July 16, 2019 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR) today reported the discovery of the new high-grade “Yuma” gold zone at its 100% owned Dixie Project in the Red Lake District of Ontario.

Like the recently discovered Bear-Rimini Zone (see news release of May 28, 2019), the Yuma Zone is also hosted by the “LP Fault”, which is an 18 kilometre long gold-bearing deep-seated crustal structure at the Dixie project. Both new high-grade gold zones within the LP Fault are shown in Figure 1.

Highlights of the new Yuma gold discovery include:

•Historic drill hole DC-12-07 (drilled in 2007 by past operators) is a 1.4 kilometre step-out to the southeast along the LP Fault from Great Bear’s Bear-Rimini discovery hole DNW-011, and was the only other hole to be drilled to-date into the footwall of the LP Fault.

•The final metres of DC-12-07 intersected silicified volcanic rocks visibly similar to those which yielded high-grade gold at the Bear-Rimini discovery. Lower-grade gold mineralization was also intersected higher up the hole within the LP Fault, as was also the case in the Bear-Rimini Zone.

•Great Bear’s geologists noted sparse fine visible gold within strongly silicified felsic volcanic rocks towards the end of DC-12-07, where the Company projected the Bear-Rimini Zone’s on-strike gold mineralization could occur. Past operators had recorded this interval as un-mineralized and it had not been sampled.

•Great Bear sampled the previously uncut core, which assayed 5.5 metres of 4.07 g/t gold beginning at 193.50 metres down-hole, including 2.0 metres of 10.57 g/t gold and including 0.5 metres of 36.90 g/t gold. The historical hole had been terminated prematurely.

Two historical drill holes were subsequently re-entered and extended by Great Bear, as shown on Figure 2. Both holes intersected similar silicified geology to drill hole DC-12-07 and assays are pending.

Chris Taylor, President and CEO of Great Bear said, “This is the cheapest discovery hole we’ve ever had, since the high-grade visible gold interval was sitting unreported for 12 years in drill core stored on the property. The new Yuma zone matched our projections of where a Bear-Rimini type gold zone could exist along strike and flanking the LP Fault. We now know that high-grade gold is present in both locations where the footwall of the fault has been drilled across 1.4 kilometres of strike length, however the majority of the fault’s 18 kilometres of projected strike length remain untested. We plan to complete further step-outs along the LP Fault and the parallel North Fault to see just how extensive this system is, and how it varies in gold distribution.”

The company has fast-tracked re-logging and sampling of all available historical drill core from areas north of the LP Fault zone. Results will be released as received and analyzed. Follow-up drilling is already underway.

Figure 1: Map zoomed into approximately 5 kilometres strike length of the LP Fault at Dixie, showing the Bear-Rimini and Yuma Zones. The location of the nearby Dixie Limb and Hinge Zones are also shown.

Drill Hole DC-12-07 (Yuma Zone) Description

Reglogging of hole DC-12-07 identified quartz-sericite-pyrite altered intermediate to felsic volcanic rocks. Historical sampling had outlined two low grade zones of gold mineralization (0.28 g/t gold over 34.5 metres and 0.33 g/t gold over 5.0 metres, shown visually on Figure 2) higher up the drill hole and associated with the LP Fault; the drill hole’s deepest reported assay interval was 1.03 g/t gold over 0.5 metres at 218.25 metres depth. A zone of strong silicification with visible gold was noted near the bottom of the hole from 193.50 metres to 199.00 metres in unsampled drill core, shown in Figure 3. For comparison, the lower image in Figure 3 shows drill core from Great Bear’s Bear-Rimini discovery hole DNW-011, located 1.4 kilometres away. Zones in both holes are hosted within similar felsic volcanic host rocks, both have widespread quartz-sericite-pyrite alteration and the high-grade gold in both holes is hosted by strong silicification.

Figure 3: Images comparing geology, alteration and visible gold mineralization at the new, historically unassayed Yuma Zone (above) and the Bear-Rimini Zone drilled by Great Bear (below). Both zones occur 1.4 kilometres apart along the LP Fault in similar host rocks.

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