Great Bear Resources Ltd. (GBR:TSX.V; GTBDF:OTCQX) CEO Chris Taylor recapped the 2019 year in his annual letter to shareholders.
"It was a very good year for our company," he wrote.
He listed four of Great Bear's key accomplishments. In terms of exploration at its Dixie project, it discovered six new gold zones along 4 kilometers the LP Fault and demonstrated gold mineralization continuity in all of the areas drilled there so far.
Further, Great Bear encountered "very high grade gold" in the Hinge zone, 1,600 grams per ton over 0.7 meters (0.7m), and in the LP Fault zone, 759 grams per ton over 0.5m. Overall exploration results led the exploration firm to expand its drill program to 90,000m and subsequently, to 200,000m.
Also, the company raised $27.6 million through two private placements and ended 2019 with about $30 million in cash.
Finally, Great Bear increased its stock price and market cap to $8.80 and $380 million from $2.31 and $90 million, respectively.
With a $21 million exploration budget and five rigs drilling simultaneously, Great Bear intends to continue working in 2020 to achieve its goal of defining at its Red Lake property a tier 1 asset, one that produces 500,000-plus ounces of gold per annum for a minimum of 10 years. "Moving into 2020, the discovery process is poised to see its most significant [results] to date," noted Taylor.
Taylor concluded the letter with three things that Great Bear's shareholders might see this year. They are shares in the company's royalty-based spinout, further drill results and an improved gold sector, with a higher gold price and more mergers and acquisitions activity.
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