GTBAF - Great Bear Resources (GTBAF)(GBR:CA) - The Plot Begins to Thicken
Heading into the final stretch. Great Bear operated six drill rigs as of September 30 and is on track to drill approximately 140,000 meters in over 250 drill holes in 2021. During the first nine months, over 100,000 meters of drilling was completed. A maiden mineral resource estimate of the LP Fault from surface to 450 meters’ depth is underway and expected to be published by the end of the first quarter of 2022. Detailed geological modeling, geochemistry, structural data, and 3-D modeling has identified 23 high-grade gold domains along 4 kilometers of the central LP Fault.Phase 2 drilling underway. At the end of the third quarter, Great Bear had completed a total of 478 drill holes over 235,000 meters into the LP Fault target as part of its 4 kilometer long by 450-meter-deep drill program. Phase 2 drilling is underway and includes: 1) expansion drilling of the LP Fault below 450 meters depth, 2) additional infill drilling of the upper 450 meters of the LP Fault, 3) expansion and infill drilling of the Hinge, Limb, and Arrow zones, and 4) testing of new regional targets at Dixie.Updating estimates. As an exploration company, Great Bear does not generate revenue and is advancing its Dixie gold project in the Red Lake District of Ontario, Canada. Great Bear generated a third quarter loss of $854 thousand or $(0.01) per share, which was lower than our loss estimate of $1.8 million or $(0.03) per share. We have reduced our 2021 loss estimate to $5.3 million or $(0.09) per share, from $6.5 million or $(0.11) per share. Our 2022 loss estimate remains $8.5 million, or $(0.14) per share. Rating is Outperform. We think the Dixie gold project represents significant upside for shareholders. In addition to Phase 2 drill results, 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 and Hinge zones. Read More >>