Great Bear is purchasing a 100% interest in the Dixie 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 13,000 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.
At the Dixie Project, gold mineralization is confirmed along a 2.3 km strike of a 10 km target. The system at Dixie has a high-grade gold zone that includes recent intervals of 16.35 metres of 26.91 g/t gold and 7.00 metres of 68.76 g/t gold and is open along strike and at depth.
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. In March of 2018 Great Bear commenced a 10,000 metre drill program, of which results from 5,000 metres in 23 holes had been reported as of August with an additional 5,000 metres underway.
2018 Drilling Highlights to Date:
DHZ-003 – 16.35 metres of 26.91 g/t Au
-Incl. 5.05 m of 51.39 g/t Au
-and Incl. 1.0 m of 112.63 g/t Au
DHZ-004 – 7.00 m of 68.76 g/t Au (15 m vertically below DHZ-003)
-Incl. 2.00 m of 228.27 g/t Au,
-Incl. 1.00 m of 302.48 g/t Au
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
DL-009 – 12.41 g/t Au over 1.5m
-Incl. 30.20 g/t Au over 0.55m
DLZ 1.6km Step Out
DNW-001 – 12.74 g/t Au over 1.7m
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.
2017 Drilling Highlights
In 2017 Great Bear completed an 8-hole, 1,000 metre drill program at Dixie. Highlights include:
Dixie Limb Zone
DL005 – 10.40 m of 16.84 g/t gold including 1.05 m of 130.10 g/t gold
DL004 – 6.30 m of 5.56 g/t gold including 1.0 m of 8.33 g/t gold
DL001 – 4.60 m of 4.07 g/t gold including 0.50 m of 10.50 g/t gold
DL003 – 13.75 m of 2.11 g/t gold including 1.5 m of 5.42 g/t gold