EDMONTON, ALBERTA--(Marketwire -09/19/11)- Grizzly Discoveries Inc. (TSX-V: GZD.V - News) (OTCQX: GZDIF.PK - News) (Frankfurt: G6H.F - News) ("Grizzly" or the "Company") is pleased to announce that it has signed a letter of intent ("LOI") with Pacific Potash Corporation ("Pacific") to commence a multiple target exploration program on the Grizzly - Pacific 50:50 Property surrounding Pacific's 100%-owned Provost Property. Grizzly and Pacific have engaged Barlon Engineering and Taylor Land Services, both of Calgary, Alberta, to coordinate the required well licensing and site preparations for three well site locations. 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 50:50 Provost Property. Drilling on the 50% owned Provost Property is expected to commence in October. Grizzly is also making preparations for the drilling of up to 5 wells on its 100%-owned Alberta Potash Property's North and South Blocks.
Grizzly - Pacific 50:50 Jointly Owned Provost Property
In late 2010 and 2011, Grizzly and Pacific submitted 24metallic and industrial mineral ("MAIM") permit applications to the Alberta Government totaling approximately 527,000 acres on the basis of a 50:50 ownership split. The permits were granted between April and August, 2011. The analysis of all the available geophysical logs for historic oil wells on the property has revealed a high probability of potash-bearing beds underlying the Grizzly - Pacific 50:50 Property. More specifically, the Company's analysis has indicated that the east-central and southeastern areas of the property have very high potential for economic-grade potash beds. Gamma-ray responses from historic oil and gas wells suggest that the grades of potash-bearing beds underlying the property could attain grades ranging from 15% to 25% K2O across thicknesses of 1 to 5 m (Klarenbach, P.Geol., 2009). These responses all occur at a depth of about 1,300 m in the uppermost 60 m of the Prairie Evaporite Formation, which is the main host to potash deposits in Saskatchewan (Holter, 1969). The potential quantity and grade mentioned above is conceptual in nature, there has been insufficient exploration on the property to define a mineral resource and it is uncertain if further exploration will result in the target being delivered as a mineral resource.
Grizzly's 100% owned Alberta Potash Property
The Company currently has a 100% interest in just over 1.88 million acres in two major blocks, with the North block centered about the town of Lloydminster and the South block northeast of Medicine Hat (see Grizzly's web site at www.grizzlydiscoveries.com for an updated map).
RPS Boyd PetroSearch is currently completing an analysis of seismic data acquired over both the northern Lloydminster Block and southern Medicine Hat Block. The studies are nearing completion and once completed will be used to identify exploration drill targets on Grizzly's 100%-owned MAIM Alberta Potash Property permits. These targets are planned to be drilled upon completion of drilling on the 50:50 jointly owned Provost Property. It is anticipated that drilling will commence on Grizzly's 100% owned Alberta Potash Property sometime during the latter half of October.
A large portion of Grizzly's 100%-owned Alberta Potash Property permits exist in close proximity to or directly contain areas that are underlain by potash bearing beds within the uppermost portion of the Prairie Evaporite Formation. Recent analytical work by the Alberta Geological Survey (Eccles et al., 2009) on the remaining core from VCO#15 has yielded up to 18.6% K2O. The occurrence of potash minerals in VCO#15 is at a depth of approximately 1,061 m below surface and is 1.4 km from the North block of the Alberta Potash Property. Recent staking by Grizzly has led to the acquisition of lands that contain a historic oil test well, DML Medhat 6-36-19-1, that has a gamma log spike that is indicative of a potash intersection of approximately 21.6 % K2O over 1 to 2 meters. The intersection is at a depth of approximately 1,660 m below surface, which is an ideal depth for potential solution mining due to the heat of the formation. The potential quantity and grade mentioned above is conceptual in nature, there has been insufficient exploration on the property to define a mineral resource and it is uncertain if further exploration will result in the target being delivered as a mineral resource.
Grizzly is planning to license and prepare at least 5 well site locations, and plans to drill at least two potash test holes on its 100% owned Alberta Potash Project.
All Grizzly Discoveries 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
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All of the Company’s historical disclosures are available at www.sedar.com.