Great Bear Expands 2021 Exploration Budget To $45 Million
Great Bear Resources (TSXV: GBR) has expanded its planned 2021 exploration program. The program has now been expanded to a budget of $45 million, up significantly from the previous $25 million budget.
The massive expansion of the program follows the recent close of a large financing, bringing current cash reserves to over $100 million for the gold explorer. The program is to include the maiden resource of the firms LP Fault, Dixie Limb, and Hinge Zones, all of which will see the resource formed based on the first 400 metres of depth.
The planned program is to consist of 175,000 metres of drilling this year alone over at least 200 drill holes, with five drill rigs currently being located on site. Drill rigs in operation is to increase in April, but specifics were not provided. Of the drilling, 80% is to be conducted on the LP Fault, while 15% is targeting the Hinge and Dixie Limb zones, and the final 5% is slated for high priority regional targets.
A portion of the drilling is also include testing of zone extensions at depth, with drilling beyond 750 metres planned for certain areas. Just $1.0 million meanwhile will spent exploring the firms other Red Lake properties. The company currently expects to have a cash balance of $60 million by year end.
Great Bear Resources last traded at $14.25 on the TSX Venture.
Information for this briefing was found via Sedar, and Great Bear Resources. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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