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Great Bear's 'ambitious' drilling brings results

Great Bear Resources (TSXV: GBR) says initial results from its “ambitiously designed” phase two drilling at the Dixie gold project in Ontario’s Red Lake district were successful on all fronts.
Great Bear's 'ambitious' drilling brings results Great Bear's 'ambitious' drilling brings results Great Bear's 'ambitious' drilling brings results Great Bear's 'ambitious' drilling brings results Great Bear's 'ambitious' drilling brings results

Drilling at Dixie

Staff reporter

Among the highlights from the first five holes, the company hit 1.7m at 17.18g/t gold from 198m, including a higher grade intercept of 0.6m at 46.3g/t gold.

Great Bear also confirmed gold at the South Limb zone where the company's first drill hole into the target hit 0.5m at 5.34g/t gold.

CEO Chris Taylor said drilling had revealed "a regionally-significant gold-bearing hydrothermal system" which had been drilled along more than 2km of a favourable geological contact.

The remaining 7,000m of the fully-funded phase two programme is due to resume next month and will include step-out and follow-up drilling.

Great Bear closed a non-brokered private placement last week for C$1.72 million (US$1.32 million) and said it had also received more than $425,000 (US$327,000) since the start of the year from the exercise of common share purchase warrants.

The company had just over C$823,000 (US$633,000) in working capital at the end of December.

It is earning up to a 100% interest in Dixie Lake. It is half-way through an agreement to earn 67%, agreed in July to acquire Newmont Mining's 33% stake by paying C$80,000 over four years, and acquired a further 26 claims in September to take the property to 7,106ha.

Great Bear shares closed unchanged on Friday at C50c and are up more than 26% year-to-date, capitalising it at $9.9 million.