Great Bear Resources Ltd (CVE:GBR) saw shares nudge higher Monday as it confirmed it had completed its acquisition of a 100% royalty-free interest in its 9,140-hectare flagship Dixie project, which lies in the famous Red Lake district of Ontario.
More than 25,000 metres of drilling in 160 drill holes were completed at the site between the late 1980s and 2012 by past explorers.
READ THE BIG PICTURE: Great Bear Resources has two highly prospective gold targets in the Red Lake mining district of Ontario
Great Bear has followed that with a further 11,000 metres of drilling in around 50 holes in 2017 and 2018.
It has now kicked off a 150-hole, 30,000-metre drill program that will continue through 2019, testing known high-grade gold zones and newly identified targets
Highlights of the firm's drill intercepts so far include 10.4 metres of 16.84 grams per ton of gold in the Dixie Limb Zone, 7 metres of 68.76 g/t of the yellow metal in the Hinge Zone, and 1.75 metres of 101.05 g/t gold in the South Limb Zone.
The firm is exploring a multi-zone, from-surface gold system with several kilometres of potential strike length, as defined by drilling, prospecting and geophysics
Shares nudged up 2.41% to $2.55 in Toronto.
Contact Giles Gwinnett at giles@proactiveinvestors.com
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