ONTARIO – Great Bear Resources released the latest drill results from its 100% owned Dixie project in the Red Lake district in Ontario.
A new, high grade sub-zone was discovered to the west of and above the Hinge zone, returning 30.81 g/t gold over 2.5 metres within an intercept of 7.4 g/t gold over 13.2 metres at 68 metres vertical depth. The new sub-zone was also tested to 140 metres vertical depth, where assays returned 20.41 g/t gold over 2.2 metres within a wider interval of 2.07 g/t gold over 29.8 metres.
Drilling at the Dixie Limb returned 21.54 g/t gold over 2.35 metres within a broader interval of 9.68 g/t gold over 5.6 metres. Drilling encountered high-grade gold intervals near the predicted intersections of Hinge zone style, gold-bearing veins in contact with the Dixie Limb. Broad intervals of low to moderate gold grades are also present at all locations drilled.
Great Bear’s president and CEO Chris Taylor says high grade gold continues to be drilled at predicted structural intersections in the Dixie Limb.
Recent drilling at the Hinge zone focused on the newly predicted high-grade gold control. At the Dixie Limb zone, drilling targeted both the steeply plunging, high grade gold zones near the predicted intersection of gold-bearing quartz veins parallel to the Hinge zone vein, and undrilled areas along the 600-metre strike length of the Dixie Limb.
The Hinge zone vein swarm has been drilled along 550 metres of strike length to date and remains open in all directions. Drilling is expected to continue to define and extend the Dixie Limb zone both along strike and at depth.
The Dixie project is high grade gold system from surface located 25 km southwest of Red Lake. This project is accessible year-round, and Great Bear is fully funded to complete a 90,000-metre drill program in 2020.
The company has three drill rigs deployed at various targets along the LP Fault, which is the crustal scale deformation zone which hosts the recently discovered Bear-Rimini and Yuma gold zones. Great Bear says is has put widely spaced holes in 3 km of the fault, which has an 18-km strike length.
At press time, Great Bear was trading at $5.48 per share within a 52-week range of $0.58 and $5.80. The company has about 40 million common shares outstanding for a market cap of $222 million.
This story first appeared on www.NorthernMiner.com.