Great Bear Drills 10.58 g/t Gold Over 21.00 m and Initiates 5 Kilometre Grid Drill Program at LP Fault

- February 13th, 2020

Great Bear Resources Ltd. reported new developments from its fully funded $21 million exploration program at its 100% owned flagship Dixie Project.

Great Bear Resources Ltd. (the “Company” or “Great Bear”) (TSXV:GBR) today reported new developments from its fully funded $21 million exploration program at its 100% owned flagship Dixie Project in the Red Lake district of Ontario.

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Figure 1: Long section of the LP Fault gold zone as drilled to-date, highlighting various drill intercepts along 4.2 kilometres. View towards the southwest.

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Figure 2: Cross section 20750 showing drill hole BR-068. Apparent vertical continuity is established over 305 metres. The zone projects to surface, and remains open at depth and along strike.

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Figure 3: Cross section 20600 showing drill hole BR-067. Apparent vertical continuity is established over 400 metres. Continuity is also interpreted over 150 metres horizontally to section 20750 shown in

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Figure 4: Cross section 18750 showing drill hole BR-057. This drill hole intersects the LP Fault zone 4.2 kilometres from discovery drill hole DNW-011.

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Figure 5: Cross section 22375 showing discovery drill hole DNW-011.

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Figure 6: Map view of current drilling along the LP Fault zone, showing previously released, current, and pending drill sections. The locations of the highlighted drill section results from this release are highlighted and labelled.

The Company has completed a successful “first pass” 4.2 kilometre drill test of the LP Fault.  All (100%) of 59 drill holes on 50 – 250 metre spacings have successfully intersected gold mineralization.  A long section view of results is provided in Figure 1.  A continuously mineralized zone is now interpreted, the “LP Fault zone”, which remains open both along strike and at depth.  Previously disclosed LP Fault zone names (Bear-Rimini, Gap, Yuma, Yauro, Auro and Viggo) will no longer be used in Great Bear’s news releases.  Results will be provided by drill section on a go-forward basis.

Great Bear is now undertaking a systematic grid drill program testing a 2.5 square kilometre “panel” of the LP Fault (5 kilometres horizontally by 500 metres vertically from surface).  Drill spacing will initially average 100 metres along strike and 75 metres vertically.  Additional drilling below 500 metres is also being undertaken.  Up to 300 additional drill holes are required to complete this panel during 2020 and the Company is fully-funded for this work.  Four drill rigs are currently deployed along the LP Fault and a fifth drill rig will be used to continue concurrent regional exploration, including further LP Fault step-outs.

Highlights of current results include:

  • Drill hole BR-068 intersected 10.58 g/t gold over 21.00 metres, including 48.98 g/t gold over 3.25 metres on drill section 20750.  Results demonstrate apparent continuity of gold mineralization from surface to 305 metres vertical depth, and increasing gold grades and interval widths with increasing depth.  BR-068 is located 1.8 kilometres southeast of the LP Fault discovery hole DNW-011.  Table 1 and Figure 2
  • Drill hole BR-067 was completed on drill section 20600, located 150 metres to the southeast of drill section 20750, and intersected 10.95 g/t gold over 6.00 metres.  Results demonstrate apparent continuity of high-grade gold mineralization over 400 vertical metres and apparent continuity across the 150 metre distance to drill section 20750.  Gold was intersected to 550 metres vertical depth.  Figure 3.
  • Drill hole BR-057, which is the second most southeasterly hole intersecting the LP Fault to-date, returned 7.35 g/t gold over 3.50 metres, including 38.03 g/t gold over 0.50 metres on drill section 18750.  This hole is located approximately 4.2 kilometres southeast of LP Fault discovery hole DNW-011, and 1.85 kilometres southeast of drill section 20600.  Figure 4.

A cross section through the original LP Fault discovery hole is provided in Figure 5. Similar geology, structural controls and gold mineralization are present in all areas along the 4.2 kilometres of the LP drilled to-date.

Chris Taylor, President and CEO of Great Bear said, “We now interpret a continuous gold-mineralized zone along more than four kilometres of strike length of the LP Fault, which remains open to extension.  Assay results, geology, and oriented structural data suggest the zone hosts steeply-dipping ‘sheets’ of disseminated high-grade gold mineralization with significant strike length and vertical extent.  More detailed drilling is required to accurately delineate the geometries of these high-grade ‘sheets’ and the boundaries of the surrounding mineralized envelope.  While the total LP Fault target is many times larger (Zeng and Calvert, 2006; 14 kilometres deep and 20+ kilometres in length based on seismic data), we’ve selected a 2.5 square kilometre section, 5 kilometres long by 500 metres deep, for grid drilling during 2020.  This will help characterize the gold mineralized system in preparation for more advanced studies in 2021 and has the potential to unlock significant potential additional value for our shareholders.  We will also continue property wide drill testing of new targets, including further step-outs on the LP Fault.”

Table 1: Most recent results from drilling of the LP Fault.

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great bear table 1.2

*Widths are drill indicated core length, as insufficient drilling has been undertaken to determine true widths at this time.  Average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine capping levels for higher grade gold intercepts.  Average widths are calculated using a 0.10 g/t gold cut-off grade with < 3 m of internal dilution of zero grade.

A map view of currently completed drill fences is provided in Figure 6. The locations of the cross sections provided in the previous figures are highlighted.

In order to place significant previously disclosed drill results in spatial context, Table 2 provides section location information for twenty previously disclosed drill holes with highlighted gold intercepts. These intervals are also shown visually in long section format in Figure 1.

The Company will post a complete table of all disclosed drill holes with highlighted intervals from the LP Fault including section information, drill collar locations, azimuths and dips on the Company’s web site at: www.greatbearresources.ca.

Table 3 provides drill collar location, azimuth and dip information for the newly reported drill holes included in this release.

Table 2: Highlighted intervals from twenty previously released drill holes along the LP Fault, with section location numbers included for reference.

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great bear table 2.2

*Widths are drill indicated core length, as insufficient drilling has been undertaken to determine true widths at this time.  Average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine capping levels for higher grade gold intercepts.  Average widths are calculated using a 0.10 g/t gold cut-off grade with < 3 m of internal dilution of zero grade.

Table 3: Drill hole information for new drill results reported in this release. UTM NAD 83.

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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 principle styles of gold mineralization:

  • High-grade gold in quartz veins and silica-sulphide replacement zones (Dixie Limb and Hinge). 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 300 km2 of highly prospective tenure across 4 projects: the flagship Dixie Project  (100% owned), the Pakwash Property (earning a 100% interest), the Dedee Property (earning a 100% interest), and the Sobel 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 SGS Canada Inc. in Red Lake, Ontario, and Activation Laboratories in Ontario, both of which are accredited mineral analysis laboratories, 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.  Drill hole location information is provided below:

Qualified Person and NI 43-101 Disclosure

Mr. R. Bob Singh, P.Geo, Director and 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.

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.

Click here to connect with Great Bear Resources (TSXV:GBR, OTC:GTBDF) for an Investor Presentation.

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