The Company also reports it has entered into a binding Letter of Intent ("LOI") with GoldON Resources Ltd. (CVE:GLD) ("GoldON") wherein GoldON has the option to earn an initial 60% interest, and a subsequent 100% interest in Great Bear's West Madsen property. The Dixie Limb zone is a major gold target at the Dixie project, second only to the Hinge Zone in exploration importance. This is due to its potential size, strong continuity of grade, and the presence of gold extending to within a few metres of surface. Great Bear's recent drilling successfully tested newly interpreted high-grade gold controls in the zone. Results include: New drilling has intersected a "Hinge Zone style" east-west trending high grade gold vein which intersects the DL and is associated with increased grades and widths of mineralization at the intersection.The newly discovered gold control allows Great Bear to prioritize drill targeting of high-grade zones within the broader mineralized system in the DL.
New drill results include 17.55 g/t gold over 2.55 metres within a broader interval of 9.15 g/t gold over 5.30 metres, and 24.21 g/t gold over 1.30 metres within a broader interval of 5.05 g/t gold over 15.85 metres. The DL has been drill defined along a 600-metre strike length where all (100%) of more than 100 drill holes have encountered gold mineralization at a geological contact between various basalt and metasediments units. The DL has considerable depth potential based on geological and structural modeling. The deepest drill hole intersects the zone at approximately 450 metres vertical depth, and the zone remains open to extension in all directions. The newly defined intersection provides a predictable plunge of high-grade gold mineralization which Great Bear successfully targeted during recent drilling. Great Bear has also used a similar predictive plunge technique to define high-grade gold mineralization in the Hinge Zone.
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About Great Bear Resources Ltd.
Great Bear's (CVE:GBR) (OTCMKTS:GTBDF) flagship Dixie property is located approximately 15 minutes' drive along Highway 105 from downtown Red Lake, Ontario. The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce. The Dixie property covers a drill and geophysically defined 10-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district. In addition, Great Bear is also earning a 100% royalty-free interest in the West Madsen, Pakwash, Dedee and Sobel properties, which cover regionally significant gold-controlling structures and prospective geology. All of Great Bear's Red Lake projects are accessible year-round through existing roads.
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.
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.
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