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Chris says he just wrapped up a road show, in Toronto, NY, and Atlanta, talking to funds and high net worth individuals for whom Great Bear has been on the radar and because of the pullback, but they observe that every time there has been a pullback we have gone on to new higher levels because of additional discoveries and ongoing work, so it has been a good opportunity historically to buy in. So these guys are saying, come and talk to us giving us an update so we can know what is going on.
Six months ago guys were saying to me, maybe Great Bear is going to have a million ozs. maybe 3 million ozs. and they did not think that was going to move the needle for the majors. They looked for comparables and said they are not attracting the majors. 1 million or 2 million oz deposits are not that common around the world, but there are some. But, going to the meetings that I have had, no one is thinking that Great Bear will just have 2 or 3 million ozs. of gold. They all believe that it going to end up being a bigger system, based on the news we have put out recently, showing the continuity continuing to fill in and showing the strike length that continues to extend along these LP fault targets.
There is high grade all along the LP fault that we have drilled so far. And these big bulk tonnage intervals around it, those are the kind of the kind of deposits these big companies are looking to buy as they are showing profitability through fluctuating gold prices, and you are not having to mine down to multi-km depth, although you could follow the gold down to whatever dept they go to, but you have high grade gold, big tonnage gold, that come right to surface. And that is that unique character of dixie for which there are very few parallels.
In some of these meetings I am not the one pointing that out. I am being told by these reviewing parties that this is the kind of deposits they are interested. As far as the footprint along the LP fault, again we need to show the continuity, we've got to fill it in, we've got to do more drilling, but there are similar deposits that have similar strike points. And one that's been brought up to me time and time again over the last number of months after we put out the last intervals, particularly the one we put out recently of 125 meters of just over a gram, and that had an interval in it of a couple of meters with 1/3 of an oz (that would be about 10 gms), intervals like that are characteristic of big deposits.
One that keeps being brought up, and that is the Malartic mine (this tells about that mine http://www.canadianmalartic.com/Entrepr ... os-en.html ) which is about 3.5 Km in strike length, I believe. That's about the strike length that we have already got drilled off on the LP fault, and it was purchased for over $3 billion (that would be a share price for Great Bear of $58 Cnd, [about $44.45 USD], over 8x present price). And that is the kind of deposit that is producing over 600,000 ozs. of gold a year now. It's the biggest gold mine in Canada.
So we're able to point to comparables, but we need to keep the drills going and need to keep showing what we have, but we have comparables in our area which have been extremely productive producers over the years, very profitable, and then we have parallels to these big bulk tonnage systems as well, but they are in the same spot, they're in the same property, within the same zone, so that is what sets Dixie apart as extremely unusual. And that is why we're getting a huge amount of interest. Every time we put out a news release these days, I have very well placed contacts getting hold of me by email the very same day, congratulations . . . this is really exciting, congratulations, guys. You know this is right up the flag pole in terms of level of interest.
[Cory asks whether he can share any further info about what those interested are indicating.] Chris, "I don't want to give any specifics, but we've received every level of structured interest, and there were some very aggressive offers on that, well over a year ago when the first ones started floating in, and we felt at the time, when we had about a $100 million market cap or less, at that time, and we said, No, you know what, we have a lot more value that we can add with the drill rig. And we did that, and lo and behold, the company is 2 1/2 times the size, of what it was when those first offers began coming in.
And we feel exactly that way now. We keep looking at -- it's amazing. The only way I can describe it, is that when I am on site, and I am there frequently, because there is so much going on, that I am there every month for about a week actually, and the geos that are working on the project, there are some young guys who are just graduated, so they out of school for six months or a couple of years, and we have to tell them, guys, it doesn't matter if you work in this industry for another 30 years, we don't think you are going to see this again, because it is so exceptionally rare to get this high hit rate, and this combination of high grade gold and these [big bulk kind?] of intervals. Nobody has seen it, we haven't seen it in our careers before, it is the kind of thing that is exceptionally rare.
So to answer your question, I just pull it back to the fact that, when we look at what we have, when we look at the kind of interest that is coming in, these are very sophisticated parties that we are discussing things with, of course they would like to have the asset at as close to a song and a dance as possible, so we end up with some combinations of offers, sometimes on the equity side, sometimes on the royalty side, sometimes on the joint venture side, and what we are looking at, when you have to weigh these offers as board of directors of a company, and you believe that you have a major exceptional discovery on your hands, and that it is coming together rapidly and it is coming together very nicely, you have to weigh those offers against, what will another six months buy us in terms of value.
You know we are fully funded for drilling all the rest of this year and all through next year with multiple rigs going full-time, no down time in that process -- I often think that my biggest concern about Great Bear at the moment is that somebody would make us an offer, a godfather type offer, you know an offer that we can't refuse, and if that kind of offer comes in too early, it just means that we have not had the time to drill off enough of this big system that we're on, so that's my biggest fear, and so far, so good, because it is a long-term review process with big sophisticated entities, and every month that goes by, the system that we're working on gets bigger and it gets bigger, and I just imagine -- you know, I do not know where it is exactly, but let's say in nine months from now, it is putting us in the middle of 2020, how big it will be, given the fact that we have only been drilling this LP zone now for what, four months?
So its been a four month drill process and it is already multiple kilometers long, and all these high grade hits, all these big tonnage hits around it, and we have only drilled about 20% of it so far. So what we need more than anything is just time and drill rigs and keep the process going.
Wow! zelfs als we verkocht zijn dan nog gaan onze kleinkleinkinderen royalties binnenrijven van deze gigant!
Elke dip is een godsgeschenk!
Great Bear Announces C$14.6 Million Bought Deal Private Placement of Flow-Through Common Shares
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Nov. 7, 2019 /CNW/ - Great Bear Resources Ltd. (TSXV:GBR) ("Great Bear" or the "Company") is pleased to announce that it has entered into an agreement with Cormark Securities Inc. and Canaccord Genuity Corp. to act as co-lead underwriters of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters shall purchase 1,750,000 common shares that qualify as "flow-through shares" of the Company for the purposes of the Income Tax Act (Canada) ("Flow-Through Common Shares") at a price of $8.35 per Flow-Through Common Share, on a "bought deal" private placement basis, for aggregate gross proceeds to the Company of approximately C$14.6 million (the "Offering"). The Company has also granted the Underwriters an option to sell up to an additional 250,000 Flow-Through Common Shares at the offering price up to the Closing Date.
Great Bear Resources Ltd. (CNW Group/Great Bear Resources Ltd.)
The proceeds from the Offering will be used to incur "Canadian exploration expenses" (within the meaning of the Income Tax Act (Canada)) related to Great Bear's projects in Ontario. The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2019.
The Offering is scheduled to close on or about November 27, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Wow wow wow : we staan nu 6.02cad en deze deal van gisteren is aan 8.35 cad afgesloten!
CEO Chris Taylor is een groot en wijs man !!
Vandaag een jumpken van 30 à 40 %!!
Van 90 000 meter naar 200 000m boringen.
Blue skys voor deze parels , folks!!
2020 : 200 000 m boorresultaten het ganse jaar door. Ik betwijfel of in 2020 Great Bear nog "vrijgezel" zal zijn.
http://www.edelmetaal-info.nl/2019/12/2 ... den-xxiii/
The sky is the limit!
Eind 2020 staan we boven 20 cad.
4km gedaan van de 18 km mineralisatie : high grade gemengd met 1 à 2g fine (zoals detour gold) goud en dit vanaf het oppervlak en nog maar tot 500m diepte. Redlake deposits gaan tot kilometrs diep.
Laat ons eens die 4 km en 500 m diepte en een breedte van 300 m nemen en aannemen dat dit allemaal 1g goud / ton bevat en
dichtheid erts is 2.5 ton / m³
(4000 m x 500m x 300m x 2.5 ton / m³ x 1g goud /ton ) / 31.10 g /oz = 48000 000 oz !!
100$/oz dus 4.8 miljard $ = 6.24 miljard cad dan kom je aan een waarde van 124 cad per aandeel Great Bear. Dus potentieel in deze parel is immens zelfs al ben je oerconservatief.
https://web.tmxmoney.com/article.php?ne ... symbol=GBR
Holy cow: this is mega!!
Binnenkort waarschijnlijk naamsverandering : ipv Great Bear Resources naar Ultramegabear Resources!
The sky is the limit: Thanks Chris Taylor, you are the best CEO in the world.