Great Bear Resources Ltd. Samples 25.6 metres of 8.4 grams Gold at the Perdito Project, California
30.10.2013 | The Newswire
Great Bear Resources Ltd. (TSX-V: GBR, "Great Bear", or the "Company") is pleased to announce the first results of field work investigating the Carlin-type sediment-hosted oxide gold system at the Perdito project, Inyo County, California. Results from continuous channel sampling of surface mineralization include:-25.6 metres (84 feet) of 8.4 g/t (0.25 oz/st) gold, defining a new high-grade from-surface oxide gold target, the "East Zone".
-45.7 metres (150 feet) of 3.1 g/t (0.09 oz/st) gold, extending the strike of known mineralization to the southeast of previous drilling in the "Resource Area".
-15.1 metres (50 feet) of 2.1 g/t (0.06 oz/st) gold, defining a new oxide gold target 200 metres south of the "Resource Area" and hosted by the same shaley unit.
Work focused on continuous channel sampling of several bedrock exposures of a highly altered shaley unit previously drilled by Newmont Mining Corp. (NYSE: NEM, "Newmont"). In the early 1990's, Newmont completed a test grid of 8 drill holes over a 450 m x 250 m area, the "Resource Area", defining a broad zone of mineralization at about 2.0 g/t gold. The shaley unit is exposed at surface for about 3 kilometres of strike. Sampling by Great Bear has extended the known area of from-surface mineralization within this unit. Complete results of Great Bear's channel sampling are summarized in the table below.
Additional results are pending from a large number of chip, grab and composite panel samples taken across a 7 kilometre by 6 kilometre area covering significant portions of the main claim block and will be released once available.
Historic Gold Recovery Test Results
Great Bear is also pleased to report it has reviewed results of pilot gold recovery work undertaken by BHP Ltd. (NYSE: ADR, "BHP") on oxide gold mineralization from the "Resource Area". The top 325 feet of drill hole CM97-4 were subjected to one hour cyanide shake leach testing in 65 separate samples of five foot drill intervals. Testing achieved 91.8% average gold recoveries from all 15 samples (representing 75 feet of the drill hole) that had comparative fire assay grades of greater than 0.5 g/t gold, with an average grade of 4.01 g/t gold. Although this work is at an early stage, recovery results to date indicate the oxide gold mineralization may have excellent heap leach recovery potential.
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|Channel Sample 1: Approx. 200 metres south of |
|Newmont’s “Resource Area” |
|------------------------------------------------------------|
|Sample |Gold (g/t) |Length (ft)|Length (m) |Total |
|------------------------------------------------------------|
|RA-001 |0.55 |10.00 |3.05 |2.01 g/t |
| | | | |(0.06 oz/st)|
| | | | |gold over |
| | | | |15.70 metres|
| | | | |(50 feet) |
|-----------------------------------------------| |
|RA-002 |3.67 |10.00 |3.05 | |
|-----------------------------------------------| |
|RA-003 |6.89 |3.00 |0.91 | |
|-----------------------------------------------| |
|RA-004 |0.67 |7.50 |2.29 | |
|-----------------------------------------------| |
|RA-005 |1.68 |8.00 |2.44 | |
|-----------------------------------------------| |
|RA-006 |1.56 |9.00 |2.74 | |
|-----------------------------------------------| |
|RA-007 |2.33 |2.00 |0.61 | |
|-----------------------------------------------| |
|RA-008 |1.85 |2.00 |0.61 | |
|------------------------------------------------------------|
|Partial bedrock exposure . The collected samples span |
|a strike length of 21 metres, with small, <2 m unsampled |
|gaps between some samples where talus covered bedrock. |
|------------------------------------------------------------|
|Channel Sample 2: Approx. 70 metres southeast of |
|Newmont’s closest drilling in the “Resource Area” |
|------------------------------------------------------------|
|Sample |Gold (g/t) |Length (ft)|Length (m) |Total |
|------------------------------------------------------------|
|RA-009 |3.42 |8.00 |2.44 |3.10 g/t |
| | | | |(0.09 oz/st)|
| | | | |gold over |
| | | | |45.72 metres|
| | | | |(150 feet) |
|-----------------------------------------------| |
|RA-010 |4.71 |10.00 |3.05 | |
|-----------------------------------------------| |
|RA-011 |4.10 |12.00 |3.66 | |
|-----------------------------------------------| |
|RA-012 |2.97 |8.00 |2.44 | |
|-----------------------------------------------| |
|RA-013 |3.63 |9.00 |2.74 | |
|-----------------------------------------------| |
|RA-014 |3.78 |20.00 |6.10 | |
|-----------------------------------------------| |
|RA-015 |1.23 |30.00 |9.14 | |
|-----------------------------------------------| |
|RA-016 |4.67 |12.00 |3.66 | |
|-----------------------------------------------| |
|RA-017 |3.32 |20.00 |6.10 | |
|-----------------------------------------------| |
|RA-018 |2.86 |10.00 |3.05 | |
|-----------------------------------------------| |
|RA-019 |1.97 |11.00 |3.35 | |
|------------------------------------------------------------|
|RA-020 * |5.65 |7.00 |2.13 |Taken to |
| | | | |retest |
| | | | |RA-015 |
|------------------------------------------------------------|
|Bedrock exposure was generally excellent. However s |
|ample RA-015 was taken from an area of poor bedrock |
|exposure and included some talus from overlying units. |
| Sample RA-020 was taken 5 metres to the east of RA015 |
|in an area of complete bedrock exposure to better |
|represent bedrock mineralization than RA-015. |
|------------------------------------------------------------|
|Channel Sample 3: Defines a new “East Zone” drill |
|target 2 kilometres east of Newmont’s drilling in the |
|“Resource Area” |
|------------------------------------------------------------|
|Sample |Gold (g/t) |Length (ft)|Length (m) |Total |
|------------------------------------------------------------|
|EZ-014 |5.78 |25.00 |7.62 |8.44 g/t |
| | | | |(0.25 oz/st)|
| | | | |gold over |
| | | | |25.60 metres|
| | | | |(84 feet) |
|-----------------------------------------------| |
|EZ-015 |11.20 |10.00 |3.05 | |
|-----------------------------------------------| |
|EZ-016 |13.60 |13.00 |3.96 | |
|-----------------------------------------------| |
|EZ-017 |14.10 |8.00 |2.44 | |
|-----------------------------------------------| |
|EZ-018 |6.46 |10.00 |3.05 | |
|-----------------------------------------------| |
|EZ-019 |5.44 |18.00 |5.49 | |
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Table 1: Results of recent channel sampling by Great Bear
Results adjacent to the "Resource Area" are consistent with previously reported drill results from Newmont and BHP's work and demonstrate that the Carlin-type oxide gold system remains open to extension in this area. Channel sample 1 defines an entirely new exposure of oxide gold mineralization, outlining a new drill target, while channel sample 2 significantly extends previous surface channel sampling by Newmont of 12.2 metres (40 feet) of 5.18 g/t (0.151 oz/st) gold. The discovery in channel sample 3 of high grade at-surface gold mineralization approximately two kilometres to the east of the "Resource Area" that had not been drilled by past operators shows that there is strong potential for new discoveries at the Perdito project, despite extensive past work by senior mining companies. <
The "Resource Area" of Newmont and BHP, together with the newly identified "East Zone" mineralization are developed within a shaley unit mapped by the United States Geological Survey as east-west striking and moderately north dipping, with approximately three kilometres of surface exposure and possibly 300 metres of true vertical thickness. Mineralization appears to be generally more intense at or close to the basal contact between this unit and an underlying bioclastic limestone unit.
Photographs of all channel samples and maps of sampling work will be posted to the Company's web site at www.greatbearresources.ca.
Ongoing Work
Work on the oxide gold system will continue to test extensions to previously drilled and sampled areas, with the aim of supporting and expanding on BHP and Newmont's past efforts. Prior to Great Bear, BHP undertook the most recent work on the project, testing nine oxide gold targets across a 4.2 kilometre by 2.5 kilometre area that included Newmont's "Resource Area" drilling. In internal reports, BHP geologists made non NI 43-101 compliant estimates that this area could contain 2,000,000 ounces of gold at grades of 1 - 2 g/t, and recommended a 50+ drill hole follow-up program to expand on positive test drilling. This estimate includes Newmont's pilot non-NI 43-101 compliant internal resource estimate at the "Resource Area" of 174,000 oz at an average grade of 0.059 oz/st (2.0 g/t) gold, which Great Bear's recent sampling work supports as being open to extension in several directions. While not reliable under NI 43-101 standards, these estimates do represent the possible scope of the oxide gold project.
Addition to the Board of Directors
The Company is also pleased to announce the addition of Mr. David Antony to its board of directors. Mr. Antony is a Chartered Accountant and has over 17 years' experience in assisting companies in structuring transactions, accessing capital, and corporate governance. In the last five years, Mr. Antony has been Chief Executive Officer of Southern Pacific Resource Corp. where he continues as Chairman of the board of that company. He is currently Chief Executive and director of a number of TSX-V listed resource companies. In addition Mr. Antony sits on both the Local Advisory and National Advisory Committees for the Toronto Venture Exchange.
The Company also announces that 75,000 incentive stock options have been allocated to a director of the Company. The stock options have an exercise price of $0.20 per share are exercisable for a period of five years from the date of grant.
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, P.Geo, President at 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.
ON BEHALF OF THE BOARD
"Chris Taylor"
Chris Taylor, President
Inquiries:
Tel: 604-681-0037
Fax: 604-681-0094
info@greatbearresources.ca
www.greatbearresources.ca
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.
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