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 property covers 9,140 hectares.
In November 2018 Great Bear completed the purchase of 100% royalty -free interest in the Dixie Gold Project, Red Lake Ontario.
The above announcements as well as the multiple recent high-grade gold discoveries at Dixie prompted a $6 million investment by Rob McEwen and McEwen Mining, as part of a $10 million financing completed in September 2018. In July of 2019, the company closed an over-subscribed bought deal private placement of $10.9M and in November of the same year, Great Bear closed an other $16.7M over-subscribed bpught deal placement.
Over the last year and a half, the drill program plan has increased to up to 200,000 metres and the company is fully funded to drill through to the year 2021.
Great Bear’s exploration team has observed gold mineralization to be largely continuous over several kilometres of the LP Fault, including between the Bear-Rimini, Yuma, Yauro, Auro and Viggo discoveries, and is currently completing drill fences between already drilled areas to establish continuity. The Company will continue to undertake widely spaced reconnaissance step-out drilling along the LP Fault until the limits of the gold mineralized system are reached.
Sub-zone names like Bear-Rimini and Yauro will continue to be utilized to communicate where discoveries and ongoing drilling occur. The LP Fault is a geophysically-defined target that extends along approximately 18.5 kilometres of strike length at the Dixie property. 4 kilometres of this strike length have been tested to date, with gold observed and/or detected in all drill holes that have successfully intersected the structure.
The Dixie project has similar host geology, gold controlling structures, and presence of high-grade mineralization that also characterize the major gold mines and advanced projects in Red Lake.
- Drill hole DHZ-003 returned 35 meters of 26.91 g/t gold including separate sub-intervals of 5.05 meters of 51.39 g/t gold, and 1.0 meter of 112.63 g/t gold.
- Drill hole DHZ-004, a follow-up drill hole completed 15 meters vertically below DHZ-003 intersected higher-grade gold mineralization, returning seven meters grading 68.76 g/t gold, including two meters grading143.24 g/t gold, which includes one meter grading 224.03 g/t gold.
- Drill hole DHZ-014 returned 1,602.73 g/t gold over 0.70 meters at a vertical depth of 150 meters.
- Drill hole DHZ-023 intersected a 42-meter-wide zone of increased hydrothermal alteration, sulfide mineralization and multiple quartz veins from 121 meters to 158 meters vertical depth. The hole returned 3.40 meters grading 31.60 g/t gold and 2.80 meters grading 9.91 g/t gold.
- Great Bear was able to extend the Hinge zone to 440 meters down plunge, returning 3.90 meters grading 18.09 g/t gold including one meter grading 69.97 g/t gold.
- Reconnaissance drilling to the west of the Hinge zone also hit high-grade gold mineralization, including 0.070 meters grading 31.40 g/t gold within a 2.70-meter interval grading 8.70 g/t gold.
- The newly reported intercepts from the Hinge zone are shallow, occurring above 110 meters vertical depth and are open in all directions.
- As announced in September 2018, Great Bear closed a $10 million private placement including $5.7 million from Rob McEwen and McEwen Mining and is fully funded to drill 30,000 meters for 150 holes through 2018 and into 2019.
- The South Limb zone has returned 1.75 meters grading 101.05 g/t gold including 0.5 meters grading 346.79 g/t gold.
- The Dixie Limb zone returned 3.10 meters grading 6.71 g/t gold and 2.30 meters grading 6.16 g/t gold.