Great Bear is purchasing a 100% interest in the Dixie Lake Gold project, Red Lake Ontario. In July 2017, the company entered into a purchase agreement with Newmont Mining to acquire Newmont’s 33% stake in the project for $80,000 in total cash payments over 4 years. In September 2017, the company acquired an additional 26 minerals claims and today the Dixie Lake property covers 7106 hectares. Through the purchase of Newmont’s interest, Great Bear will have a 100% interest in the expanded project and all royalties relating to these claims.
In September 2017, Great Bear announced results from the first 5 holes of an 8-hole, 1,000 metre drill program at Dixie Lake. This is the first drilling program performed by Great Bear, following up on more than 160 holes historically drilled from various operators from 1988 to 2011. The 2017 program, designed to test a new geological interpretation by Great Bear returned the widest – highest grade intercept on the property to date: 10.40 metres of 16.84 grams per tonne gold.
Highlights of drilling include:
10.40 m of 16.84 g/t gold including 1.05 m of 130.10 g/t gold
6.30 m of 5.56 g/t gold including 1.0 m of 8.33 g/t gold
4.60 m of 4.07 g/t gold including 0.50 m of 10.50 g/t gold
13.75 m of 2.11 g/t gold including 1.5 m of 5.42 g/t gold
Dixie Lake is a typical Archean mesothermal gold vein system located approximately 20-25 km from significant mines that share the same geological and metallogenic characteristics (Red Lake, Madsen and Rahill-Bonanza). Dixie Lake hosts a series of mafic-felsic sequences within the Red Lake Greenstone Belt. Significant folding and thinning of the greenstone lends itself to enriched zones of gold mineralization.