The company told shareholders Thursday that it is progressing its predictive modeling of gold mineralization at the LP Fault zone, as well as in its regional exploration program.
Highlights from recent work on the property include gaining a better understanding of gold mineralization, completing an airborne survey and new drill holes outside of previously drilled areas.
It recently identified the key geological controls to the distribution of high-grade gold mineralization along the LP Fault, which occurs near a steeply dipping felsic volcanic or metasedimentary contact.
Great Bear also completed an airborne SkyTEM survey across the property to identify new regional drill exploration targets that have similar geophysical characteristics to the LP Fault zone and the Hinge and Dixie Limb zones, where high-grade gold was discovered last year.
The firm also drilled 13 reconnaissance holes across 11 kilometres on the property. Six new occurrences of highly anomalous gold mineralization were discovered in nine of the holes drilled that showed geological similarities to both the LP Fault and Hinge systems.
"Ongoing drilling has shown us that the gold-mineralized system at Dixie is at least 11 kilometres in strike extent,” Great Bear’s CEO Chris Taylor said in a statement Thursday.
“These early reconnaissance drill results are very similar to our initial footwall drilling into the LP Fault zone in 2018 and early 2019. We now need to drill in the vicinity of these new occurrences to determine if and where high-grade gold is present, and whether these occurrences are connected.”
On a corporate level, Great Bear retained geologist James Gray to help the firm’s geological team with its gold mineralization modeling. Gray has worked on resource definition drilling and geological modeling at the David Bell mine on the famous Hemlo deposit, also in Ontario.
Shares of Great Bear dipped Thursday morning in Toronto by 3.5% to trade at C$8.59, and were flat over the counter at US$6.72.
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