Source: Streetwise Reports 12/07/2019
The Canadian company announced a $21 million budget and aims to complete the expansion by year-end 2020.
Great Bear Resources Ltd. (GBR:TSX.V; GTBDF:OTCQX) more than doubled its ongoing drill program at Dixie in Ontario’s Red Lake District to 200,000 meters (200,000m) from 90,000m, it announced in a news release. The explorer aims to complete the remaining meters of drilling by year-end 2020.
“We are about to undertake one of Canada’s largest, gold-focused exploration drill programs in 2020,” President and CEO Chris Taylor said in the release. “We anticipate 2020 will mark our most exciting year to date.”
To accommodate the expansion and allow for getting down to a 2,000m depth, higher capacity drill rigs are being mobilized to the site for 2020. The company expects to have five rigs working early next year and to adjust the number as needed.
The 2020 budget for the expanded drill program is $21 million, for which Great Bear remains fully funded, the company stated, noting it has a total potential cash position of approximately $41 million, composed of $31 million in cash and about $10 million in warrants.
Drilling, which will occur all throughout 2020, will target the known gold zones at the LP and North faults, the Hinge and Dixie Limb zones and additional new targets across Dixie’s 22 kilometer strike length.
“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,” Taylor stated. “As we enter 2020, over 80% 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.”
Read what other experts are saying about:
Sign up for our FREE newsletter at: www.streetwisereports.com/get-news
Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Great Bear. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
( Companies Mentioned: GBR:TSX.V; GTBDF:OTCQX,
)