Great Bear Resources (GBR.V) released the assay results of 19 holes (for a total of 4,290 meters of drilling) aiming to further define the Hinge Zone and the South Limb Zone on its Dixie project in Ontario’s Red Lake gold camp.
Recon drilling has been testing a 220 by 190 meter area (4 hectares), and the results are very encouraging as 18 of the 19 holes effectively intersected the veins where the technical team expected to find them. All 19 holes were mineralized, and in 7 of the 19 holes the average grade exceeded 15 g/t gold. Even more important perhaps is the confirmation the gold mineralization continues at depth below the zone hosting the Hinge Zone discovery, which sent the company’s share price 500% higher since the announcement of the discovery in August. Great Bear has now confirmed the gold mineralization starts at surface and continues to a depth of approximately 190 meters. As you can see on the image on the side, the mineralized zone appears to be very continuous, and the entire area below 190 meters remains untested.
CEO Taylor called these new drill intervals the most significant gold discovery to date as you should keep in mind these holes were drilled as part of the original reconnaissance drill program. Not only did Great Bear continue to encounter high-grade gold at both the Hinge Zone as well as the new South Limb zone, it has now also identified an ultramafic zone which helps the company to understand what’s controlling the gold mineralization as this ultramafic unit is coincident with the important D2 fold axis as gold mineralization occurs in all rock types on both sides of the unit. This opens up a wider range of potentially mineralized targets on the Dixie property.
Additionally, being able to track the ultramafic unit will also help to determine the strike length of the gold mineralization, and Great Bear is planning to extend the known strike length of the gold-bearing system in 2019. This will be very interesting as Great Bear has now shown it has a pretty good idea how to aggressively and efficiently expand the total scope of the gold mineralization. Now the company has approximately C$15M in the bank after recently closing a C$3.5M flow-through financing, Great Bear will add a second drill rig early in the new year to step up its exploration pace at the Dixie project.