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Great Bear Resources zooms higher as it finds more gold at Dixie project

Last updated: 14:07 16 Jan 2019 EST, First published: 08:33 16 Jan 2019 EST

Workers at the firm's Dixie project in Ontario
Results include a whopping 1,602.73 grams per tonne (g/t) gold over 0.70 metres (approximate true width) at 150-metre vertical depth

Shares in Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF) surged Wednesday as it posted encouraging drill results from its flagship Dixie project in Ontario.

The assays come from the Hinge zone and South Limb zone at the 100%-owned project.

Great Bear Resources shares added over 18% to stand at $2.33.

READ: Great Bear Resources starts drilling again at Ontario project; posts 3D model

The results include a whopping 1,602.73 grams per tonne (g/t) gold over 0.70 metres (approximate true width) at 150-metre vertical depth.

"Our Hinge and South Limb Zone are part of a continuous gold vein system which is interpreted to extend along 300 metres in strike length and has been drill tested to a depth of 212 metres," said Chris Taylor, the president and CEO of Great Bear.

The zone remains open in all directions and "occurs immediately south of a regional east-west trending D2 fold hinge and associated structures' extending about 10 kilometres into undrilled areas, he added.

In comparison, the Red Lake-Campbell complex (Red Lake Gold Mine) is near a regional D2 fold where shear zones developed and acted as primary hydrothermal fluid conduits across a 3.2 kilometre by 2.2 kilometre area.

"Great Bear's 2019 drill program is fully funded, and results will continue to be released regularly in batches as the program progresses," he said.

Making progress

Great Bear has embarked on a fully-funded 30,000 metre, around 150 drill hole program that is expected to continue through 2019 and 2020. A second drill rig will be added to the project in early 2019 to accelerate this work.

The Dixie property lies around 15 minutes' drive along Highway 105 from downtown Red Lake, Ontario.

The famous and prolific Red Lake mining district in Canada has produced over 30 million ounces of gold.

It benefits from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc, plus modern infrastructure and a skilled workforce.

 

Contact Giles at giles@proactiveinvestors.com

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