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 results prompted a $6 million investment by Rob McEwen and McEwen Mining, as part of a $10 million financing completed in September 2018. Combined with historical drilling, over 198 drill holes for 30,000 metres have been completed at Dixie. Over the last year and a half, the drill program plan has increased to up to 90,000m.
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.