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Red Lake junior miner raises $33 million in gold exploration financing

Great Bear Resources cashed up to keep drilling at Dixie Project
Great Bear Resources core logging
(Great Bear Resources photo)

Vancouver's Great Bear Resources has topped up its Red Lake exploration budget for the next two years.

The company announced June 2 that it's closed a flow-through share offering for $33 million to keep drilling at one of Canada's largest exploration programs.

Great Bear is in the midst of running a 110,000-metre program on its high-grade Dixie Project, near the town of Red Lake.

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The Vancouver junior miner's 9,100-hectare property is 22 kilometres south of the town where the company has made many high-grade gold discoveries in a previously underexplored area of the camp.

Dixie is the flagship of the company's four gold projects in the northwestern Ontario mining district.

A particular focus is on the property is infilling drilling on a five-kilometre stretch of its LP Fault Zone, a high-grade, near-surface discovery made last year where the company is more than 100 holes into a 300-hole, $21-million program.

One drill result this spring revealed 18.57 grams per tonne of gold over a 13.00 metre length.

Great Bear said it has $53 million in cash and is now fully funded for continuous drilling through to 2022. Updated exploration plans will revealed shortly.