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Great Bear expands Dixie drill programme

Red Lake, Ontario-focused explorer Great Bear Resources has expanded its current drilling campaign on the Dixie project by 90,000m to 200,000m and will add more drill rigs in January to speed up exploration progress, the company says.
Great Bear expands Dixie drill programme Great Bear expands Dixie drill programme Great Bear expands Dixie drill programme Great Bear expands Dixie drill programme Great Bear expands Dixie drill programme

Great Bear Resources has nearly doubled the 2020 exploration programme on the flagship Dixie project, in Ontario

Staff Reporter

The company said the 2020 exploration programme remained fully funded at C$21 million (US$16 million), while it maintained a strong $31 million cash balance in the bank. It also has the prospect of adding a further $10 million to the kitty from in-the-money warrants.

Great Bear said it expected its all-in exploration costs to remain well below the industry average of $175-$185/m drilled.

The company will focus on the known gold zones at the LP Fault, Hinge Zone, Dixie Limb and North Fault, as well as new targets across the 22km strike length of the Dixie property.

In parallel, the company has mobilised higher-capacity drill rigs to increase production rates at shallow depths and to penetrate up to 2,000m depth. The company expects to have five drills active on site early in 2020.

CEO Chris Taylor said the company was now poised to undertake one of Canada's largest gold-focused exploration campaigns in 2020.

"It's remarkable to think that when our drilling began two years ago, the Hinge Zone and the multiple zones along the LP Fault were still waiting to be discovered. As we enter 2020, over 80% of the Dixie property remains to be explored," he said.

"With over $30 million on hand, more and larger drill rigs, and the knowledge we've gained through our ongoing successes, we can now further accelerate that discovery process. We anticipate 2020 will mark our most exciting year to-date."

Having come off recent highs, Great Bear shares (TSXV:GBR) are still trading 173% higher year-on-year at $7.26, after touching a low of $1.85 and a high of $7.31 in the past 12 months. The explorer has a market capitalisation of $336 million.