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Great Bear expands Hinge Zone

Almost a year on from its Hinge Zone gold discovery, well-funded Ontario explorer Great Bear Resources (TSXV: GBR) says it has significantly expanded the zone at its Dixie project in the Red Lake district.
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Gold in core from drilling at Great Bear’s Dixie project in Ontario

Staff reporter

"We have now hit more high-grade gold mineralisation 440m down-plunge from surface and 150m down-plunge from the nearest previously reported high-grade intercept," president and CEO Chris Taylor said.

All 11 of the latest drill holes intersected one to five gold-bearing quartz veins, and one hit 1m at 69.97g/t from 342m, 150m down-plunge of previous high-grade intercepts.

Great Bear said it had low all-in drill costs of about C$175/m and planned to undertake a fully-funded 90,000m programme into 2020 to test targets including the Hinge, Dixie Limb and Bear-Rimini zones.

The company said it had about C$20 million (US$15 million) in cash, following a raising which closed last week and raised about twice the amount originally anticipated.

It closed the C$10.9 million (US$8.3 million) oversubscribed, bought deal placement on July 3 at $5.45 per flow-through share. It was originally designed to raise $5.5 million.

The company had raised $10 million in September at $1.45 per unit with a combined $5.7 million invested by mining identity Rob McEwen and McEwen Mining.

Great Bear shares had spent much of 2018 around the 50c mark prior to the Hinge Zone discovery in August.  

They touched $4.78 intraday, the highest point since 2011, and closed up 2.86% yesterday to $4.67, to capitalise it about $184 million (US$141 million).