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Great Bear grows on gold hit

Market darling Great Bear Resources (TSXV: GBR) reached a new high yesterday as it reported “one of the longest, high-grade gold intervals to-date” from drilling at its Dixie project in Ontario’s Red Lake district.
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Gold mineralisation from drill hole BR-118, at Great Bear Resources’ LP Fault, which hit 2.67g/t over 104.15m

Staff reporter

Hole BR-118, in a 150m gap in drilling at the LP Fault target, had intersected two significant mineralised intervals.

The first contained 6.8m at 10.17g/t gold, within a broader 56.95m at 3.18g/t, beginning at the bedrock surface at 30.2m.

The second hit 104.15m at 2.67g/t from 127.15m, including 13m at 18.57g/t and 0.5m at 132g/t.

"As we approach the one-year anniversary of the discovery of the LP Fault and our 100th drill hole into this target, our sense of enthusiasm continues to build as the LP Fault continues to deliver robust gold results with more detailed drilling," president and CEO Chris Taylor said.

Great Bear's fully funded, C$21 million exploration programme is ongoing.

The company's reorganisation, including the spin-off of a 2% net smelter return royalty on Dixie into the new Great Bear Royalties Corp, is expected to take effect today.

The company is among the nominees for Mining Journal 2020 Explorer-Developer of the Year.

Great Bear shares spent much of 2018 around C50c before soaring to a seven-year high of $3.50 on the back of high-grade discoveries and backing from mining identity Rob McEwen.

Its shares yesterday touched $12.11 before closing up 14.5% to $11.55, to capitalise it at $548.5 million (US$390 million).