April 18, 2013 - Great Bear Resources Ltd. (TSX-V: GBR, "Great
Bear", or the "Company") is pleased to announce it has entered into
an Option Agreement to earn a 100% interest in the Perdito
sediment-hosted oxide gold project. The project is located in Inyo
County, California, an active mining district that hosts the
producing Briggs gold mine of Atna Resources Ltd. (TSX: ATN).
The project covers a contiguous 7.5 km by 6.5 kilometre area,
with additional outlier claims. Mineralization is present in three
main types:
-
1)Total property-scale, Carlin-type sediment-hosted oxide gold
system with 12 drill proven gold targets with both bulk tonnage
heap leach type and narrower historical high grade oxide drill
results.
-
2)Drill-confirmed extension of an historic high-grade
silver-lead zinc mine, and
-
3)Undrilled porphyry copper-gold system with a 900 m circular
surface leached copper oxide zone.
Under the terms of the Agreement, the Company must make
aggregate payments of $710,000 and 6,500,000 shares over three
years to earn a 100% interest in the project from private vendors.
The project is subject to a 3% NSR, 1% of which can be bought back
for $1,000,000. There are no required minimum exploration
expenditures. The agreement is subject to TSX-V approval.
Sediment Hosted Oxide Gold System
Key aspects of the oxide gold mineralized system include:
-Past work by BHP Ltd. (NYSE: ADR), Newmont Mining Corp. (NYSE:
NEM), Asamera Minerals Inc., and Mobil Corp.'s Exploration
Group.
-Preliminary non NI43-101 compliant historic exploration target
estimates by BHP of potential for up to 2,000,000 oxide ounces of
gold at a grade range of 1 - 2 g/t (BHP internal report, 1997).
-More than 150 reverse circulation and diamond drill holes
completed across various targets intercepting gold mineralization
ranging from anomalous to greater than 0.25 oz/st (8.6 g/t).
Highlighted results from drilling at various targets are provided
in Table 1.
-Confirmation of a total property-scale Carlin-style
sediment-hosted gold mineralized system with multiple at-surface
oxide gold zones.
-Many gold targets have been trenched but remain undrilled.
Highlighted results from these trenches are provided in Table
2.
BHP Ltd. (NYSE: ADR) undertook the most recent work on the
Perdito project, testing nine oxide gold targets across a 4.2
kilometre by 2.5 kilometre area. In internal reports, BHP
geologists made non NI 43-101 compliant estimates that this area
could contain more than 2,000,000 ounces of gold at grades of 1 - 2
g/t, and recommended a 50+ drill hole follow-up program to expand
on positive test drilling. While not reliable under NI43-101
standards, these estimates do represent the possible scope of the
project.
--------------------------------------------------------------------
|Zone |Drill |From (ft)|To (ft)|Width|Width (m)|Gold |Gold |
| |Hole | | |(ft) | |(oz/st)|(g/t)|
|------------------------------------------------------------------|
|Soda |SR-09 |250 |270 |20 |6.1 |0.152 |5.21 |
|Ridge | | | | | | | |
|------------------------------------------------------------------|
|Soda |SR-15 |150 |165 |15 |4.6 |0.167 |5.73 |
|Ridge | | | | | | | |
|------------------------------------------------------------------|
|Soda |SR87 C-3|258 |280 |22 |6.7 |0.253 |8.67 |
|Ridge | | | | | | | |
|------------------------------------------------------------------|
|Detailed |DG-1 |31 |76 |45 |13.7 |0.025 |0.86 |
|Grid | | | | | | | |
|------------------------------------------------------------------|
|Detailed |DG-5 |46.5 |57.3 |10.8 |3.3 |0.051 |1.75 |
|Grid | | | | | | | |
|------------------------------------------------------------------|
|Soda |SC-3 |0 |64 |64 |19.5 |0.025 |0.86 |
|Canyon | | | | | | | |
|------------------------------------------------------------------|
|Soda |SC-8 |25 |30 |5 |1.5 |0.253 |8.67 |
|Canyon | | | | | | | |
|------------------------------------------------------------------|
|Dragonfly|CM97-4 |50 |80 |30 |9.1 |0.101 |3.46 |
|------------------------------------------------------------------|
|Dragonfly|CM97-4 |140 |180 |40 |12.2 |0.100 |3.43 |
|------------------------------------------------------------------|
|Dragonfly|CM97-4 |290 |320 |30 |9.1 |0.045 |1.54 |
|------------------------------------------------------------------|
|Middle |CM97-6 |1050 |1085 |35 |10.7 |0.038 |1.30 |
|Segment | | | | | | | |
|------------------------------------------------------------------|
|Resource |CGL-1 |25 |30 |5 |1.5 |0.240 |8.23 |
|Area | | | | | | | |
|------------------------------------------------------------------|
|Resource |CGL-2 |320 |340 |20 |6.1 |0.079 |2.71 |
|Area | | | | | | | |
|------------------------------------------------------------------|
|Resource |CGL-3 |130 |175 |45 |13.7 |0.073 |2.50 |
|Area | | | | | | | |
|------------------------------------------------------------------|
|East Area|CGL-8 |170 |185 |15 |4.6 |0.053 |1.82 |
|------------------------------------------------------------------|
|South |CGL-16 |170 |185 |15 |4.6 |0.053 |1.82 |
|Area | | | | | | | |
--------------------------------------------------------------------
Table 1: Highlighted results from test drilling of various
targets. All intercepts are drill indicated.
Significant work by Newmont included discovery and drilling of
several oxide gold zones. These generally contain from-surface gold
mineralization in the 1 - 5 g/t range, ranging from below detection
limits to greater than 20 g/t (0.6 oz/st). In 1991, Newmont drilled
a test grid of 8 diamond drill holes over a 450 m x 250 m area, the
"Resource Area", where in a non-43-101 compliant internal resource
estimate they defined 174,000 oz of gold at an average grade of
0.059 oz/st (2.0 g/t) gold that remains open to extension.
--------------------------------------------------------------------
|Area |Trench |Trench Interval (m)|Gold (oz/st)|Gold (g/t)|
| |Interval| | | |
| |(ft) | | | |
|------------------------------------------------------------------|
|Resource Area|40 |12.2 |0.151 |5.18 |
|------------------------------------------------------------------|
|Dragonfly |140 |42.7 |0.123 |4.22 |
|------------------------------------------------------------------|
|Including |40 |12.2 |0.370 |12.69 |
|------------------------------------------------------------------|
|Dragonfly |15 |4.6 |0.105 |3.60 |
|------------------------------------------------------------------|
|Eastern |15 |4.6 |0.208 |7.13 |
|------------------------------------------------------------------|
|Southern |20 |6.1 |0.038 |1.30 |
--------------------------------------------------------------------
Table 2: Highlighted trench results. These trenches have not yet
been drill tested.
Gold mineralization is typically sediment hosted, occurring
mainly in silty to shaley and congolmeritic units within a
carbonate-dominated stratigraphic sequence that also hosts Jurassic
monzonite intrusions. More than a dozen individual gold-bearing
stratigraphic units have been drill confirmed to date, occurring at
all stratigraphic levels across the property. A large number of
high-angle structures also carry gold mineralization, and are
spatially related to areas of stronger sediment-hosted gold
mineralization.
Past-Producing Silver-Lead-Zinc Mine Extension
----------------------------------------------------------------------------
|Drill |From |To ft |Width|Width|Au |Au |Ag |Ag |Cu % |Pb % |Zn % |
|Hole |ft | |ft |m |oz/st|g/t |oz/st|g/t | | | |
|--------------------------------------------------------------------------|
|SR-1 |440 |545 |105 |32.0 |- -- |2.61 |90 |0.30 |2.10 |9.87 |
|--------------------------------------------------------------------------|
|Incl. |460.5 |484 |23.5 |7.16 |0.010|0.34 |8.27 |284 |0.60 |9.27 |14.20|
|--------------------------------------------------------------------------|
|SR-3 |645.3 |668.5 |23.2 |7.07 |0.060|2.06 |9.43 |323 |1.74 |20.6 |8.25 |
|--------------------------------------------------------------------------|
|SR-5 |398.6 |422 |23.4 |7.13 |0.033|1.13 |4.97 |170 |0.04 |1.04 |1.75 |
|--------------------------------------------------------------------------|
|SR-6 |267 |287 |20 |6.10 |0.262|8.98 |26.70|915 |1.30 |1.40 |3.07 |
|--------------------------------------------------------------------------|
|SR-7 |231 |243.2 |12.2 |3.72 |- -- |4.73 |162 |0.41 |1.21 |3.33 |
|--------------------------------------------------------------------------|
|SR-11*|1164 |1225.5|61.5 |18.75|- -- |2.02 |69 |0.08 |3.12 |3.01 |
|--------------------------------------------------------------------------|
|SR-11*|1194 |1225.5|31.5 |9.60 |- -- |3.20 |110 |0.12 |5.60 |1.51 |
|--------------------------------------------------------------------------|
|SR-11*|1322.5|1328 |8 |2.44 |0.016|0.55 |1.84 |63 |0.12 |1.00 |0.64 |
|--------------------------------------------------------------------------|
|*Drill hole SR-11 is located on the Perdito project claims, showing |
|extension of the mine’s mineralization onto the project. |
----------------------------------------------------------------------------
Table 3: Highlighted drill results from historic mine. All
intercepts are drill indicated, however as mineralized zones are
flat-lying, these intercepts may approximate true thicknesses.
Manto type deposits are associated with Jurassic intrusions in
carbonates, the largest of which has been drill-proven to project
onto the Perdito claims.
Adjacent to the project, and currently situated in an inlier
government owned mineral claim, is a past producing
silver-lead-zinc mine. The mine was in largely continuous operation
from 1911 to 1950, and intermittently active from 1950 to 1973.
Sediment replacement, or "manto" style silver-lead-zinc
mineralization was mined from a number of high-angle structures.
Gold mineralization was also noted in portions of the ore
bodies.
The Americas Mining Corp. completed an eleven hole drill
program, mapping and geophysical surveying surrounding the mine in
1990 - 1991. Drilling discovered a large number of nearly
flat-lying, manto-type sediment replacement mineralized zones that
had not been exploited by past operations. Highlighted results of
that drilling are provided above in Table 3.
Underground drill holes completed during active mining in the
1950's intercepted similar repetitive occurrences of stacked
silver-lead-zinc mineralization. Drilling encountered 9 to 30
silver-lead-zinc mineralized intercepts over stratigraphic
thicknesses of 510 to 650 feet. One summary of drill results shows
129 cumulative feet of mineralization over 510 vertical feet
averaging 0.33 oz/st silver, 0.53% lead and 8.8% zinc, although
these assays cannot be verified. These results collectively show a
strong, multi-layered mineralized system with excellent exploration
potential.
The mine site and location of most of the drill collars reported
in Table 3 was gifted to the Bureau of Land Management in the mid
1990's and was subsequently incorporated into a protected
wilderness area. However, the access road to the mine site was
placed back into the public domain and was subsequently staked,
together with a series of claims on open BLM land adjacent to the
protected area, all of which are included in the Perdito project.
These claims cover the location of drill hole SR-11, and hence the
drill proven on-strike extension of the mineralized system is now
part of the Perdito project.
The extension of the system onto the project is also supported
by results of a ground-based Induced Polarization geophysical
survey that was completed at the time of drilling, showing strong
sulfide-associated chargeability responses projecting onto the
Perdito claims.
Porphyry Copper-Gold Target
Jurassic quartz diorite to monzonite intrusions are also
associated with a mapped and undrilled copper-gold porphyry system,
the "Stegosaurus Ridge" target.
The porphyry target was mapped by Asamera Minerals Inc. in the
1980's and 1990's, and has a 900 m diameter (63 Ha) circular
copper-in-bedrock anomaly defined by over 960 gridded bedrock chip
samples. These average approximately 0.1% copper across more than
100 surface chip samples at the core of the system, which is ringed
by concentric lead, zinc and arsenic anomalies in a typical
porphyry zonation pattern. The target has an adjacent
drill-confirmed gold system, the "Detailed Grid" target, drill
results from which are included in the Table 1. To date only the
gold, and not the copper porphyry target has been drill-tested.
Information for this news release is taken from a variety of
corporate documents detailing past work on the property. Reported
assay results cannot be verified, although in many cases assay
certificates accompanying the original work are appended to the
historic work reports.
Mr. Chris Taylor, M.Sc. P.Geo, is the Qualified Person as
defined by National Instrument 43-101 is responsible for the
accuracy of this news release.
For further information please contact Mr. Chris Taylor, P.Geo,
President, or Mr. Robert Orr, Investor Relations, at
604-681-0037.
ON BEHALF OF THE BOARD
"Chris Taylor"
Chris Taylor, President
Investor Relations:
Robert Orr
Tel: 604-681-0037
Fax: 604-681-0094
ro@greatbearresources.ca
info@greatbearresources.ca
www.greatbearresources.ca
About Great Bear
Great Bear is a well-funded Canadian precious metals exploration
company working in leading jurisdictions of Canada and the United
States. A 100% interest can be obtained in the Perdito oxide gold
project, California, and a 70% interest can be obtained in the BA
silver-rich VMS project, Eskay Creek District, northern British
Columbia.
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 o 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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