Great Bear Resources Ltd. (TSX-V: GBR) reported a round of fresh results from its promising Dixie Project in Ontario on Monday morning, boosting shares $1.46 to $11.55 per share.
Posting results from more than a dozen new holes at the deposit's high-profile LP fault target, the company intercepted another handful of encouraging grades, including 10.17 grams of gold per tonne (g/t Au) over 6.80 metres within a broader interval of 3.18 g/t Au over 56.95 metres, and 18.57 g/t Au over 13.00 metres within a broader interval of 2.67 g/t Au over 104.15 metres. The company says the results suggest continuity of mineralization with previous assays.
The Dixie Project, in the Red Lake District of northwestern Ontario, first hit many investors' radars last year, when Great Bear hit 12.33 g/t Au over 14.0 metres along the LP fault, including a bonanza-grade interval of 759.4 g/t Au over 0.5 metres. Since then, the company has been busy drilling.
"As we approach the one-year anniversary of the discovery of the LP Fault and our 100th drill hole into this target, our sense of enthusiasm continues to build as the LP Fault continues to deliver robust gold results with more detailed drilling," said Great Bear CEO Chris Taylor in the release. "Mineralization begins immediately at the bedrock surface, with consistent geology and mineralization styles observed in both neighbouring drill sections. Importantly, all other drill holes reported in this release also continue to successfully intersect gold mineralization at all points tested along the LP Fault to-date."
The news, alongside recent announcements that Great Bear has received final TSX-V approval to spin-off its Great Bear Royalties Corp. subsidiary, has seen shares of the company rocket to a new 52-week high. The stock was one of our top-performing mining stocks for 2019, and has continued to climb since, up 31.5% for 2020 following a brief nosedive during the March COVID-19 crash.
We interviewed Great Bear CEO Chris Taylor in late March to catch up on some of the company's recent activities. Watch it here.