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Great Bear Drills New High-Grade Gold at Northwest LP Fault: 25.12 g/t Gold Over 4.25 m

Press Release

March 16, 2021 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR; OTCQX: GTBAF) today reported results from 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 returned to the northwestern kilometre of the LP Fault zone after more than a year drilling elsewhere along strike, and completed seven new drill holes, four of which are located within a 200 metre long previously undrilled segment of the zone.  We encountered new high-grade gold mineralization in addition to the expected bulk tonnage intervals, and will undertake additional drilling in this area over the coming months.”

Note the drill holes in this release are located 1.93 – 2.40 kilometres northwest of the drill holes provided in the Company’s news release of March 11, 2021, within the same multi-kilometre continuously mineralized gold zone, the LP Fault.

This news release provides results from 7 new LP Fault drill holes completed along 250 metres of strike length.  Great Bear has now published results from 267 LP Fault drill holes and anticipates at least 133 additional LP Fault drill holes will be completed by the end of 2021, for a total of at least 400 drill holes.

New LP Fault drill results from this release are provided in Table 1,  Figure 1, Figure 2 and Figure 3.  Table 2 contains highlighted drill results from initial drilling completed from May 2019 to March 2020.

New LP Fault Drill Results – Northwest Area

  • Several drill holes were planned for previously undrilled section 22200, testing a 200 metre long undrilled segment of the LP Fault zone.  The four deepest holes were completed first and are reported in this release, testing from approximately 180 to 550 metres vertical depth.  All drill holes intersected the same geology with gold mineralization.  Near-surface drilling will follow.
  • Drill hole BR-271 intersected several mineralized zones including:
    • 25.12 g/t gold over 4.25 metres from 406.25 to 410.50 metres
    • This included a high-grade core of 197.00 g/t gold over 0.50 metres from 407.50 to 408.00 metres.
    • 1.11 g/t gold over 23.65 metres from 460.35 to 484.00 metres.
    • 1.07 g/t gold over 53.60 metres from 495.50 to 549.10 metres.
  • Drill hole BR-239 also intersected several mineralized zones including:
    • 19.00 g/t gold over 1.30 metres from 268.50 to 269.80 metres.
    • 1.01 g/t gold over 42.50 metres from 377.20 to 419.70 metres.
  • Drill hole BR-270 intersected 0.85 g/t gold over 81.70 metres from 397.50 to 479.20 metres.

The Company formerly referred to this area as the Bear-Rimini or Discovery zone, prior to determining the LP Fault comprises a multi-kilometre continuously mineralized gold zone.  The Company’s LP Fault discovery drill hole DNW-011 was completed here, intersecting 12.33 g/t gold over 14.00 metres, 194.21 g/t gold over 2.00 metres, and 0.74 g/t gold over 50.60 metres (May 28, 2019).  Also see Table 2.

Figure 1: Map of current drill results showing the location of the new 1.2 kilometre cross section.

The Company notes that its predictive geological models were highly accurate on Section 22200.  Geology and gold mineralization were successfully intersected  to within 3 – 10 metres of expected locations within the 200 metre long previously undrilled gap in the LP Fault zone, as shown in Figure 2.  An image of the high-grade visible gold from BR-271 is provided in Figure 3.

Figure 2: Mineralized zones on section 22200 as predicted prior to drilling, and as drilled.

Figure 3: High-grade gold mineralization from 407.70 metres downhole in BR-271.  Image is of a selected interval and is not representative of all gold mineralization on the property.

Table 1: New drill result highlights from the northwest LP Fault.

Drill Hole From (m) To (m) Width* (m) Gold (g/t) Section
BR-259 347.05 353.05 6.00 4.65 22050
and 512.00 519.35 7.35 1.20
BR-239 224.50 229.00 4.50 3.24 22200
including 268.50 269.80 1.30 19.00
and 295.00 305.00 10.00 1.71
including 296.00 298.05 2.05 6.55
 and 377.20 419.70 42.50 1.01
BR-258 424.75 438.00 13.25 1.05 22200
and 473.50 479.95 6.45 3.86
and 633.75 639.90 6.15 1.09
BR-270 304.50 312.50 8.00 1.00 22200
and 397.50 479.20 81.70 0.85
including 397.50 407.00 9.50 1.75
and including 445.25 453.75 8.50 1.87
BR-271 406.25 410.50 4.25 25.12 22200
including 407.50 408.00 0.50 197.00
and 460.35 484.00 23.65 1.11
and 495.50 549.10 53.60 1.07
and 552.40 555.00 2.60 3.88
BR-256 529.40 564.20 34.80 1.54 22300
BR-257 442.50 457.50 15.00 1.62 22300

* 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.  Interval widths are calculated using a 0.10 g/t gold cut-off grade with up to 3 m of internal dilution of zero grade.

Table 2: Top 5 of 32 previously reported drill holes completed in the northwest kilometre of the LP Fault.  Formerly referred to as the Bear-Rimini or Discovery zone.

Drill Hole From (m) To (m) Width* (m) Gold (g/t) Section
DNW-011 58.00 60.00 2.00 194.21 22350
including 58.00 58.50 0.50 759.38
58.50 60.00 1.50 5.81
and 75.00 89.00 14.00 12.33
including 75.95 80.55 4.60 30.90
and including 78.45 80.55 2.10 60.27
and including 78.45 79.55 1.10 98.78
and including 78.95 79.55 0.60 130.97
and including 88.00 89.00 1.00 27.15
and 119.00 169.60 50.60 0.74
BR-040 360.50 432.10 71.60 1.39 22225
including 361.50 365.50 4.00 5.57
including 401.30 422.00 20.70 2.22
BR-043 310.50 459.70 149.20 0.95 22125
including 318.50 443.90 125.40 1.08
and including 348.00 363.00 15.00 2.05
and including 433.50 437.80 4.30 6.09
and including 436.00 437.80 1.80 12.45
BR-088 357.00 366.00 9.00 0.97 22000
and 375.35 383.50 8.15 0.74
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
BR-127 423.00 455.60 32.60 1.79 22500
including 423.80 433.90 10.10 5.04
and including 430.00 433.90 3.90 10.28
and including 431.40 431.90 0.50 64.10
and 530.70 564.75 34.05 0.52

* 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.  Interval widths are calculated using a 0.10 g/t gold cut-off grade with up to 3 m of internal dilution of zero grade.

Great Bear’s progress can be followed using the Company’s plan maps, long sections and cross sections, and through the VRIFY model posted at the Company’s web site at www.greatbearresources.ca, which will next be updated in Q2 2021.  All LP Fault drill hole highlighted assays, plus drill collar locations and orientations can also be downloaded at the Company’s web site.

Drill collar location, azimuth and dip for drill holes included in this release are provided in the table below (UTM zone 15N, NAD 83):

Hole ID Easting Northing Elevation Length Dip Azimuth
BR-239 455778 5635230 376 480 -60 227
BR-256 455769 5635363 378 657 -60 228
BR-257 455734 5635328 378 495 -61 226
BR-258 455825 5635338 377 690 -60 223
BR-259 455929 5635241 375 747 -60 225
BR-270 455812 5635267 377 627 -62 227
BR-271 455848 5635307 377 672 -61 226

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”
Chris Taylor, President and CEO
Investor Inquiries:

Mr. Knox Henderson
Tel: 604-646-8354
Direct: 604-551-2360

info@greatbearresources.ca
www.greatbearresources.ca

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