Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF) has doubled its current drill program to 60,000 metres and added a third rig at its Dixie Lake project in Red Lake, Ontario.
The company is fully funded for the expanded program.
The junior explorer has around 12,000 metres of its original 30,000-metre program remaining, to be completed sometime in July 2019. The additional 30,000 metres will continue throughout the year.
READ: Great Bear Resources continues to see positive results from Dixie Lake drilling
"Great Bear is in a very strong position, with funding in hand to aggressively expand our drill program, and results to-date certainly warrant this expansion,” said Chris Taylor, president and CEO of Great Bear, in a statement.
Current drilling at Dixie Lake is focused on defining and expanding the Hinge and Dixie Limb zones previously identified within the historical mining area of Red Lake. Dixie Lake hosts a 20-plus kilometre-long gold-bearing structure and a number of secondary areas that collectively define more than 30 kilometres of prospective targets.
One of the two drill rigs currently on site discovered new mineralized zones and potential extensions to the Hinge zone. Starting in April both drill rigs will focus on drilling along strike and at depth of the Hinge and Dixie Lake zones.
Bringing in a third rig that can accomplish both regional exploration and additional drilling allows Great Bear to continue producing core samples at depths similar to other major Red Lake district gold discoveries, said Taylor.
Shares of Great Bear eased 1.22% to stand at $3.24 in Toronto..
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