Great Bear Resources (GBR.V) released the assay results of a relatively large batch of drill results (approximately 20, evenly spread over the Hinge Zone and Dixie Limb Zone) and rather than discussing every single hole, it now makes sense to zoom out again and look at the bigger picture.
Close to the Hinge zone, Great Bear Resources has now discovered a new gold-bearing zone which includes almost 1 ounce of gold per tonne over 2.5 meters within a much thicker interval of 13.2 meters containing 7.4 g/t gold (this indicates the remaining 10.7 meters of the mineralized interval contained an average of 1.93 g/t gold. This sub-zone was encountered at just 68 meters below surface and has now been tested to a depth of almost 150 meters (which will make it relatively easy to build tonnes).
As you can see on the next image, this new sub-zone is very close to the Hinge Zone and if anything, it confirms the potential to make new discoveries even awfully close to known existing mineralized zones.
An important reason why Great Bear has been so successful in finding gold in almost every hole is the excellent understanding of the geology and structural controls of the gold zones. This allows Great Bear to be super-efficient when it comes to drilling and the ongoing 90,000 meter three-rig drill program will allow Great Bear to develop an excellent understanding of the gold system.
Dixie Lake keeps on giving and we have a hunch we will see more eye-catching results soon. On August 15th, the company announced a Webinar presentation that will be held on September 4th. In the discovery press release, Great Bear mentions it will discuss the ‘recent drill program progress’, but it strikes us as strange to announce a new discovery on August 21st and only organize a webinar exactly two weeks later. That makes no sense, and considering the very short turnaround times at the lab (2-3 weeks) for new assays, it will be interesting to see if GBR will announce new high-impact results right before that webinar. If – and we are purely guessing now – Great Bear encountered strongly mineralized rock (perhaps with visible gold) and rushed it to the lab around August 10-12 (before scheduling the webinar), the assay results should be back before the Webinar. And perhaps our thoughts aren’t too unrealistic as the company did the same thing in May: it announced on may 21st it would host a webinar on May 29th, and lo and behold, Great Bear was able to confirm an entirely new discovery (Bear-Rimini) between scheduling the webinar and hosting the webinar.
We aren’t saying this will be the case again, but it’s interesting to see a company announce a webinar almost three full weeks in advance and we would love to be surprised by GBR announcing a new discovery.
Disclosure: The author has a long position in Great Bear Resources. Great Bear is a sponsor of the website.