The Conversation (0)
May. 28, 2019 12:43PM PST
Great Bear Resources (TSXV:GBR, OTC:GTBDF) today reported a significant new high-grade gold discovery, the “Bear-Rimini Zone”, at its 100% owned Dixie Project in the Red Lake District of Ontario.
Great Bear Resources (TSXV:GBR, OTC:GTBDF) today reported a significant new high-grade gold discovery, the “Bear-Rimini Zone”, at its 100% owned Dixie Project in the Red Lake District of Ontario. Highlighted assay results from discovery drill hole DNW-011 are provided in Table 1.
Table 1: Highlighted results from discovery drill hole DNW-011 into the Bear-Rimini Zone.
Figure 1: Map of the Dixie project showing the location of known gold zones (DHZ, DL, DNW and DNE) and current drill results. The location of the LP Fault drilled in DNW-011 is shown in red dashes. The Bear-Rimini Zone is labelled “BR”. (CNW Group/Great Bear Resources Ltd.)
Figure 2: Lithoprobe 3D time travel tomography cross sectional interpretation showing two major crustal-scale structures in the Red Lake district, modified from Zeng and Calvert, 2006. The structure on the right is associated with the main mine trend including Newmont Goldcorp Corp.’s Red Lake Gold Mine. The structure on the left is the LP Fault at Great Bear’s Dixie project. (CNW Group/Great Bear Resources Ltd.)
Figure 3: Close-in view of the LP Fault and Bear-Rimini discovery, showing highlighted drill holes completed across 2.5 kilometres of strike length into the Quartz-Sericite zone. The adjacent Silicified Zone which hosts high-grade gold in DNW-011 is shown extrapolated along strike. A – A’ marks the location of the cross section in Figure 4. (CNW Group/Great Bear Resources Ltd.)
Figure 4: Cross section through Bear-Rimini discovery showing DNW-011, the LP Fault (dashed line) and adjacent lithologies, alteration zones and drill holes. (CNW Group/Great Bear Resources Ltd.)
Figure 5: Images of coarse disseminated gold from drill hole DNW-011. Host rock is quartz crystal lapilli tuff in the footwall of the LP Fault. Images from the Silicified Zone. Mineralization depicted in these photos is from two selective intervals and is not necessarily indicative of mineralization on the property. (CNW Group/Great Bear Resources Ltd.)
Figure 6: Three-dimension model of the LP Fault, showing its interpreted importance during Archean age gold mineralization and various gold zones at the Dixie project. The outline of the block model corresponds to the outline of the Dixie property claims. Bear-Rimini Zone labeled “BR”. (CNW Group/Great Bear Resources Ltd.)
| Drill Hole | From
(m) | To
(m) | Width*
(m) | Width
(ft) | Gold
(g/t) | Gold
(oz/t) | Vertical Depth (m) | |
| DNW-011 | 58.00 | 60.00 | 2.00 | 6.56 | 194.21 | 6.24 | 53 | |
| including | 58.00 | 58.50 | 0.50 | 1.64 | 759.38 | 24.42 | ||
| 58.50 | 60.00 | 1.50 | 4.92 | 5.81 | 0.19 | |||
| and | 75.00 | 89.00 | 14.00 | 45.93 | 12.33 | 0.40 | ||
| 75.95 | 76.45 | 0.50 | 1.64 | 19.33 | 0.62 | |||
| including | 75.95 | 80.55 | 4.60 | 15.09 | 30.90 | 0.99 | ||
| and including | 78.45 | 80.55 | 2.10 | 6.89 | 60.27 | 1.94 | 71 | |
| and including | 78.45 | 79.55 | 1.10 | 3.61 | 98.78 | 3.18 | ||
| and including | 78.95 | 79.55 | 0.60 | 1.97 | 130.97 | 4.21 | ||
| and including | 80.55 | 88.00 | 7.45 | 24.44 | 0.23 | 0.01 | ||
| and including | 88.00 | 89.00 | 1.00 | 3.28 | 27.15 | 0.87 | 81 | |
| and | 119.00 | 169.60 | 50.60 | 166.01 | 0.74 | 0.02 | 108 |
| *All widths are drill indicated core length as insufficient drilling has been completed to determine true width at this time. |
Highlights of Great Bear’s most recent discovery include:
- The Bear-Rimini Zone is located 2.5 kilometres northwest of the Hinge Zone.
- The new discovery is hosted by a new exploration target, the “LP Fault”, and adjacent lithologies. Airborne geophysics completed by Great Bear shows the LP Fault and a parallel structure, the “North Fault”, are interpreted to transect the property for 18 kilometres of strike length as shown on Figure 1.
- DNW-011 intersected intervals of gold mineralization across 110 metres of core length and were strongest in a coarse quartz crystal lapilli tuff unit in the northern footwall of the fault. This is the first drill hole in the project’s history to target this tuff unit. Complete assays from DNW-011 are provided in Table 2 at the end of this release.
- The LP Fault is interpreted as a major gold mineralization control and hydrothermal fluid conduit during Archean age gold mineralization. The generally 1 kilometre wide area between the LP and North Faults may represent a significant structural dilation zone where gold rich hydrothermal fluids accumulated.
- The LP Fault has a projected depth of 14 kilometres, extending to base of the continental crust/upper mantle as defined by the Lithoprobe Survey of the Red Lake district, as shown on Figure 2. A similar deep-seated structural feature was interpreted by the Survey to be spatially and genetically associated with the majority of gold mineralization along the main Red Lake mine trend (Zeng and Calvert, 2006) where over 30,000,000 ounces of gold have been produced.
- The LP Fault parallels highway 105, the main access corridor to Red Lake and is 1 to 3 kilometres from a powerline and paved road, and it is a 30 minute drive from the main Red Lake gold mine operated by Newmont Goldcorp Corp.
Chris Taylor, President and CEO of Great Bear said, “After recognizing a significant hydrothermal alteration zone in our previous round of regional drilling, we tested and discovered, in our first hole, a new zone of shallow high-grade gold associated with silicification of host rocks related to a crustal-scale structure we call the LP Fault. The fault marks a contact between mafic and felsic/intermediate rocks and is spatially associated with an 80 to 200 metre wide quartz sericite zone associated with highly anomalous to high-grade gold mineralization. We interpret the LP Fault to transect the property for approximately 18 kilometres of strike length. The new Bear-Rimini Zone joins the Hinge Zone as a significant new gold discovery and will be an additional focus of drilling through the remainder of 2019.”
The Bear-Rimini Zone High-Grade Gold Discovery
- The shallowest current gold intercept in DNW-011 is only 53 metres vertically from surface; 759.38 g/t gold over 0.5 metres.
- A finer-scale map showing the location of the Bear-Rimini Zone, other gold zones and significant nearby drill intercepts into the LP Fault, with the location of the cross-section provided in this news release is provided inFigure 3.
- A cross section through the LP Fault and adjacent lithologies is shown on Figure 4.
- Gold in DNW-011 occurs as coarse to fine disseminations with minor accompanying sulphides as shown on Figure 5.
- DNW-011 was drilled from north to south across the quartz sericite zone Great Bear had previously intersected in hole DNW-008 (see news release of May 7, 2019; 34.6 metres of 0.55 g/t gold) and the LP Fault, and intersected two different zones of gold mineralization, which are distinguished by host rock type and proximity to the primary deformation zone within the LP Fault:
- High-grade gold is hosted by strained coarse quartz crystal lapilli tuff units affected by pervasive silica alteration(the “Silicified Zone”) to the north of the LP Fault.
- Anomalous to moderate gold grades are hosted by a “Quartz-Sericite Zone” within and immediately adjacent to the LP Fault, in significantly strained fine quartz crystal tuffs and fine-grained intermediate tuffs.
Strike Potential of the Bear-Rimini Zone
- A total of 15 drill holes completed by previous explorers and Great Bear have intersected the Quartz-Sericite Zone along 2.5 kilometres of strike length of the LP Fault. All 15 (100%) of these drill holes encountered anomalous to moderate gold grades matching those observed in the Quartz-Sericite Zone in DNW-011 and DNW-008. Highlighted results are provided in Figure 3.
- These historical drill holes are interpreted to have been drilled south of the Silicified Zone intersected by DNW-011 and stayed entirely within the Quartz-Sericite Zone. The DNE holes drilled closest to the projected Silicified Zone (i.e. furthest north) had higher gold grades, including visible gold in drill core. Up to 80% of the total core length of some historical drill holes were never split and assayed by past explorers. Great Bear is currently re-logging and assaying unsampled mineralized intervals of core from all available historical drill holes from the area.
- While the LP Fault has 18 kilometres of interpreted strike length, the number of mineralized zones that may be hosted by the fault and adjacent units is not yet known, and the structural corridor is not necessarily mineralized along its entire length.
A three-dimensional representation of Great Bear’s model of gold mineralization at the Bear-Rimini discovery as it relates to the 18 kilometre strike length of the LP Fault and other gold zones is provided in Figure 6.
The Company continues to undertake a fully funded, 60,000 metre drill program that is expected to continue through 2019. In order to accelerate the program, a second drill rig was added in early 2019, and a third drill rig is expected in the near future. Approximately 40,000 metres of drilling remain in the current program.
About Great Bear
Great Bear Resources Ltd. (TSX-V: GBR) is a well financed company based in Vancouver, Canada, managed by a team with a track record of success in the mineral exploration sector. Great Bear holds a 100% interest, royalty free, in its flagship Dixie property, which is road accessible year-round via Highway 105, a 15 minute drive from downtown Red Lake, Ontario. The Red Lake mining district is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce. Production from the Red Lake district does not necessarily reflect the mineralization that may, or may not be hosted on the Company’s Dixie property. The Dixie property covers a drill and geophysically defined multi kilometre gold mineralized structure similar to that associated with other producing gold mines in the district. In addition, Great Bear is also earning a 100% royalty-free interest in the Pakwash, Dedee and Sobel properties, which cover regionally significant gold-controlling structures and prospective geology. All of Great Bear’s Red Lake projects are accessible year-round through existing roads.
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 Ancaster 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 3.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. 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.
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
| Drill Hole | From (m) | To (m) | Lithology | Gold (g/t) |
| DNW-011 | 12 | 13 | Felsic Lapilli Tuff | 0.059 |
| DNW-011 | 13 | 14 | Felsic Lapilli Tuff | 0.043 |
| DNW-011 | 14 | 14.9 | Felsic Lapilli Tuff | 0.165 |
| DNW-011 | 14.9 | 15.4 | Mafic Dyke | 0.022 |
| DNW-011 | 15.4 | 16.4 | Felsic Lapilli Tuff | 0.475 |
| DNW-011 | 16.4 | 17.4 | Felsic Lapilli Tuff | 0.069 |
| DNW-011 | 17.4 | 18.4 | Felsic Lapilli Tuff | 0.017 |
| DNW-011 | 18.4 | 19.4 | Felsic Lapilli Tuff | 0.006 |
| DNW-011 | 19.4 | 20.4 | Felsic Lapilli Tuff | 0.01 |
| DNW-011 | 20.4 | 20.9 | Felsic Lapilli Tuff | 0.451 |
| DNW-011 | 20.9 | 21.9 | Felsic Lapilli Tuff | 0.005 |
| DNW-011 | 21.9 | 22.9 | Felsic Lapilli Tuff | 0.017 |
| DNW-011 | 22.9 | 24 | Felsic Lapilli Tuff | 0.002 |
| DNW-011 | 24 | 25 | Felsic Lapilli Tuff | 0.002 |
| DNW-011 | 25 | 26 | Felsic Lapilli Tuff | 0.043 |
| DNW-011 | 26 | 27 | Felsic Lapilli Tuff | 0.002 |
| DNW-011 | 27 | 28 | Felsic Lapilli Tuff | 0.023 |
| DNW-011 | 28 | 29 | Felsic Lapilli Tuff | 0.067 |
| DNW-011 | 29 | 30 | Felsic Lapilli Tuff | 0.074 |
| DNW-011 | 30 | 30.5 | Felsic Lapilli Tuff | 1.013 |
| DNW-011 | 30.5 | 31 | Felsic Lapilli Tuff | 0.083 |
| DNW-011 | 31 | 32 | Felsic Lapilli Tuff | 0.156 |
| DNW-011 | 32 | 33 | Felsic Lapilli Tuff | 0.069 |
| DNW-011 | 33 | 34 | Felsic Lapilli Tuff | 0.028 |
| DNW-011 | 34 | 35 | Felsic Lapilli Tuff | 0.032 |
| DNW-011 | 35 | 36 | Felsic Lapilli Tuff | 0.025 |
| DNW-011 | 36 | 37 | Felsic Lapilli Tuff | 0.055 |
| DNW-011 | 37 | 37.8 | Felsic Lapilli Tuff | 0.023 |
| DNW-011 | 37.8 | 38.45 | Felsic Lapilli Tuff | 0.007 |
| DNW-011 | 38.45 | 39 | Felsic Lapilli Tuff | 0.012 |
| DNW-011 | 39 | 39.5 | Felsic Lapilli Tuff | 0.016 |
| DNW-011 | 39.5 | 40 | Felsic Lapilli Tuff | 0.013 |
| DNW-011 | 40 | 40.5 | Felsic Lapilli Tuff | 0.138 |
| DNW-011 | 40.5 | 41 | Felsic Lapilli Tuff | 0.008 |
| DNW-011 | 41 | 42 | Mafic Dyke | 0.012 |
| DNW-011 | 42 | 43 | Felsic Lapilli Tuff | 0.042 |
| DNW-011 | 43 | 44 | Felsic Lapilli Tuff | 0.282 |
| DNW-011 | 44 | 45 | Felsic Lapilli Tuff | 0.148 |
| DNW-011 | 45 | 46 | Felsic Lapilli Tuff | 0.027 |
| DNW-011 | 46 | 47 | Felsic Lapilli Tuff | 0.014 |
| DNW-011 | 47 | 48 | Felsic Lapilli Tuff | 0.121 |
| DNW-011 | 48 | 49 | Felsic Lapilli Tuff | 0.023 |
| DNW-011 | 49 | 50 | Felsic Lapilli Tuff | 0.046 |
| DNW-011 | 50 | 51 | Felsic Lapilli Tuff | 0.039 |
| DNW-011 | 51 | 52 | Mafic Dyke | 0.05 |
| DNW-011 | 52 | 53 | Mafic Dyke | 0.002 |
| DNW-011 | 53 | 54 | Mafic Dyke | 0.006 |
| DNW-011 | 54 | 55 | Mafic Dyke | 0.013 |
| DNW-011 | 55 | 55.5 | Mafic Dyke | 0.38 |
| DNW-011 | 55.5 | 56.5 | Felsic Lapilli Tuff | 0.015 |
| DNW-011 | 56.5 | 57 | Felsic Lapilli Tuff | 0.016 |
| DNW-011 | 57 | 57.5 | Felsic Lapilli Tuff | 0.022 |
| DNW-011 | 57.5 | 58 | Felsic Lapilli Tuff | 0.128 |
| DNW-011 | 58 | 58.5 | Felsic Lapilli Tuff | 759.38 |
| DNW-011 | 58.5 | 59 | Felsic Lapilli Tuff | 2.247 |
| DNW-011 | 59 | 60 | Felsic Lapilli Tuff | 7.598 |
| DNW-011 | 60 | 60.5 | Felsic Lapilli Tuff | 0.027 |
| DNW-011 | 60.5 | 61 | Felsic Lapilli Tuff | 0.061 |
| DNW-011 | 61 | 62 | Felsic Lapilli Tuff | 0.246 |
| DNW-011 | 62 | 63 | Felsic Lapilli Tuff | 0.054 |
| DNW-011 | 63 | 63.5 | Felsic Lapilli Tuff | 0.098 |
| DNW-011 | 63.5 | 64 | Felsic Lapilli Tuff | 0.013 |
| DNW-011 | 64 | 65 | Felsic Lapilli Tuff | 0.022 |
| DNW-011 | 65 | 65.5 | Felsic Lapilli Tuff | 0.03 |
| DNW-011 | 65.5 | 66 | Felsic Lapilli Tuff | 0.002 |
| DNW-011 | 66 | 67 | Quartz Vein | 0.033 |
| DNW-011 | 67 | 68 | Felsic Lapilli Tuff | 0.002 |
| DNW-011 | 68 | 68.5 | Felsic Lapilli Tuff | 0.024 |
| DNW-011 | 68.5 | 69 | Felsic Lapilli Tuff | 0.009 |
| DNW-011 | 69 | 69.5 | Felsic Lapilli Tuff | 0.012 |
| DNW-011 | 69.5 | 70.5 | Felsic Lapilli Tuff | 0.023 |
| DNW-011 | 70.5 | 71.5 | Felsic Lapilli Tuff | 0.027 |
| DNW-011 | 71.5 | 72.5 | Felsic Lapilli Tuff | 0.029 |
| DNW-011 | 72.5 | 73.5 | Felsic Lapilli Tuff | 0.679 |
| DNW-011 | 73.5 | 74 | Felsic Lapilli Tuff | 0.084 |
| DNW-011 | 74 | 74.5 | Felsic Lapilli Tuff | 0.073 |
| DNW-011 | 74.5 | 75 | Felsic Lapilli Tuff | 0.085 |
| DNW-011 | 75 | 75.95 | Felsic Lapilli Tuff | 1.702 |
| DNW-011 | 75.95 | 76.45 | Felsic Lapilli Tuff | 19.33 |
| DNW-011 | 76.45 | 76.95 | Felsic Lapilli Tuff | 2.186 |
| DNW-011 | 76.95 | 77.45 | Felsic Lapilli Tuff | 1.16 |
| DNW-011 | 77.45 | 77.95 | Felsic Lapilli Tuff | 7.311 |
| DNW-011 | 77.95 | 78.45 | Felsic Lapilli Tuff | 1.177 |
| DNW-011 | 78.45 | 78.95 | Felsic Lapilli Tuff | 60.15 |
| DNW-011 | 78.95 | 79.55 | Felsic Lapilli Tuff | 130.97 |
| DNW-011 | 79.55 | 80.05 | Felsic Lapilli Tuff | 25.99 |
| DNW-011 | 80.05 | 80.55 | Quartz Vein | 9.829 |
| DNW-011 | 80.55 | 81.05 | Felsic Lapilli Tuff | 0.391 |
| DNW-011 | 81.05 | 82 | Felsic Lapilli Tuff | 0.236 |
| DNW-011 | 82 | 83 | Felsic Lapilli Tuff | 0.195 |
| DNW-011 | 83 | 84 | Felsic Lapilli Tuff | 0.074 |
| DNW-011 | 84 | 85 | Felsic Lapilli Tuff | 0.164 |
| DNW-011 | 85 | 86 | Felsic Lapilli Tuff | 0.522 |
| DNW-011 | 86 | 87 | Felsic Lapilli Tuff | 0.134 |
| DNW-011 | 87 | 88 | Felsic Lapilli Tuff | 0.224 |
| DNW-011 | 88 | 89 | Felsic Lapilli Tuff | 27.15 |
| DNW-011 | 89 | 90 | Felsic Lapilli Tuff | 0.075 |
| DNW-011 | 90 | 91 | Felsic Lapilli Tuff | 0.048 |
| DNW-011 | 91 | 92 | Felsic Lapilli Tuff | 0.02 |
| DNW-011 | 92 | 93 | Felsic Lapilli Tuff | 0.249 |
| DNW-011 | 93 | 94 | Felsic Lapilli Tuff | 0.024 |
| DNW-011 | 94 | 95 | Felsic Lapilli Tuff | 0.035 |
| DNW-011 | 95 | 96 | Felsic Lapilli Tuff | 0.036 |
| DNW-011 | 96 | 97 | Felsic Lapilli Tuff | 0.054 |
| DNW-011 | 97 | 98 | Felsic Lapilli Tuff | 0.04 |
| DNW-011 | 98 | 98.8 | Felsic Lapilli Tuff | 0.162 |
| DNW-011 | 98.8 | 99.3 | Felsic Lapilli Tuff | 0.009 |
| DNW-011 | 99.3 | 100.3 | Felsic Lapilli Tuff | 0.137 |
| DNW-011 | 100.3 | 101.3 | Felsic Lapilli Tuff | 0.18 |
| DNW-011 | 101.3 | 102 | Felsic Lapilli Tuff | 0.068 |
| DNW-011 | 102 | 103 | Felsic Lapilli Tuff | 0.126 |
| DNW-011 | 103 | 104 | Felsic Lapilli Tuff | 0.207 |
| DNW-011 | 104 | 105 | Felsic Lapilli Tuff | 0.199 |
| DNW-011 | 105 | 105.9 | Felsic Lapilli Tuff | 0.126 |
| DNW-011 | 105.9 | 107.2 | Mafic Dyke | 0.734 |
| DNW-011 | 107.2 | 107.7 | Mafic Dyke | 0.069 |
| DNW-011 | 107.7 | 108.2 | Quartz Vein | 0.036 |
| DNW-011 | 108.2 | 108.7 | Quartz Vein | 0.006 |
| DNW-011 | 108.7 | 109.2 | Quartz Vein | 0.028 |
| DNW-011 | 109.2 | 109.7 | Quartz Vein | 0.066 |
| DNW-011 | 109.7 | 110.2 | Quartz Vein | 1.746 |
| DNW-011 | 110.2 | 111 | Quartz Vein | 0.329 |
| DNW-011 | 111 | 111.95 | Felsic Lapilli Tuff | 0.679 |
| DNW-011 | 111.95 | 112.25 | Intermediate Tuff | 0.087 |
| DNW-011 | 112.25 | 112.8 | Felsic Lapilli Tuff | 0.027 |
| DNW-011 | 112.8 | 114 | intermediate tuff | 0.417 |
| DNW-011 | 114 | 115 | intermediate tuff | 0.375 |
| DNW-011 | 115 | 116.1 | intermediate tuff | 0.183 |
| DNW-011 | 116.1 | 117 | intermediate tuff | 0.024 |
| DNW-011 | 117 | 118 | Felsic Lapilli Tuff | 0.018 |
| DNW-011 | 118 | 119 | Felsic Lapilli Tuff | 0.076 |
| DNW-011 | 119 | 120 | Felsic Lapilli Tuff | 0.521 |
| DNW-011 | 120 | 121 | Felsic Lapilli Tuff | 0.189 |
| DNW-011 | 121 | 122 | Felsic Lapilli Tuff | 0.913 |
| DNW-011 | 122 | 123 | Felsic Lapilli Tuff | 0.042 |
| DNW-011 | 123 | 124 | Felsic Lapilli Tuff | 0.106 |
| DNW-011 | 124 | 125 | Felsic Lapilli Tuff | 0.054 |
| DNW-011 | 125 | 126 | Felsic Lapilli Tuff | 0.027 |
| DNW-011 | 126 | 127 | Felsic Lapilli Tuff | 0.149 |
| DNW-011 | 127 | 127.95 | Felsic Lapilli Tuff | 0.135 |
| DNW-011 | 127.95 | 129 | Mafic Tuff | 1.239 |
| DNW-011 | 129 | 130 | Mafic Tuff | 2.959 |
| DNW-011 | 130 | 131 | Mafic Tuff | 1.042 |
| DNW-011 | 131 | 132 | Mafic Tuff | 0.601 |
| DNW-011 | 132 | 133 | Mafic Tuff | 0.564 |
| DNW-011 | 133 | 134.05 | Mafic Tuff | 0.871 |
| DNW-011 | 134.05 | 134.65 | Mafic Tuff | 2.136 |
| DNW-011 | 134.65 | 135.65 | Intermediate Tuff | 0.524 |
| DNW-011 | 135.65 | 136.85 | Intermediate Tuff | 2.658 |
| DNW-011 | 136.85 | 138 | Intermediate Tuff | 1.179 |
| DNW-011 | 138 | 139 | Felsic Tuff | 0.622 |
| DNW-011 | 139 | 139.75 | Felsic Tuff | 0.745 |
| DNW-011 | 139.75 | 140.25 | Felsic Tuff | 2.833 |
| DNW-011 | 140.25 | 140.75 | Felsic Tuff | 0.371 |
| DNW-011 | 140.75 | 141.25 | Felsic Tuff | 1.222 |
| DNW-011 | 141.25 | 141.75 | Felsic Tuff | 2.115 |
| DNW-011 | 141.75 | 142.25 | Felsic Tuff | 1.644 |
| DNW-011 | 142.25 | 142.75 | Felsic Tuff | 0.453 |
| DNW-011 | 142.75 | 143.25 | Felsic Lapilli Tuff | 0.904 |
| DNW-011 | 143.25 | 144.1 | Felsic Lapilli Tuff | 0.924 |
| DNW-011 | 144.1 | 145 | Felsic Lapilli Tuff | 0.349 |
| DNW-011 | 145 | 146 | Felsic Tuff | 0.154 |
| DNW-011 | 146 | 147 | Felsic Tuff | 0.295 |
| DNW-011 | 147 | 147.85 | Felsic Tuff | 0.135 |
| DNW-011 | 147.85 | 148.15 | Felsic Lapilli Tuff | 0.055 |
| DNW-011 | 148.15 | 149.65 | Felsic Lapilli Tuff | 0.049 |
| DNW-011 | 149.65 | 150.15 | Felsic Lapilli Tuff | 0.002 |
| DNW-011 | 150.15 | 151 | Felsic Lapilli Tuff | 0.214 |
| DNW-011 | 151 | 152.25 | Felsic Tuff | 0.196 |
| DNW-011 | 152.25 | 153 | Felsic Lapilli Tuff | 0.214 |
| DNW-011 | 153 | 154 | Felsic Lapilli Tuff | 0.456 |
| DNW-011 | 154 | 155 | Felsic Tuff | 2.454 |
| DNW-011 | 155 | 156 | Felsic Tuff | 0.33 |
| DNW-011 | 156 | 156.65 | Felsic Tuff | 0.237 |
| DNW-011 | 156.65 | 157.65 | Felsic Lapilli Tuff | 1.911 |
| DNW-011 | 157.65 | 158.65 | Felsic Lapilli Tuff | 0.365 |
| DNW-011 | 158.65 | 159.65 | Felsic Lapilli Tuff | 0.597 |
| DNW-011 | 159.65 | 160.65 | Felsic Lapilli Tuff | 2.042 |
| DNW-011 | 160.65 | 161.5 | Felsic Lapilli Tuff | 0.266 |
| DNW-011 | 161.5 | 162.5 | Felsic Lapilli Tuff | 0.123 |
| DNW-011 | 162.5 | 163.5 | Felsic Tuff | 0.04 |
| DNW-011 | 163.5 | 164.5 | Felsic Tuff | 0.053 |
| DNW-011 | 164.5 | 165.65 | Felsic Tuff | 0.181 |
| DNW-011 | 165.65 | 166.15 | Felsic Lapilli Tuff | 0.061 |
| DNW-011 | 166.15 | 167 | Felsic Lapilli Tuff | 0.268 |
| DNW-011 | 167 | 168 | Felsic Tuff | 0.155 |
| DNW-011 | 168 | 168.6 | Mafic Dyke | 6.391 |
| DNW-011 | 168.6 | 169.6 | Felsic Tuff | 0.141 |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
We seek safe harbor
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Source: www.prnewswire.com
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The company has rapidly transformed from an explorer into a producer through disciplined, value-accretive acquisitions, assembling a 100 percent-owned portfolio of producing mines, advanced development projects and exploration assets. This platform provides both immediate cash flow and long-term scalability.
In 2025, Heliostar produced 34,098 gold equivalent ounces, generated US$47.4 million in mine operating earnings, and ended the year with US$40.6 million in cash and no debt, demonstrating strong execution and financial discipline.
Production is expected to increase to 50,000–55,000 oz in 2026, driven by La Colorada and San Agustin. Development of Ana Paula and Cerro del Gallo supports a clear pathway to 500,000 oz annual production by 2030.
In 2026, Heliostar formed part of the OTCQX’s Best 50 top-performing companies. The company ranked 8th overall, joining 7 other mining companies in the top 10.
Beyond its core Mexican portfolio, the addition of the Goldstrike project in Utah introduces further growth optionality, reinforcing Heliostar’s strategy of acquiring and advancing underexplored assets with strong development potential. With a staged growth strategy, strong margins and an expanding resource base, Heliostar is positioned to evolve into a 500,000 oz per year gold producer by 2030.
Company Highlights
- Growing Production Base: Two producing mines targeting 50,000–55,000 oz of gold in 2026, generating cash flow to fund development.
- Clear Path to Mid-Tier Scale: Staged growth targeting annual production of 500,000 oz by 2030.
- High-Margin Flagship Asset: The Ana Paula PEA outlines 101,000 oz/year production (post ramp-up) with strong economics, including US$1,012M NPV5% and 51.3% IRR at higher gold price assumptions, supporting a 2028 production target.
- Self-Funded Growth Model: Generated US$47.4 million in mine operating earnings (2025) with US$40.6 million in cash and zero debt, reducing reliance on equity dilution.
- Robust Resource Base: Approximately 7.3 Moz measured and indicated gold resources plus ~1.4 Moz inferred, supporting long-term scalability.
- High-Quality Development Pipeline: Cerro del Gallo targeting 86,000 GEO/year at US$1,390 AISC, alongside San Antonio’s production potential.
- Strategic Expansion in the US: Acquisition of the Goldstrike project in Utah adds near-surface oxide potential and long-term growth optionality.
- Strong Institutional Backing: Approximately 53 percent institutional ownership, complemented by high-net-worth investors and management alignment.
Key Projects
Ana Paula (Flagship Development Project)
Ana Paula is a high-grade underground gold project in Guerrero and the cornerstone of Heliostar’s long-term growth strategy.
The November 2025 PEA outlines a 9 year mine life with 101,000 oz/year production, 874,700 oz total output, and strong economics, including a US$1,012M NPV5% and a 51.3 percent IRR, supported by a low AISC of US$1,011/oz.
The project hosts approximately 742,000 oz measured and indicated at 5.4 g/t and 514,000 oz inferred, highlighting its high-grade profile and expansion potential.
With a feasibility study targeted for H1 2027 and construction expected in H2 of the same year, Ana Paula is expected to become the primary driver of Heliostar’s transition to mid-tier production.
The company is targeting production at Ana Paula in 2028.
La Colorada Mine
La Colorada in Sonora is a key cash-flowing asset that underwent a successful turnaround in 2025. The mine hosts reserves of 376,000 ounces of gold grading 0.68 g/t in 17.1 million tonnes of ore.
The mine is expected to produce 20,000–22,300 oz in 2026 at AISC of US$1,775–1,875/oz, supported by a six-year mine life and approximately 286,000 oz total production profile.
Mining at the project’s Veta Madre pit commenced in August 2026, a milestone that the company ties to its plan to secure cash flow through 2027 and 2028 to support construction at Ana Paula.
Ongoing drilling, pit expansions and underground potential provide meaningful upside, reinforcing its role as a core funding engine for development.
San Agustin Mine
San Agustin in Durango is a restarted oxide heap-leach operation providing near-term production growth and cash flow.
2026 guidance targets 30,000–32,700 oz of gold at AISC of US$2,150–2,250/oz, following a low-capital restart funded from the company’s balance sheet.
The asset offers additional upside through oxide expansion and sulphide exploration, supporting potential mine life extension.
Cerro del Gallo Project
Cerro del Gallo is a large-scale gold-silver development project in Guanajuato and a key driver of future production growth.
The 2025 PFS outlines ~86,000 GEO/year over a 15-year mine life at US$1,390 AISC, with strong economics, including US$972 million NPV5% and 59.3 percent IRR at higher gold price assumptions.
The project is expected to play a central role in advancing Heliostar towards the goal of 500,000 oz annual production by 2030.
San Antonio Project
San Antonio is a 100%-owned heap-leach development project offering strong optionality and long-life production potential.
The project hosts approximately 1.74 million ounces of measured and indicated gold and demonstrates attractive optionality, including potential 80,000 oz/year production and low AISC of US$1,063/oz.
As permitting advances, San Antonio represents a key medium-term growth opportunity within the portfolio.
Goldstrike Project (Utah, USA)
Goldstrike is a newly acquired gold project that expands Heliostar’s footprint in the United States and adds exploration and development optionality. The property currently hosts an Indicated resource of 975 kilo ounces at 0.46 g/t of gold.
The project hosts a near-surface oxide gold system with historical production of approximately 209,000 ounces of gold and defined mineralization, offering potential for low-cost, open-pit heap-leach development. Its geological setting and existing dataset provide a strong foundation for resource growth and technical advancement.
Goldstrike complements Heliostar’s acquisition strategy by adding a scalable, underexplored asset outside its core Mexican portfolio, enhancing long-term growth potential.
Drilling is underway at Goldstrike to test the antimony and gold potential of both Antimony Ridge and Antimony Knoll, with results expected towards the end of 2026.
Management Team
Charles Funk – President & CEO
Charles Funk has over 20 years of experience in exploration and business development, including senior roles at Newcrest Mining and OZ Minerals. He led the Panuco discovery for Vizsla Silver, demonstrating strong capability in identifying high-value deposits. At Heliostar, he has driven the company’s transformation into a multi-asset gold producer through disciplined acquisitions. His leadership is focused on building a scalable, mid-tier gold platform.
Gregg Bush – Chief Operating Officer (COO)
Gregg Bush is a proven mine builder with extensive experience in mine development, integration and operations. He previously served as COO of Capstone Mining and held senior leadership roles at Equinox Gold. Bush brings deep expertise in optimizing operating assets and advancing projects into production. He plays a key role in executing Heliostar’s production growth strategy.
Sam Anderson – VP Projects
Sam Anderson has approximately 25 years of experience in mine geology and project development, including 17 years at Newmont. He played a key role in advancing the Merian Mine from resource stage through construction to steady-state production. His expertise spans exploration, resource expansion and project execution. At Heliostar, he leads the advancement of key development assets.
Mike Gingles – VP Corporate Development
Mike Gingles brings more than 35 years of experience in the mining industry, specializing in corporate development and M&A. He played a leadership role in major transactions including Pueblo Viejo and Turquoise Ridge. His expertise includes project evaluation, deal structuring and strategic partnerships. He supports Heliostar’s acquisition-driven growth strategy.
Hernan Dorado – VP Sustainability & Special Projects
Hernan Dorado is a fifth-generation miner with over 20 years of experience in mining operations, particularly in Mexico. He was a founding member of Guanajuato Silver, where he served as COO. His expertise includes permitting, community engagement and sustainability practices. He ensures responsible development across Heliostar’s operations.
Vitalina Lyssoun – Chief Financial Officer (CFO)
Vitalina Lyssoun is a Chartered Professional Accountant (CPA, CA) with more than 16 years of experience in financial management within the resource sector. She has extensive expertise in public company reporting, compliance and internal controls. Prior to joining Heliostar, she led the corporate accounting function at Gatos Silver. Her experience spans multiple international jurisdictions.
Stephen Soock – VP Investor Relations & Development
Stephen Soock has nearly 20 years of experience across mining operations and capital markets. He began his career in technical roles at mine sites before transitioning to equity research, where he spent eight years covering growth-stage mining companies. He is a mining engineer and CFA Charterholder. At Heliostar, he leads investor relations and supports capital markets strategy.
Investor Insight
GoldInxs Mining Corp. (TSXV:INXS, OTCQB: INXGF) provides investors with exposure to early-stage gold-copper exploration in British Columbia, leveraging a portfolio of high-potential projects in Tier 1 jurisdictions, within established gold districts, surrounded by strong regional infrastructure and led by an experienced management team committed to accelerating discovery and delivering shareholder value.
Overview
GoldInxs Mining Corp. is a discovery-focused mineral exploration company dedicated to identifying and advancing high-potential copper-gold assets in proven geological belts. The Company's strategy centers on acquiring overlooked and underexplored projects with large-scale potential, applying modern exploration techniques to rapidly evaluate targets and unlock shareholder value through discovery.
The Company’s. common shares started trading on the TSX Venture Exchange in July 2026 under the symbol INXS, positioning itself to capitalize on favorable copper and gold market fundamentals.
Copper demand is forecasted to grow steadily through 2030, with the global copper market expected to expand to over US$340 billion by 2030, driven by electric vehicles, renewable energy and infrastructure growth.
On the other hand, gold continues to provide a safe-haven hedge against policy risks and market volatility, making GoldInxs’ dual focus on copper and gold particularly compelling for investors.
The Company’s portfolio is anchored by two priority projects: the Fishpot Project in central British Columbia, interpreted as an emerging, large epithermal system with strong infrastructure access and jurisdiction quality as well as early indications of blackwater-style mineralization, and the non-core Millar Project in the prolific B.C Golden Triangle, a district renowned for world-class discoveries. While surrounding deposits attracted billions of dollars in investment, Fishpot received only sporadic historical exploration despite widespread hydrothermal alteration and numerous anomalous gold, silver and copper results. Artemis Gold’s Blackwater Mine has announced tripling production with an intended $1.56B investment, which sits only 65 km from the Fishpot property.
Backed by a management team with expertise in exploration, project development and capital markets, GoldInxs is positioned to rapidly advance its assets, deliver near-term exploration catalysts and create shareholder value through discovery and strategic growth.
Company Highlights
- Mining-friendly jurisdiction: Projects are in British Columbia, which ranked second in Canada and 20th globally in the 2025 Fraser Institute investment attractiveness rankings.
- Flagship and district-scale assets: Portfolio is anchored by the flagship Fishpot Project (“Fishpot”) in central B.C., showing strong geological indicators of mineralization, blackwater-style mineralization potential and immense exploration upside potential with only 378 meters of historical drilling. Fishpot is strategically located in the same region as Artemis Gold’s Blackwater Mine and Evolution Mining’s optioned Clisbako property.
- Clear path to 2026 catalysts: GoldInxs secured a drill permit for an upcoming maiden 2,000-metre drill program at Fishpot, near-term exploration programs are designed to define mineralized systems, outline blackwater-style potential and create shareholder value following the completion of a 3D IP survey and drill targeting.
Key Projects
Fishpot Project
The Fishpot Project represents the cornerstone asset within the GoldInxs portfolio. Covering up to 5,500 hectares in Central British Columbia, and located ~95 km north of Quesnel, Fishpot hosts a large hydrothermal alteration system that exhibits many of the geological characteristics observed in major epithermal and intrusion-related gold systems throughout the region. Fishpot encompasses five claim blocks, held under an option to acquire 100 percent subject to a 2 percent NSR, representing a significant exploration opportunity in a highly prospective region.
Fishpot represents a largely untested hydrothermal mineral system where multiple independent exploration datasets, including gold-silver-copper surface geochemistry, alteration and geology, airborne magnetics, 3D IP chargeability/resistivity and identified epithermal-to-potential-porphyry target environments, are converging to define drill targets, despite only 378 metres of historical drilling across two holes.
Fishpot is situated within the highly prospective Stikine Terrane and is underlain by Hazelton Group volcanic rocks and intrusive units comparable to those associated with several significant deposits in British Columbia. Extensive quartz-sericite alteration, hydrothermal brecciation, pyrite mineralization and multi-element geochemical anomalies support the interpretation of a robust mineralizing system. Fishpot is strategically positioned near active and historical mining operations, including Artemis Gold’s Blackwater Deposit, Newton Gold Project, Capoose and 3Ts Project, underscoring its large-scale discovery potential. Importantly, based on early-exploration results, Fishpot shares several regional geological characteristics commonly associated with Blackwater-style gold systems, including felsic volcanics, strong alteration, pyrite-rich mineralization and gold-silver geochemical associations. Despite the similarities the Company cannot yet make any formal connections to the surrounding properties, nor can they guarantee that such deposits exist on their ground.
Fishpot Exploration Technology: GoldInxs advanced its Fishpot targeting program by combining a conventional 3D IP survey with emerging Virtual DRILL™ remote-sensing technology as an additional targeting layer, using multiple geological, geochemical and geophysical datasets to refine and prioritize targets ahead of a planned ~2,000-metre drill program.
Fishpot Drill Permit & Expansion: GoldInxs has received the required drilling permits and expanded Fishpot to 5,509 hectares, positioning the Company to proceed with its inaugural ~2,000-metre modern drill program on a property that has seen very limited historical drilling, while refining targets through integrated geological, geochemical and geophysical data.
Despite multiple encouraging exploration indicators, Fishpot has been subjected to only two historic drill holes totaling 378 metres, leaving the broader mineral system largely untested and providing significant leverage to future exploration success.
Recent exploration completed by GoldInxs generated the highest reported gold value on Fishpot to date, returning up to 5.65 g/t Au from surface sampling, while airborne geophysical surveys identified multiple coincident magnetic and geochemical anomalies that have strengthened the Company's exploration model and target pipeline.
The 2025 program returned rock samples of up to 5.65 g/t Au, 11.35 g/t Ag and 0.42% Cu, while historical work reportedly returned up to 4.36 g/t Au and 3.2% Cu.
The property exhibits the potential low-sulphidation epithermal targets at Fishpot North, intermediate-sulphidation signatures at Fishpot East, and a large central magnetic high being evaluated for potential porphyry mineralization at depth. The Company is focused on finalizing drill targeting and preparing for the inaugural diamond drill campaign at Fishpot in the coming months following completion of the IP survey. GoldInxs is preparing to drill-test a 5,509-hectare, largely undrilled hydrothermal system in central British Columbia where high-grade surface gold-silver-copper results, Blackwater-style geological characteristics and multiple coincident geophysical targets have converged to define a portfolio of high-priority exploration targets.
Management Team
Nick Michael – President and CEO
Mr. Michael is a veteran mining executive and technical director with over 37 years of global experience spanning mine development, engineering and operational leadership. His expertise covers the full project lifecycle, including design, construction, technical due diligence and Independent Engineer assignments for institutional investors and project financiers. He also leads CJK Milling, a company focused on reprocessing historical mine waste to recover discarded gold decades ago, when it was less valuable.
Carlo Rigillo, CPA, Chief Financial Officer
Mr. Rigillo is an experienced Chartered Professional Accountant with over two decades of experience. He holds a Bachelor of Commerce from the University of Toronto.
Barry Miller – Executive Chairman and Director
Mr. Miller brings over 30 years of experience in public markets, including roles as a broker, consultant and financier. He is the founder of GoldInxs and has been actively involved in the resource sector through leadership positions, including as director of Tinova Resources Corp., an exploration company focused on tin and rare earth elements in British Columbia and Alaska.
Tara Asfour - Vice President, Corporate Development and Communications
An executive consultant with over 13 years of experience, Tara Asfour holds expertise in corporate development, capital markets, investor relations and strategic communications. She has led strategic financings, partnerships and offtake initiatives within the resource sector through previous corporate development and investor relations roles with multiple publicly listed companies.
Al Fabbro – Director
With over three decades of experience spanning both the mining and finance sectors, Mr. Fabbro previously led Yorkton Securities’ retail trading department and was part of its Natural Resources Group. He later served as Lead Director of Roxgold Inc. and currently holds executive leadership roles in the mining industry.
Darcy Vis, P.Geo. – VP Exploration and Director
Mr. Vis is an economic geologist with over 17 years of experience in mineral exploration. He has held senior technical roles across multiple exploration companies and is the President of Tripoint Geological Services Ltd. His expertise includes target generation, project evaluation and exploration program execution.
Stephen Soock, P.Eng., CFA – Director
Mr. Soock is a mining professional with nearly 20 years of experience spanning both technical operations and capital markets. He currently serves as Vice President, Investor Relations and Development at Heliostar Metals.
Christopher Kelly, PQS, FCIArb – Director
Mr. Kelly has over 15 years of experience in construction and natural resources. He holds a BSc in Construction Economics and Management and an MSc in Construction Law and Dispute Resolution, and runs Trachtala Consulting Ltd.