Great Bear Resources Ltd (CVE:GBR) updated investors on drilling progress at its flagship Dixie project in Red Lake, Ontario, where it continues to hit high-grade gold intervals comparable to those seen at major high-grade deposits in the famous mining region, it told investors.
The firm, which is fully funded with around C$17 million in cash, is carrying out a 90,000-metre drill program at the property.
READ: Great Bear Resources poised for more drilling at LP Fault target at Dixie after encouraging assays
The aim is to continue drilling along the strike of the LP Fault discovery, thought to be around 19 km in strike length, generally 100 metre to 1 kilometre step-outs, with additional drilling at Dixie Limb and Hinge Zones through the rest of this year and throughout 2020.
Extensions of key areas of mineralization which hosts gold have now been mapped, drilled and identified in historical drilling along 15 kilometres of the 18.5 kilometre long LP Fault, Great Bear said on Thursday.
It continues to advance its three-dimensional modeling of LP Fault mineralization, the company added.
The results of a summer survey along 4 km of the LP Fault have also now been received, and four new drill targets have been identified, the Vancouver-based company also revealed.
Highlights of recent drilling at the LP Fault include a hole between the Bear-Rimini and Yuma sub-zones, which hit multiple gold intervals along 253.90 metres of core length including 125 metres of 1.08 grams per ton (g/t) gold.
Multiple gold intervals
Another hole intersected multiple gold intervals over 111.30 metres of core length, including 15.02 g/t gold over 2.50 metres, within a broader interval of 26.00 metres of 2.55 g/t gold, said the firm.
Great Bear noted that the gold mineralized system tended to increase in apparent width with increasing depth in most locations.
"In a district where gold is usually mined from discontinuous veins averaging a few metres in width, often at kilometre-scale depths, the near-surface, multi-kilometre extent of our LP Fault discovery instead resembles other Archean-age gold deposits across Ontario and Quebec," said Chris Taylor, the president and CEO of Great Bear
"We continue to intersect high-grade gold intervals with comparable widths and grades to what have been mined at the major high-grade deposits in Red Lake, however these occur within wide envelopes of moderate to low grade gold mineralization, which we observe projecting to surface."
Great Bear holds a 100% interest royalty-free in Dixie, which is road accessible year-round via Highway 105, a 15-minute drive from downtown Red Lake, Ontario.
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