June 24, 2020 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR; OTCQX: GTBAF) is pleased to announce the addition of Mr. Michael Kenyon to its Board of Directors.
Mr. Kenyon has over 40 years experience in the international mining industry. He holds B.Sc. and M.Sc. degrees in Geology from the University of Alberta.
Mr. Kenyon has been a founding director of a number of mining companies including Sutton Resources Ltd. (acquired by Barrick Gold Corp.), Cumberland Resources Ltd. (acquired by Agnico Eagle Mines Ltd.), and Canico Resource Corp. (acquired by Vale S.A.).
Most recently he was Chairman and Interim CEO of Detour Gold Corp. (later acquired by Kirkland Lake Gold Ltd.) and Senior Independent Director of Acacia Mining plc. In 2005 Mr. Kenyon received the Developer of the Year award from the PDAC in recognition of excellence in mining developments.
Important projects Mr. Kenyon helped develop include the Bulyanhulu project in Tanzania, the Meadowbank project in Nunavut, Canada, the Onca Puma project in Brazil, and the Detour Lake project in Ontario, Canada.
Chris Taylor, President and CEO of Great Bear said, “Michael is a decorated industry veteran who has overseen several major discoveries through the advanced exploration, mine development, construction and operational phases. This includes successfully concluding M&A transactions collectively worth more than $4 billion. His extensive experience will prove invaluable to Great Bear as we continue to advance the Dixie project, and we are very pleased to have him join our team.”
Michael Kenyon said, “Great mining projects under enthused, capable guidance have been a winning combination in my experience. So I’m especially excited by the opportunity to work with the solid team of mining professionals at Great Bear on such an exceptional gold project as Dixie.”
The Company also reports it has granted an aggregate of 150,000 stock options to a director of the Company, exercisable at $16.28 per share for a period of five years. The options are subject to a four month hold period.
About the Dixie Project
The Dixie Project is 100% owned, comprised of 9,140 hectares of contiguous claims that extend over 22 kilometres, and is located approximately 25 kilometres southeast of the town of Red Lake, Ontario. The project is accessible year-round via a 15 minute drive on a paved highway which runs the length of the northern claim boundary and a network of well-maintained logging roads.
The Dixie Project hosts two principle styles of gold mineralization:
- High-grade gold in quartz veins and silica-sulphide replacement zones (Dixie Limb, Hinge and Arrow). Hosted by mafic volcanic rocks and localized near regional-scale D2 fold axes. These mineralization styles are also typical of the significant mined deposits of the Red Lake district.
- High-grade disseminated gold with broad moderate to lower grade envelopes (LP Fault). The LP Fault is a significant gold-hosting structure which has been seismically imaged to extend to 14 kilometres depth (Zeng and Calvert, 2006), and has been interpreted by Great Bear to have up to 18 kilometres of strike length on the Dixie property. High-grade gold mineralization is controlled by structural and geological contacts, and moderate to lower-grade disseminated gold surrounds and flanks the high-grade intervals. The dominant gold-hosting stratigraphy consists of felsic sediments and volcanic units.
About Great Bear
Great Bear Resources Ltd. is a well-financed gold exploration company managed by a team with a track record of success in mineral exploration. Great Bear is focused in the prolific Red Lake gold district in northwest Ontario, where the company controls over 300 km2 of highly prospective tenure across 4 projects: the flagship Dixie Project (100% owned), the Pakwash Property (earning a 100% interest), the Dedee Property (earning a 100% interest), and the Sobel Property (earning a 100% interest), all of which are accessible year-round through existing roads.
ON BEHALF OF THE BOARD
Chris Taylor, President and CEO
Mr. Knox Henderson
Cautionary note regarding forward-looking statements
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.
Great Bear undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.