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Great Bear gains on new gold discovery

Well-funded explorer Great Bear Resources’ (TSXV: GBR) enlarged exploration programme looks to be paying off with “a significant new gold discovery” at its Dixie gold project in Ontario.
Great Bear gains on new gold discovery Great Bear gains on new gold discovery Great Bear gains on new gold discovery Great Bear gains on new gold discovery Great Bear gains on new gold discovery

Coarse disseminated gold in core from the discovery hole at Bear-Rimini

Staff reporter

The company said the first hole at the Bear-Rimini zone intersected gold mineralisation across 110m of core length, including 2m at 194.21g/t gold from 58m.

President and CEO Chris Taylor said the company targeted the area, 2.5km northwest of the Hinge Zone, after recognising a significant hydrothermal alteration zone.

"The new Bear-Rimini Zone joins the Hinge Zone as a significant new gold discovery and will be an additional focus of drilling through the remainder of 2019," he said.

Great Bear last month announced it would double its full-funded drilling programme to 60,000m as it aims for a maiden resource at its Red Lake district project.

The company received an award in April for revealing high-grade gold zones at Dixie last year, and has seen its share price soar ten-fold from a 2018 low of C46c to a high of $4.08 in February.

It had a treasury of about $12 million (US$9 million) in April, thanks to a $10 million raising at $1.45 per unit in September that attracted strong backing from mining identity Rob McEwen and McEwen mining, and a further $3.5 million (US$2.6 million) raising at $3.50 per flow-through share in November.

Great Bear shares jumped 19.7% yesterday to $3.52 to capitalise it at $134 million.