Great Bear Resources Ltd. [GBR-TSXV; GTBDF-OTCQX] has released results from its continuing fully financed $21-million exploration program at its flagship Dixie Project in the Red Lake district of northwestern Ontario.
Chris Taylor, President and CEO, said: â€œAs we approach the one-year anniversary of the discovery of the LP fault and our 100th drill hole into this target, our sense of enthusiasm continues to build as the LP fault continues to deliver robust gold results with more detailed drilling. New drill hole BR-118 returned one of the longest high-grade gold intervals to date and was completed in the middle of a 150-metre gap in drilling. Mineralization begins immediately at the bedrock surface, with consistent geology and mineralization styles observed in both neighbouring drill sections. Importantly, all other drill holes reported in this release also continue to successfully intersect gold mineralization at all points tested along the LP fault to date.”
The company has completed 99 of approximately 300 planned drill holes into the LP fault target, as part of its 5km-long-by-500-metre-deep grid drill program. An updated long section of the LP fault drilling is provided in an image on the company’s website.
Drill results highlights:
Drill hole BR-118 on drill Section 20650 was completed in the middle of a 150-metre gap in drilling. The drill hole contained two significant mineralized intervals: 10.17 g/t gold over 6.80 metres, within a broader interval of 3.18 g/t gold over 56.95 metres, beginning at the bedrock surface at 30.20 metres as well as 18.57 g/t gold over 13.00 metres, including 132.00 g/t gold over 0.50 metres, within a broader interval of 2.67 g/t over 104.15 metres beginning at 127.15 metres.
Continuity of gold mineralization is suggested by similar results on both adjacent drill sections:
Drill Section 20750, located 75 to 100 metres to the northwest of BR-118, includes previously reported drill hole BR-068, which returned 10.58 g/t gold over 21.10 metres.
Drill Section 20600, located 50 to 75 metres to the southeast of BR-118, includes previously reported drill hole BR-037, which returned 16.60 g/t gold over 6.0 metres and 5.60 g/t gold over 25.25 metres.
Other new drill highlights include drill hole BR-089 on Section 21100, located 450 metres northwest of BR-118. Assays include 18.06 g/t gold over 4.75 metres, which includes 156.00 g/t gold over 0.50 metres, and 11.03 g/t gold over 6.95 metres, which includes 112.00 g/t gold over 0.5 metre. This occurs within a broader interval of 1.93 g/t gold over 52.15 metres.
Drill hole BR-088 on Section 22000, located 900 metres to the northwest of BR-089 and 1.35 kilometres to the northwest of BR-118, intersected 0.71 g/t gold over 100.95 metres.
The company also relogged and assayed historical drill hole DC-13-07, which was completed in 2007 in the immediate footwall south of the LP fault by a previous explorer. New assays include 7.87 g/t gold over 2.00 metres, collected from unsampled, mineralized historic drill core.
Approximately 200 drill holes remain to be completed as part of the company’s ongoing 2020 LP fault drill program. Additional drill holes are also planned into the Dixie Limb and Hinge zones, in additional to other regional targets. The company remains fully financed for this work.
Great Bear has received final TSX Venture Exchange approval of the previously announced plan of arrangement to reorganize its business, including the spinoff of its wholly owned subsidiary, Great Bear Royalties Corp. The arrangement is expected to close as of 12:01 a.m. on May 5, 2020. Existing common shares of Great Bear are expected to be delisted on the TSX Venture Exchange effective on the close of business on May 4, 2020. New common shares of Great Bear are expected to commence trading on the TSX-V at the market opening on May 5, 2020.
The Dixie Project comprises 9,140 hectares of contiguous claims extending over 22 km, and is located approximately 25 km southeast of the Town of Red Lake.
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. Second, high-grade disseminated gold with broad moderate to lower-grade envelopes (LP fault).
Great Bear Resources controls over 300 km2 of prospective tenure across four 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.