Resource News

Company News

November 23, 2016 – Vancouver, BC, Canada. – Great Bear Resources Ltd. (TSXV:GBR) today announced the signing of a purchase agreement to acquire 100 percent ownership of the West Madsen gold project in the Red Lake Gold District of Ontario.

November 23, 2016 – Vancouver, BC, Canada. – Great Bear Resources Ltd. (TSXV:GBR) today announced the signing of a purchase agreement to acquire 100 percent ownership of the West Madsen gold project in the Red Lake Gold District of Ontario.
Key features of the West Madsen Project are:

  • Agreement to earn 100% ownership from the underlying property vendor
  • Newly identified geological continuity of the Balmer assemblage greenstone belt which hosts the adjacent historical Madsen and Starratt Olsen mines
  • Recent logging road construction has opened the area to cost-effective exploration for the first time
  • Property comprises two claims blocks, the eastern of which is situated 3 kilometres to the west of Pure Gold Mining’s (TSX-V: PGM, “Pure Gold”) Madsen property; each block is roughly 6 kilometres by 3 kilometres in size, for a total area of 2000 hectares
  • Total purchase cost of $70,000 cash and 100,000 shares over four years

Great Bear has nearly doubled its road accessible land position in the Red Lake District with this latest acquisition.  Together with the Dixie Lake Project, Great Bear now has agreements in place to control 3750 hectares of the prospective greenstone belts which host all of the active mines and past producers in the Red Lake district.  The Dixie Lake project has returned significant high grade gold intercepts from shallow historical drilling and contains numerous drill ready targets.  The West Madsen project lies within a newly recognized extension of the same greenstone belt which hosts Pure Gold’s Madsen project, where a 77,000 metre drill program is now in progress.
“Prolific gold endowment and infrastructure advantages make the Red Lake district one of the outstanding gold mining regions of North America,” said Chris Taylor, CEO of Great Bear, “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 including recently mapped folded mafic sequences make the West Madsen property an obvious target for exploration.”
Read the full press release.
 

Featured

MARKETS

Markets
TSX20206.41+106.60
TSXV700.54+3.89
DOW32223.42+26.76
S&P 5004008.010.00
NASD11662.79-142.21
ASX7093.00+17.90

COMMODITIES

Commodities
Gold1833.08+5.82
Silver21.73+0.12
Copper4.27+0.08
Palladium2087.63+77.63
Platinum963.52+18.52
Oil114.43+0.23
Heating Oil3.75-0.02
Natural Gas8.22+0.26

DOWNLOAD FREE REPORTS

×