EDMONTON, ALBERTA – April 18, 2016 -- Grizzly Discoveries Inc. (TSX-V: GZD; OTCPK: GZDIF; Frankfurt: G6H) ("Grizzly" or the "Company") is pleased to announce that it has been advised by Kinross Gold Corporation’s wholly owned subsidiary, KG Exploration (Canada) Inc. (“Kinross”) that it has completed its 2015 work program on the Grizzly Greenwood property, located near Greenwood in southern B.C. The option is a large property which includes 131 claims that form a contiguous package totaling approximately 27,346 hectares, representing approximately one third of Grizzly’s land at Greenwood. The property is 100% owned by Grizzly Discoveries Inc. Under the terms of a September 2015 agreement, KG Exploration (Canada) Inc. can earn a 75% interest on optioned land pursuant to an Option Agreement with Grizzly on portions of its land holdings in southeastern British Columbia, by incurring US$3 million in exploration expenditures over a 5 year period.
Summary of 2015 Kinross Results
Five target areas were selected for first-pass fieldwork in late 2015 (Attwood-Overlander, March Creek, Kerr Creek, Bruce Creek and Midway). The mandate of the 2015 program was to assess and prioritize targets on the land package for further work in 2016. Work consisted of geological mapping, plus soil and rock sampling. A total of 116 rock samples and 1,155 soil samples were collected targeting epithermal and skarn related precious metal mineralization in Tertiary and pre-Tertiary rocks within the prospective northern extensions of the Republic and Toroda grabens in the Rock Creek to Greenwood area of BC.
The initial exploration by Kinross uncovered previously unrecognized epithermal quartz veining and precious metal mineralization in the Attwood-Overlander area hosted in pre-Tertiary limestone and siltstone. Rock grab samples from the exposed epithermal veins that range from 0.75 to 2 m in width returned up to 29.8 grams per tonne (g/t) gold along with a number of nearby and spatially associated Au-Ag-Bi-Sb-Hg-Mo-Te geochemical anomalies in soil samples. The epithermal mineralization is considered a high priority for follow-up exploration in 2016.
Eocene sediments and volcanics at March Creek just north of the US border and Bruce Creek and Kerr Creek just north of Highway 3, were targeted for epithermal mineralization using rock and soil sampling. All three areas have returned anomalous precious metals and epithermal indicators in stream sediment samples in past sampling programs. A few anomalous rock and/or soil samples were obtained in each area and warrant follow-up exploration in 2016.
Pre-Tertiary rocks of the “Midway Window” were targeted for precious metal epithermal and skarn mineralization during the late 2016 program. Soil sampling yielded a strong Au-Ag-As-Hg-Sb-Mo geochemical anomaly in the area of Ingram Creek that is spatially related to a northeast trending structure. Follow-up exploration is planned for 2016. Rock sampling at the Texas showing within the Midway Window yielded up to 9.27 g/t Au with elevated Ag, Cu, Hg, Sb and Te in rock grab samples obtained from bands of sulphide mineralization within altered limestone confirming previous results. The geochemical results may indicate the presence of an epithermal overprint. Further exploration is recommended for 2016 at the Midway Target area.
2016 Planned Kinross Work Program
Kinross has recommended further exploration focusing on regional evaluation, prospect/target generation along with detailed field mapping and surface sampling leading to potential drill proposals in 2016. The 2016 program is expected to conduct remodelling of the airborne and ground electromagnetic and magnetic data for specific project areas. There are three broad areas within the property which will continue to be the focus and include the Tertiary rocks in the northern portion of the Toroda Graben (March Creek – Bruce Creek), a prospective package of pre-Tertiary rocks just northwest of Midway (the “Midway Window”) and pre-Tertiary rocks surrounding the historic Phoenix-Golden Crown-Lexington district (Attwood).
Kinross has indicated that the initial objective for the 2016 program will be to continue to evaluate the potential of the various target areas, working up specific targets to move forward using detailed mapping along with geologic and deposit models as a guide as well as many of the regional data sets already completed by Grizzly to move certain targets to a drill testing stage, potentially in 2016. Many of the target areas on the property are currently at the generative stage, with only a few geophysical and/or geochemical based targets having been drilled by Grizzly to date.
Under the terms of the September 2015 agreement, Kinross can earn a 75% interest in the property by incurring US$3 million in exploration expenditures over a 5 year period. By the second anniversary of the agreement, 750 metres of diamond drilling must be completed along with US$750,000 in expenditures by September 23, 2017.
About Grizzly Discoveries Inc.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 49.6 million shares issued, focused on developing significant Potash assets in Alberta and its precious metals properties in southeastern British Columbia. The Company holds over 235,000 acres of precious-base metal properties in British Columbia; more than 223,430 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta; and metallic and industrial mineral permits for potash totaling more than 143,000 acres along the Alberta-Saskatchewan border.
The content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
On behalf of the Board,
GRIZZLY DISCOVERIES INC.
Tel: (780) 693-2242
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Nancy Massicotte, Investor Relations or Ian Lambert
IR PRO COMMUNICATIONS INC. COO, Grizzly Discoveries Inc.
Tel: 604-507-3377 Tel: 416-840-9843
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.