Great Bear Resources (TSXV: GBR) (the “Company” or “Great Bear”), today announced results of a high resolution airborne magnetic survey completed by the Company in October, and gold exploration results from its West Madsen properties.
Great Bear Resources (TSXV:GBR) (the “Company” or “Great Bear”), today announced results of a high resolution airborne magnetic survey completed by the Company in October, and gold exploration results from its West Madsen properties. Gold samples collected at West Madsen occur within prominent geophysically-defined extensions of the gold-hosting geology at Pure Gold Mining Inc.’s (TSXV: PGM) Madsen property that also continue on to Great Bear’s claims.
Figure 1: Map of high resolution airborne magnetic survey over Great Bear’s West Madsen properties, slowing locations of gold samples along on-strike extensions of geology at Pure Gold’s Madsen project.
To view an enhanced version of Figure 1, please visit:
Three sub-parallel magnetic trends cross Great Bear’s West Madsen Block A, which is contiguous with the Madsen mine property. These have seen historical sampling, or have been sampled by Great Bear as shown on Figure 1. Though work is early-stage, each trend is confirmed to host gold mineralization, with samples returning between 0.90 g/t gold and 2.0 g/t gold. Great Bear recently sampled 0.9 g/t gold within silicified, pyritic rocks containing up to 15% sulphides recovered from a large trench two kilometres west of Pure Gold’s claims. The trench is not included in any available assessment reports or other publicly available data, but is clear evidence of additional exploration activity on Great Bear’s property.
Figure 2: Large unreported exploration trench at West Madsen Block A, where Great Bear recovered 0.90 g/t gold in a grab sample and observed extensive silicification and up to 15% sulphides by rock volume. Road shown for scale and accessibility on left of image.
To view an enhanced version of Figure 2, please visit:
Chris Taylor, CEO of Great Bear said, “We are very encouraged by early work on our West Madsen claims. In the Red Lake district, samples are generally considered highly anomalous at the 50 ppb (0.05 g/t) gold level. Early-stage work at West Madsen has confirmed much higher levels of approximately 1 — 2 g/t gold in three through-going extensions of the adjacent Madsen geology. The confirmation of multiple mineralized trends at our project strongly supports follow-up prospecting and mapping to define future drill targets. The West Madsen properties offer a low-cost, highly prospective and easily accessible addition to our primary focus at Dixie Lake, where we are planning to begin Phase 2 drilling after Christmas.”
Survey results at West Madsen Block B, which is located 5 kilometres to the west of Block A, show two primary Gold targets: 1) a prominent northeast to southwest magnetic linear, and 2) strong evidence of large-scale folding. The magnetic linear has been described in regional reports as the on-strike extension of the Red Lake greenstone belt, which is mapped as continuing to the west where it ultimately becomes the Rice Lake gold district of westernmost Ontario and southern Manitoba.
Folding is critical to grade enrichment at the Great Bear’s Dixie Lake property, and within many other Red Lake district gold deposits including the Red Lake mine of Goldcorp (TSX: G). Great Bear has not yet prospected West Madsen Block B, but results of the geophysical survey have provided two target areas for follow-up exploration, focused on the fold hinge area, and along the main magnetic linear.
Both Madsen blocks will be further explored in spring 2018, after conclusion of a winter drill campaign at the Dixie Lake project that is slated to being after Christmas.
Great Bear is earning a 100% royalty-free interest in the Dixie Lake property which consists of 7106 hectares. In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 2725 hectares and are contiguous with Pure Gold Mining Inc.’s (TSX-V: PGM) Madsen property. All of Great Bear’s Red Lake projects are accessible year-round through existing roads.
All samples were sent to Activation Laboratories Ltd. in Ancaster Ontario, an accredited mineral analysis laboratory, for analysis analysed for gold using standard Fire Assay-AA techniques. Certified gold reference standards, blanks and field duplicates were routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program.
Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.
ON BEHALF OF THE BOARD
Chris Taylor, President and CEO
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.
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