Great Bear Resources (GBR.V) is taking advantage of its strong treasury position (it has approximately C$12M in the bank) to further accelerate and expand its exploration program at the Dixie gold project in Ontario’s Red Lake Camp. Although the company isn’t even halfway through its originally announced 30,000 meter drill program, it has now announced it’s doubling that program to 60,000 meters.
Considering approximately 12,000 meters have already been drilled, Great Bear will effectively drill roughly 48,000 meters from here on and this will provide plenty of news flow for the remainder of this year. Completing this expanded drill program will put some pressure on Great Bear’s treasury but with almost C$8M that could come in through warrant exercises, Great Bear will remain well-funded throughout this drill program as we expect the a continuous cash inflow from warrant exercises. Additionally, as Great Bear has only raised C$3.5M in flow-through funding in the final quarter of last year, we think it would make sense for the company to take advantage of the current strong share price to top up the treasury.