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Great Bear hits big LP Fault intercept with step out drilling

Great Bear Resources has reported a high-grade gold intercept in a previously undrilled area of its Dixie project in the Red Lake district of Ontario, Canada.
Great Bear hits big LP Fault intercept with step out drilling Great Bear hits big LP Fault intercept with step out drilling Great Bear hits big LP Fault intercept with step out drilling Great Bear hits big LP Fault intercept with step out drilling Great Bear hits big LP Fault intercept with step out drilling

Drilling at Dixie in Ontario, Canada

Staff reporter

Two new drill intercepts were obtained within a previously undrilled 140m-long segment of the LP Fault and contained significant thicknesses of shallow high-grade mineralisation starting at the bedrock surface with highlights including 10.5m grading 81.22 grams per tonne.

Repeated intersections of high-grade gold mineralisation during LP Fault drilling has led to a new geological model being prepared.

Over the past months we have regularly intersected predictable high-grade gold intervals at the LP Fault within the broad bulk-tonnage style gold system. This positive development is underscored by both styles of mineralisation extending from bedrock surface to the limits of current drilling at depth," said Great Bear president and CEO Chris Taylor.

Great Bear has completed 126 of about 300 planned drill holes into the LP Fault target, as part of its 5km-by-500m-deep grid drill programme.

While the Hinge and Dixie Limb zones are modelled as discrete vein/replacement zones within dominantly mafic volcanic rocks, Great Bear says the LP Fault system consists of a broad and laterally continuous zone of disseminated gold mineralisation which contains several discrete foliation parallel zones of higher grade with generally steeply-dipping planar geometries, hosted within both felsic-intermediate volcanic rocks and meta-sedimentary rocks. The sheet-like geometry of these zones adds to their predictability across drill sections and to depth, and continues to facilitate their targeting during ongoing exploration.

To date, two discrete high-grade corridors extending to the depths of current drilling, have been identified. Additional high-grade zones within the LP Fault are also being interpreted and tested with ongoing drilling.

Shares in Great Bear Resources are trading at C$17.70, valuing the company at $870 million.