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Great Bear Resources more than doubles the Hinge zone depth with the latest drilling at its Dixie Project in Ontario

The company's most-recent assay results from its flagship Dixie Project included 15.18 grams per tonne gold over 4.90 metres from 1,190.90 metres depth

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Great Bear Resources says it will add more rigs in 2021 to drill the promising Hinge and Dixie Limb zones

Great Bear Resources Ltd (CVE:GBR) (OTCQX:GTBAF) reported more drill results from the ongoing C$21 million exploration program at its Dixie project in the Red Lake district of Ontario.

Assays included 15.18 grams per tonne (g/t) gold over 4.90 metres (m) from 1,190.90 m to 1,195.80 m within a broader interval of 6 g/t gold over 15.30 metres, as the company noted the hole intersected the deep extension of the Hinge zone 850 metres vertically below the surface, and 510 metres down-plunge from the previous deepest Hinge zone intercept. 

Great Bear Resources CEO Chris Taylor said in a statement: “Our second deep drill hole at Dixie has more than doubled the depth of the Hinge zone to over 850 vertical metres. The deep intercept demonstrates the significant expansion potential of the Dixie project at depth.”  

READ: Great Bear Resources is well financed and drilling at one of the largest new gold discoveries in Canada

He added: "While our drilling remains mostly focused on the larger LP Fault zone, we believe the Hinge and Dixie Limb zones have comparable potential to other successful ‘Red Lake style’ projects in the district. To expand on this potential, we plan to add additional drills in 2021 that will be focused on the Hinge and Dixie Limb zones, while the current five drills remain focused on the LP Fault."

The company also noted that it has identified a new regional exploration target, in an area approximately half way between the Hinge and Arrow zones, based on a hole (BR-074) that was drilled last year, which hit what it called “one of the widest occurrences of locally gold-bearing quartz veins observed at the Dixie project to-date” at more than 130 metres of drill length.

Great Bear added that further regional drilling will be undertaken in this area to determine if significant gold mineralization is present where this large new vein swarm intersects various geological contacts and structures, as the new vein zone may also be an on-strike continuation of the Hinge zone.

The company also said it plans to expand its current drill program by an additional 100,000 metres in 2021, with an increase in the number of drill rigs used, at a cost of approximately C$25 million, which will be funded with its current cash balance of roughly C$41 million.

It added that the additional rigs will be used primarily to expand and define the mineralized zones at the Hinge and Dixie Limb zones, while the current five drill rigs remain focused on the larger LP Fault target. 

Contact Sean at sean@proactiveinvestors.com

Quick facts: Great Bear Resources

Price: 14.25 CAD

TSX-V:GBR
Market: TSX-V
Market Cap: $753.63 m
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