Great Bear Expands 2021 Drill
Program: $45 Million Budget and 200+ Drill Holes
March 1, 2021 – Vancouver, British Columbia, Canada --
InvestorsHub NewsWire -- Great Bear Resources Ltd. (the "Company"
or "Great Bear", TSX-V: GBR; OTCQX: GTBAF) today reported the expansion of its 2021
exploration program at its 100% owned flagship Dixie Project in the
Red Lake district of Ontario.
Chris Taylor, President and CEO of Great Bear said, "Our cash
balance of over $100 million has allowed us to accelerate our
exploration and significantly expand our 2021 exploration budget
from $25 million to $45 million. We are confident we have
more than sufficient capital for completion of maiden resource
drilling of the near-surface (0 – 400 metre depth), upper portions
of the LP Fault, Dixie Limb and Hinge zones. Currently there
are five drill rigs on site, which we plan to increase over the
course of the year, beginning in April. Details of the
expected timing of delivery of initial maiden resources will be
provided over the coming weeks."
Expanded 2021 Program Details
- Planned budget of $45 million, increased from $25 million.
- Planned drilling of approximately 175,000 metres, for a total
of approximately 400,000 metres completed by Great Bear by year
end.
- At least 200 drill holes to be completed in 2021, for a total
of approximately 600 drill holes completed by Great Bear by year
end.
- Currently five drill rigs active on site, with additional
drills to be added beginning in April.
- Approximately 80% of planned drilling to target the LP
Fault.
- Approximately 15% of planned drilling to target the Hinge and
Dixie Limb zones.
- Up to 5% of planned drilling to test new high priority regional
targets.
- The primary program objective is maiden resource delineation at
the LP Fault, Dixie Limb and Hinge zones from 0 to 400 metres
depth.
- Additional drilling will also include testing zone extensions
to depths greater than 750 metres from surface, as has
recently been accomplished at the Dixie Limb and Hinge zones (May
11, 2020 and December 9, 2020).
- Approximately $1 million in exploration is planned for Great
Bear's other Red Lake area properties.
- Expected cash balance of approximately $60 million by year end,
allowing further 2021 program expansions as may be required, and
program extension throughout 2022.
The Company is also planning to undertake additional advanced
exploration work during 2021 including metallurgical studies, and
may further modify its 2021 work program as results inform ongoing
geological modeling. Great Bear will continue to provide
regular updates on its progress throughout the year.
About the Dixie Project
The Dixie Project is 100% owned, comprised of 9,140 hectares of
contiguous claims that extend over 22 kilometres, and is located
approximately 25 kilometres southeast of the town of Red Lake,
Ontario. The project is accessible year-round via a 15 minute drive
on a paved highway which runs the length of the northern claim
boundary and a network of well-maintained logging roads.
The Dixie Project hosts two principal styles of gold
mineralization:
- High-grade gold in quartz veins and silica-sulphide replacement
zones (Dixie Limb, Hinge and Arrow zones). 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.
- High-grade disseminated gold with broad moderate to lower grade
envelopes (LP Fault). The LP Fault is a significant
gold-hosting structure which has been seismically imaged to extend
to 14 kilometres depth (Zeng and Calvert, 2006), and has been
interpreted by Great Bear to have up to 18 kilometres of strike
length on the Dixie property. High-grade gold mineralization
is controlled by structural and geological contacts, and moderate
to lower-grade disseminated gold surrounds and flanks the
high-grade intervals. The dominant gold-hosting stratigraphy
consists of felsic sediments and volcanic units.
About Great Bear
Great Bear Resources Ltd. is a well-financed gold exploration
company managed by a team with a track record of success in mineral
exploration. Great Bear is focused in the prolific Red Lake
gold district in northwest Ontario, where the company controls over
330 km2 of highly prospective tenure across 5 projects: the
flagship Dixie Project (100% owned), the Pakwash Property (earning
a 100% interest), the Dedee Property (earning a 100% interest), the
Sobel Property (earning a 100% interest), and the Red Lake North
Property (earning a 100% interest) all of which are accessible
year-round through existing roads.
QA/QC and Core Sampling Protocols
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 Activation Laboratories in Ontario, an accredited mineral
analysis laboratory, for analysis. All samples are analysed for
gold using standard Fire Assay-AA techniques. Samples returning
over 10.0 g/t gold are analysed utilizing standard Fire
Assay-Gravimetric methods. Pulps from approximately 5% of the
gold mineralized samples are submitted for check analysis to a
second lab. Selected samples are also chosen for duplicate
assay from the coarse reject of the original sample. 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.
Qualified Person and NI 43-101 Disclosure
Mr. R. Bob Singh, P.Geo, 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
Investor Inquiries:
Mr. Knox Henderson
Tel: 604-646-8354
Direct: 604-551-2360
info@greatbearresources.ca
www.greatbearresources.ca
Cautionary note regarding forward-looking statements
This release contains certain "forward looking statements" and
certain "forward-looking information" as defined under applicable
Canadian and U.S. securities laws. Forward-looking statements and
information can generally be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking information are based on management of the
parties' reasonable assumptions, estimates, expectations, analyses
and opinions, which are based on such management's experience and
perception of trends, current conditions and expected developments,
and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be
incorrect.
Such factors, among other things, include: impacts arising from
the global disruption caused by the Covid-19 coronavirus outbreak,
business integration risks; fluctuations in general macroeconomic
conditions; fluctuations in securities markets; fluctuations in
spot and forward prices of gold or certain other commodities;
change in national and local government, legislation, taxation,
controls, regulations and political or economic developments; risks
and hazards associated with the business of mineral exploration,
development and mining (including environmental hazards, industrial
accidents, unusual or unexpected formations pressures, cave-ins and
flooding); discrepancies between actual and estimated metallurgical
recoveries; inability to obtain adequate insurance to cover risks
and hazards; the presence of laws and regulations that may impose
restrictions on mining; employee relations; relationships with and
claims by local communities and indigenous populations;
availability of increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); and title to
properties.
Great Bear undertakes no obligation to update forward-looking
information except as required by applicable law. Such
forward-looking information represents management's best judgment
based on information currently available. No forward-looking
statement can be guaranteed, and actual future results may vary
materially. Accordingly, readers are advised not to place undue
reliance on forward-looking statements or information.
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