Great Bear Resources (TSXV: GBR) this morning released assays from twenty two drill holes at the LP Fault zone of its flagship Dixie Project in Red Lake, Ontario. Drill results are part of an ongoing $25 million drill program on the property, with highlights from the assays including several shallow high grade results including 16.56 g/t gold over 11.00 metres.
Results released this morning are from over 1.2 kiloemtres of strike length across 13 drill sections. The results also bring the total assays released on the LP fault to 220 holes, with the company guiding to the expectation of over 400 drill holes being completed on the zone by year end.
The company provided a number of highlights from the shallow high-grade results received, all of which occurred between bedrock surface and 150 metres of vertical depth. Highlights include the following.
- BR-196: 16.56 g/t gold over 11.00 metres
- BR-201: 20.24 g/t gold over 7.35 metres
- BR-206: 25.36 g/t gold over 4.65 metres
- BR-203: 18.45 g/t gold over 4.90 metres
- BR-204: 17.11 g/t gold over 5.00 metres
The company also reportedly conducted a high density drill panel across a 100 metre by 450 metre section. The program saw fifteen closely spaced drill holes placed 25 to 50 metres apart across 100 metres of strike length, while being drilled to 450 metres of depth. High-grade and bulk-tonnage results were reportedly intersected at all sections and depths while demonstrating continuity of the mineralized zones.
From this program, a number of highlights were provided including:
- BR-209: 1.34 g/t gold over 29.45 metres
- BR-202: 1.31 g/t gold over 65.95 metres
- BR-204: 3.24 g/t gold over 19.00 metres
Overall, the company reportedly conducted 112,000 metres of drilling throughout 2020 at a total cost of $23.0 million. The current year meanwhile has a minimum budget of $25 million, with the company intending to drill over 130,000 metres by year end, with further expansion planned upon easing of COVID-19 restrictions. The firm also indicated that $39 million in cash is currently on hand.
Full results released this morning can be found here.
Great Bear Resources last traded at $14.62 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.
