GTBAF - Great Bear Resources (GTBAF)(GBR:CA) - Discovery of New Gold Zone Underscores Dixies Growing Resource Potential
LP Fault drilling continues at depth. LP Fault drilling continues to expand gold mineralization, including at depth. Drilling has targeted various points along 2.9 kilometers of strike length, between surface and ~600 meters depth. Results have been uniformly good. For example, Hole BR-407 returned 1.83 grams of gold per tonne over 91.35 meters from 430.40 to 521.75 meters depth, including 11.29 grams of gold per tonne over 3.00 meters. Hole Br-426 intersected gold assaying 3.10 grams of gold per tonne over 28.30 meters, including 16.07 grams of gold per tonne over 3.70 meters.Discovery of new high-grade gold zone. Great Bear Resources recently resumed drilling near the Hinge and Limb zones and discovered a new high-grade gold zone. The "Midwest" zone is located 275 meters northwest of the Hinge zone and 250 meters south of the Dixie Limb zone. Previous holes drilled at the Limb zone did not penetrate far enough to the west to intersect the Midwest zone. Hole DL-071 intersected a mineralized interval that returned 5.69 grams of gold per tonne over 7.05 meters from 809.95 meters to 817.00 meters depth, including 20.27 grams of gold over 1.75 meters. Great Bear plans to extend previous drill holes into the Midwest zone.Applying new information. The new Midwest zone was discovered in a previously undrilled area in a 200-to-300-meter step-out hole which highlights the potential for new discoveries at Dixie. Great Bear has begun a new grid-based drill program in the Hinge, Limb, and Midwest zones which will support mineral resource estimates later in 2022.Rating is Outperform. To date, Great Bear has completed 721 drill holes and identified 5 high-grade gold discoveries. In addition to receipt of LP Fault drill results targeting high grade domains at depth, key catalysts extending into 2022 include: 1) a maiden mineral resource estimate of the LP Fault based on Phase 1 drilling, 2) a preliminary economic assessment of the LP Fault zone, 3) a mineral resource update which will include deeper drill results from the LP Fault, and 4) maiden mineral resource estimates for the Dixie Limb, Hinge, and Midwest zones. Read More >>