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Great Bear Resources soars after revealing multiple new gold discoveries at Dixie project

Drilling uncovered a new high-grade gold zone, Auro, which lies just southeast of the company’s previous Bear-Rimini discovery

Great Bear Resources - Great Bear Resources shares soar after multiple new gold discoveries at Dixie project
The new discoveries lie along a 3.2-kilometre strike length on the LP Fault

Great Bear Resources Ltd (CVE:GBR) has intersected multiple gold discoveries at its Dixie project in Red Lake, Ontario, the company announced Tuesday.

The new discoveries lie along a 3.2-kilometre strike length on the LP Fault, an 18-kilometre long target.

The Vancouver-based company’s shares shot up over 22% on the news to reach C$8.28 on Tuesday afternoon.

READ: Great Bear Resources reveals new high-grade gold zone at Dixie property in Red Lake

Drilling uncovered a new high-grade gold zone, Auro, which lies 2.6 kilometres southeast of the company’s previous Bear-Rimini discovery.

Highlights of the results include new high-grade intercepts of 101.7 grams per ton (g/t) gold over 1.5 metres within 10.7 g/t gold over 17.3 metres at Auro.

At the Yuma zone, intercepts included 27.8 g/t gold over 2 metres within 11.1 g/t gold over 7 metres.

The junior company also said that wide intervals of disseminated gold mineralization were drilled surrounding and adjacent to the high-grade intercepts, including 42 metres of 5.3 g/t gold at Auro and 22 metres of 1.1 g/t at Yuma.  Results from Bear-Rimini included 40.8 metres of 1 g/t gold.

Wide gold zones

Gold mineralization at Yuma was extended from near surface to 480 metres depth and remains open to extension, the group added.

The wide gold zones are near surface at all three locations, Great Bear told investors.

Chris Taylor, Great Bear’s CEO, called the first month of reconnaissance drilling along the LP Fault “highly successful.”

According to Taylor, the combined strike length of significant mine properties in Red Lake is approximately 23 kilometres, around the same as the strike length as the LP Fault target at Dixie. 

“While the total extent of gold mineralization along the LP Fault is unknown, we have now confirmed gold in all drill holes that intersected the fault along 3.2 kilometres, and will continue aggressive step-out and step-down drilling until we find the system's limits,” Taylor said in a statement.

“We plan to have drilled along most of the LP structure by this time next year, and, are already fully funded for this work," he added.

Emerging gold camp

John Robins, an advisor to the exploration firm, said that the company’s recent discoveries are indicative of an “emerging district-scale gold camp.”

The company said that a key observation from the drilling program is that the alteration zone within the rocks hosting gold mineralization attain widths of up to 300 metres of core length where drilling has occurred to date, meaning the system continues to a depth of over 500 metres and is open to extension.

It also said that the LP Fault is not typical of those found in Red Lake, which is characterized by high-grade gold in quartz veins hosted by mafic volcanic units. 

The gold-bearing zones along the LP fault are surrounded by a different type of mineralization caused by sericite alteration typically founds at other major gold camps across Canada.

Great Bear is currently in the midst of a fully funded 90,000 metre drill program that is expected to continue through the rest of the year and into 2020. Around 40,000 metres remain to be drilled across the property.

--Updated share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Great Bear Resources

Price: 17.5 CAD

Market: TSX-V
Market Cap: $875.73 m

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