Great Bear Resources Ltd. Terminates Etzel Option
10.10.2012 | The Newswire
October 10, 2012 - Great Bear Resources Ltd. (TSX-V: GBR, OTCQX: GTBDF, "Great Bear", or the "Company") announces receipt of drill results from the Etzel project, Yukon. Results do not support further work on the project, and the Company has terminated its option agreement with Ansell Capital Corp. (TSX-V:ACP.V - News).Drilling by Great Bear across the on-strike projection of the Klaza and BYG zones of Rockhaven Resources' (TSX-V:RK.V - News) Klaza property onto the Etzel property has not encountered economically significant gold mineralization. Results are summarized in the table below. While a gold-mineralized structural system was intersected in all drill holes, grades and thicknesses of mineralization do not support further work.
The Company has more than $1.5M on hand and is reviewing new opportunities.
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|Drill Hole |From (m)|To |Length (m)|Gold (g/t)|Silver|Copper (%)|
| | |(m) | | |(g/t) | |
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|ET-2012-004|82.59 |108.52|25.94 |0.16 |0.6 |0.006 |
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|including |82.58 |83.95 |1.37 |0.65 |- |0.007 |
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|including |100.10 |101.27|1.17 |0.75 |3.0 |0.011 |
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|ET-2012-005|15.24 |339.85|324.61 |0.12 |0.5 |0.027 |
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|including |101.05 |102.11|1.06 |0.98 |- |0.022 |
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|including |247.80 |248.96|1.16 |2.30 |7.0 |0.307 |
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|including |306.22 |306.72|0.50 |1.71 |2.0 |0.023 |
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|including |319.51 |321.31|1.80 |0.74 |7.0 |0.392 |
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|including |335.29 |337.3 |2.01 |0.76 |2.0 |0.034 |
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|ET-2012-006|9.14 |259.69|250.55 |0.12 |0.8 |0.021 |
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|including |135.65 |137.70|2.05 |0.74 |2.0 |0.056 |
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|including |143.12 |145.03|1.91 |2.69 |- |0.011 |
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|including |209.62 |211.24|1.62 |1.79 |50.0 |1.409 |
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|including |213.25 |214.10|0.85 |0.72 |6.0 |0.028 |
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Table 1: Results of summer 2012 drilling at the Etzel project.
Drill core assay results are evaluated through a Quality Assurance and Quality Control (QAQC) procedure that includes the use of standards with known precious and base metal values, duplicated core intervals and blank samples in order to determine accuracy. Assaying was carried out by Acme Labs of Vancouver, British Columbia.
Mr. Chris Taylor, M.Sc. P.Geo, is the Qualified Person as defined by National Instrument 43-101 is responsible for the accuracy of this news release.
About Great Bear
Great Bear is a well-funded Canadian precious metals exploration company working in leading jurisdictions of the Yukon and British Columbia. A 70% interest can be obtained by Great Bear through its joint venture in the BA silver-rich VMS project, Eskay Creek District, northern British Columbia.
For further information please contact Mr. Chris Taylor, P.Geo, President, or Mr. Robert Orr, Investor Relations, at 604-681-0037.
ON BEHALF OF THE BOARD
"Chris Taylor"
Chris Taylor, President
Great Bear Resources Ltd.
Investor Relations: Robert Orr
Tel: 604-681-0037
Fax: 604-681-0094
ro@greatbearresources.ca, 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.
We seek safe harbor