EDMONTON, ALBERTA--(Marketwire -11/23/11)- Grizzly Discoveries Inc. (TSX-V: GZD.V - News) (OTCQX: GZDIF.PK - News) (Frankfurt: G6H.F - News) ("Grizzly" or the "Company") is pleased to announce the discovery of a new bulk tonnage style low grade gold-copper zone at the Dayton area near the Mt. McKinney gold camp at its Greenwood Gold Project. The new discovery highlights the excellent potential for the discovery of not only hydrothermal and skarn related gold-copper deposits, but bulk tonnage style, porphyry related gold copper deposits.
Dayton Gold-Copper Discovery - Greenwood Gold Project
Results have been received for the first hole in the 2011 program (11DA09) which has intersected a wide zone of bulk tonnage style, low grade gold-copper mineralization grading 0.25 grams per tonne (g/t) gold (Au) and 0.07% copper (Cu) over 117 meters (m) core length. This mineralized zone starts at surface immediately below the casing and is comprised of 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 interval. The Au-Cu mineralization is hosted in 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 typical of intrusion related (calc-alkaline) porphyry style Au-Cu deposits.
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 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 1838 meters (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 11DA10 to 11DA14 are pending lab analysis and will be reported as soon as they are available.
Brian Testo, President of Grizzly, states that "we are excited about the new discovery at Dayton area and the potential to expand and improve upon the known gold-copper mineralization intersected in 2010 at the Dayton area."
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 into early December with the plan to drill a total of between 4,000 and 5,000 m. The field work 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 those for the Copper Mountain area, have been submitted to the Ministry of Energy and Mines in Cranbrook, British Columbia. Assay results are anticipated to arrive and be released between December and January.
Current Exploration Status - Alberta Potash
As described in the Company's news release dated November 2, 2011, a drill rig was mobilized to site 10-11-40-1W4 in east-central Alberta to complete a potash test well on the jointly-owned 50:50 Provost Potash Property. During September 2011, the Company signed a "Letter Of Intent" (LOI) with Pacific Potash Corporation (Pacific) to commence a multiple potash drill hole exploration program on the Grizzly - Pacific 50:50 owned Provost Permits. The LOI indicates that a minimum of one well will be drilled and that the costs will be shared equally by Grizzly and Pacific. Depending upon results, up to three wells may be drilled on the Grizzly - Pacific 50:50 Provost Potash Project. The first well was completed in mid November. The drill core has been shipped to Exova's testing facilities in Calgary, Alberta where the core will be logged, dry sawed, sampled and sent to the Saskatchewan Research Council for geochemical analysis. Analyses are expected sometime in middle to late December.
Grizzly has also engaged Barlon Engineering and Taylor Land Services to license two locations for potash test wells on its 100% owned South Block near Medicine Hat. The licences have been granted and the first well site is in preparation. Drilling is expected to commence on first of these drill sites in the next week.
Grizzly is reviewing the results of a seismic interpretation report recently received from RPS Boyd Petrosearch for its 100% owned North Block near Lloydminster. Once reviewed, the Company will engage Barlon and Taylor to complete well site licensing on at least two or three well locations. At least two core holes will be drilled at these locations during early 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
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Nancy Massicotte
Investor Relations
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All of the Company’s historical disclosures are available at www.sedar.com.