Great Bear Resources (TSXV: GBR; US-OTC: GTBDF) has released drill results from its wholly owned 91.4-sq.-km Dixie gold property in Ontario.
Of the 17 holes reported, highlights include hole BR-118, which returned two notable mineralized intervals: a standout 104 metres of 2.67 grams gold per tonne from 127.2 metres, as well as 57 metres of 3.18 grams gold per tonne starting at 30 metres. In addition, hole BR-089 returned 52 metres of 1.93 grams gold, and BR-088 hit 101 metres of 0.71 gram gold.
The company has drilled 99 of the 300 holes planned for this year into the LP fault, as part of a program testing a 5-km long by 500-metre deep grid over this structure.
"As we approach the one-year anniversary of the discovery of the LP fault and our 100th drill hole into this target, our sense of enthusiasm continues to build as the LP fault continues to deliver robust gold results with more detailed drilling," Chris Taylor, the company's president and CEO, said in a news release on May 4. "New drill hole BR-118 returned one of the longest high-grade gold intervals to date, and was completed in the middle of a 150-metre gap in drilling."
Taylor added that this mineralization starts at the bedrock surface with consistency in geology and mineralization styles across adjacent sections. All points tested across the LP fault to date have intercepted gold mineralization.
An estimated 200 holes still remain to be drilled alongside the LP fault this year, with additional drilling planned for the Dixie Limb and Hinge zones as well as regional targets. Great Bear expects its current cash on hand to fully fund this work.
The news sent Great Bear's shares up 14.5%, or $1.46, to close at $11.55 on May 4.
At press time in Toronto, the company was trading at $10.99 per share within a 52-week trading range of $2.21 and $12.11. The junior has about 48 million common shares outstanding for a market cap of $526 million.
- This article first appeared in our sister publication, Canadian Mining Journal.