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A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Drilling along the LP fault at Great Bear Resources’ wholly-owned Dixie gold project in Red Lake Ontario continues to return long intervals of high-grade gold mineralization.
The most recent release includes the results of hole BR-133, which intersected 25.2 metres of 15.5 g/t gold, and includes a higher-grade interval of 12.4 metres grading 30.51 g/t gold – according to the company, this is the widest, highest-grade gold interval drilled at the LP fault to date.
“The LP fault continues to demonstrate excellent continuity of near-surface high-grade gold, and has just yielded the highest-grade, widest drill interval to date,” Chris Taylor, the company’s president and CEO, said in a release.
With a C$21-million exploration program underway at Dixie, Great Bear has completed 111 of the 300 drill holes planned into the LP fault this year
“Deeper drilling towards the northwest margin of our planned grid program has also extended high-grade gold mineralization in this area.”
BR-133 was completed on a section with a 140-metre gap in drilling; hole BR-134 drilled on the same section intersected the same mineralized zone 75 metres below BR-133 and returned 63.7 metres of 3.62 g/t gold, which includes a higher-grade interval of 18.5 metres grading 11.16 g/t gold, starting at 158.4 metres.
In addition, a drill hole completed by the northwestern end of the LP fault, 2,400 metres northwest of BR-133 hit the same mineralized zone at depth, returning 10.1 metres of 5.04 g/t gold.
These results extend the high-grade gold mineralization by 100 metres to the northwest and suggest increasing grades and thicknesses of the mineralization with depth.
With a C$21-million exploration program underway at Dixie, Great Bear has completed 111 of the 300 drill holes planned into the LP fault this year as it drills this structure on a 5 km by 500 metre grid. Additional drilling is also planned for the Dixie Limb and Hinge zones.
Earlier this month, the company closed a C$33-million bought deal private placement and estimates that it is fully funded to continue drilling into 2022. Updated exploration plans are pending.
There are two exploration targets at the 91.4-sq.-km Dixie property: high-grade gold in quartz veins and replacement zones at the Dixie Limb and Hinge zones as well as high-grade disseminated gold with broad envelopes at the LP fault. The latter is interpreted to cover up to 18 km of strike at Dixie.
Midday Monday, Great Bear’s stock was up nearly 10% on the TSXV. The company has a C$593 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
