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 2017 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
In April 2018 the company commenced a 3,000 metre drill program. A total of 15 holes were drilled along 2.3 kilometres strike length of a prospective geological contact, testing both new and existing gold targets. All holes hit the hydrothermal alteration system which is characterized by varying silicification, sulphide mineralization and gold content. Drilling will recommence in June 2018.
Highlights from the first five 2018 drill holes include:
- Indications of multiple high-grade gold veins present
- DHZ-002 – 17.18 g/t Au over 1.7m — Incl. 46.3 g/t Au over 0.60m
- DHZ-001 – 10.15 g/t Au over 1.25m
Hanging Wall Zone
- Drilling adds an additional drill-confirmed high-grade gold-bearing zone within the primary drill area
- DL-009 – 12.41 g/t Au over 1.5m — Incl. 30.20 g/t Au over 0.55m
South Limb Zone
- Gold is confirmed – first drill hole into this target intersected a 32 metre wide zone of quartz veining and silica/sulphide alteration containing anomalous gold mineralization
- 5.34 g/t Au over 0.50m and 3.47 g/t gold over 1.0m
In May 2018, Great raised $2.1 million through a $1.7 million financing and $425,000 warrant exercise. The funds will be used for an additional 7,000 metres of drilling to be completed in 2018
Geology at Dixie Lake:
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.