Bravo! Great Bear @greatBearGBR Drills 30.51 g/t #Gold Over 12.40 m at LP Fault $GBR.v

Great Bear Drills 30.51 g/t Gold Over 12.40 m at LP Fault

June 8, 2020 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (the "Company" or "Great Bear", TSX-V: GBR; OTCQX: 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, "The LP Fault continues to demonstrate excellent continuity of near-surface high-grade gold, and has just yielded the highest-grade, widest drill interval to date.  Deeper drilling towards the northwest margin of our planned grid program has also extended high-grade gold mineralization in this area.  Having completed our upsized private placement, we have over $50 million in cash and sufficient capital to continue aggressive drilling into 2022.  Updated exploration plans reflective of our ability to undertake an expanded fully-funded drill program will be provided in the near future."

The Company has completed 111 of approximately 300 planned drill holes into the LP Fault target, as part of its 5 kilometre long by 500 metre deep grid drill program.  Current drill hole locations and results are provided in Figure 1, and in Table 1, respectively.  An updated long section of the LP Fault drilling is provided in Figure 2.

Drill Results Highlights:

New drill hole BR-133 on section 20050 was completed in a 140 metre gap in drilling.  It contained multiple mineralized intervals, highlights of which include:

• 30.51 g/t gold over 12.40 metres, including 103.56 g/t gold over 1.10 metres, within a broader interval of 15.45 g/t gold over 25.15 metres, beginning at 163.35 metres down hole. Figure 3.
• This is the widest, highest-grade gold interval drilled at the LP Fault to date.  Mineralization is present at the bedrock surface.

#ETF #Gold holdings hit record high in May World @GoldCouncil $GLD

Gold holdings by ETF's reached an all-time high of 3,510 tons 

North American funds increased holdings by 102 tons, while those based in Europe added 45 tons, the WGC said. Asian-listed funds added 4.4 tons, while other regions had inflows of 2.6 tons.

Among individual ETFs, SPDR Gold Shares posted the biggest inflow, adding 67 tons, while iShares Gold Trust added 20 tons. Aberdeen Standard Physical Gold Shares led "low-cost" with an increase of 4.1 tons, the WGC said.
Meanwhile, two U.K.-based funds led European inflows: iShares Physical added 23.3 tons, while Invesco Physical Gold added 6.9 tons.

See the whole article here: https://www.kitco.com/news/2020-06-04/WGC-ETF-gold-holdings-hit-record-high-in-May.html

Correction may be coming in $GDX, $GDXJ, but the Textbook bullish setups in #Gold & Gold stocks continues

Textbook bullish setups in gold & gold stocks

It appears the Gold sector is in a correction that could become its most serious since March.

GDX has corrected 13% while GDXJ has corrected nearly 15%. Silver meanwhile has held up much better than Gold, which failed to break resistance at $1760/oz.

During the rapid rebounds of 2008 and 2016, corrections in the gold stocks tended to be 17% to 20%.

There were far more of those in 2008 and 2009 than in 2016. Corrections are a good thing as they pave the way for new buyers and new adopters, which in turn, strengthens the trend.

In only a matter of days, GDX and GDXJ nearly touched our downside targets.

Regardless of how much longer or how much deeper this setback is, it is important to keep the big picture in mind. Gold and gold stocks, in particular, have precise, bullish setups with the potential for huge moves over the next 12 to 18 months.

Let's start with the large gold stocks.

GDX just broke out from a 7-year base.

The term "breakout" gets applied to almost every wiggle in the market. It irks me because it takes attention away from the real breakouts, like what just happened in GDX.

It's a breakout with implications for the next several years, and recent action could merely be a retest of the breakout. That is typical and textbook. 

GDXJ is correcting after reaching 7-year resistance for the first time since 2016. That's normal as breakouts do not typically occur on the first try.

It hasn't broken out yet, but odds are it will sooner rather than later.

The setup in Gold is not as immediately bullish as what we see in the gold stocks, but there is a long-term bullish setup.

Gold, which has been unable to surpass $1760/oz, has stiff resistance at $1800/oz and $1900/oz.

If Gold can reach $1900/oz, then it will show a potential cup and handle pattern which, upon a break past $1900/oz, projects to a measured upside target of $2,750/oz.

Whether the current correction lasts another two weeks or seven weeks (pick a random number) it will not change the larger bullish setup that is in place for Gold and especially the gold stocks.

Although they have come very close to our correction targets, I would give it more time. A record two-month rebound in the gold stocks is not going to correct itself in only one week.

I would also take our cues more from the stocks than the metals as they figure to be a better leading indicator.

As I wrote last week, if you are fully invested, hold your positions.

If you need to deploy cash, make your company list and accumulate on weakness.

https://www.kitco.com/commentaries/2020-06-01/Textbook-bullish-setups-in-gold-gold-stocks.html