Canadian Exploration Company Focused on Developing Exploration Assets in British Columbia and Alberta

with additional assets in goldproperties and diamondiferouskimberlites

Peak and French Properties

Peak Property, BC

Grizzly Discoveries holds 100% interest in the Peak Property, consisting of 9 claims totalling 3,643 ha, located 65 km northeast of the town of Smithers, BC, near the southern edge of the Bowser Basin with Stikine Terrane and along the northern flank of the Skeena Arch.  The property hosts the Ute and Rio polymetallic silver-gold-copper-lead-zinc veins systems consisting of a series of crudely laminated sulphide-quartz-carbonate veins within a thick bedded sequence of dacitic to felsic volcanics.  Precious and base metal mineralization at the Peak Property has characteristics in common with both Jurassic precious metal enriched VMS deposits, such as Eskay Creek, as well as Jurassic volcanic hosted epithermal precious metal deposits such as the Snip and Premier-Silbak.

The 2008 drilling program has continued to prove that the mineralization system at the Peak Property is quite large and is expressed in a variety of styles of mineralization. A total of 1,093m were drilled in 5 drill holes in order to test a large and well defined induced polarization (“IP”) anomaly identified west to southwest of the main UTE and RIO precious-base metal showings.

The drill program intersected extensive mineralized heterolithic breccia at thicknesses ranging from 18 m to 123 m in drill core and with a demonstrated lateral extent of approximately 700 m from southwest to northeast and is open along strike. The heterolithic breccia zone that was first observed during the 2006 drilling program has been shown to be of significant size with a strong and pervasive argillic to potassic alteration halo that envelops the system at the Peak Property. The drilling results to date, albeit not ore grade, have indicated a very large system of mineralization and alteration. This includes strong to pervasive zones of potassic alteration along with zones of intense argillic alteration associated with sulphide mineralization. The alteration zones are often accompanied by highly anomalous to elevated concentrations of manganese (Mn), antimony (Sb), bismuth (Bi), and arsenic (As) along with anomalous concentrations of precious and base metals at the Property. Intense Mn staining is ubiquitous at the Property and shows that the alteration zone is much greater than has thus far been drill tested. The high grade, low sulphidation epithermal mineralization observed at the UTE showing as well as the VMS (volcanogenic massive sulphide) mineralization observed at the RIO showing are believed to be both genetically and spatially related to the wide spread mineralized Breccia Zone system. The Breccia Zone and the high grade UTE and RIO showings remain open along strike and at depth.

  • Drill hole 08PK-01 intersected a zone of disseminated and clotty pyrite accompanied by grey to black dendritic veinlets in intermediate to felsic ash tuff at 14.33 m. The zone assayed 4.5 g/t Ag, 0.09% Pb, and 0.13% Zn over 10.47 m thickness and included 28.5 g/t Ag, 0.16 % Cu, 0.13 % Pb, and 0.13 % Zn over 0.8 m. A zone of disseminated pyrite in a heterolithic breccia was intersected at 99.92 m and assayed 4.7 g/t Ag, 0.13 % Pb and 0.12 % Zn over 10.05 m thickness.
  • Drill hole 08PK-02 intersected the Breccia Zone at 36.04 m and graded 4.5 g/t Ag, 0.08 % Pb, and 0.10 % Zn. Mineralization was described as disseminated pyrite with small pyrite clots and stringers accompanied by fine black dendritic sulphide veinlets. Drill Hole 08PK-02 also intersected a zone of disseminated and clotty pyrite occurring in felsic tuff. This zone was intersected at 131.22 m and assayed 0.2 g/t Au, 69.1 g/t Ag, 0.05 % Cu, and 0.12 % Pb over 0.78 m. The hole also intersected a zone of moderate sulphide veining along with disseminated pyrite in felsic tuff at 137.16 m that graded 0.4 g/t Au, 11.9 g/t Ag, 0.11 % Cu over 4.54 m.
  • Drill hole 08PK-03 intersected a weak quartz and pyrite veining zone at 130.36 m with fine black dendritic sulphide veinlets. This zone assayed 0.08 % Pb and 0.21 % Zn over 2.07 m and occurs in felsic tuff. Drill hole 08PK-03 also intersected a zone of intense quartz + pyrite + chalcophyrite + galena veining at 156.95 m, which assayed 1.0 g/t Au, 446.0 g/t Ag, 0.76 % Cu, and 0.42 % Zn over 0.27 m.
  • Drill hole 08PK-04 intersected a zone of disseminated pyrite accompanied by fine black dendritic sulphide veinlets at 89.28 m in an ash tuff. This zone assayed 1.6 g/t Ag, 0.07 % Pb, and 0.14 % Zn over 4.53 m. A zone of weakly to moderately intense sulphide veining as well as pervasive disseminated sulphides was intersected in ash tuff at 105.62 m. This zone graded 11.5 g/t Ag, 0.19 % Pb, and 0.4 % Zn and also included a 1.04 m thick zone assaying 38.4 g/t Ag, 0.08 % Cu, 0.60 % Pb, and 1.0 % Zn. Additionally, a zone of semi-massive galena surrounded by pervasive disseminated sulphide mineralization in ash tuff was intersected at 149.19 m. This zone graded 30.8 g/t Ag, 1.0 % Pb, and 0.59 % Zn over 0.53 m.
  • Drill hole 08PK-05 intersected a zone of weakly to moderately intense clotty and disseminated pyrite along with fine black dendritic sulphide veinlets in ash tuff at 52.32 m. The zone assayed 4.6 g/t Ag, 0.06 % Pb, and 0.16 % Zn over 1.81 m. Another similar zone was intersected at 72.13 in ash tuff and yielded 10.8 g/t Ag and 0.08 % Pb over 1.45 m. A zone of moderate disseminated pyrite with fine black dendritic sulphide veinlets in felsic tuff was intersected at 122.14 m and graded 24.9 g/t Ag and 0.25 % Pb over 3.65 m This zone included two high grade zones which assayed 43.9 g/t Ag, 0.14 % Cu and 0.24 % Pb over 0.62 m and 58.5 g/t Ag, 0.8 % Pb, and 0.11 % Zn over 0.91 m.

In 2007 a total of 22 diamond drill holes (PK07-01 to PK07-22) totaling 2,293m tested the RIO, UTE and Breccia Zone showings. Mineralization has been extended along strike at the RIO and UTE veins and resulted in the discovery of a broader zone of low grade mineralization associated with alteration of the Breccia Zone.

UTE Vein:

A total of 9 drill holes for a total of 979.4 m tested and expanded the strike extent of the UTE Vein during 2007.

  • Drill hole PK07-10 intersected the UTE vein at a depth of 16.10 m and assayed 265.8 grams per tonne (g/t) silver (Ag) (7.75 ounces per ton [oz/t]) across 2.80 m with associated 0.44% copper (Cu), 1.38% lead (Pb) and 0.19% zinc (Zn).
  • Drill hole PK07-11 interested the UTE vein at a depth of 39.66 m and assayed 182.2 g/t Ag (5.31 oz/t) across 3.34 m with associated 0.33% Cu, 1.88% Pb and 0.10% Zn.
  • The mineralized intersections within PK07-12 and PK07-13 extend the known strike length of the UTE vein to 330 m and its’ inferred down dip extent to 51 m vertically.
  • Drill hole PK07-12, collared 250 m to the west of PK07-13, tested the down-dip extent of the UTE vein and yielded an intersection of 38.7 g/t Ag (1.13 oz/t), 0.29% Pb and 0.20% Zn over 3.87 m core length at a depth of 68.38 m with a high grade portion of 1,040 g/t Ag (30.33 oz/t), 1.71% Cu, 14.30% Pb and 7.64% Zn over 0.10 m.
  • PK07-12 intersected a second mineralized zone within a sequence of mudstone and interlayered felsic volcanics (Mud1 Zone) at a depth of 108.18 m which yielded assays of 10.26 g/t Ag (0.30 oz/t), 0.29% Pb and 0.33% Zn over a 5.15 m core length.
  • Drill hole PK07-13, collared 70 m to the east of the UTE vein, yielded an intersection of 1,410 g/t Ag (41.13 oz/t) across 0.24 m core length with associated 0.86% Cu, 14.70% Pb and 3.10% Zn.
  • Drill hole PK07-16 interested the UTE vein at a depth of 21.17 m and assayed 116.3 g/t Ag (3.39 oz/t) across 1.85 m with associated 0.66% Cu, 2.78% Pb and 0.72% Zn.
  • All high grade and low grade zones are accompanied by widespread highly anomalous manganese (Mn) and antimony (Sb) along with anomalous trace concentrations of arsenic (As), bismuth (Bi), and cadmium (Cd).

Breccia Zone:

  • A total of 2 drill holes expanded the strike extent of the Breccia Zone during 2007 drilling. Drill holes PK07-14 and PK07-15 tested a possible broader zone of Ag plus Pb/Zn mineralization discovered during 2006 drilling (see news release dated Dec. 14, 2006).
  • Drill hole PK07-14 intersected 13.6 g/t Ag (0.40 oz/t),0.11% Cu and 0.10% Pb over 12.71 m with a high grade portion of 108.1 g/t Ag (3.15 oz/t), 2.64% Cu, 0.12% Pb and 0.19% Zn over 0.36 m. The brecciated and altered volcanics in hole PK07-14 also yielded two zones of greater than 40 m with concentrations of Pb ranging from 200 to 1000 parts per million (ppm) and zinc ranging from 500 to 2,500 ppm with greater than percent level Mn and trace but anomalous concentrations of Sb, Mo and Cu. The exact nature, orientation and extent of the altered feldspar porphyry and the altered and mineralized brecciated volcanic units intersected at the Breccia zone are currently unclear.
  • Drill hole PK07-15 intersected a number of 5 to 20 m thick zones of widespread low grade Au mineralization with samples yielding concentrations ranging from 0.05 to 0.5 g/t Au. At the bottom of PK07-15, from 166.31 m to 169.77 m, a 3.46 m intersection yielded 0.27 g/t Au (0.008 oz/t), 6.14 g/t Ag (0.18 oz/t), 0.04% Cu, 0.14% Pb and 0.10% Zn.

RIO Zone:

  • A total of 9 drill holes were completed at the Rio Sulphide Zone, a 1.5 to 5 m wide shallow dipping sulphide zone within felsic tuffs near a contact with underlying basalt to andesite.
  • Drill hole PK07-03 assayed 74.03 g/t (2.16 oz/t) Ag, 0.61 g/t (0.018 oz/t) Au and 0.65% Cu over 3.05 m at a depth of 5.18 m, with a higher grade portion of 227 g/t (6.62 oz/t) Ag, 2.30 g/t (0.067 oz/t) Au, and 2.97% Cu over 0.29 m.
  • Drill hole PK07-06, collared 75 m to the northwest of PK07-03, tested the down dip extent of the RIO showing and intersected 9.98 g/t Au (0.29 oz/t) over a core length of 0.50 m with associated 102.1g/t Ag (2.98 oz/t), 5.4% Cu, 0.42% Pb and 0.99% Zn at a depth of 52.20 m.
  • Drill hole PK07-08 assayed 19.14 g/t Au (0.56 oz/t), 8.1 g/t Ag (0.24 oz/t) and 0.17% Zn over a core length of 1.00 m.
  • All RIO zone mineralization is accompanied by widespread and highly anomalous Mn and Sb along with trace but anomalous concentrations of As, Bi, Cd and tungsten (W).

The Peak Property was bulk sampled during the mid 1960's and 1970's with reported total sampling of approximately 52 tonnes of ore with an average grade of 7,469.5 g/t silver, 2.38 g/t gold, 2.40% copper, 17.19% lead and 1.45% zinc.  Grab samples from the property collected by the property vendor assay up to 39.87 g/t gold, 2,150 g/t silver and 15.1% copper, 44.8% zinc and 1.6% lead.  A historic resource of 2,630 tonnes grading 411 g/t silver, 2.4 g/t gold, 5% copper and 14% lead was reported in 1983.  Grizzly Discoveries views the historic resource as an indication of the presence of mineralized rocks only, as the historic resource is not compliant with NI-43-101 guidelines.

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French Property, BC

Grizzly Discoveries holds 100% interest of the French property which is located 65 km north-northeast of Smithers, BC and easily accessed by road and trails from the community of Fort Babine, 10 km to the east.  The French property, comprising of one 500 ha claim, was first discovered in the 1960's and consists of a Late Cretaceous (Bulkley age) Cu-Mo-Ag-(Au) porphyry  complex.  Exploration between 1966 and 1971 included prospecting, trenching, trench sampling, geochemical and geophysical surveys culminating in a 6-hole drilling program.

An isolated 400 x 400 metre magnetic high is associated with a significant Cu-Mo-Au rock and soil geochemical anomaly. Limited drilling of this magnetic anomaly by Silver Standard Mines Ltd. (1971) returned an intersection of 0.2% Cu over a 29.57 metre interval. In addition, trench chip sampling by Mastodon-Highland Bell Mines Ltd. (1968) retuned an intersection averaging 0.22% Cu and 1.1 oz/t Ag 33.53 metres.

Exploration during the 2006 field season consisted of the completion of a helicopter-borne electromagnetic (EM) and magnetic geophysical survey over the French property.  In total, 51.4 line km were flown over the property.  The AeroTEM II airborne geophysical survey was successful in mapping the magnetic and conductive properties of the geology throughout the survey area.

The observed distribution of airborne magnetic, soil and rock geochemical anomalies are interpreted to represent a core magnetic high surrounded by a porphyry Cu-Mo-Au ore shell and peripheral Ag-Zn mineralized halo.

The French porphyry is fault bounded and exists within a complex area of block faulting juxtaposing the Lower and Middle Jurassic Hazelton Group and Upper Cretaceous volcanics against the Lower Cretaceous Bowser Lake Group sediments (Richards, 1980). Based upon the presence of near flat lying hornfelsed volcanic and sedimentary units, blocks of volcanics within the porphyry (most likely roof pendants) and an extensive pyritic zone, the present day erosional surface is at or near the top of

the French porphyry system, which is only now being unroofed. As a result, Grizzly Discoveries believes that the French property represents a unique exploration opportunity for the discovery of an intact copper-molybdenum-silver±gold porphyry system associated with a Bulkley aged intrusive complex.

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