Great Bear Resources Ltd (CVE:GBR) (OTCQX:GTBAF) (FRA:0G6A) revealed a new set of results from the LP Fault zone on its Dixie project that included intercepts of up to 32 grams per ton (g/t) gold.
The Vancouver-based company has now reported 250 drill holes from the LP Fault zone, Great Bear told shareholders. The company plans to drill around 400 holes at the zone by the end of 2021.
Highlights from Tuesday’s results include 13.1 g/t gold over 17 metres (m) and 32 g/t gold over 8.1m. Bulk tonnage results include 3.7 g/t gold over 45.5m, which included a high-grade core of 85.5 g/t gold over 0.5m and 2.6 g/t over 32.5m, with a high-grade core of 10.2 g/t gold over 3.9m.
READ: Great Bear Resources reveals new results showing strong gold zone continuity at the LP Fault zone
The new results were from drill holes completed along 1.1 kilometres (km) of strike length within 75- to 100m-wide gaps of the 4.2-km-long drilling area of the central LP Fault zone, according to Chris Taylor, Great Bear’s CEO.
“Once again, we observed the same continuity of gold mineralization on the finer scale that has been previously observed with widely spaced drilling,” Taylor told shareholders.
Last year’s drilling program at the LP Fault was more widely spaced, with 100 to 500m compared to 25 to 100m spacing in 2021.
The LP Fault is not a vein-type deposit and has multiple parallel gold zones with a wide halo of disseminated gold mineralization, all of which extend to bedrock surface and remain open in all directions, Taylor told shareholders.
Great Bear also gave an update to its previously announced C$70 million financing, which will give the company over $100 million in cash to fund drilling throughout 2021. In a statement, the company said its underwriters requested extra time for administrative reasons associated with the flow-through portion of the financing. As a result, the financing is expected to close on February 25, 2021.
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