"IKE" Selwyn Basin Gold Project, Hyland District, Yukon

Located in the heart of the well mineralized and virtually unexplored Hyland Gold District of the Selwyn Basin, Yukon. The 625 claim block IKE Property contains the 3 necessary components for the discovery of a sediment hosted gold deposit;

A Cretaceous intrusive heat source to mobilize gold,
Carbonate shelf sediments to afford gold mineralization deposition, and
Regional scale, fault structures to allow gold impregnated fluids passage through to overlying carbonate host rocks.

The exploration success at the RAU Property of ATAC Resources Ltd. was based initially on a reinterpretation of regional stream sample geochemistry within the platformal carbonate lithologies of similar age and composition of those within the Hyland Gold District portion of the Selwyn Basin.

The Ike Property was staked in late 2010 based on an Argus Metals Corp. detailed interpretation of historic regional geochemical data within the Carlin-type setting of the Hyland Gold District. The regional geochemical data review defined anomalous As, Sb and Au in stream sediments coincident with defined gold mineralization on the advanced Hyland Gold project to the NE. The well defined geochemical signature of the Hyland Gold Project afforded Argus management with the ability to select "look-a-like" geochemical and geological targets within the District. The Argus proprietary data set is an order of magnitude higher in density than the YGS and identifies and details these Carling-type gold mineralization targets where only a single anomaly can be found within the pubic data set.

Nevada's Carlin gold district is endowed with over 192 million ounces of gold distributed over several thousand square kilometres, including multiple >10-million-ounce high-grade deposits, making the region the third largest gold district in the world. This successful exploration model is currently being applied and refined within the Yukon's Selwyn Basin as these Carlin-type deposits occur in extremely specific tectonic settings with unique geological characteristics akin to the Hyland Gold District. The Ike Claims cover over 156km2 of such a setting within the Selwyn Basin carbonate sediments that could potentially host several Carlin style gold deposits.

Figure 1 Geology of IKE Property

i) Property History

The Ike Property consists of the Gala claims covering the Lingfish Minfile occurrence (Minfile# 105A 030). The area now covered by the Ike Property was originally staked as the Sun claims in September 1978, by Render Resources Ltd., which carried out mapping and geochemical sampling in 1979. Subsequent to this work, in August of 1980, the Moon claims were staked adjacent to the Sun Claims in joint venture between Cyprus Anvil Mining Corp and Hudson's Bay Oil & Gas. This JV group optioned the Sun group briefly in 1981 and performed mapping, geochemical sampling and a ground-based magnetics survey.

ii) Regional Geology

The regional and Property geology is summarized from Perkins & Mustard (1981) and Black, 2010

The Ike project is located in the southeastern Selwyn Basin, a Late Precambrian to Middle Devonian tectonic element characterized by underlying marine and deep water derived clastic rocks. Deposition of sediments into the basin was restricted by the Cassiar platform to the southwest and the Mackenzie shelf to the east. It is considered part of Ancestral North America and records several episodes of pericratonic rifting with subsequent subsidence. Generally, the basin fill comprises shale, limestone, chert and grit that have been subdivided across the basin into many formations and distinct facies that may or may not be time-equivalent.

On a regional scale the Hyland property is located in an area of the Selwyn basin underlain by Precambrian (Yusezyu, Narchilla and Vampire formations), Lower-Middle Cambrian (Sekwi Formation), Cambrian-Ordovician (Otter Creek and Rabbitkettle formations), Ordovician (Sunblood Formation), Silurian-Devonian (Road River Group and undivided Nonda-Muncho-McConnell-Stone-Dunedin formations) and locally Eocene (Rock River basin) sequences . The sedimentary rocks were subsequently intruded by Cretaceous granite, quartz monzonite and granodiorite plugs assigned to the Selwyn Plutonic Suite. Collectively, they record a quiescent, subsiding continental margin punctuated by transgressive and regressive cycles, rifting, a receptacle for orogenic detritus from the north, collision of allochthonous terranes, mountain building and magmatism (Gordey and Anderson, 1993).

Regional Structure

Regionally, the Hyland Gold District is located in the hanging wall of an east-verging imbricate thrust system bounded by the Coal River fault. Within the hanging wall the structural grain is largely northwest trending and lineations plunge both to the northwest and to the southwest. The dominantly precambriam sedimentary rocks of the hanging wall are folded into a series of anticline-syncline pairs that expose the Yusezyu at the core of northwest trending anticlines.

Regional Mineralization

The Selwyn basin is most well known for its endowment of SEDEX Zn-Pb-Ag occurrences including twelve deposits with proven reserves three of those were past producers. The SEDEX deposits can be divided into three categories based on their age of formation; Late Cambrian (e.g. Faro; 57.6 Mt @ 5.7 % Zn adn 3.4 % Pb), Early Silurian (e.g. Howards Pass; 115.4 Mt @ 5.38 % Zn and 2.08 % Pb) and Late Devonian (e.g. Tom; 15.7 Mt @ 7.0 % Zn, 4.6 % Pb and 49.1 g/t Ag). In addition to the SEDEX deposits the basin also contains MVT and stratiform barite deposits.

The Hyland Gold District is located in a second regionally significant metallogenic province referred to as the Tintina gold belt, comprised of several gold rich districts extending from western Alaska to southern Yukon. The belt includes notable gold deposits such as Donlin Creek, Fort Knocks and Pogo in Alaska and the Dawson Gold district, Brewery Creek, Mt Nansen, Ketza River and the Newley discovered Nadaleen trend in Yukon. The Tintina Gold Belt is roughly constrained by the Tintina fault to the north and east and the Denali fault to the south and west. It is coincident with extensive mid cretaceous plutonism and deposit types are typically associated with these intrusions in some fashion. The compositions of the intrusive rocks are typically granodiorite, granite and syenite. They are predominantly metaluminous, calk-alkaline to locally alkallic, have low primary oxidation states and typically contain significant crustal contamination.

The most significant mineral occurrence near the Ike Property is Hyland Gold Property of Argus Metals Corp., 7 kilometres west, where an historic resource of 117,000 ounces of Au within 3.2 million tonnes grading 1.1 grams per tonne within the near surface oxide "Main Zone" as well as the McMillan Ag-Pb-Zn deposit of Xstrata Copper Canada, 5 km to the west. A historical resource of 1.1 million tonnes grading 8.3% zinc, 4.1% lead and 62 g/t silver in strata concordant and discordant mineralization. It is hosted in late Precambrian rocks of the Hyland formation. The deposit has been alternately described as syngenetic and post depositional replacement style mineralization.

iii) Property Geology

Massive white weathering calcite marble and grey limestone with minor dolomite predominates on the north half of the property. In the south a medium grey non-calcareous phyllite outcrops on the ridges. A small Late Cretaceous quartz feldspar porphyry stock is known to intrude these Late Paleozoic to Early Cambrian limestone and phyllite but has not been mapped in detail. Local structure and stratigraphy have also not been mapped in detail and is a prime focus of the 2011 work program.

Target Rationale

The Ike Property was targeted and staked based on a detailed RGS (Regional Geochemical Survey - a combination of YGS and an internal proprietary regional stream sediment sampling program database). Utilizing the ATAC's Rau Property exploration model, a hierarchy of coincident Au and As RGS anomalies were isolated. This group was winnowed down to those samples where there is a strong association with regional scaled strike/slip and thrust faults, and finally narrowed down to those targets with a proximal relationship with Cretaceous intrusive stocks (heat sources). Subsequently, a regional and detailed catchment analysis of these geochemical data was developed by Argus and then the prospective watersheds and immediate areas staked.

Ownership

Great Bear has an option to earn a 70% interest in the IKE project by paying to Argus $275,000 in cash payments, issuing a total of 700,000 Shares, and incurring an aggregate of $2,050,000 of exploration expenditures on the Property over a 3 year period. A further 5% interest may be earned through completion of a prefeasibility study within 2 years of the initial earn-in.