GTBAF - Great Bear Resources Ltd. (GTBAF)(GBR:CA) - Phase 2 Drilling Expected to Commence in August
Completion of Phase 1 drilling. Since May 2019, Great Bear has completed 440 drill holes, representing 222,500 meters of drilling, at the LP Fault. The company’s Phase 1 drill program is largely complete to an average of 450 meters depth over ~4 kilometers of strike length. Of the 440 drill holes, results for 109 remaining are expected to be released during the next several months. The company expects to publish a maiden mineral resource estimate by the end of the first quarter of 2022. In total, Great Bear has completed 630 drill holes into all four gold zones since drilling commenced in the summer of 2017.Phase 2 expected to commence in August. Great Bear expects to begin Phase 2 drilling in the second week of August. The program will include expansion drilling of the LP Fault below 450 meters depth and along strike, additional infill drilling of the upper 450 meters of the LP Fault, expansion and infill drilling of the Hinge, Limb, and Arrow zones, and testing of new regional targets. Details associated with Phase 2 plans and which portions of drilled mineralized zones will be included in the maiden resource estimate will be released after interpretation of outstanding drill results.Looking ahead to 2022. The initial resource estimate will be based on drilling to a depth of 450 meters from surface which should provide a meaningful indicator of the project's value while capturing only a fraction of its potential. Management has indicated they would like to see the maiden resource estimate and preliminary economic assessments released with drilling to continue along with regular resource updates as more ounces are defined.Rating is Outperform. With Phase 1 drilling largely completed, attention is now focusing on the maiden resource estimate which could act as a major catalyst for the stock. The drill results have been outstanding, and investors may want to take advantage of Great Bear's attractive valuation to establish positions in the equity. With a modest 57.1 million shares outstanding, the company has approximately C$83 million in cash and is funded through 2022. Read More >>