One hole returned 269.6 g/t gold over 2.3 metres, including 1,261 g/t gold over 0.5 metre.

A majority of the MRE is in the measured and indicated category, totalling 22 million tonnes at 0.48% copper for 106,000 tonnes.

An updated resource estimate published showed 27.87 million oz. of AuEq within 730.2 million tonnes at a grade of 1.19 g/t AuEq.

Pre-production capital used for initial mine development, first process plant module and infrastructure is now estimated at $1.55 billion.

Great Bear now contains 3.3 million oz. gold in 22.7 million inferred tonnes, open pit and underground, grading 4.5 grams gold per tonne.

Extended zones are part of the 100%-owned Queensway gold project near Gander, Newfoundland.

Vizsla will buy Universal's shares on the basis of a 0.23:1 share exchange ratio.

The combined company would have global mineral resources of around 1.8 million gold ounces, as well as exploration assets.