EDMONTON, ALBERTA--(Marketwire -12/14/11)- 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. Brian Testo, President of Grizzly, stated that "we are extremely excited about intersecting visible potash minerals in our first potash test well on our 100% owned Alberta Potash Project and are eagerly anticipating laboratory assay results expected in January to confirm this. We are also very excited about the new discovery of low grade bulk tonnage style gold-copper mineralization intersected at two targets at the Dayton area and the potential to expand and improve upon previously identified mineralization".
Current Exploration Status - Alberta Potash Project
A drill rig was mobilized on November 28 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 test well was completed and the drill rig was released on December 12, 2011. Coring commenced at 1,642 metres ("m") below surface and visible potash minerals were observed in the drill core for the interval between 1,650.1 m and 1,655.7 m below surface. The core has been sent to Norwest Corporation ("Norwest") in Calgary, Alberta for secure storage until such time as the core can be logged, sampled and sent for geochemical analysis. The Company anticipates that the drill core will be logged, dry sawed and sampled by personnel from APEX Geoscience Ltd. ("APEX") in conjunction with Norwest over the next several weeks. 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 in the latter half of January, 2012.
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 approximately 218 API units at a depth of approximately 1,662 m below surface for a calculated maximum potash grade of approximately 22% K2O.
Dayton Gold-Copper Discovery - Greenwood Gold Project
The Company has received and released results for the first two holes, 11DA09 and 11DA10 (see the Company's news release dated December 6, 2011) at the Dayton target area, which resulted in the discovery of new low grade bulk tonnage style gold-copper mineralization in the area. The Company is awaiting assay results for the remaining four holes, which are expected over the next two weeks. The results for drill holes 11DA11 to 11DA14 are expected to be reported in January, 2012. All samples are being analyzed for gold by standard fire assay and for trace metals by multi-acid digestion ICP at ALS Chemex, Vancouver, BC.
Current Drilling - Greenwood Gold Project
A drill is currently at the Motherlode area to complete a 6 hole exploration program testing gold-in-soil anomalies spatially associated with electromagnetic ("EM") targets before Christmas. After completion of the Motherlode drill program, the drill will be moved to one or more targets at the Overlander and/or the Ket 28 areas to test gold-in-soil anomalies and/or EM targets. The Company expects to re-commence drilling at the Overlander and Ket 28 target areas along with a number of other targets early in 2012. Assay results are anticipated to arrive for the Motherlode drilling and be released in the latter half of January 2012.
All 2011 and 2012 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
www.irprocommunications.com
All of the Company’s historical disclosures are available at www.sedar.com.