Vancouver, BC / ACCESSWIRE / May 14, 2014 / Great Bear Resources Ltd. (TSX-V: GBR, "Great Bear", or the "Company") is pleased to announce that it has identified multiple sediment-hosted oxide gold, copper and polymetallic targets at its Perdito project, Inyo County, California, where the Company has an option to earn a 100% interest.
The Company further reports that it has received favorable feedback from the Bureau of Land Management (BLM) regarding its Phase 1 drill permit. The Company will not be required to complete either archaeological or faunal surveys but is required to complete a botanical survey of the proposed drill sites, which is now underway. The company expects to receive its drill permit after review of the survey findings by the BLM.
While the Company's main focus remains the oxide gold system previously drilled by Newmont Mining Corp. (NYSE: NEM, "Newmont") and BHP Ltd. (NYSE: BHP) on the eastern half of its main claim block, the Company is also investigating the 20 square km area that comprises the western half of the claim block, previously the focus of exploration by Asamera Minerals Inc. ("Asamera"). Findings from recent field work in this western area by GBR include:
-Discovery of new sediment-hosted oxide gold targets and confirmation of previously drilled targets. Highlights include channel sampling of 10.7 m (35 ft) of 1.73 g/t (0.05 oz/st) Au.
-Identification of porphyry style veining, alteration and related copper-silver+/-gold mineralization. Highlights include composite grab samples returning up to 15.29% Cu and 106 g/t (3.10 oz/st) Ag.
-Polymetallic mineralization including silver-lead+/-gold+/-zinc+/-copper in a peripheral halo to the porphyry style veining and alteration. Highlights include composite grab samples returning 0.51 g/t (0.05 oz/st) Au, 805 g/t (23.48 oz/st) Ag, 0.39% Cu and 2.60% Pb.
Work carried out from December 2013 to April 2014 on the western half of the main claim block included collection of 100 channel and grab samples, and mapping and interpretive work by two internationally recognized porphyry experts. Highlights are provided in Table 1.
------------------------------------------------------------------------------ |SAMPLE|Au |Au |Ag |Ag |Cu |Pb |Zn |TYPE |HOST | | |(g/t)|(oz/st)|(g/t) |(oz/st)|(%) |(%) |(%) | | | |----------------------------------------------------------------------------| |SV-3 |0.16 |0.005 |3.90 |0.11 |0.03 |0.01 |0.01|5' Channel|Limestone | |----------------------------------------------------------------------------| |SV-56 |0.01 |0.000 |1.83 |0.05 |2.93 |0.00 |0.00|3' Channel|Limestone | |----------------------------------------------------------------------------| |SV-58 |0.74 |0.021 |15.00 |0.44 |0.31 |0.03 |0.02|Float |- | |----------------------------------------------------------------------------| |SV-65 |0.00 |0.000 |26.18 |0.76 |0.03 |4.54 |0.01|Comp. Grab|Qz Vein | |----------------------------------------------------------------------------| |SV-68 |1.73 |0.050 |2.18 |0.06 |0.01 |0.02 |0.03|35' |Siltstone | | | | | | | | | |Channel | | |----------------------------------------------------------------------------| |SV-72 |2.84 |0.083 |0.21 |0.01 |0.00 |0.00 |0.01|15' |Sandstone | | | | | | | | | |Channel | | |----------------------------------------------------------------------------| |SV-75 |0.05 |0.001 |5.04 |0.15 |7.36 |0.00 |0.02|6' Channel|Porphyry | |----------------------------------------------------------------------------| |SV-76 |0.03 |0.001 |69.26 |2.02 |1.10 |0.01 |0.02|Comp. Grab|Qz Vein | |----------------------------------------------------------------------------| |SV-77 |0.05 |0.002 |1.84 |0.05 |0.15 |0.00 |0.00|4' Channel|Porphyry | |----------------------------------------------------------------------------| |SV-78 |0.03 |0.001 |67.49 |1.97 |2.18 |0.00 |0.01|Comp. Grab|Limestone | |----------------------------------------------------------------------------| |SV-83 |0.21 |0.006 |32.66 |0.95 |3.02 |0.03 |0.04|Comp. Grab|Limestone | |----------------------------------------------------------------------------| |SV-84 |0.51 |0.015 |805.00|23.48 |0.39 |2.60 |0.10|Comp. Grab|Qz Vein | |----------------------------------------------------------------------------| |SV-85 |0.13 |0.004 |0.42 |0.01 |0.01 |0.00 |0.01|30' |Siltstone | | | | | | | | | |Channel | | |----------------------------------------------------------------------------| |SV-100|0.02 |0.001 |107.00|3.12 |0.02 |4.44 |1.25|Comp. Grab|Bx'd Diorite| |----------------------------------------------------------------------------| |SV-109|0.02 |0.000 |314.00|9.16 |0.04 |9.01 |4.55|4' Channel|Bx'd Diorite| |----------------------------------------------------------------------------| |SV-110|0.01 |0.000 |304.00|8.87 |0.08 |13.05|4.15|3' Channel|Bx'd | | | | | | | | | | |Limestone | |----------------------------------------------------------------------------| |SV-111|0.02 |0.001 |773.00|22.55 |0.02 |27.61|1.56|Comp. Grab|Bx'd | | | | | | | | | | |Limestone | |----------------------------------------------------------------------------| |SV-118|0.00 |0.000 |952.00|27.77 |0.04 |29.09|1.95|Comp. Grab|Bx'd Diorite| |----------------------------------------------------------------------------| |SV-145|1.98 |0.058 |0.39 |0.01 |0.00 |0.00 |0.01|5' Channel|Siltstone | |----------------------------------------------------------------------------| |SV-148|6.13 |0.179 |2.58 |0.08 |0.00 |0.02 |0.07|3' Channel|Limestone | |----------------------------------------------------------------------------| |SV-149|1.35 |0.039 |0.75 |0.02 |0.00 |0.01 |0.03|6' Channel|Diorite | |----------------------------------------------------------------------------| |SV-153|0.05 |0.001 |27.57 |0.80 |0.47 |0.01 |0.01|4' Channel|Limestone | |----------------------------------------------------------------------------| |SV-154|0.22 |0.006 |247.40|7.22 |14.74|0.13 |0.21|Comp. Grab|Limestone | |----------------------------------------------------------------------------| |SV-155|0.13 |0.004 |62.74 |1.83 |1.62 |0.05 |0.07|4' Channel|Limestone | |----------------------------------------------------------------------------| |SV-156|0.05 |0.001 |106.40|3.10 |15.29|0.06 |0.09|Comp. Grab|Limestone | |----------------------------------------------------------------------------| |SV-157|1.90 |0.056 |144.80|4.22 |0.83 |0.03 |0.10|15' |Limestone | | | | | | | | | |Channel | | |----------------------------------------------------------------------------| |SV-159|0.06 |0.002 |25.58 |0.75 |2.15 |0.04 |0.05|4' Channel|Siltstone | |----------------------------------------------------------------------------| |AW004 |0.02 |0.001 |8.04 |0.23 |0.01 |0.10 |0.07|Comp. Grab|Limestone | ------------------------------------------------------------------------------
Table 1: Highlights of sampling results from across the western half of the main claim block. "Bx'd" refers to hydrothermal brecciation. Channel samples in ft.
About 25% of the mapped area consists of various porphyritic to equigranular dikes, sills and stocks of presumed Jurassic to Cretaceous age, showing various styles of alteration and mineralization. The large number of intrusive bodies distinguishes the area from the Newmont and BHP area to the east, where mineralization is exclusively sediment hosted.
The Company is currently working with its consultants to reinterpret the zoned mineralization patterns that have been discovered across an approximately 2.5 km by 6.5 km (16 sq km) area, and will report results work when available. Preliminary review suggests the patterns are broadly consistent with the upper levels of at least one porphyry and/or skarn target at modest depth.
A summary of historic work was provided in Great Bear's news release of April 18, 2013. More than 100 drill holes were completed on the western half of the main claim block by Asamera in the 1980's, however original data is sparse and in many cases only highlighted values in historic reports are available. In most cases the reported intervals include high cutoff values of about 1 g/t gold, and lack multi-element analysis including copper and silver. Nonetheless, gold mineralization has been drill confirmed in three areas across five kilometers of strike. Highlighted results of that drilling are presented in Table 2.
---------------------------------------------- |Drill |From|To |Width|Width|Gold |Gold | |Hole |(ft)|(ft)|(ft) |(m) |(oz/st)|(g/t)| |--------------------------------------------| |SR-09 |250 |270 |20 |6.1 |0.152 |5.21 | |--------------------------------------------| |SR-15 |150 |165 |15 |4.6 |0.167 |5.73 | |--------------------------------------------| |SR87 C-3|258 |280 |22 |6.7 |0.253 |8.67 | |--------------------------------------------| |DG-1 |31 |76 |45 |13.7 |0.025 |0.86 | |--------------------------------------------| |DG-5 |46.5|57.3|10.8 |3.3 |0.051 |1.75 | |--------------------------------------------| |SC-3 |0 |64 |64 |19.5 |0.025 |0.86 | |--------------------------------------------| |SC-8 |25 |30 |5 |1.5 |0.253 |8.67 | ----------------------------------------------
Table 2: Highlighted historic drill results from the western half of the Company's main claim block as reported in historic Asamera reports
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 Mr. Chris Taylor at 604-681-0037.
"Chris Taylor"
Chris Taylor, President and CEO
Inquiries:
Tel: 604-681-0037
Fax: 604-681-0094
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy o this release.
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.
We seek safe harbor
SOURCE: Great Bear Resources Ltd.