g/t gold over 71.50 metres.
Approximately 189 drill holes remain to be completed as part of the Company's ongoing 2020 LP Fault drill program. Additional drill holes are also planned into the Dixie Limb and Hinge zones, in addition to other regional targets. The Company remains fully funded for this work and does not anticipate requiring further financing until 2022.
Figure 1: Location of drill sections provided as figures in this release.
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