EXPLORATION & DEVELOPMENT

Great Bear intercepts 1,602.73g/t gold

Explorer Great Bear Resources (TSXV: GBR) is continuing to please the market with high-grade, multi-ounce per tonne gold results from its Dixie project in Ontario’s Red Lake district.

Staff reporter
 Visible gold from the Hinge zone

Visible gold from the Hinge zone

It encountered visible gold in a hole drilled to test Great Bear's 3D vein model, which predicted veining would be present within 15m of the intercept, that returned 0.7m at 1,602.73g/t - or 51.29 ounces per tonne.

That result from the Hinge zone was part of a broader 5.9m at 190.78g/t or 6.11oz/t from 180.7m, with the 3.3m vein interval grading 340.9g/t.

Great Bear said the vein zone was part of the larger Hinge/South Limb vein system, which had been intersected in 28 holes across 300m of strike length and was open along strike and at depth.

President and CEO Chris Taylor said the zone was immediately south of an east-west trending D2 fold hinge and pointed out the Red Lake gold mine was also proximal to a regional D2 fold.

The company's 2019 drilling programme is fully funded.

It had raised $3.5 million (US$2.6 million) at $3.50 per flow-through share in November to expand exploration at the Dixie project, having raised $10 million (US$7.7 million) in September at $1.45 per unit.

Great Bear shares spent much of last year around C50c before soaring to a seven-year high of $3.50 in October on the back of high-grade discoveries and backing from mining identity Rob McEwen.
 
Its shares rose 47c or almost 24% yesterday to $2.44, to capitalise it over $88 million.

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