Great Bear buys royalty-free Ontario gold project
Great Bear Resources (TSXV: GBR) announced that it completed a series of payments aimed at gaining 100% royalty-free interest in its flagship Dixie gold project.
The 9,140-hectare project is located in the Red Lake district in western Ontario, a place that has produced over 30 million ounces of gold. Goldcorp's Red Lake Gold Mine is located in the area.
In a media statement, Great Bear explained that over 25,000 metres of drilling in 160 drill holes were completed at Dixie between the late 1980s and 2012 by past explorers.
Following those campaigns, in 2017 and 2018, the new owner performed an additional 11,000 metres of drilling in approximately 50 drill holes. Corporate information states drill intercepts to-date include 10.40 metres of 16.84 g/t gold in the Dixie Limb Zone, 7.00 metres of 68.76 g/t gold in the Hinge Zone, and 1.75 metres of 101.05 g/t gold in the South Limb Zone.
Currently, the company is running a 150-hole, 30,000-metre drill program that will continue through 2019, testing known high-grade gold zones and newly identified targets.