Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF) reported on Wednesday “significant” results from gold drilling at its Dixie project in the Red Lake district of Ontario.
The Vancouver-based company said in a press release that the deepest of 19 holes totaling 4,290 meters returned 27.36 grams of gold per ton over 3.65 meters including 153.73 grams of gold per ton over 0.5 meter.
READ: Great Bear Resources closes C$3.5M private placement to expand gold exploration
The company added that a second drill rig will be mobilized in early 2019 as it accelerates its 30,000-meter, 150-drill-hole program, described as fully funded.
Great Bear said it expanded its recent high-grade gold discoveries and identified an ultramafic unit in the core of the Dixie gold system. Ultramafic refers to igneous and meta-igneous rock with low silica content.
"We rank this new drilling success as our most significant gold discovery at the Dixie project to date,” CEO Chris Taylor said. “It clearly exceeded our expectations.”
Shares of Great Bear declined C$0.25 to C$2.55 in Wednesday’s Canadian trading. They dropped US$0.10 to US$1.94 on the OTC Markets.
Last month, Great Bear closed a C$3.5 million private placement of shares to pay for an expansion of gold exploration in the Red Lake district. The district has produced more than 30 million ounces of gold and is one of Canada’s premier mining districts, according to Great Bear.
Contact Dennis Fitzgerald at dennis@proactiveinvestors.com