Great Bear Reports Further LP Fault Results, Extends Closing Of $69.9 Million Offering
Great Bear Resources (TSXV: GBR) keeps chugging along with its exploration program at the Dixie project. The company this morning reported further results from the LP Fault, reporting highlight results of 13.07 g/t gold over 16.95 metres and 32.01 g/t gold over 8.10 metres.
Data released by the company this morning on assay results has brought the company to a milestone, with drill results from a total of 250 drill holes having been reported from the LP Fault. A total of 20 new holes were released this morning, with the holes being drilled in a 75 to 100 metre wide gaps along a 1.1 kilometre segment of the LP Fault zone.
The company also noted that it anticipates up to 400 drill hole results to be released from the LP Fault by the end of 2021, a notable increase to the 250 that have now been published. Highlights from the latest results include:
- BR-251: 13.07 g/t gold over 16.95 metres beginning at 195.50 metres
- BR-232: 32.01 g/t gold over 8.10 metres beginning at 103.80 metres
- BR-252: 3.67 g/t gold over 45.45 metres beginning at 72.00 metres
- BR-216: 2.55 g/t gold over 32.50 metres beginning at 183.00 metres
- BR-231: 1.35 g/t gold over 30.30 metres beginning at 57.90 metres
- BR-224: 1.05 g/t gold over 57.15 metres beginning at 280.35 metres
The company is currently working on a model that identifies the LP Fault zone as being 4,200 metres long by 1,400 metres wide and 950 metres deep. The company notes that the deposit is not a vein-type deposit as well, with the zone remaining open in all directions.
The company also identified this morning that administrators of its $69.9 million flow-through bought deal have requested an extension to the closing. Originally pegged as closing February 18, the financing has been extended to February 25, with the firm pointing to “administrative reasons” for the extension. Following closing, an exploration program and budget is to be released in early March.
Great Bear Resources last traded at $14.95 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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