EDMONTON, ALBERTA--(Marketwire -12/06/11)- Grizzly Discoveries Inc. (TSX-V: GZD.V - News)(OTCQX: GZDIF.PK - News)(Frankfurt: G6H.F - News) ("Grizzly" or the "Company") is pleased to provide the following update on continuing exploration activities at its Alberta Potash Project and its Greenwood Gold Project.
Current Exploration Status - Alberta Potash Project
A drill rig was mobilized on November 28th to well site 8-36-19-1W4 in southeast Alberta to complete a potash test well on the South Block of the Company's 100% owned Alberta Potash Project near Medicine Hat, Alberta. The drill rig commenced drilling on November 29th and is currently proceeding to core point at approximately 1,650 metres ("m") below surface. In 1980, historic oil well DEML MEDHAT 6-36-19-1W4, located 800 m west of the current well location, yielded a gamma log spike of about 218 API units at a depth of approximately 1,662 m below surface for a calculated maximum potash grade of approximately 22% K2O.
The Company anticipates that coring of the Prairie Evaporite, which contains the main potash-bearing zone along with down hole geophysics, will be completed in the next week. Once the well is completed, drill core will be logged, dry sawed and sampled by personnel from APEX Geoscience Ltd. ("APEX") in conjunction with Norwest Corporation ("Norwest") in Calgary, Alberta. The split core samples will be forwarded to the Saskatchewan Research Council ("SRC") in Saskatoon, Saskatchewan for full geochemical analysis. Geochemical results are expected to be released early 2012.
The Company has received and reviewed the results of a seismic interpretation report recently received from RPS Boyd Petrosearch for the North Block of the Alberta Potash Project near Lloydminster, Alberta. The Company has engaged Barlon Engineering and Taylor Land Services to license up to four locations for potash test wells on the North Block. Depending upon drill rig availability and progress on well licensing, one well may be drilled sometime during the 1st quarter of 2012.
In September 2011, the Company signed a letter of intent with Pacific Potash Corporation ("Pacific") to commence a multiple potash test well exploration program on the Grizzly - Pacific 50:50 owned Provost Property, near Provost, Alberta. The first well on the 50:50 owned Provost Permits was completed in mid-November. Drill core has been shipped to Norwest where it will be logged, dry sawed and sampled in the following week. The samples will be sent to the SRC for geochemical analysis. Results are expected sometime in early January 2012 and will be released following receipt and review by Grizzly and Pacific.
Dayton Gold-Copper Discovery - Greenwood Gold Project
Results have been received for the second 2011 hole drilled in the Dayton area (11DA10), and similar to the first drill hole (11DA09), it has yielded a wide, bulk tonnage style, low grade gold-copper zone of mineralization grading 0.14 grams per tonne ("g/t") gold ("Au") and 0.03% copper ("Cu") over 121.5 m of core length (see Table 1). Similar to drill hole 11DA09, the low grade bulk tonnage style mineralization starts at surface immediately below the casing and continues over most of the length of the drill hole. Drill hole 11DA09 yielded an intersection grading 0.25 g/t Au and 0.07% Cu over 117 m core length with a higher grade zone of 0.43 g/t Au and 0.15% Cu over 51.0 m core length at the top of the hole (see Table 1). The Au-Cu mineralization is hosted in a unit of basalt with significant breccia zones comprised of basalt and feldspar porphyry clasts with silicification and up to 5% pyrite and minor chalcopyrite. The mineralization was discovered by drill testing coincident anomalous Au in soils and induced polarization ("IP") chargeability anomalies. Other than anomalous silver, barium and phosphorous, few other anomalous trace elements are present. The style of mineralization and alteration is in line with intrusion related porphyry style Au-Cu deposits.
TABLE 1. Summary assay results for drill holes 11DA09 and 11DA10.
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From To Interval Au Ag Cu Pb Zn
Drillhole Zone (m) (m) (m) (g/t) (g/t) % % %
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Dayton IP1 9.0 343.0 334.0 0.07 - 0.03 - -
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11DA10 includes 9.0 130.5 121.5 0.14 - 0.03 - -
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includes 15.0 114.0 99.0 0.15 - 0.03 - -
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includes 318.0 334.5 16.5 0.01 - 0.07 - -
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Dayton IP2 3.0 120.0 117.0 0.25 - 0.01 - -
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11DA09(i) includes 3.0 54.0 51.0 0.43 0.81 0.15 - -
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includes 6.5 37.53 31.03 0.46 0.72 0.16 - -
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11DA11 Dayton IP1 Results Pending
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11DA12 Dayton IP1 Results Pending
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11DA13 Dayton IP1 Results Pending
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11DA14 Dayton IP3 Results Pending
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(i)Previously released results in the Company's news release dated November
23, 2011.
As described in the Company's news release dated October 24th, 2011, drilling commenced in early October at the Dayton Prospect targeting IP chargeability electromagnetic ("EM") anomalies identified by the 2011 IP survey. The first two drill holes, drilled into two separate IP EM anomalies, intersected significant thicknesses (greater than 50 m core length) of brecciated volcanics, volcaniclastics, sediments and feldspar porphyry with intervals of silicification, quartz vein stockworks and associated sulphides. A total of 1,838 m in 6 holes were completed at a variety of targets in the Dayton area. Drilling wrapped up at the Dayton area mid-November. The results for drill holes 11DA11 to 11DA14 are pending and are expected to be reported in January 2012. All samples are being analyzed for Au by standard fire assay and for trace metals by multi-acid digestion ICP at ALS Chemex, Vancouver, BC.
Brian Testo, President of Grizzly, states that "we are extremely excited about our first potash test well on our 100% owned potash permits in southern Alberta and we are excited about the new discovery of low grade bulk tonnage style Au-Cu mineralization intersected at two targets at the Dayton area and the potential to expand and improve upon the known mineralization intersected in 2010."
Current Drilling Plans - Greenwood Gold Project
The drill has been moved to the Motherlode area and has commenced a 4 to 6 hole exploration program testing Au in soil and EM targets. Once the Motherlode drill program is completed, the drill will be moved to one or more targets at the Overlander and/or the Ket 28 areas to test Au in soil anomalies and/or EM targets. Drilling is expected to continue to about mid-December with the plan to drill a total of approximately 4,000 m. The fieldwork to date has resulted in the identification of new drill targets at the P2, P4 and B4-B5 target areas. Land use applications for drilling at these new target areas as well as the Copper Mountain area have been submitted to the Ministry of Energy and Mines in Cranbrook, British Columbia. These assay results are anticipated to arrive and be released in mid to late January 2012.
All 2011 field and office exploration programs are conducted under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under National Instrument 43-101.
About Grizzly Discoveries Inc.
Grizzly is a diversified Canadian mineral exploration company listed on the TSX Venture Exchange with 48.7 million shares issued, focused on developing significant Potash assets in Alberta. The Company holds, or has an interest in: metallic and industrial mineral permits for potash totaling more than 900,000 acres along the Alberta-Saskatchewan border; over 235,000 acres of precious-base metal properties in British Columbia; and more than 600,000 acres in properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta.
On behalf of the Board
Grizzly Discoveries Inc.
Brian Testo, President
For further information, please visit our website at http://www.grizzlydiscoveries.com.
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.
Grizzly Discoveries Inc.
Brian Testo
President
(780) 693-2242
IR PRO COMMUNICATIONS
Nancy Massicotte
Investor Relations
604-507-3377 or Toll Free: 1-866-503-3377
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All of the Company’s historical disclosures are available at www.sedar.com.