Drilling Confirms High Grade Silver Lead Zinc Mineralization at BA, and Identifies New High Grade Structures
Great Bear Resources Ltd. ("Great Bear") (CNSX:GBR) is pleased to announce the first drill results from the BA project in the Eskay Creek mining district near Stewart, northern British Columbia. Diamond drill hole BA-2010-79 intersected three separate mineralized zones at the Main Zone, two of which were previously untested, and one of which carries anomalous gold values. Results are summarized below.
To date, ongoing drilling has completed a total of 33 drill holes at the BA project within the Main Zone and North Extension. Results from this drilling are pending. Ongoing fieldwork has identified stacked sulfide-bearing sedex horizons and stockwork veining that form part of a VMS mineralizing system which is exposed over a mapped length of approximately 1.5 kilometres.
BA Drill Hole TotalLength (m) Interval from (m) Intervalto (m) Interval Length (m) Silverg/t Lead% Zinc% Goldg/t BA-2010-79 120.70 Zone 1 0.46 44.50 44.04 53.86 0.51 2.91 - including 7.92 14.02 6.10 106.5 0.59 2.10 - Zone 2 55.41 59.74 4.33 190.77 0.97 5.17 0.14 including 56.69 59.74 3.05 236.0 1.11 4.93 0.10 Zone 3 74.98 78.03 3.05 17.0 0.15 0.43 -
BA-2010-79 was drilled on a 150 degree azimuth with a -80 degree dip into the Main Zone, in order to better characterize the thickness of the main massive sulfide horizon. It intersected 44.04 metres of high-grade silver-lead-zinc mineralization in the known zone (Zone 1), but was extended to test for additional mineralization and intersected two structurally hosted mineralized zones in previously untested volcaniclastic rocks (Zone 2) and (Zone 3).
Previously know mineralization at BA is hosted by sedimentary exhalative sulfide-bearing ("sedex") mudstones intruded by andesite and dacite stocks. Mudstones are sulfide enriched in quartz-carbonate altered zones beside the stocks. New 2010 drilling has shown that high grade mineralization also occurs within silicified, chalcopyrite-bearing high-angle structures such as in Zone 2.
The combination of new prospective host rocks, mineralized high-angle structures and associated gold adds a new target type at BA, expanding the scope of the project.
The BA Project
As previously announced, Great Bear has entered into an Option and Joint Venture Agreement with Mountain Boy Minerals Ltd. (TSXV- MTB) to earn a 50% interest in the BA project by spending $5.5 M over four years, and can earn an additional 20% interest, for a total of 70%, by completing a Bankable Feasibility Study on or before December 31, 2015. Great Bear has also entered into an Option Agreement with Pinnacle Mines Ltd. ("Pinnacle")(TSXV: PCL) for the 100% acquisition of Pinnacle's Surprise Creek claims located immediately north of the BA project. In order to acquire the claims, the Company must pay $150,000 and issue 700,000 common shares by May 25th, 2012.
The BA Project hosts a silver rich volcanogenic massive sulphide (VMS) system that has been drill confirmed for 600 meters of mineralized strike and down dip for 300 meters. The discovery is open for expansion in all directions. 62 of 90 historic drill holes into the Main Zone at BA have returned in excess of 2 oz silver over drill indicated widths of 3 to 134 metres with significant associated lead - zinc mineralization.
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. Archie Nesbitt, President or Mr. Chris Taylor, P.Geo., Vice President Exploration at 604-681-0037.
ON BEHALF OF THE BOARD Investor Relations
Robert Orr
Tel: 604-697-6259
"Archie Nesbitt" ____ ro@greatbearresources.ca
Archie Nesbitt, President and CEO Wani Capital Corp.
Raju Wani
Tel: 403-240-0555
info@greatbearresources.ca
www.greatbearresources.ca
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