Yesterday Great Bear Resources (TSXV: GBR) reported results from their ongoing $21 million exploration program in the Red Lake district of Ontario on the Dixie Project. The gold explorer which has been the talk of the Canadian junior mining world continues to excite gold bugs with each series of results.
The Red Lake district has historically produced over 25M ounces of gold. An area where Great Bear has found an LP fault zone that shows continuity over a 4km area thus far.
To date, Great Bear has completed 99 of approximately 300 planned drill holes into the LP Fault target.
Drill hole BR-118 was completed in the middle of a 150 metre gap in drilling. The drill hole contained two significant mineralized intervals:
- Mineralized Interval 1 of BR 118: 10.17 g/t gold over 6.80 metres, within a broader interval of 3.18 g/t gold over 56.95 metres, beginning at the bedrock surface at 30.20 metres
- Mineralized Area 2 of BR 118: 18.57 g/t gold over 13.00 metres, including 132.00 g/t gold over 0.50 metres, within a broader interval of 2.67 g/t over 104.15 metres beginning at 127.15 metres.
Other results from the recent drilling include:
- Drill hole BR-089, located 450 metres northwest of BR-118, had assays results of 18.06 g/t gold over 4.75 metres, which includes 156.00 g/t gold over 0.50 metres, and 11.03 g/t gold over 6.95 metres.
- The company also relogged and assayed historical drill hole DC-13-07, which was completed in 2007 in the immediate footwall south of the LP Fault by a previous explorer. New assays include 7.87 g/t gold over 2.00 metres, collected from un-sampled, mineralized historic drill core.
Overall the main highlights of the broader drill campaign can be seen here:
Yesterday Great Bear Resource stock closed up 14.5% to $11.55.
Information for this briefing was found via 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.
SmallCapSteve started blogging in the Winter of 2009. During that time, he was able to spot many take over candidates and pick a variety of stocks that generated returns in excess of 200%. Today he consults with microcap companies helping them with capital markets strategy and focuses on industries including cannabis, tech, and junior mining.