EDMONTON, ALBERTA--(Marketwire -08/02/11)- Grizzly Discoveries Inc. (TSX-V: GZD) (OTCQX: GZDIF) (Frankfurt: G6H.F - News) ("Grizzly" or the "Company") announces an update to its Greenwood Gold Project, a 225,000 acre contiguous block of mineral claims centered on Greenwood, British Columbia. The Company, with a 100% interest in this project, commenced ground exploration in early May.
Current Exploration Status
The Stage 1 field-based exploration program which began in May 2011 continues to progress. The program consists of extensive ground geophysical surveys including: induced polarization ("IP") surveys; horizontal loop electromagnetic ("HLEM") surveys; Promis electromagnetic ("EM") surveys; magnetometer surveys; prospecting, and; rock and soil sampling. This is coupled with geological mapping at a number of existing targets including: Copper Mountain, Ket 28, and the Dayton area as well as a series of new targets identified by detailed analysis of airborne geophysical surveys conducted in 2008 and 2009. To date, approximately 4,700 soil and rock samples have been collected and shipped to ALS Chemex in Vancouver, British Columbia. More than 94 line-km of IP surveys (at more than 9 targets), more than 25 line-km of ground HLEM and Promis EM surveys, and more than 56 line-km of ground magnetic surveys have also been completed. The planned ground work is budgeted at approximately $1.2 million and will continue through early August, with results to follow.
Overlander Target Area
A total of 1,306 soil samples and 67 rock samples have been collected at the Overlander target area. Gold and multi-element geochemical results have been received for all samples. The soil sampling, conducted at a line spacing of 100 meters ("m") with sample points every 25 m, yielded 54 samples with greater than 50 parts per billion ("ppb") gold ("Au") and 21 samples with greater than 100 ppb Au. Rock grab sample geochemical analysis yielded 7 samples with greater than 5 grams per tonne ("g/t") Au, with 5 of the samples with greater than 10 g/t Au and up to 37.9 g/t Au. A number of these gold in soil anomalies and anomalous rock grab samples are spatially associated with geophysical and/or geological anomalies, including HLEM and IP anomalies, along with historic workings that have never been drilled. These coincident anomalies represent drill targets.
Future Work
Land use applications for drilling have been submitted for the Ket 28, Copper Mountain, Dayton, and Overlander Target areas and the Company plans to commence drilling by early fall 2011. Grizzly has planned a minimum budget of approximately $2.4 million for exploration on the Greenwood Gold Project in 2011, including an approximate 5,000 meter drill program.
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.