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Great Bear Resources expands Hinge Zone discovery with promising new gold intercepts

New drill holes hit more high-grade gold mineralization 440 metres from surface and 150 metres from the nearest previously reported intercept, suggesting an extensive network of gold veins

dixie
The Dixie project is located in the Red Lake district of Ontario

Great Bear Resources Ltd (CVE:GBR) reported Wednesday that it had expanded the recent high-grade gold discovery at the Hinge Zone on the company’s Dixie project in Red Lake, Ontario.

In May, the junior company revealed that it had drilled a new hole showing 12.3 grams per ton gold over 14 metres, including 30.9 g/t gold over 4.6 metres, 194.2 g/t gold over 2 metres, including 759.4 g/t gold over 0.5 metres.

Shares of Great Bear were trading 2.2% higher on Wednesday morning at C$4.64.

READ: Great Bear Resources poised to begin drilling at newly discovered Bear-Rimini zone within days

The company told shareholders on Wednesday that it hit more high-grade gold mineralization 440 metres from surface and 150 metres from the nearest previously reported intercept, suggesting an extensive network of gold veins.

Results from the latest round of drilling showed one drill hole intersected 3 metres of 23.2 g/t gold including 1 metre of 50.7 g/t gold at 229 metres.

Another hole intersected 3.9 metres of 18.1g/t gold including 1 metre of 70 g/t gold at 342 metres vertical depth.

All 11 holes drilled during the recent program intersected at least one and up to five gold-bearing quartz veins, the company said in a release.

(Dixie Project Hinge and Dixie Limb Zones - 3D perspective view)

CEO Chris Taylor told investors that strong results drove the company to fast track its exploration process with aggressive new step-down drilling.

“Results suggest the Hinge Zone projects from near-surface with significant depth potential and contains a high degree of continuity of gold mineralization within its extensive vein network,” he said in a statement.

During 2019, Great Bear plans to test its continuity down to increasing depths and will also drill deeper and along strike into what may be at least six additional gold zones, Taylor said.

Fully funded program

The company also reported that thanks to its recently completed financing, it currently has approximately C$20 million in cash and is able to drill at an all-in cost of around $175 per metre. 

Great Bear is in the midst of a 90,000 metre drill program that is expected to continue through 2019 and 2020. Targets tested will include the Hinge Zone, Dixie Limb Zone, Bear-Rimini Zone, LP Fault, North Fault, and other targets throughout the property. 

Approximately 60,000 metres of drilling remain in the current program.

--Updates with share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

 

Quick facts: Great Bear Resources

Price: 8.85 CAD

TSX-V:GBR
Market: TSX-V
Market Cap: $409.31 m
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