Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF) said Monday that reconnaissance drilling delivered fresh evidence of an “extensive footprint” of gold mineralization at its Dixie Project in the Red Lake District of Ontario.
The company said in a statement that two exploratory drill fences were completed 150 meters and 400 meters west of the current Dixie Hinge Zone drilling. All five drill holes intersected gold mineralization, according to Vancouver-based Great Bear.
The explorer said it encountered 31.4 grams of gold per tonne over 0.7 meters within a 2.7-meter interval of 8.7 grams of gold per tonne at only 64 meters vertical depth. Multiple gold-bearing veins were intersected at two of the five drill holes, according to Great Bear.
The newly discovered gold veins may comprise significant strike length extensions to the Dixie Hinge Zone vein system or may be new gold zones, the company said, adding that further drilling is required.
A second drill rig continues to drill test new targets across the Dixie property, Great Bear said.
“In a district where 25-meter step-out drilling is considered aggressive, our new reconnaissance drill holes located 150 meters and 400 meters from the Hinge Zone have yet again shown the extensive footprint of gold mineralization at Dixie,” CEO Chris Taylor said.
The company also reported low-cost, royalty-free acquisitions that add to its strategic land positions in the Red Lake District. The newly acquired properties will be mapped and prospected this summer, the company said.
Shares of Great Bear dropped C$0.44 to C$2.96 in Monday’s Canadian trading. The stock was down US$0.35 to US$2.21 on the OTC Markets.
–This story has been updated with recent acquisitions–
Contact Dennis Fitzgerald at [email protected]