Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBAF) (FRA:0G6A) told investors it has expanded this year's exploration budget at its flagship Dixie gold project in Ontario to C$45 million from C$20 million previously and aims to have at least 200 holes sunk by the end of 2021.
In all, the company aims to have drilled 600 holes at the site in total by year-end, for around 400,000 meters (m) with 175,000m this year.
READ: Great Bear Resources says exploration program is now fully financed through 2022 after closing 'bought-deal' private placement
"Our cash balance of over $100 million has allowed us to accelerate our exploration and significantly expand our 2021 exploration budget from $25 million to $45 million," said Chris Taylor, CEO of Great Bear in a statement.
"We are confident we have more than sufficient capital for completion of maiden resource drilling of the near-surface (0 – 400 metre depth), upper portions of the LP Fault, Dixie Limb and Hinge zones.
"Currently there are five drill rigs on site, which we plan to increase over the course of the year, beginning in April. Details of the expected timing of delivery of initial maiden resources will be provided over the coming weeks."
Great Bear added that around C$1 million is planned for exploration at its other Red Lake area properties and it expects to have a cash balance of about C$60 million by year-end.
Currently, five rigs are active on site, with additional drills to be added beginning in April. About 80% of the planned drilling will target the LP Fault, while 15% will target the Hinge and Dixie Limb zones.
Great Bear's Dixie project is wholly-owned and comprises 9,140 hectares of contiguous claims that extend more than 22 kilometers (km). It sits around 25km southeast of the town of Red Lake, Ontario.
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