Great Bear Drills 18.57 g/t Gold Over 13.00 m, Within 2.67 g/t Gold Over 104.15 m at LP Fault

May 4, 2020 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR; OTCQX: GTBDF) today reported results from its ongoing fully funded $21 million 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, “As 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 5 kilometre long by 500 metre deep grid drill program.  Current drill hole locations and results are provided in Figure 1, and in Table 1, respectively.  An updated long section of the LP Fault drilling is provided in Figure 2.

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:
    1. 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, and
    2. 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. Figure 3. An image of gold mineralization from this highlight interval is also provided in Figure 6.
  • Continuity of gold mineralization is suggested by similar results on both adjacent drill sections:
    • Drill section 20750, located 75 – 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 (February 13, 2020).  Figure 4.
    • Drill section 20600, located 50 – 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 (October 30, 2019).  Figure 5.
  • 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 metres.  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 un-sampled, mineralized historic drill core.

Figure 1: Location of drill sections provided as figures in this release.

Table 1: Current drill results.  Drill sections are arranged from southeast (top of Table) to northwest (bottom of Table), corresponding to the map provided in Figure 1.

 

Drill Hole

 

From (m)

To (m)

Width* (m)

Gold (g/t)

Section

BR-105

 

175.00

179.50

4.50

1.35

19900

and

341.65

344.90

3.25

1.05

BR-106

 

318.00

321.00

3.00

0.83

19900

and

427.15

429.50

2.35

0.61

BR-104

 

65.00

69.00

4.00

1.15

19900

and

77.85

83.00

5.15

1.30

and

228.00

240.10

12.10

0.67

DC-13-07

 

24.95

26.00

1.05

1.10

19950

and

105.00

107.00

2.00

7.87

including

106.00

107.00

1.00

12.60

DC-14-07

 

92.00

93.00

1.00

0.17

19950

BR-103

 

392.25

396.25

4.00

0.20

19950

and

417.50

442.00

24.50

0.23

and

463.50

464.50

1.00

1.77

and

517.75

536.25

18.50

0.87

including

523.50

527.00

3.50

2.93

and including

526.50

527.00

0.50

16.90

and

612.00

624.50

12.50

0.37

BR-118

 

30.20

87.15

56.95

3.18

20650

including

40.00

80.20

40.20

4.42

and including

55.10

79.20

24.10

6.00

and including

61.70

63.30

1.60

14.91

and including

68.40

75.20

6.80

10.17

and

127.15

231.30

104.15

2.67

including

156.00

184.90

28.90

8.75

and including

156.00

169.00

13.00

18.57

and including

159.70

169.00

9.30

24.65

and including

159.70

162.90

3.20

53.62

and including

159.70

160.70

1.00

94.90

and including

159.70

160.20

0.50

132.00

BR-122

 

446.00

488.00

42.00

0.34

20950

BR-130

 

165.00

167.50

2.50

2.09

21000

and

190.25

219.00

28.75

0.33

BR-131

 

167.00

169.70

2.70

5.29

21000

including

168.00

169.20

1.20

11.70

and

183.00

187.85

4.85

5.09

including

186.50

187.85

1.35

18.02

and including

186.50

187.00

0.50

47.70

and

324.00

366.30

42.30

0.51

Table 1 is continued below.

Drill Hole

 

From (m)

To (m)

Width* (m)

Gold (g/t)

Section

BR-089

 

172.55

182.00

9.45

8.15

21100

including

172.55

179.50

6.95

11.03

including

172.55

175.05

2.50

7.81

and including

177.50

178.00

0.50

112.00

and

190.50

191.50

1.00

2.86

including

191.00

191.50

0.50

5.59

and

225.25

228.00

2.75

1.51

 

242.00

293.25

51.25

1.93

including

279.00

293.25

14.25

6.18

and including

282.50

287.25

4.75

18.06

And including

282.50

285.65

3.15

26.89

and including

283.65

284.15

0.50

156.00

BR-099

 

118.20

138.50

20.30

0.34

21300

and

291.00

292.00

1.00

4.68

and

301.50

322.50

21.00

0.42

including

315.00

315.50

0.50

5.46

and

446.80

456.00

9.20

2.40

including

454.50

456.00

1.50

12.10

BR-116

 

288.25

294.25

6.00

0.50

21400

and

466.60

496.00

29.40

0.39

including

492.35

494.15

1.80

3.36

and

509.00

513.70

4.70

1.38

and

523.35

532.70

9.35

1.10

including

527.60

528.70

1.10

7.77

BR-097

 

40.60

45.00

4.40

0.15

21400

and

255.00

259.00

4.00

1.39

and

391.70

393.50

1.80

3.49

BR-098

 

148.50

153.50

5.00

0.69

21400

and

310.15

311.65

1.50

1.05

and

376.85

396.50

19.65

0.28

and

419.70

448.50

28.80

0.65

including

431.25

438.00

6.75

2.24

and including

431.25

432.65

1.40

8.93

and

493.25

495.05

1.80

9.90

BR-115

 

428.55

431.00

2.45

0.53

21525

and

481.80

502.40

20.60

0.43

and

527.80

562.65

34.85

0.20

BR-088

 

172.50

174.00

1.50

0.70

22000

and

357.00

366.00

9.00

0.97

and

375.35

383.50

8.15

0.74

and

449.30

450.45

1.15

3.38

and

515.55

616.50

100.95

0.71

including

515.55

527.00

11.45

1.38

and including

549.95

557.45

7.50

1.12

and including

606.30

616.50

10.20

1.80

*Widths are drill indicated core length, as insufficient drilling has been undertaken to determine true widths at this time.  Average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine capping levels for higher grade gold intercepts.  Average widths are calculated using a 0.10 g/t gold cut-off grade with up to 3 m of internal dilution of zero grade.  Drill holes DC-13-07 and DC-14-07 were originally drilled by a past explorer but were assayed by Great Bear, and are located in the immediate footwall south of the LP Fault zone.

Figure 2: Updated long section of the central LP Fault drilling.  Additional drilling has also been completed along more than 6 kilometres of additional strike length to the southeast (left) of this image.  The locations of drill sections highlighted in this release are labelled.

Complete assays for the highlighted reported intervals in hole BR-118 are also included graphically within section 20650 in Figure 3 below.

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 funded for this work and does not anticipate requiring further financing in 2020.

Figure 3: Cross section 20650.  Apparent continuity of mineralization along 150 metres of strike length of the LP Fault can be compared in Figure 3, 4 and 5.  Mineralization remains open to extension in all directions.

Figure 4: Section 20750.  This section is located 75 – 100 metres northwest along strike of section 20650 in Figure 3 and shows apparent on-strike continuation of mineralization with BR-118.  It was originally disclosed on February 13, 2020.

Figure 5: Section 20600.  This section is located 50 – 75 metres southeast along strike of section 20650 in Figure 3 and shows apparent on-strike continuation of mineralization with BR-118.  It was originally disclosed on October 30, 2019.

Figure 6: Image of gold mineralization from LP Fault drill hole BR-118.  Mineralization depicted in this image is from a selective interval and is not necessarily indicative of mineralization on the property.

Updated drill collar locations, azimuths and dips, together with an updated complete assay table for the LP Fault drilling to-date will be posted to the Company’s web site at www.greatbearresources.ca. Drill collar locations, azimuths and dips for the drill holes included in this release are provided in the table below:

Hole ID

Easting

Northing

Elevation

Depth

Dip

Azimuth

BR-088

455986

5635191

374

762

-63

225

BR-089

456591

5634475

358

717

-68

214

BR-097

456314

5634687

362

537

-60

220

BR-098

456371

5634762

364

681

-60

220

BR-099

456482

5634659

363

642

-55

220

BR-103

457736

5634241

364

810

-60

210

BR-104

457647

5633886

318

366

-53

206

BR-105

457691

5633975

357

500

-55

207

BR-106

457738

5634071

356

624

-57

207

BR-115

456325

5634908

371

741

-59

220

BR-116

456436

5634848

367

792

-60

220

BR-117

456554

5634762

364

798

-55

220

BR-118

456923

5634183

356

771

-68

222

BR-122

456815

5634528

357

777

-54

215

BR-130

456593

5634373

358

481

-55

215

BR-131

456648

5634454

357

648

-60

218

DC-13-07

457456

5633794

361

200

-50

210

DC-14-07

457489

5633740

360

116

-60

210

Completion of Plan of Arrangement

The Company is pleased to announce that it has received Final TSX Venture Exchange (“TSX-V”) approval of the previously announced plan of arrangement (“Arrangement”) to reorganize its business, including the spin-off 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-V 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.

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 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.

 

  • 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 300 km2 of highly prospective tenure across 4 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.

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, Director and 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

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