Gold Explorer's First Drill Release of 2019 Keeps Up the Momentum

Great Bear Resources Ltd. (GBR:TSX.V; GTBDF:OTC), a gold explorer based in Canada, reported drill results from the Hinge Zone (DHZ) and South Limb Zone (DSL) at its 100%-owned Dixie Project.

Located in Ontario's Red Lake District, some of the highest-grade results include an off-the-charts 1,602.73 g/t gold over 0.70 meters (approximate true width) at 150 meters vertical depth.

Chris Taylor, president and CEO of Great Bear commented, "Our Hinge and South Limb Zone are part of a continuous gold vein system, which is interpreted to extend along 300 meters in strike length and has been drill tested to a depth of 212 metres. The zone remains open in all directions and occurs immediately south of a regional east-west trending D2 fold hinge and associated structures which extends for approximately 10 kilometers into undrilled areas."

The drill results Great Bear released for Hole DHZ-014 (found in the Hinge Zone) are:

Source: Great Bear Resources

In mid-December 2018, management also released results from its Dixie Project. The company drill tested a 220-by-190-meter area of both the SLZ and HZ. According to the company's December 12, 2018 announcement, highlights include:

● Drilling below Great Bear's recent HZ discovery extended continuous gold mineralization from surface to 190m depth and the zone is open to extension. The deepest hole is located 114 meters down plunge of the HZ discovery and returned 3.65 meters of 27.36 g/t gold (estimated true width) including 0.5 meters of 153.73 g/t gold.

● 18 of 19 drill holes intersected quartz veins with visible gold at the predicted plunge and dip. Gold was observed in all (19 of 19) drill holes. High-grade gold of greater than 15 g/t was observed in 7 of 19 drill holes.

● Other HZ results include 14.1 meters of 4.45 g/t gold (estimated true width) including 0.50 meters of 48.93 g/t gold and 0.5 meters of 36.71 g/t gold. The HZ shows strong grade continuity and varies from 1.5 to 14.1 meters in estimated true width where drilled to-date.

● SLZ drilling returned 5.95 meters of 4.21 g/t gold, including 1.25 meters of 15.16 g/t gold, and 3.60 meters of 5.57 g/t gold including 1.10 meters of 14.01 g/t gold. The assay results from mid-December 2018 give a better idea of what's happening at the Dixie property.

Great Bear has also released visuals to help get a better idea of how the formation is positioned.

A Closer Look

Great Bear Resources released a 3D model of the gold mineralization at the Dixie Project.

The company noted the model represents "an approximately 12-square-kilometer area of the approximately 100 square kilometer Dixie property, from surface 1 kilometer depth, centered on the area of most drilling."

CEO Chris Taylor said that this was only the beginning: "We currently have 30,000 meters of drilling announced, which would probably be about 150 drill holes." He explained that the company had the treasury to drill about 80,000 meters (roughly 400 drill holes) without going back to the market.

With adding a second rig to the drilling program, the company is prepared to speed up the drilling.

Great Bear is on the radar screens of industry observers.

Thibaut Lepouttre, in Caesars Report's 2019 Outlook, noted that Great Bear had an "amazing year as it started the year at around C$0.40/share but reached a 52-week high of C$3.50 on the back of what appears to be a mega-discovery in Ontario’s Red Lake gold district. GBR intersected 7 meters at almost 69 g/t gold as well as 16.35 meters at 26.91 g/t. These weren't 'lucky shots' as Great Bear's more recent drill results confirmed the widespread presence of high-grade gold mineralization, which it has now chased to a depth of up to 365 meters."

He also pointed out that Great Bear "found a strategic investor in McEwen Mining (MUX.TO, MUX) and Rob McEwen himself, and is ending the year with almost C$15M in cash after completing a C$3.5M flow-through financing in November."

Gwen Preston noted in the January 16 issue of Resource Maven that Great Bear "released an uber high-grade gold intersection from drilling on Dixie's Hinge zone; hole 14 encountered 1,602.73 g/t gold over 0.7m at 150m depth. The hole was the highlight of a batch of results released from both the Hinge and the South Limb zones; that's a heck of a hit."

Sector expert Michael Ballanger wrote on December 20 that he remains "mightily impressed with the continued great results from the Dixie project."

Analyst Greg McCoach, wrote on January 17 in The Mining Speculator, "I think 2019 will be the year that sees Great Bear Resources Ltd. get bought out at a much higher price. The latest news continues to confirm my assertion that the company is in the process of uncovering a massive new high-grade gold discovery in one of the most prolific gold camps in the world; it's just a matter of time before we get a clear enough picture on just how big, before a major takes it out."

Great Bear shares currently sit at $2.99. The company has around 37 million shares issued and outstanding, and over 48 million shares fully diluted.

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1) Nikia Wade compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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