An updated resource estimate published showed 27.87 million oz. of AuEq within 730.2 million tonnes at a grade of 1.19 g/t AuEq.

Pre-production capital used for initial mine development, first process plant module and infrastructure is now estimated at $1.55 billion.

Great Bear now contains 3.3 million oz. gold in 22.7 million inferred tonnes, open pit and underground, grading 4.5 grams gold per tonne.

Extended zones are part of the 100%-owned Queensway gold project near Gander, Newfoundland.

Vizsla will buy Universal's shares on the basis of a 0.23:1 share exchange ratio.

The combined company would have global mineral resources of around 1.8 million gold ounces, as well as exploration assets.

Total funding under the Defense Production Act is now $59.4 million.

The new zone remains open to the northwest, projecting towards the Homestake Main deposit.