Great Bear Resources

Advancing high grade gold assets 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 28 million ounces of gold produced to date, an excellent network of access roads allows for exploration work year-round at Great Bear’s Dixie Lake and recently acquired West Madsen projects.

At Dixie Lake, the company is purchasing a 100% interest in the property which hosts geological structures and high-grade mineralization similar to that of the major gold mines and advanced projects in Red Lake. In November 2016, Great Bear doubled its position in the Red Lake district with its 100% acquisition of the West Madsen gold project, an on-strike extension of Pure Gold’s high-grade Madsen project. The company later expanded its claims in 2017 at both Dixie Lake (from 1748 km2 to 7106 km2 ) and at Madsen West (from 2000 km2 to 2725 km2). Between the two projects, Great Bear now has agreement in place to control 9,831 hectares of prospective greenstone belts.

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 – highest grade intercept on the property to date: 10.4 metres of 16.84 grams per tonne gold. (Highlights of the assays results from first 5 of the 8 hole-drill program are in the Dixie Lake section below).

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 Lake and West Madsen projects.

“At Dixie Lake, we are looking at something similar to the Rahill-Bonanza deposit jointly owned by Premier Gold and Goldcorp. It is concentrated gold mineralization at the hinge of a fold. We see the same pattern at Dixie Lake and we notice the same concentration in gold values around our fold hinge. For instance, our fold hinge is where we have previously drilled intervals of half metre of 160 grams per tonne gold or 12 metres of 7 grams per tonne gold. Our recent intercept of 10.4 metres of 16.84 grams per tonne gold and the other high-grade holes reported demonstrates we have a better understanding of the structural and geological relationships of high-grade gold on this property.”

The West Madsen project consists of two claim blocks located immediately adjacent to Pure Gold’s Madsen Mine. A 70,000-metermetre drill program is underway at that project and Pure Gold has been hitting excellent results.

“We have the on-strike extension of their primary mineralization control structures,” says Taylor.

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.

Investment Highlights

  • Dixie Lake: 100-percent owned high-grade from surface gold in Red Lake
  • Recently expanded ground to 9,831 hecatres of year-round road accessible claims with nearby infrastructure
  • In 2017, Great Bear followed up on 160 historic holes with a 1,000 metre program testing a new geological interpretation
  • Announced in September 2017; the widest – highest grade intercept on the property to date: 10.4 m of 16.84 g/t gold
  • 100-percent owned West Madsen gold project is an on-strike extension of Pure Gold’s high-grade Madsen project.
  • Tight share structure, with approximately 14 million outstanding; management heavily invested; award-winner industry leader John Robins a significant shareholder.

Key Properties in Red Lake Gold

Great Bear doubled its road-accessible land position in the Red Lake District with its acquisition of the West Madsen gold project announced November 2016, and later expanded its West Madsen and Dixie Lake properties to now control 9,831 hectares of prospective greenstone belts.

The Dixie Lake project has additional drill ready targets with shallow historical drilling that encountered significant high grade gold intercepts. The West Madsen project lies within a newly recognized extension of the same greenstone belts which host Pure Gold’s Madsen project.

With a steady stream of excellent results being generated by Pure Gold at Madsen, the on-strike extensions of those gold-hosting units and major control structures make West Madsen a compelling target for new gold exploration.


Dixie Lake Project

High grade drill results, partnership with Newmont, and no overhanging royalties make the Dixie Lake project a strong asset in Great Bear’s project portfolio.

Dixie Lake is a 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 Lake and the company has purchased the NSR royalty for the property.

“The Dixie Lake 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.

In the summer of 2017, Great Bear completed a 1,000 metre, eight-hole, drill program that yielded an intercept of 10.4 metres of 16.84 grams gold per tonne—the widest – highest grade intercept on the property to-date. All of the five holes announced on September 7, 2017 were mineralized with gold.  Highlights from drilling at Dixie Lake announced in September 2017 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

*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 cutoff grade of 0.50 g/t gold with < 1.5 metres of internal dilution.

Highlights from 160 historic holes drilled by various operators from 1988 to 2011 at Dixie Lake include:

  • 2.2 meters at 17.2 g/t gold;
  • 4.6 meters grading 9.75 g/t gold;
  • 1.97 meters grading 17.77 g/t gold; and
  • 0.47 meters grading 163.75 g/t gold.

Bob Singh, P.Geo, and Vice President Exploration and Director of Great Bear said of the 2017 drilling, “The drilling shows the potential of the main mineralized structures to host high-grade gold. It carries grade throughout the intercept in hole DL-005, within a basalt that is strongly altered by silica and sulphides.  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.”

Plan Map of 2017 Drilling at Dixie Lake.

With this new interpretation of the geology and structure, the company plans to conduct an exploration program focused on these higher grade shoots. Parallel zones identified during review of the historical data will also be tested. Following re-sampling and re-logging of drill core and compiling all original assay results, the company plans to conduct trenching and shallow drilling.

Great Bear anticipates a fall-winter exploration program consisting of mapping, geophysical investigations, and drilling.  Details will be released once all assay results from Phase 1 drilling are received.  The Company completed a private placement in July 2017 and is funded for the planned exploration.

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, the easternmost (Block ‘A’) is a western extension of Pure Gold Mining’s Madsen property; each West Madsen block is roughly six kilometers by three kilometers in size, for a total area (after expansion announced August 30, 2017) of 27,250 hectares.

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. Results from neighbouring Pure Gold’s Madsen project, reported September to November 2016, include 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. Great Bear’s next step on the property is an initial exploration program of mapping and sampling and geophysics towards defining priority drilling targets.


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 honours 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 and CFO

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.

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 a director and CEO of Kivalliq Energy 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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