US$45 Million Budget For 200 Plus Drill Holes In Ontario
Great Bear Resources Ltd (TSXV: GBR) has announced a significant expansion of its 2021 exploration programme at its 100% owned flagship Dixie Project in the Red Lake district of Ontario.
President and CEO, Chris Taylor, said the company’s cash balance of over US$100 million has allowed it to accelerate its exploration and significantly expand its 2021 exploration budget from US$25 million to US$45 million.
“We are confident we have more than sufficient capital for completion of maiden resource drilling of the near-surface (0 – 400 metre depth), upper portions of the LP Fault, Dixie Limb and Hinge zones.
“urrently there are five drill rigs on site, which we plan to increase over the course of the year, beginning in April.
“Details of the expected timing of delivery of initial maiden resources will be provided over the coming weeks.”
Other expanded 2021 programme details include:
Planned drilling of approximately 175,000m, for a total of approximately 400,000m completed by Great Bear by year end.
At least 200 drill holes to be completed in 2021, for a total of approximately 600 drill holes completed by Great Bear by year end.
Currently five drill rigs active on site, with additional drills to be added beginning in April.
Primary programme objective is maiden resource delineation at the LP Fault, Dixie Limb and Hinge zones from 0 to 400 metres depth.
Additional drilling will also include testing zone extensions to depths greater than 750m from surface, as has recently been accomplished at the Dixie Limb and Hinge zones.
The company is also planning to undertake additional advanced exploration work during 2021 including metallurgical studies and may further modify its 2021 work programme as results inform ongoing geological modelling.
The Dixie Project is 100% owned, comprised of 9,140 hectares of contiguous claims that extend over 22 km, and is located approximately 25 km southeast of the town of Red Lake, Ontario.
