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Great Bear Resources poised for more drilling at LP Fault target at Dixie after encouraging assays

Last updated: 00:15 01 Oct 2019 AEST, First published: 22:15 30 Sep 2019 AEST

Great Bear Resources -
Other highlight assays included 100.48 g/t gold over 0.5 metres, within 14.90 g/t gold over 3.55 metres, the company said

Great Bear Resources Ltd (CVE:GBR) reported yet more encouraging drill assays from its ongoing work at the exciting Dixie project in Red Lake, Ontario, where it believes it has hit upon a continuous mineralized system spanning kilometres remaining open along strike and at depth.

Around 28,000 metres (m) of drilling remain to be completed in the ongoing 90,000 metres program, the company revealed, adding that it had sunk 14 drill fences spaced from 50 to 800 metres apart, along 3.2 km of the LP Fault.

That is just 18% of the total LP Fault, the firm noted.

"New observations have transformed our understanding of the LP Fault mineralization system," said Great Bear.

"We will continue to utilize sub-zone names such as Bear-Rimini, Yuma and Auro for geographic reference, however it now appears these are portions of a continuous mineralized system spanning kilometres of strike length which remains open along strike and at depth," it added.

Read: Great Bear Resources begins trading on OTCQX Best Market

New highlight assays included 14.90 grams per ton (g/t) gold over 3.55 metres within 2.09 g/t gold over 41 m on a 130 m step-out from the so-called Auro Zone.

Indeed, drilling has expanded the Auro Zone's tested strike length to over 300 metres, including northwest towards the adjacent Yuma Zone, and southeast towards areas previously undrilled by the company, it said.

Other highlight assays included 100.48 g/t gold over 0.5 metres, within 14.90 g/t gold over 3.55 metres, which was hosted within a broader interval of 41.00 metres of 2.09 g/t gold.

Great Bear is fully funded with C$18 million in cash, it noted and plans to drill along approximately 18 kilometres of the strike length of the LP Fault target between now and summer 2020.

Drilling will continue along strike of the LP Fault in generally 100 metre to 1 kilometre step-outs, it said.

The LP Fault is a large deformation zone that is interpreted to traverse the Dixie property for around 20km of strike length and has been drilled along just 3.2 kilometres of strike length to-date.

Shares in Toronto slipped around 5% to stand at C$8.21 each.

Contact the author at giles@proactiveinvestors.com

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