Great Bear Resources Ltd. Expands Shallow High-Grade Gold at LP Fault

The Company has completed 83 of approximately 300 planned drill holes into the LP Fault target, as part of its 5 kilometre long by 500 metre deep grid drill program. Gold mineralization has been intersected in all (100%) of the drill holes for which assays have been returned to-date. Current drill results are provided by area, as shown on Figure 1, and in Table 1.

Drill Results Highlights:

• New lateral and vertical drill spacing on 25 – 100 metre centres has confirmed apparent continuity of gold mineralization on multiple drill sections.
  
  
• Drill hole BR-101 intersected multiple shallow mineralized intervals along 110 metres of core length. Assays include 42.70 g/t gold over 3.00 m, including 118.00 g/t gold over 0.50 metres, within a broader interval of 4.24 g/t gold over 52.15 metres.
  
  
• Drill hole BR-102 intersected the on-strike continuation of the same shallow mineralization and is collared 143 metres to the southeast of BR-101. Assays include 23.17 g/t gold over 3.50 metres, within a broader interval of 3.10 g/t gold over 48.00 metres.
  
  
• Previously reported drill hole BR-020 (September 3, 2019), which assayed 10.65 g/t gold over 17.25 metres, within a broader interval of 5.28 g/t gold over 42.0 metres, is the continuation of the same shallow mineralization and is collared 84 metres south of BR-101.
  
  
• The high-grade gold mineralization intersected in BR-020, BR-101 and BR-102 is apparently continuous and projects to within metres of the surface, below shallow gravel cover. Mineralization remains open to extension in all directions. Figure 2.
  
  
• A series of nine drill holes were completed within a previously undrilled gap in the LP Fault system (formerly, the Gap zone). Highlights include drill hole BR-120 which intersected 9.35 g/t gold over 6.50 metres, which included 97.50 g/t gold over 0.50 metres, within a broader interval of 1.66 g/t gold over 46.10 metres.
  
  
• Drill hole BR-121, completed on the same section as BR-120, intersected 4.91 g/t gold over 6.40 metres, which included 18.10 g/t gold over 1.00 metre, within a broader interval of 1.07 g/t gold over 73.85 metres.
  
  
• BR-120 and 121 transect the same gold zone 130 and 240 vertical metres below previously disclosed drill hole BR-075 (December 16, 2019), which assayed 16.80 g/t gold over 4.15 metres, within a broader interval of 1.25 g/t gold over 45.50 metres. Figure 3.
  
  
• Results show apparent continuity of gold mineralization over approximately 400 vertical metres from surface in this area, which remains open to extension in all directions.

Chris Taylor, President and CEO of Great Bear said, "We continue to observe excellent lateral and vertical continuity of mineralization within the LP Fault gold system. Despite the ongoing COVID-19 pandemic, we have been able to maintain drill operations while continuing to protect our work crews with strict risk mitigation protocols. All geologists and geotechnical staff on site are Red Lake residents, which gives us sufficient staff for three of our five drill rigs to remain active. We plan to return to full drill capacity once pandemic-related work restrictions are lifted, and it is safe to do so. However, even with three active drill rigs the full estimated 300 drill hole program remains on track to be completed by December 2020."

Table 1: Current drill results. Drill sections are arranged from southeast (top of Table) to northwest (bottom of Table), corresponding to the map provided in Figure 1.

Updated drill collar locations, azimuths and dips, together with an updated complete assay table for the LP Fault drilling to-date will be posted to the Company's web site at www.greatbearresources.ca.

Other findings from the most recent drilling include:

• Two drill holes, BR-113 and 114 testing the North Fault target returned anomalous gold values within iron formation and metasediments. More follow up exploration of the North Fault target will be undertaken once regional exploration recommences.
  
  
• Drill hole BR-091 on section 18350 is located outside of the eastern limit of planned grid drilling and is the most southeasterly drill hole trace shown on Figure 1 along the LP Fault. It intersected anomalous gold values of up to 0.82 g/t over 1.6 metres in metasedimentary rocks. Future drilling in this area will focus on identifying favorable felsic volcanic stratigraphy which typically hosts gold mineralization along the LP Fault.

Approximately 220 drill holes remain to be completed as part of the Company's ongoing 2020 LP Fault drill program. Additional drill holes are also planned into the Dixie Limb and Hinge zones, in additional to other regional targets. The Company remains fully funded for this work and does not anticipate requiring further financing in 2020.

Drill collar locations, azimuths and dips for the drill holes included in this release are provided in the table below:

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 and Hinge). 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.

QA/QC and Core Sampling Protocols

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. Pulps from approximately 5% of the gold mineralized samples are submitted for check analysis to a second lab. Selected samples are also chosen for duplicate assay from the coarse reject of the original sample. Selected samples with visible gold are also analyzed with a standard 1 kg metallic screen fire assay. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear's quality control/quality assurance program (QAQC). No QAQC issues were noted with the results reported herein. Drill hole location information is provided below:

Qualified Person and NI 43-101 Disclosure

Mr. R. Bob Singh, P.Geo, Director and VP Exploration, and Ms. Andrea Diakow P.Geo, Exploration Manager for Great Bear are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

ON BEHALF OF THE BOARD

"Chris Taylor"

Chris Taylor, President and CEO

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.

SOURCE Great Bear Resources Ltd.



Contact

Investor Inquiries: Mr. Knox Henderson, Tel: 604-551-2360, Fax: 604-646-4526, info@greatbearresources.ca, www.greatbearresources.ca