Vancouver, British Columbia--(Newsfile Corp. - September 26, 2017) - Great Bear Resources (TSXV: GBR) (the "Company" or "Great Bear") today announced the commencement of a detailed geophysical survey over its Red Lake District, Ontario properties, and also reported that it has received the first $150,000 payment related to the option of its Golden Triangle, B.C. area projects. Under the terms of the agreement, Great Bear will receive $1,300,000 in cash payments and 10,000,000 shares of the projects' Optionee Mountain Boy Minerals Ltd. (TSX-V: MTB) over three years, as originally disclosed on June 2, 2017.
New Survey to Define Drill Targets
Analysis of available geophysical and drill data from the Dixie Lake and West Madsen projects has led the Company to conclude that:
The Dixie Lake property, which recently yielded drill results including 10.40 m of 16.84 g/t gold, overlies a regionally significant gold-mineralized structure with gold in drill-core across more than 11.5 kilometres of strike length, based upon historic drilling from previous exploration groups and 8 holes recently drilled by Great Bear;
Multiple gold mineralized zones have been drilled within this structure and within potential parallel structures. These contain similar alteration and gold mineralization styles to that which was recently drilled by Great Bear; and
The West Madsen property overlies the on-strike continuation of gold-bearing stratigraphy currently being explored by Pure Gold Mining Inc. (TSX-V: PGM) at the Madsen property, which is contiguous with Great Bear's claims.
The geophysical survey is expected to take approximately two weeks to complete, weather dependent, and will help define drill targets for an upcoming Phase 2 drill program. A field mapping and prospecting program is also planned for October of 2017. Phase 2 drilling is slated to proceed once results from both the geophysical survey and field program are received and reviewed, during winter 2017 - 2018.
The geophysical survey is being completed to provide high resolution data not previously available across Great Bear's properties. Where magnetic surveys were historically completed over a portion of the Dixie Lake project, gold mineralized zones were highly apparent because mineralization has a strong magnetic signature and occurs along trends consistent with deep-seated high-angle structures. The current survey is expected to define these in detail. The observed pattern at Dixie Lake of alternating magnetically destructive and additive alteration that accompanies gold mineralization, is also observed at other gold deposits in the Red Lake district.
The survey is being completed by Geotech Ltd. of Aurora, Ontario, with an anticipated cost of $170,000. It will consist of high-sensitivity helicopter-borne magnetic data collected at 50 metre line spacing, covering the entirety of Great Bear's Red lake claims. In total, approximately 2,700 line kilometres will be flown.
The Company is also expecting assay results to be received over the coming weeks from the final three outstanding holes of an eight-hole drill program completed at Dixie Lake in summer 2017.
Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.
ON BEHALF OF THE BOARD
Chris Taylor, President and CEO
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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.
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