November 19, 2013 - Great Bear Resources Ltd. (TSX-V: GBR, "Great Bear", or the "Company") is pleased to announce results from ongoing field investigations being carried out at its Perdito Project in Inyo County, California, where it has an option to earn a 100% interest.
As part of the Company's ongoing property-wide evaluation, recent work has targeted the Dragonfly sediment hosted oxide gold target, where historic drill results by BHP Ltd. (NYSE: BHP) include discovery drill hole CM97-4, which returned 100 metres of 1.02 g/t gold from surface. Results of Great Bear's recent field investigations include:
-Confirmation of high-grade gold mineralization at the Dragonfly "Roadcut" target, with grab sampling returning 14.4 g/t gold
-Confirmation of from surface gold mineralization 160 metres to the north of historic drilling with a 6.1 metre (20 foot) continuous chip sample returning 4.65 g/t (0.14 oz/st) gold
-Confirmation of additional high grade mineralization 200 metres to the north of past drilling with grab sampling yielding 9.70 g/t (0.28 oz/st) gold
Dragonfly is a stratigraphically and structurally controlled sediment hosted oxide gold target spanning a 1500 by 500 metre area, discovered by BHP in the late 1990's and located 1.5 kilometres north of Newmont Mining Corp.'s (NYSE: NEM, "Newmont") drill program at the "Resource Area". Mineralization is completely oxidized to at least 200 metres depth. Results of the 3 holes completed at Dragonfly are provided in the table below.
The as yet undrilled high grade center of the Dragonfly system is defined by continuous chip sampling that returned 42.7 metres (140 feet) of 4.22 g/t (0.123 oz/st) gold, including 12.2 metres (40 feet) of 12.69 g/t (0.370 oz/st) gold, the Roadcut target. BHP's drilling, which was completed prior to discovery of the Roadcut mineralization, was located north of this target, and demonstrates the potential for an extensive mineralized system at Dragonfly.
Grab sample DF-002, collected by Great Bear from the Roadcut approximately 80 metres south of CM97-4, returned 14.4 g/t (0.42 oz/st) gold, and confirms the high-grade nature of from-surface oxide gold mineralization in this area.
------------------------------------------------------------------- |Drill |From|To |From |To |Interval|Interval|Grade |Grade| |Hole |feet|feet|metres|Metres|feet |metres |(oz/st)|(g/t)| |-----------------------------------------------------------------| |CM97-3 |0 |175 |0.00 |53.3 |175 |53.3 |0.016 |0.54 | |-----------------------------------------------------------------| |Including|5 |15 |1.52 |4.57 |10 |3.05 |0.044 |1.51 | |-----------------------------------------------------------------| | |30 |40 |9.14 |12.19 |10 |3.05 |0.028 |0.96 | |-----------------------------------------------------------------| | |50 |65 |15.24 |19.81 |15 |4.57 |0.033 |1.13 | |-----------------------------------------------------------------| | |75 |85 |22.86 |25.91 |10 |3.05 |0.016 |0.55 | |-----------------------------------------------------------------| | |155 |175 |47.24 |53.34 |20 |6.10 |0.058 |1.99 | |-----------------------------------------------------------------| | |370 |380 |112.78|115.82|10 |3.05 |0.011 |0.38 | |-----------------------------------------------------------------| | |525 |565 |160.02|172.21|40 |12.19 |0.031 |1.27 | |-----------------------------------------------------------------| |CM97-4 |0 |330 |0.00 |100.61|330 |100.60 |0.030 |1.02 | |-----------------------------------------------------------------| |Including|20 |35 |6.10 |10.67 |15 |4.57 |0.029 |0.99 | |-----------------------------------------------------------------| | |50 |80 |15.24 |24.38 |30 |9.14 |0.101 |3.46 | |-----------------------------------------------------------------| |BHP |140 |180 |42.67 |54.86 |40 |12.19 |0.110 |3.77 | |-----------------------------------------------------------------| |Discovery|290 |320 |88.39 |97.54 |30 |9.14 |0.045 |1.54 | |-----------------------------------------------------------------| |Hole |380 |390 |115.82|118.87|10 |3.05 |0.009 |0.31 | |-----------------------------------------------------------------| | |530 |540 |161.54|164.59|10 |3.05 |0.012 |0.41 | |-----------------------------------------------------------------| |CM97-5 |0 |15 |0.00 |4.57 |15 |4.57 |0.038 |1.30 | | |-------------------------------------------------------| | |395 |405 |120.40|123.44|10 |3.05 |0.014 |0.48 | | |-------------------------------------------------------| | |470 |510 |143.26|155.45|40 |12.19 |0.043 |1.48 | | |-------------------------------------------------------| | |570 |575 |173.74|175.26|5 |1.52 |0.039 |1.34 | | |-------------------------------------------------------| | |655 |660 |199.64|201.17|5 |1.52 |0.041 |1.41 | -------------------------------------------------------------------
Table 1: Historic drill results at the Dragonfly target. Drilling hit multiple densely spaced mineralized intervals. Reported composite intervals are averages with results from individual 1.52 metre sample intervals ranging from anomalous to a high of 9.65 g/t gold.
Great Bear also confirmed extension of the mineralized system into the area 150 to 200 metres north of BHP's drilling. NDF-004, a continuous channel sample taken 160 metres north of drill hole CM97-4, returned 4.65 g/t (0.14 oz/st) gold over 6.1 metres (20 feet), while grab sample NDF-001, taken 200 metres north of CM97-4, returned 9.70 g/t (0.28 oz/st) gold. A number of historic channel samples returning 5 to 15 metres of 1 - 5 g/t gold are known to occur in this area north of BHP's drilling.
The gold mineralized system at Dragonfly remains open to extension in all directions and is believed to be associated with a broad north-south trending structural corridor that intersects favorable conglomeritic, silty and sandy gold-hosting units in this area.
As a follow-up to their initial discovery, BHP geologists proposed a 24 drill hole, 7000 metre grid drilling program that was designed to expand on the Dragonfly discovery. Drilling was proposed to cover a 1000 metre by 500 metre area with 50 to 100 metre hole spacing. The proposed work program provides Great Bear with a target concept that the Company will continue to advance and expand through surface mapping, geochemistry and ultimately drilling. The Roadcut area in particular presents an obvious future drill target.
Photographs of all channel samples and maps of sampling work will be posted to the Company's web site at www.greatbearresources.ca.
Mr. Chris Taylor, M.Sc. P.Geo, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of this news release.
For further information please contact:
Chris Taylor, President and CEO
Great Bear Resources Ltd.
T: 604-681-0037
About Great Bear
Great Bear is a well-funded Canadian precious metals exploration company working in leading jurisdictions of Canada and the United States. A 100% interest can be obtained in the Perdito oxide gold project, California, and a 70% interest can be obtained in the BA silver-rich VMS project, Eskay Creek District, northern British Columbia.
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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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