Great Bear Resources Ltd. (GBR:TSX.V; GTBDF:OTC) announced in a news release it discovered a new gold control in its Dixie Limb zone target at its Dixie project, which "enhances the Dixie Limb as a significant potential host of high-grade gold."
This new control, identified on recent drill results, is an "east-west trending, high-grade gold vein which intersects the Dixie Limb zone and is associated with increased grades and widths of mineralization at the intersection," much like the Hinge zone, which demonstrates "exceptional gold," the release described.
Assays from this area include 17.55 grams per ton (17.55 g/t) gold over 2.55 meters (2.55m) in a broader interval of 9.15 g/t gold over 5.3m along with 24.21 g/t gold over 1.3m in a broader interval of 5.05 g/t gold over 15.85m.
"We now observe that the same late gold event that has led to high-grade mineralization in the Hinge zone also positively affects the Dixie Limb," President andCEO Chris Taylor said in the release.
Now, according to the release, Great Bear can drill targeted high-grade areas in the broader mineralization system in the Dixie Limb zone. That zone is a major gold target at Dixie because of its potential size, its strong grade continuity and its extension of the present gold mineralization to within a few meters of the surface, according to the company. Dixie Limb is second to the Hinge zone in exploration significance.
In other news, Great Bear agreed to afford GoldON Resources Ltd. (GLD:TSX.V) the option to earn-in to its West Madsen property, initially with a 60% interest and later with a 100% interest.
For a 60% interest, GoldON will spend up to $1.2 million on exploration at West Madsen in three tranches ($100,000, $350,000 and $750,000), each one on or before the first, second and third anniversary of the definitive agreement, respectively.
GoldON also will pay Great Bear $50,000 plus 250,000 shares within 10 days of signing the definitive agreement, another $50,000 and another 250,000 shares on or before 10 days after the first signing anniversary and, finally, $75,000 and 350,000 shares on or before 10 days after the second signing anniversary.
After GoldON achieves the 60% earn-in, Great Bear will retain a 2.5% net smelter return (NSR) royalty on the property. GoldON will have the option to buy back 1% of that NSR for $500,000 at any time before a production decision is made for any part of the property.
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