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Great Bear Resources reports blockbuster hole that doubles depth of gold mineralization at Dixie project

The hole also intersected the widest high-grade gold interval in the Dixie Limb zone to date at 10.2 g/t gold over 19 metres, including 68.6 g/t over 2.7 metres, which itself included 133.5 g/t over 1 metre

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Great Bear said the results 'clearly demonstrate' the potential for gold mineralization to extend at depth at Dixie

Great Bear Resources Ltd (CVE:GBR) (OTCQX:GTBDF) intersected the deepest and highest-grade interval to date on its flagship Dixie project, the firm reported Monday.

The blockbuster hole, BR0085, intersected deep extensions of the Dixie Limb around 740 metres below surface and new Hinge zone-style veins around 840 metres below surface, which doubles the known depth of gold mineralization.

The hole intersected the widest high-grade gold interval in the Dixie Limb zone to date, according to the Vancouver-based firm. Results included 10.2 grams per ton (g/t) gold over 19 metres, including 68.6 g/t over 2.7 metres, which itself included 133.5 g/t over 1 metre.

READ: Great Bear Resources reports one of the longest high-grade intervals on Dixie project

In a statement, Great Bear said the results “clearly demonstrate” the potential for gold mineralization to extend at depth at Dixie.

"With our first deep drill hole, we have doubled the known vertical extent of the Dixie Limb and intersected new Hinge zone style veins that may represent extensions to the Hinge zone,” CEO Chris Taylor told shareholders. “Results also suggest the Dixie Limb and Hinge zone veins may merge at depth, an idea we are keen to test with further drilling.”

For the first time, the company observed Dixie Limb style and Hinge zone style gold mineralization in close proximity to each other. The increased grades and widths of gold mineralization are also consistent with the trend of increasing strength of gold mineralization at depth seen frequently at Dixie, according to Taylor.

The results “define a new, high-priority exploration target that has the potential to combine the predictable geometry of the Dixie Limb zone with the higher gold grades of the Hinge zone,” Taylor told investors.

“Several of the existing LP fault drill holes are ideally located to be similarly extended to deeply target the Dixie Limb and Hinge zones at significantly lower costs than if we had to collar new holes from surface."

Great Bear said it plans to test the true depth potential of gold mineralization through additional deep drilling throughout 2020. The firm is in the midst of a fully funded C$21 million, 300-hole program at Dixie in the historic Red Lake gold mining district of Ontario.

Shares raced 13.1% higher in Toronto to C$12.50 at midday Monday.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 17.5 CAD

TSX-V:GBR
Market: TSX-V
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