Wednesday, August 22, 2018

Great Bear Resources Ltd. - GBR.v

Great Bear Resources Ltd. - GBR.v entered an agreement to acquire the Dixie Lake mining claims in Ontario’s Red Lake gold mining district where the company is now earning a 100% interest in 49 mining claims. In November 2016, Great Bear acquired the West Madsen gold project, an on-strike extension of Pure Gold’s high-grade Madsen project.
On August 24, 2018 the co released News

Great Bear Resources Ltd. is pleased to announce it will be conducting a private placement financing of units (“Units”), priced at $1.45 per Unit, for gross proceeds of up to $10 million. Each Unit will consist of one common share and one-half of one common share purchase warrant. Each whole Warrant will be exercisable into a common share of Great Bear at a price of $1.75 for a period of two years.

The Company is pleased to announce that Rob McEwen has agreed to purchase $4.8 million of the Financing and that McEwen Mining Inc. has agreed to purchase $1.2 million of the Financing for a total of $6 million. On completion of the Financing, Rob McEwen and McEwen Mining will collectively own 18.8% of Great Bear Resources on a partially diluted basis.
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On August 22, 2018 the co released News

Great Bear Resources Ltd. has confirmed a significant new high-grade gold discovery in the Hinge zone at its Dixie project located in the Red Lake district of Ontario. Drill results are provided in the attached table and include:
Drill hole DHZ-003 returned 16.35 metres of 26.91 grams per tonne gold, including separate subintervals of 5.05 metres of 51.39 g/t gold and one metre of 112.63 g/t gold.
Drill hole DHZ-004, a follow-up drill hole completed 15 metres vertically below DHZ-003, intersected higher-grade gold mineralization, returning seven metres of 44.47 g/t gold, including two metres of 143.24 g/t gold, which includes one metre of 224.03 g/t gold.

The newly reported intercepts from the Hinge zone are shallow, occurring above 110 metres vertical depth, and are open in all directions. As announced on May 23, 2018, Great Bear closed a financing and received funds from warrant exercises totalling $2.1-million. The company is fully financed to drill the remaining 5,000 metres of the current 10,000-metre drill program, which commenced in March, 2018.