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Red Lake junior explores high-grade gold find

Great Bear Resources raising $3.5 million for Dixie Lake exploration
Dixie Lake 1
Great Bear Resources' Dixie Lake gold property, near Red Lake (Company photo)

Great Bear Resources is raising $3.5 million in flow-through shares to finance exploration on a high-grade gold property near Red Lake.

The Vancouver junior miner is drilling 150 holes as part of a 30,000-metre program at its cornerstone Dixie Lake gold property, 24 kilometres southwest of town.

The company has entered into an agreement with Cormark Securities in the purchase 1,000,000 common shares at a price of $3.50 per flow-through share. The offering closes Nov.13.

To date, more than 200 drill holes have been punched on the property. The company said the results have yielded high-grade near-surface gold results from several zones, specifically from an area it calls the Dixie Limb Zone. Great Bear’s been drilling on the property since spring 2017.

“The recent discovery of a new high-grade gold zone at the South Limb, together with multiple new drill targets related to D2 folding and newly discovered ultramafic units, have led us to plan for an increased scope of exploration activity at Dixie,” said company president Chris Taylor in an October 26 news release.

“Proceeds of the current placement will fund this expanded program and allow thorough concurrent exploration of the high-grade gold discoveries at the Dixie Limb and Hinge Zones.”

The company acquired a 67 per cent stake in the 9,140-hectare property from a private vendor in late 2015 before picking up the whole thing from Newmont Canada Holdings last year.