Mr. Chris Taylor reports
GREAT BEAR ADDS DRILLS AND EXPANDS DIXIE DRILL PROGRAM TO 200,000 M
Great Bear Resources Ltd. is significantly expanding its continuing drill program at its flagship Dixie project in the Red Lake district of Ontario, from 90,000 metres to 200,000 metres. The company will also add additional drill rigs, beginning in January, 2020. The expanded drill program remains fully financed with a 2020 budget of $21-million, and the company has the ability to further augment the program with cash on hand.
- Great Bear currently has
$31-million in cash and an additional approximately $10-million of in-the-money warrants for a total potential cash position of approximately
The expanded Dixie exploration program has a
Approximately 110,000 additional metres will be added to the current 90,000-metre drill program, for a total of 200,000 metres of drilling to be completed by the end of 2020.
All-in drill costs remain well below the industry average, at approximately
$175 to $185/metre.
Drilling will continue year-round.
Drilling will focus on 1) the known gold zones at the LP fault, Hinge zone, Dixie limb and North fault; and 2) additional new targets across the 22-kilometre strike length of the Dixie property.
Higher-capacity drill rigs have been mobilized to the property to increase production rates at shallow depths and to allow penetration of up to 2,000-metre depth as may be required.
The company anticipates having five drills active on site early in 2020 and may further adjust this number as required.
Chris Taylor, president and chief executive officer of Great Bear, said: "We are about to undertake one of Canada's largest gold-focused exploration drill programs in 2020, as we expect to have completed over 200,000 metres of drilling by the end of next year. It's remarkable to think that when our drilling began two years ago, the Hinge zone and the multiple zones along the LP fault were still waiting to be discovered. As we enter 2020, over 80 per cent of the Dixie property remains to be explored. With over $30-million on hand, more and larger drill rigs, and the knowledge we've gained through our ongoing successes, we can now further accelerate that discovery process. We anticipate 2020 will mark our most exciting year to date."
About Great Bear
Great Bear Resources holds a 100-per-cent interest in its flagship Dixie property, which is road accessible year-round via Highway 105, a 15-minute drive from downtown Red Lake, Ont.
R. Bob Singh, PGeo, director and vice-president of exploration, and Andrea Diakow, PGeo, exploration manager, for Great Bear are the qualified persons as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
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