Vancouver’s Great Bear Resources (TSX-V: GBR) this week reported a high-grade gold discovery in the Hinge Zone at its Dixie Project in the Red Lake District of Ontario.
Great Bears' stock price increased by more than 62% on the news and a further 30% the next day; as of press time, shares were trading at $1.54 per share.
“We recently recognized the potential for a transformative discovery at Great Bear’s Dixie project when we noted structurally controlled high grade gold within quartz veins, flanked by red-brown hydrothermal biotite alteration,” said Great Bar CEO Chris Taylor.
“These features, combined with increased grades and zone thicknesses at fold hinges, are key characteristics of high grade gold deposits currently in production in Red Lake.”
The newly reported intercepts from the Hinge Zone are shallow, occurring above 110 metres vertical depth and are open in all directions. As announced May 23, 2018, Great Bear received funds from warrant exercises totalling $2.1 million and is fully funded to drill the remaining 5,000 metres of the current 10,000 metre drill program which commenced in March 2018.
Great Bear Resources is a precious metals exploration company focused on the Red Lake mining district in Ontario.
