Hinge Zone Depth Doubled At Dixie Project

VANCOUVER - Great Bear Resources Ltd. reported results from its ongoing $21 million fully funded 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, "Our second deep drill hole at Dixie has more than doubled the depth of the Hinge zone to over 850 vertical meters.  The deep intercept demonstrates the significant expansion potential of the Dixie Project at depth.  While our drilling remains mostly focused on the larger LP Fault zone, we believe the Hinge and Dixie Limb zones have comparable potential to other successful "Red Lake style" projects in the district.  To expand on this potential, we plan to add additional drills in 2021 that will be focused on the Hinge and Dixie Limb zones, while the current five drills remain focused on the LP Fault."

The Company has also identified a new regional exploration target.  LP Fault drill hole BR-074 (December 16, 2019) was extended from an original depth of 576 meters to a new downhole depth of 1,359 meters into the area approximately half-way between the Hinge and Arrow (June 18, 2020; 19.32 g/t gold over 2.10 m within 3.00 g/t gold Over 15.00 m) zones, located approximately 600 meters to the northwest of the deep Hinge intercept in BR-036.

BR-074 intersected one of the widest occurrences of locally gold-bearing quartz veins observed at the Dixie project to-date.  Multiple quartz veins with minor carbonate veining were intersected over more than 130 meters of drill length from approximately 1,122 to 1,258 meters down hole.  Visible gold was noted in 2 locations, with the interval from 1,165.50 to 1,166.00 assaying 2.53 g/t.  At the Dixie Project, this type of widespread veining and alteration helps identify the overall hydrothermal footprint of the gold mineralizing system and provides key targets for follow-up drilling.  

Further regional drilling will be undertaken in this area to determine if significant gold mineralization is present where this large new vein swarm intersects various geological contacts and structures.  The new vein zone may also be an on-strike continuation of the Hinge zone. The Company also reported its intention to expand its current drill program by an additional 100,000 meters in 2021.  The Company currently has approximately $41 million in cash and the expanded program is expected to cost approximately $25 million through the end of 2021.

Great Bear has been operating with 3 to 5 drill rigs throughout 2020, with approximately 25,000 meters drilled per fiscal quarter.  The Company recently acquired a larger additional core logging facility located in the town of Red Lake and plans to increase the number of drill rigs during 2021.

Additional drills will be largely used to expand and define the mineralized zones at the Hinge and Dixie Limb zones, while the current five drill rigs remain focused on the larger LP Fault target.  The additional drills may also be used at various times throughout the calendar year to drill other regional targets at the Dixie Project, and/or at Great Bear's other Red Lake area properties.