TSX-V: GBR
VANCOUVER, BC, July 28, 2021 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear"), (TSXV: GBR) (OTCQX: GTBAF) today
provides an update regarding its ongoing fully funded $45 million 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, "We have now completed 440 drill holes at
the LP Fault, and our Phase 1 drill grid is substantially complete
to an average 450 metres depth along over 4 kilometres of strike
length. 109 of the 440 drill holes totalling over 40,000
metres are currently in various stages of assay progress, with
results expected regularly over the next 2 – 3 months. Maiden
mineral resource estimate modeling of the first 450 metres of
mineralization from surface of the LP Fault is underway and is
expected to be published no later than Q1 2022."
The Company will now commence Phase 2 drilling, which will
consist of: 1) Ongoing expansion drilling of the LP Fault below 450
metres depth and along strike, 2) any additional infill drilling of
the upper 450 metres of the LP Fault that may be required after
review, 3) expansion and infill drilling of the Hinge, Limb and
Arrow zones, and 4) testing of new regional targets at Dixie.
More comprehensive Phase 2 drill plans, along with a description
of which portions of the currently drilled mineralized zones will
be included in the maiden mineral resource estimates, will be
released after receipt and interpretation of current outstanding
drill results. Great Bear has approximately $83 million in cash on hand and is funded through
2022. In total, Great Bear has completed 630 drill holes
totaling 283,000 metres into all gold zones since beginning
drilling at the Dixie Project in summer 2017.
Regional Forest Fire Update
Due to regional forest fire activity, on July 21st the Ministry of Northern
Development, Mines, Natural Resources and Forestry (MNRF) issued a
work suspension order for many construction, mining, mineral
exploration and forestry related activities over an area extending
from Marathon, Ontario to the
Manitoba border, which includes
Red Lake. The order is expected to extend until local fire
risk conditions improve.
In order to protect drill crews and Red Lake staff, Great Bear initiated a planned
three-week suspension of drilling at the Dixie property on
July 18th, coinciding with
the conclusion of its Phase 1 grid drill program, and prior to the
MNRF order being issued. Phase 2 drilling is expected to
begin on or around the week of August
9th, subject to fire safety conditions and
modified work plan approvals from the MNRF at that time. The
current work suspension is not expected to significantly impact
Great Bear's progress at the Dixie Project, or maiden mineral
resource estimation completion timing.
Chris Taylor continued, "We would
like to sincerely thank all of the dedicated fire fighting crews
for their courage and ongoing efforts to protect all of the
affected regional communities, including Red Lake. Special
thanks also go out to the many groups of private volunteers,
including Great Bear team members, local companies and members of
all levels of government who are involved with supporting the fire
fighting efforts."
Forest fires and ongoing Ontario government work orders can be tracked
at:
https://www.ontario.ca/page/forest-fires
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 200 km2 of highly prospective
tenure across 4 projects, all 100% owned: The flagship Dixie
Project, the Pakwash Property, the Sobel Property, and the Red Lake
North Property, all of which are accessible year-round through
existing roads.
Qualified Person and NI 43-101 Disclosure
Mr. R. Bob Singh, P.Geo, VP
Exploration, and Ms. Andrea Diakow
P.Geo, VP Projects 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
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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SOURCE Great Bear Resources Ltd.
