Great Bear Resources Ltd. (GBR:TSX.V; GTBDF:OTCQX) more than doubled its ongoing drill program at Dixie in Ontario's Red Lake District to 200,000 meters (200,000m) from 90,000m, it announced in a news release. The explorer aims to complete the remaining meters of drilling by year-end 2020.
"We are about to undertake one of Canada's largest, gold-focused exploration drill programs in 2020," President and CEO Chris Taylor said in the release. "We anticipate 2020 will mark our most exciting year to date."
To accommodate the expansion and allow for getting down to a 2,000m depth, higher capacity drill rigs are being mobilized to the site for 2020. The company expects to have five rigs working early next year and to adjust the number as needed.
The 2020 budget for the expanded drill program is $21 million, for which Great Bear remains fully funded, the company stated, noting it has a total potential cash position of approximately $41 million, composed of $31 million in cash and about $10 million in warrants.
Drilling, which will occur all throughout 2020, will target the known gold zones at the LP and North faults, the Hinge and Dixie Limb zones and additional new targets across Dixie's 22 kilometer strike length.
"It's remarkable to think that when our drilling began two years ago, the Hinge Zone and the multiple zones along the LP Fault were still waiting to be discovered," Taylor stated. "As we enter 2020, over 80% of the Dixie property remains to be explored. With over $30 million on hand, more and larger drill rigs, and the knowledge we’ve gained through our ongoing successes, we can now further accelerate that discovery process."
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