In a news release, Great Bear Resources Ltd. (GBR:TSX.V; GTBDF:OTCQX) announced recent exploration developments at its Dixie Project in Ontario's Red Lake district. The $21 million exploration program is fully funded.
For one, the Canadian explorer completed a 4.2 kilometer (4.2 km) drill test of the LP Fault, and all of the 59 holes drilled hit gold mineralization.
Because the mineralization there is continuous, Great Bear from now on will refer to the area as the "LP Fault zone" and no longer use the previous zone names of Bear-Rimini, Gap, Yuma, Yauro, Auro and Viggo. The LP Fault zone remains open to extension along strike and at depth.
Recent result highlights from the LP Fault drilling included 10.58 grams per ton (10.58 g/t) gold over 21 meters (21m), including 48.98 g/t gold over 3.25m (hole BR-068).
Hole BR-067 encountered 10.95 g/t gold over 6m. Hole BR-057 returned 7.35 g/t gold over 3.50m, including 38.03 g/t gold over 0.5m.
Now, Great Bear is conducting a systematic, 300-hole grid drill program, testing a 2.5 square kilometer segment of the LP Fault that spans 5 km horizontally and 500m vertically from surface. The company will also drill below 500m.
"This will help characterize the gold mineralized system in preparation for more advanced studies in 2021 and has the potential to unlock significant potential additional value for our shareholders," President and CEO Chris Taylor said in the release.
Finally, the company mobilized a fifth drill rig to test more targets, including additional stepouts on the LP Fault.[NLINSERT]
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