In 2015, Great Bear acquired 49 mining claims at the Dixie project.
Then in November 2016 Great Bear nearly doubled its position in the Red Lake district with its acquisition of the West Madsen gold project, an on-strike extension of Pure Gold’s high-grade Madsen project.
Combining the two projects with recent land acquisitions, Great Bear now has agreements in place that gives it control of 13,000 hectares of greenstone belts prospective for gold.
Highly prospective ground at Dixie
At the Dixie project, gold mineralization is confirmed along a 2.3-kilometre strike of a 10-kilometre target. The system at Dixie has a high-grade gold zone that includes recent intervals of 16.35 metres of 26.91 grams per tonne gold and seven metres of 68.76 grams gold and is open along strike and at depth.
That prospectivity drew the interest and financial backing of Rob McEwen and McEwen Mining, as part of a $10 million financing completed in September 2018.
Combined with historical drilling, over 198 drill holes for 30,000 metres have been completed at Dixie.
Drilling is ongoing
The company is currently engaged in a 30,000 metre, 150 drill hole program at the Dixie property, which is expected to continue through 2018 and 2019. Expanded exploration work will be informed by ongoing results, and may include additional drilling, geophysical surveys, trenching and downhole survey methods.
Recent results give plenty of grounds for encouragement, in particular, the discovery of a new high-grade gold zone dubbed “South Limb.”
The South Limb zone discovery includes the highest-grade results drilled to-date at the Dixie project, at only 75 metres vertical depth. The best intercept returned 1.75 metres of 101.05 grams per tonne gold within a vein zone of 10.35 metres of 18.23 grams.
Well-funded to continue exploration, following recent financing
A C$3.5mln bought deal financing undertaken through Cormack Securities has now provided Great Bear with a cash pile that will allow it to continue its ongoing exploration programmes on the Dixie project.
“The recent discovery of a new high-grade gold zone at the South Limb, together with multiple new drill targets related to D2 folding and newly discovered ultramafic units, have led us to plan for an increased scope of exploration activity at Dixie,” said Chris Taylor, chief executive of Great Bear.
“Proceeds of the current placement will fund this expanded program and allow thorough concurrent exploration of the high-grade gold discoveries at the Dixie Limb and Hinge Zones.”