Great Bear Resources Ltd. GTBAF

GBR leaves - new golden boy on horizon?

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Just as great bear leaves the TSXV I think we might have a new golden boy on the horizon - received this update on Pilar Gold in Brazil last week hitting some very high grades at their Sertao deposit in Brazil (used to be Troy resources which did 29g/ tonne avg back in the early 2000's - they're following the continuation of the same high-grade ore body underground). Great news as they get ready to go public next year.

Dear Pilar Gold Shareholders and Interested Parties,

It has been a big month for Pilar Gold's Geology team led by Paulo Aguirre at Sertao. Last week we announced 0.5 metres at 78.6 g/t and 218 g/t at Stage 4 (Nilsson’s reef). On Wednesday Paulo informed us that SRSD0019 returned 2.5 metres at 33.8 g/t some 20 metres below the bottom of the old Stage 5 pit down plunge. The assays results are supporting our theory that once we drill in a regular grid at the high-grade ore shoot the super high grades mined at open pit would appear.

What is interesting is that Sertao was closed early by Troy Resources after it pulled out 256,000 ounces @ 29 g/t open pit between 2003-6 making it the highest grading mine in the industry 3 years running. Closing Sertao after such a phenomenal run is a bit like Michael Jordan or Don Bradman announcing their retirement at their 21st birthday party. Interestingly Troy drilled only 3 holes west of their open pit operation.

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We think Sertao is going to be special and that a lot of gold was left down plunge. Look at the map above that is west facing and shows hole SRT001 which was drilled by Yamana intersecting 2 metres @ 18.7 g/t at a depth of 550 metres 1.3km west of the pit. The green area is Stage 5 (Crew's Reef) and blue is Stage 4 (Nilsson's reef). Paulo thinks the orebody from this hole is the same we are drilling now in our current programme. After adding the western extension tenement earlier this year Pilar has a 5km footprint down plunge. Incredibly we were the only ones that bid for the extension showing how forgotten Sertao has become.

If SRT001 is the same orebody then we could have a multi million ounce deposit on our hands with grades of 10-20 g/t which we will truck to our Pilar mill. By blending high grade Serto ore with our Pilar, MLZ and Caiamar mines in our 4,500tpd mill there is a chance we could double the grade and increase our ounces to 260 per day from the current 130 assuming a conservative 10 g/t feed from Sertao.

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Stage 5 "Crew's Reef" - SRSD020 Drill Core 

In early 2019 we swapped our cornerstone stake in K92 when the opportunity to buy Sertao and Cascavel came up. Our wives weren't happy at the time but we think Sertao could be another Kora. Sertao's best quarter was an average grade of 45 g/t open pit and WMC's second discovery hole in 1989 was 6.1m @ 523 g/t from surface. Look at SRSD020 that Paulo sent to my phone last night which also appears to have some very high grade mineralisation. The other photo is SRSD019 which included half a metre @ 112.8 g/t underlying again the incredible grades that this deposit is capable of.

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Stage 5 "Crew's Reef" - SRSD019 Drill Core 

Hlio Machado our driller and his team from Ecosondagens are taking a well earned rest after they finish hole 21 on Saturday. They are coming back on the 17th of January and have secured a second rig to accelerate our programme. Watch this video to give you a better idea of the this incredible orebody. OldGold visited Serto and is a big fan.

https://m.youtube.com/watch?v=dRDfZGiCzXg

As a special thanks to my right hand man Richard Crew who has stuck with us through thick and thin over the last 4 years we are renaming Stage 5 "Crew’s reef". His never give up attitude and determination are inspiring for us all in the team and I expect he will continue his tradition to work on Christmas day next week.

See the link below to our current fundraising that values our entire business with 4 mills, 7 likely mines (3 current) and Sertao at only $C150 million. Alongside our 300+ supportive investors we have two institutions on the register - Craig at Technical Investing in Melbourne and Quinton, Tavi and Kevin at Crescat Capital in Denver. Quinton has been a tremendous source of advice and guidance for Paulo which we are very grateful for. I dream of the day when I wake up to 3 missed phone calls from Eric or Ross but for now we will continue to drill and get the word out that Sertao is back and looking very exciting.

I believe 2022 will be a very exciting year for Pilar Gold.

On behalf of Pilar Gold's 1,100 staff and management we wish you a Merry Christmas and Happy New Year

Jeremy Gray - CEO, Pilar Gold Inc

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