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"don't expect Barrick to suddenly come riding to the rescue"
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Riding to the rescue you say?
Are you unfamiliar with the story, and just read a headline?
Rescue would imply that the LP fault isn't twice the size of Hemlo, or that Great Bear didn't have $70 million in the bank, or that an MRE wasn't due in Q1, or a PEA in Q2.
Barrick just signed farm in agreements on something like 3/4 of the moose pasture abutting Dixie... but I'm sure they have no interest. If Bristow lets this get away he'll be decades living it down.
This appears to be an opening bid. But if you are right, it's the steal of a generation for Kinross. There's also this to consider. A lot of shareholders are "no" votes. The deal requires 66.7%.
We shall see.
Who’s Next?
This post is the first in a “Who’s Next” series profiling the junior miners with the best chance of an “eye-popping multiple” buy-out. First up: Great Bear Resources :
Great Bear has the rare distinction of finding gold – sometimes lots of it — in every hole it has drilled. Its property in Canada’s Red Lake district (home to several other legendary mines) is now five kilometers long and still open in every direction.
Add in the facts that the deposit starts near the surface, which makes a relatively cheap open-pit mine possible, and that it’s next to a highway and power lines in a politically stable, mining-friendly country, and Great Bear looks like a no-brainer acquisition candidate. The only question is price. Which is where things get interesting.
When the long drill hole winning streak got going, investors flocked to the stock, sending it up about 20-times from its 2018 low. But once it became clear that fleshing out a deposit this vast would take a while, subsequent great drill results lost their impact and have largely been ignored while the stock has languished between US$10 – $14.
But now the release date for the company’s resource report – which will document how many ounces it has and how easy it will be to get at them, giving possible acquirers data on which to base an offer – is maybe six months away. So it’s time for a revival of speculation about what the report will say and how the majors will respond.
In other words, the coming year might be as exciting as the past year was boring.
https://www.dollarcollapse.com/eye-popping-multiples/
"Any thoughts on what the average grade will be? Surely, well above 1g?"
I think above 1g. There's a lot of high grade zones in there. But even at 1g it's huge. (see quote below)
The company can't really discuss it without running into Canadian law, but there are some good discussions on CEO.CA or Stockhouse
https://ceo.ca/gbr
https://stockhouse.com/companies/quote?symbol=v.gbr
Here's an example (and this is conservative)
We're looking at 5 kilometers of strike length... possibly twice that, but from the drilling it looks like the maiden resource estimate will focus on maybe 2600 meters.
Here's my math - you can use your own numbers
length - 2600 meters
width - 150
depth - 400
cubic meters - 156,000,000
tons - 421,200,000
at 1 gram per ton
421,200,000 grams 13,587,097 ounces
at 2 gram per ton
842,400,000 grams 27,174,194 ounces
at 3 gram per ton
1,263,600,000 grams 40,761,290 ounces
I've actually been buying since September 2018. I wish I'd have bought earlier and more... but hindsight is 20/20.
This a historical find. Make no mistake.
Highlights:
$90 million in cash, ($45 million to be spent this year)
4.2 km strike length
375 holes done
318 reported
400 to 450 expected by year's end to complete maiden resource estimate (MRE)
MRE expected early in 2021
PEA to follow soon after.
...and that's just the shallow stuff. It keeps going.
Sprott Junior Gold Miners ETF bought 400k shares in the open market May 29. Now their largest holding.
14 institutions own 30%.
If you missed the webinar yesterday, here it is. It's long, but worth it. Lots of good stuff. I say 4x minimum by next summer... my opinion.
Thanks, LOTS OF GOLD -
Gold Debate: Is A New Gold Standard Coming? (Steve Forbes) -
August 23, 2020
) ) very goldy interesting ) ) ) .... ) 
Great Bear Discovers New High Grade "Arrow" Zone: 19.32 g/t Gold Over 2.10 m, Within 3.00 g/t Gold Over 15.00 m
TSX-V: GBR
VANCOUVER, BC , June 18, 2020 /CNW/ - Great Bear Resources Ltd. (the "Company" or "Great Bear") (GBR.V) (GTBAF) today reported results from its ongoing fully funded $21 million exploration program at its 100% owned flagship Dixie Project in the Red Lake district of Ontario .
Chris Taylor , President and CEO of Great Bear said, "Targeted regional drilling has repeated the success of our original Hinge zone discovery of 2018, one kilometre west of the Hinge zone. Drill hole REG-002 intersected three zones of gold mineralization including a 15 metre wide interval containing high-grade visible gold in quartz veins, the "Arrow" zone. These new gold-bearing veins have the same high temperature red-brown hydrothermal biotite alteration that is characteristic of the Hinge zone veins at Dixie, and the High Grade Zone at the Red Lake Gold Mine. While our primary focus remains the ongoing grid drilling program at the LP Fault zone, systematic follow up drilling of the Arrow discovery is clearly required, and additional regional targets also need to be drilled. The discovery of an additional Red Lake style high-grade gold zone in the first new area we've tested this year supports the strong ongoing discovery potential of the Dixie project."
Drill hole locations and results are provided in Figure 1, and in Table 1, respectively.
Drill Results Highlights:
New drill hole REG-002 was completed 1.2 kilometres to the west-northwest of the Hinge zone. Highlights include:
19.32 g/t gold over 2.10 metres, including 50.00 g/t gold over 0.75 metres, within a broader interval of 3.00 g/t gold over 15.00 metres. Figure 2, Figure 3, Figure 4 and Figure 5.
Three mineralized intervals were intersected along 435.55 metres of core length.
Gold mineralization was present at significant changes in rock type. In particular, high-grade gold within quartz veins was best developed at the contact between a high iron tholeiitic pillow basalt and a massive basalt. This is the same type of geological contact that is highly mineralized at the Hinge and Dixie Limb zones, however the Arrow zone occurs at a different stratigraphic position.
The Arrow zone veins strike 280 degrees and dip steeply to the northeast, similar to the Hinge zone veins. The regional D2 fold axis that is adjacent to the Hinge, Dixie Limb and Arrow zones extends for approximately 3.7 kilometres to the west-northwest from the Hinge Zone, before being terminated by a granitic batholith. The Arrow zone marks the westernmost drilling along this trend to date.
New drill hole REG-001 was completed to the northeast of RE-002 on the same drill fence. It intersected anomalous mineralization returning 0.51 g/t gold over 2.20 metres.
Oriented structural data suggests the mineralized interval in REG-001 is the same mineralization intersected at the top of drill hole REG-002 (1.09 g/t gold over 1.00 metres and 1.80 g/t gold over 1.30 metres), as shown on Figure 2. The vertical distance between the upper intercepts in REG-002 and REG-001 is approximately 300 metres. These results suggest significant potential vertical continuity in the Arrow zone, as has been observed at the other zones across the Dixie property.
The Arrow zone was targeted by projecting established gold mineralization trends observed within the LP Fault, Dixie Limb and Hinge zones along strike into the discovery area. While all three of these zones exhibit different geological controls and alteration signatures, they also all have a population of quartz veins with an approximately east-west orientation which often contain high-grade gold. The trends from the three zones intersect in several areas (Figure 1) near the Arrow zone and for this reason two exploratory drill holes were completed to cross two of these projected trends, resulting in the new discovery.
The Company notes that the Arrow zone discovery is the first confirmed occurrence of high-grade quartz veins with red-brown hydrothermal biotite alteration observed outside of the Hinge zone at Dixie. This type of high temperature alteration is a key characteristic of the High Grade Zone discovery at the Red Lake Gold Mine, initially made by Goldcorp Inc.; the mine is now operated by Evolution Mining Ltd. Other regional gold bearing quartz veins at Dixie such as those observed in the North Fault target contain accessory tourmaline gangue mineralogy which is characteristic of later-stage, lower temperature gold mineralization across the Red Lake district.
....read more
https://finance.yahoo.com/news/great-bear-discovers-high-grade-110000044.html
Hey let's update that chart !
Before (back then I was basically all-over it / them)......
8 months later....
I've never seen one quite so "wavy"
GTBDF buy 6.62
https://www.greatbearresources.ca
Yahoo finance has a good intro writeup:
https://finance.yahoo.com/quote/GTBDF/profile?p=GTBDF
Barchart includes a quick actionable summary that is backed up with features for the more technical:
https://www.barchart.com/stocks/quotes/GTBDF
normal chart
log chart
normal chart
log chart
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In July 2017, the company entered into a purchase agreement with Newmont Mining to acquire Newmont’s 33% stake in the project for $80,000 in total cash payments over 4 years.
In September 2017, the company acquired an additional 26 minerals claims and today the Dixie property covers 9,140 hectares.
In November 2018 Great Bear completed the purchase of 100% royalty -free interest in the Dixie Gold Project, Red Lake Ontario.
At the Dixie Project, gold mineralization is confirmed along a 2.3 km strike of a 10 km target. The system at Dixie has a high-grade gold zone that includes recent intervals of 16.35 metres of 26.91 g/t gold and 7.00 metres of 68.76 g/t gold and is open along strike and at depth.
The above results prompted a $6 million investment by Rob McEwen and McEwen Mining, as part of a $10 million financing completed in September 2018. Combined with historical drilling, over 198 drill holes for 30,000 metres have been completed at Dixie. In March of 2018 Great Bear commenced a 10,000 metre drill program, of which results from 5,000 metres in 23 holes had been reported as of August with an additional 5,000 metres underway.
2019 Drilling Highlights to Date:
Hinge Zone
DHZ-014 – 0.70 m of 1602.73 g/t Au
2018 Drilling Highlights:
Hinge Zone
DHZ-003 – 16.35 m of 26.91 g/t Au
-Incl. 5.05 m of 51.39 g/t Au
-and Incl. 1.0 m of 112.63 g/t Au
DHZ-004 – 7.00 m of 68.76 g/t Au (15 m vertically below DHZ-003)
-Incl. 2.00 m of 228.27 g/t Au,
-Incl. 1.00 m of 302.48 g/t Au
DHZ-002 – 17.18 g/t Au over 1.7m
-Incl. 46.3 g/t Au over 0.60m
DHZ-001 – 10.15 g/t Au over 1.25m
Hanging Wall Zone
DL-005 – 10.40 m of 16.84 g/t Au
DL-009 – 12.41 g/t Au over 1.5m
-Incl. 30.20 g/t Au over 0.55m
DLZ 1.6km Step Out
DNW-001 – 12.74 g/t Au over 1.7m
Geology at Dixie:
Dixie is a typical Archean mesothermal gold vein system located approximately 20-25 km from significant mines that share the same geological and metallogenic characteristics (Red Lake, Madsen and Rahill-Bonanza). Dixie hosts a series of mafic-felsic sequences within the Red Lake Greenstone Belt. Significant folding and thinning of the greenstone lends itself to enriched zones of gold mineralization.
2017 Drilling Highlights
In 2017 Great Bear completed an 8-hole, 1,000 metre drill program at Dixie. Highlights include:
Dixie Limb Zone
DL005 – 10.40 m of 16.84 g/t gold including 1.05 m of 130.10 g/t gold
DL004 – 6.30 m of 5.56 g/t gold including 1.0 m of 8.33 g/t gold
DL001 – 4.60 m of 4.07 g/t gold including 0.50 m of 10.50 g/t gold
DL003 – 13.75 m of 2.11 g/t gold including 1.5 m of 5.42 g/t gold
Examination of historic work on the project by Company geologists have identified several inconsistencies in the database that led to an underestimation of gold grades. The Company continues to evaluate this and test the exploration potential created by the structural folding of the mineralization sequences, which lend themselves to the formation of higher grade ore shoots.
Drilling highlights from the historical database include: 2.2 m at 17.2 g/t gold in hole DC-08-01R; 4.6 m grading 9.75 g/t gold in hole DL-04-04; and 1.97 m grading 17.77 g/t gold in hole DL-89-9.
While the project has an extensive history of exploration, Great Bear believes it’s new interpretation of the geology and structure should allow for a much more focused exploration program on these higher grade shoots as well as testing parallel zones that have been identified as a result of the compilation studies of the extensive historical data available. Recent drilling, announced September 7, 2017, has led to a better understanding of the structural and geological relationships of high-grade gold at Dixie Lake.
Click here to add your own textIn August 2017, Great Bear signed a purchase agreement to acquire 100 percent ownership of an expanded West Madsen gold project in the Red Lake Gold District. The total remaining payments to acquire a 100% interest in the West Madsen property is $124,000 over four years plus payment of 100,000 common shares of Great Bear. All royalties at the Madsen project are being purchased for payment of 200,000 common shares of Great Bear.
The project comprises two claims blocks, the easternmost (Block ‘A’) is now directly contiguous to Pure Gold Mining’s Madsen property; each block is roughly six kilometres by three kilometres in size, for a total area of 3,860 hectares.
The West Madsen project is a newly identified geological continuity of the greenstone belt within the Balmer and Confederation assemblages, which are host to the adjacent historical Madsen and Starratt Olsen mines. Results from neighboring Pure Gold’s Madsen project, reported September to November 2016, include 126.6 g/t gold over 3.7 metres; 34.0 g/t Gold over 11.0 metres; 25.4 g/t gold over 8.0 metres; and 76.0 g/t gold over 2.1 metres. Recent logging road construction has opened the area to cost-effective exploration for the first time. Great Bear’s next step on the property is an initial exploration program of mapping and sampling and geophysics towards defining priority drilling targets.
Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained on this website.
