- District scale opportunity at Dixie with initial resource expected in 2021
- Two types of gold discoveries on the same property
- Very well financed
What Great Bear Resources does:
Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF) struck a deal five years ago to acquire the Dixie mining claims in Ontario’s prolific Red Lake gold mining district and has been successfully advancing the project since.
Dixie consists of 9,140 hectares of contiguous claims that extend over 22 kilometers (km). The project lies around 25km southeast of the mining town of Red Lake and is accessible by a highway.
The property has played host to some eye-catching drill assays and multiple high-grade gold discoveries, namely at the Dixie Limb, Hinge, Bear-Rimini, Yuma, Auro, Yauro, Viggo and Gap zones. Six of these are now considered one zone that is hosted by the LP Fault zone, which is basically an 18km target that is being continuously explored by the company.
Currently, the Vancouver-based firm is embarked on a fully-funded giant C$21 million exploration program, including 300 planned drill holes, which are expected to be sunk before the end of 2020.
Great Bear now controls over 300 square km of highly prospective ground across four projects in the district - they are the Pakwash property, the Dedee property and the Sobel property. As well as Dixie, these are all properties in which the firm is earning a 100% interest.
The renowned Red Lake gold district has historically produced around a whopping 30 million ounces of the yellow metal from 29 mines.
How is it doing:
Continued encouraging drill results from the LP fault zone have been the order of the day for Great Bear in recent months.
On July 6, the company revealed the discovery that mineralization at the LP gold system expands at depth as it reported more findings from the drill bit.
Other highlights from the LP Fault drill program were 559.00 grams per ton (g/t) gold over 0.5 metres (m), within a broader interval of 10.06 g/t gold over 31.25m in a hole, which hit multiple mineralized intervals along its 173.10m of core length.
The firm said it also recently went back up to full drill capacity at Dixie with five active rigs - a 67% increase in activity over recent levels due to the coronavirus (COVID-19) pandemic.
On June 11, the explorer had said it had hit 31.3 g/t gold over 20.6 m including 576 g/t over 1 m at the Dixie zone - that was the highest grade interval so far at the zone, trumping one that was released earlier in the same week which was 30.5 g/t gold over 12.4 m, including 103.6 g/t gold over 1.1 m within a broader interval of 15.5 g/t gold over 25.2 m.
The same month, the group closed on a bought deal private placement that raised C$33 million, giving it plenty of financial firepower for future work and hired mining industry veteran Michael Kenyon as a director. He has helmed several major discoveries through the advanced exploration, mine development, construction and operational phases, the firm said.
- Exploration results
- A maiden resource estimate
- Continued gold price rise
What the boss says:
Following news of Michael Kenyon's appointment, Great Bear's chief executive Chris Taylor explained that his kind of expertise of developing and building mines was something he wants to see on the firm's board as there are no plans to exit the Dixie growth story right now.
That is despite a discovery like Dixie normally being in the hands by now of one of a few international major mining firms
"The company has grown very rapidly off of very effective drill results and a really well-executed fundraising campaign at the same time and that's nowhere near completion," said Taylor.
"We're looking at a project that we're just beginning to make brand new discoveries on, we're expanding the zones that we already know about, they're filling in really nicely. That's a process we really want to see continue. There is not a 'For Sale' sign up on the front of Great Bear."