Great Bear Expands 2021 Drill Program: $45 Million Budget and 200+ Drill Holes
March 1, 2021 – Vancouver, British Columbia, Canada – 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, President and CEO
Mr. Knox Henderson
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.