Great Bear Resources Ltd (CVE:GBR) (OTCQX:GTBAF) continues to see exploration success at its flagship project in Ontario and on Wednesday announced the discovery of a further Red Lake style high-grade gold zone.
A drill hole has hit three zones of gold mineralization including a 15 metre wide interval containing high-grade visible gold in quartz veins, which has been named the "Arrow" zone, Great Bear said.
Intersected was 19.32 grams per ton (g/t) gold over 2.10 metres, including 50 g/t gold over 0.75 metres, within a broader interval of 3 g/t gold over 15 metres, the junior exploration company added.
READ: Great Bear Resources intersects another record high-grade gold interval at LP Fault zone on its Dixie project
"These new gold-bearing veins have the same high temperature red-brown hydrothermal biotite alteration that is characteristic of the Hinge zone veins at Dixie, and the High Grade Zone at the Red Lake Gold mine," Chris Taylor, Great Bear's chief executive, told investors in a statement.
"While our primary focus remains the ongoing grid drilling program at the LP Fault zone, systematic follow up drilling of the Arrow discovery is clearly required, and additional regional targets also need to be drilled.
"The discovery of an additional Red Lake style high-grade gold zone in the first new area we've tested this year supports the strong ongoing discovery potential of the Dixie project," he added.
In other words, this latest Arrow zone discovery is the first confirmed occurrence of high-grade quartz veins with red-brown hydrothermal biotite alteration observed outside the group's Hinge zone at Dixie.
This is a key characteristic of the High Grade Zone discovery at the Red Lake Gold Mine, initially discovered by Goldcorp Inc, and which is now operated by Evolution Mining Ltd (ASX:EVN).
Great Bear is carrying out a fully funded C$21 million exploration program at Dixie and the Arrow zone was targeted by projecting established gold mineralization trends observed within the LP Fault, Dixie Limb and Hinge zones along strike.
The trends from the three zones intersect in several areas near the Arrow zone and for this reason two holes were completed to cross two of these projected trends, which resulted in the new discovery. The other hole hit anomalous mineralization returning 0.51 g/t gold over 2.20 metres.
Shares ticked up around 1.94% to C$14.18 in Toronto.
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