New High Grade Gold Discovery in Red Lake, Ontario
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Great Bear Resources (TSXV:GBR, OTC:GTBDF) is a Canadian exploration company focused on advancing its high-grade gold assets in one of the world’s premiere mining jurisdictions. In Ontario’s Red Lake district, home of 28 historic and currently operating mines with 30 million ounces of gold produced to date, an excellent network of access roads allows for exploration work year-round at Great Bear’s Dixie project and West Madsen project.
At the Dixie project, the company is in the process of acquiring a 100 percent interest of the 9,140-hectare land package that makes up the project. Dixie hosts geological structures and high-grade mineralization similar to that of the major gold mines and advanced projects in Red Lake. Great Bear is also in the process of acquiring a 100 percent interest in the 3,860-hectare West Madsen gold project, an on-strike extension of Pure Gold’s high-grade Madsen project. Collectively, both projects total approximately 13,000 hectares in the Red Lake region.
In the summer of 2017, the company completed a 1,000-meter drill program to target high-grade, near-surface gold intercepts based on new 3D modeling. On September 7, the company announced the widest and highest-grade intercept on the property to date: 10.4 meters of 16.84 g/t gold. Results from the 2018 drill program have most recently included 16.35m of 26.91g/t gold and 7.00m of 68.76 g/t gold.
According to Great Bear President and CEO, Chris Taylor, there are many similarities between the mineral controlling geology for other deposits in Red Lake and the geology seen at the Dixie project and West Madsen project.
“We continue to expand the robust and fertile gold system at our flagship Dixie project,” said Taylor. “Our latest drill results suggest excellent continuity of high-grade gold mineralization at the primary gold-hosting contact of the DLZ from surface to a vertical depth of approximately 150 metres. Historical drilling suggests that gold mineralization extends to at least 450 metres vertical depth and remains open to extension both at depth and along strike, which Great Bear will continue to drill-test.
The West Madsen project consists of two claim blocks located immediately adjacent to Pure Gold’s Madsen Mine. The company recently staked 1,136 hectares of land to link the two claim blocks and to cover the on-strike extensions of prospective geological contacts. Great Bear is currently completing a work program on the property that includes prospecting, geological mapping and rock sampling with the aim of identifying drill ready targets.
Great Bear is led by a strong management team and board of directors with a solid background in the mining and financial sectors. The company’s VP of Exploration, Bob Singh has decades of experience in evaluating, exploring and advancing base and precious metals systems for both junior and major mining companies. Great Bear Director Dr. David Terry is a professional economic geologist with years of experience internationally in senior executive and corporate director roles in the resources sector.
- Dixie Project: 100-percent owned high-grade from surface gold in Red Lake
- Recently expanded ground on both projects to total 13,000 hectares of year-round road accessible claims with nearby infrastructure
- In 2017, Great Bear followed up on 160 historic holes with a 1,000-meter program testing a new geological interpretation
- Announced in September 2017; the widest and highest-grade intercept on the property to date: 10.4 m of 16.84 g/t gold
- 2018 drill program returning high grade gold with significant results including 16.35m of 26.91g/t gold and 7.00m of 68.76 g/t gold.
- 100-percent owned West Madsen gold project is an on-strike extension of Pure Gold’s high-grade Madsen project.
- Award-winning industry leader, John Robins, is a significant shareholder.
- Tight share structure, with approximately 35 million shares outstanding.
- Management is heavily invested in the company.
The Dixie Project is a 9,140-hectare high-grade gold project located 25 kilometers southwest of Red Lake, Ontario. Infrastructure in the region includes all-season road access and power lines which cross the northern portion of the property. Great Bear has a purchase agreement for a 100 percent interest in Dixie and the company has purchased the NSR royalty for the property.
“The Dixie project has similar host geology, gold controlling structures, and presence of high grade mineralization that also characterize the major gold mines and advanced projects in Red Lake,” said Taylor.
Historic drilling on the property tested numerous zones and intersected significant gold mineralization at the Hinge and Dixie zones and in the south limb. Highlights from 160 historic holes drilled by various operators from 1988 to 2011 at Dixie include 2.2 meters at 17.2 g/t gold, 4.6 meters grading 9.75 g/t gold, 1.97 meters at 17.77 g/t gold and 0.47 meters grading 163.75 g/t gold.
2017 Drill Program
In the summer of 2017, Great Bear completed a 1,000 meter, eight-hole, drill program that yielded an intercept of 10.4 meters of 16.84 g/t gold—the widest and highest-grade intercept on the property to-date. All eight holes were mineralized with gold. Highlights from drilling at Dixie include:
- DL-005: 10.40 m of 16.84 g/t gold including 1.05 m of 130.10 g/t gold
- DL-004: 6.30 m of 5.56 g/t gold including 1.0 m of 8.33 g/t gold
- DL-001: 4.60 m of 4.07 g/t gold including 0.50 m of 10.50 g/t gold
- DL-003: 13.75 m of 2.11 g/t gold including 1.5 m of 5.42 g/t gold
“The drilling shows the potential of the main mineralized structures to host high-grade gold,” said Great Bear VP Exploration and Director Bob Singh. “It carries grade throughout the intercept in hole DL-005, within a basalt that is strongly altered by silica and sulphide. Our 3D geological modelling, re-logging of historical drill core and re-interpretation of the zone has clearly led to a better understanding of the structural and geological relationships of high-grade gold on this property that we plan to pursue over the fall and winter.”
2018 – Ongoing Exploration
Currently, Great Bear is in the middle of their Phase II drill program. The work program will be focusing on extending the strike length of the main gold mineralization, test high-grade gold mineralization at depths of up to 200 meters and they will be testing additional gold zones and prospective geophysical targets within the main gold structure.
Great Bear expects the drilling to continue through 2018-2019. The drill program will consist of 100 to 150 drill holes totaling 30,000 meters.
The latest and most significant drill results that have been released from the program include 16.35m of 26.91g/t gold and 7.00m of 68.76 g/t gold from two holes at the hinge zone, at the Dixie Project.
Highlights from this drilling include:
- Drill hole DHZ-003 returned 35 metres of 26.91 g/t gold including separate sub-intervals of 5.05 metres of 51.39 g/t gold, and 1.0 metre of 112.63 g/t gold
- Drill hole DHZ-004, a follow-up drill hole completed 15 metres vertically below DHZ-003 intersected higher-grade gold mineralization, returning 7 metres of 68.76 g/t gold, including 2.00 metres of 143.24 g/t gold, which includes1.00 metre of 224.03 g/t gold
- The newly reported intercepts from the Hinge Zone are shallow, occurring above 110 metres vertical depth and are open in all directions
- As announced on Sept 11th, 2018, Great Bear closed a $10M private placement including $5.7M from Rob McEwen & McEwen Mining and is fully funded to drill 30,000 of 150 holes through 2018-2019
Plan map showing the locations of currently reported drill results.
West Madsen Project
Great Bear is acquiring 100-percent ownership of the West Madsen gold project in the Red Lake Gold District for a total purchase cost of $124,000 cash and 100,000 shares over four years the from the underlying property vendor. The project comprises two claims blocks, Block ‘A’ is a western extension of Pure Gold Mining’s Madsen property. In June 2018, Great Bear staked an additional 1,136 hectares to join the A and B blocks and to cover the prospective on-strike extensions. The West Madsen property covers a total of 3,860 hectares of land.
The West Madsen project is a newly identified geological continuity of the greenstone belt within the Balmer and Confederation assemblages, which are host to the adjacent historical Madsen and Starratt Olsen mines. Between September and November 2016, results from the neighboring Pure Gold’s Madsen project included 126.6 g/t gold over 3.7 meters; 34.0 g/t gold over 11.0 meters; 25.4 g/t gold over 8.0 meters; and 76.0 g/t gold over 2.1 meters. Recent logging road construction has opened the area to cost-effective exploration for the first time.
In October 2017, Great Bear conducted a geophysical survey over Block B, which outlined a prominent northeast to southwest magnetic linear and the survey displayed strong evidence of large-scale folding. Great Bear is currently engaged in an exploration program that consists of geological mapping, rock sampling and prospecting with the goal of outlining potential drill targets. Targets will be picked from the results of the geophysical survey and from the 2018 work program.
Chris Taylor, M.Sc., P.Geo. – President, CEO and Director
Christopher Taylor operates an independent geological consulting practice, evaluating exploration and mining properties for acquisition purposes. He served as a geologist with Imperial Metals, Inc., a TSXV company from 2004 to 2009. Taylor graduated with a Bachelor of Science honors degree in Earth Sciences in 2000, and a Master of Science degree in Structural Geology from Carleton University in 2003.
Bob Singh, B.Sc., P.Geo. – VP Exploration and Director
Bob Singh has been associated with the mineral exploration industry for over 23 years. He has strong technical background in evaluating and exploring gold and base metal systems and has outstanding geological, data management, computer and project management abilities. He is Founder of North Face Software Ltd. and serves as its President. He has worked for both junior and major mining companies as well as developed new technologies for recording and analyzing geological data. Singh has managed several exploration programs in the Red Lake Gold district since 2003 and was a key member of an exploration team exploring for sediment hosted gold deposits in British Columbia. Singh received his B.Sc. in Economic Geology at the University of British Columbia in 1991.
David Terry, Ph.D., P.Geo. – Director
Dr. David Terry is a professional economic geologist, senior executive and corporate director with more than 25 years of international experience in the mineral resources sector. He has played key roles in the successful acquisition, exploration and development of a number of precious and base metal deposits, primarily in North and South America, and has expertise in advanced project evaluation, M&A, corporate finance, and design and execution of effective exploration programs. In the course of his career, Dr. Terry has held executive positions and directorships with a number of publicly-listed and private mineral resource companies; he currently serves as a director of Golden Arrow Resources Corporation and as President and CEO of Comstock Metals Ltd. He has also worked with a number of senior mining companies including Boliden Limited, Westmin Resources Limited, Hemlo Gold Mines Inc., Cominco Limited and Gold Fields Mining Corporation. He holds a B.Sc. and Ph.D. in geology from Western University in Ontario and is a member of the Association of Professional Engineers and Geoscientists of British Columbia.
Tony Ricci, CPA, CA – Director
Tony Ricci has over 25 years of practice experience, mainly with public companies listed on Canadian and U.S. stock exchanges. Ricci was formerly a director and CFO of Keegan Resources Inc. (TSX: KGN, NYSE: KGN), a director and CFO of Norsemont Mining Inc. (TSX:NOM), and CFO of both Petaquilla Minerals Ltd. (TSX:PTQ) and Petaquilla Copper Ltd., companies with a combined market capitalization approaching $2 billion. He is also a director and officer of various other listed companies including in the technology and industrial sectors, and was formerly with KPMG and AMEC Engineering Inc.
Doug Ramshaw, B.Sc. (A.R.S.M.) – Director
For almost two decades Doug Ramshaw has been a senior executive (including President, CEO and Vice-President, Business Development) and a director of several exploration companies headquartered in Vancouver but with mining properties around the world. Earlier in his career, Doug was a mining analyst for an independent brokerage firm in London, U.K. Despite his executive roles in exploration and mineral development, he is still active in the art and science of geological exploration, most recently spending time on field programs in both the Yukon, Canada and Mexico. Ramshaw earned his B.Sc. (Hons) Mining Geology from the Royal School of Mines, Imperial College, in London, UK.
Rob Scott, CPA, CA, CFA – CFO
Robert Scott, CPA, CA, CFA brings more than 20 years of professional experience in accounting, corporate finance, and merchant and commercial banking and has served on the management teams and boards of a number of Canadian publicly traded companies. He is a founder and president of Corex Management Inc., a private company providing accounting, administration, and corporate compliance services to privately held and publicly traded companies. Mr. Scott currently holds senior management and board positions with a number of TSX Venture Exchange Issuers.
John Robins — Advisor
John Robins, a Professional Geologist with over 30 years’ experience in the mining industry, is currently the Executive Chairman of Kaminak Gold Corporation and also a director of Kivalliq Energy Corporation, Northern Empire Resources Corp., West Melville Minerals Inc., and Ethos Gold Corp. He has been a driving force within the Vancouver mining sector as founder of Hunter Exploration, Stornaway Diamond Corporation, Kivalliq Energy Corporation, North Country Gold Corp. and Kaminak Gold Corp. Robins was also involved in the successful sale/merger of several public companies including Grayd Resources Corporation (Agnico Eagle), Troon Resources (Grenville Strategic Royalty), Arauco Minerals (Kinross), Creston Moly Corporation (Mercator) and Northair Silver (Kootenay Silver). In 2008, he was recognized for his achievements in mining exploration by the Association for Mineral Exploration British Columbia with the H.H. “Spud” Huestis Award. This is recognized as the highest award given for mineral exploration and is awarded to those who have made “a significant contribution to enhance the mineral resources of British Columbia and/or the Yukon Territory, through the original application of prospecting techniques or other geoscience technology”.
Jim Paterson — Advisor
Jim Paterson is a director of Northern Empire Resources Corp., and served as director of Kaminak Gold Corp. from 2010 to 2016, when Goldcorp. acquired Kaminak for in excess of $500 million. He has 19 years of corporate experience with several North American publicly traded companies, participating in acquisitions, joint-ventures, spin-outs, reverse transactions and IPO’s. Since January 2010, Paterson has been involved as an executive or as an active director of companies which have raised in excess of $175 million in equity financings.
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