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.
The above announcements as well as the multiple recent high-grade gold discoveries at Dixie prompted a $6 million investment by Rob McEwen and McEwen Mining, as part of a $10 million financing completed in September 2018. In July of 2019, the company closed an over-subscribed bought deal private placement of $10.9M and in November of the same year, Great Bear closed an other $16.7M over-subscribed bpught deal placement.
Over the last year and a half, the drill program plan has increased to up to 200,000 metres and the company is fully funded to drill through to the year 2021.
Great Bear’s exploration team has observed gold mineralization to be largely continuous over several kilometres of the LP Fault, including between the Bear-Rimini, Yuma, Yauro, Auro and Viggo discoveries, and is currently completing drill fences between already drilled areas to establish continuity. The Company will continue to undertake widely spaced reconnaissance step-out drilling along the LP Fault until the limits of the gold mineralized system are reached.
Sub-zone names like Bear-Rimini and Yauro will continue to be utilized to communicate where discoveries and ongoing drilling occur. The LP Fault is a geophysically-defined target that extends along approximately 18.5 kilometres of strike length at the Dixie property. 4 kilometres of this strike length have been tested to date, with gold observed and/or detected in all drill holes that have successfully intersected the structure.