Grizzly Discoveries Inc. (TSX-V: GZD; Frankfurt: G6H; OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to provide an update regarding current activity and 2019 plans for its Greenwood property in southeastern BC.
Kinross Gold Corporation’s wholly owned subsidiary, KG Exploration (Canada) Inc. (“Kinross”) has initiated field work at Greenwood. The primary objective of the 2019 Kinross generative and target delineation work is to continue to explore the mineralization potential of the Greenwood property.
Kinross’ 2019 fieldwork will include:
- Bruce Creek area – field reconnaissance and detailed alteration mapping.
- Midway– rock sampling, detailed geological mapping, and detailed alteration mapping.
- Kerr Ck. area – rock sampling, detailed geological mapping, and detailed alteration mapping.
The portions of Grizzly’s Greenwood Project being explored by Kinross is 100% owned by Grizzly Discoveries Inc. and includes 131 claims that form a contiguous package totaling approximately 27,346 hectares, representing approximately one third of Grizzly’s land holdings at Greenwood. Under the terms of a September 2015 agreement, KG Exploration (Canada) Inc. can earn a 75% interest on the optioned land pursuant to an Option Agreement with Grizzly on portions of its land holdings in southeastern British Columbia, by incurring US$3 million in exploration expenditures by September 23, 2020.
Grizzly 2019 Greenwood Exploration Plans
Grizzly has been issued drilling permits for the Ket 28 area from the BC Ministry of Energy and Mines. The permits are for up to 25 drill sites and up to 10,000 metres of diamond drilling. The Company has planned an initial 11 drill targets at the Ket 28 prospect, located within the Rock Creek claim group of the Greenwood Project. The initial Ket 28 drill program is expected to cost approximately $400,000 to $500,000, and the Company is seeking flow through financing for this drill program. The program will target a gold-prospective zone in the central portion of the Ket 28 prospect where the gold mineralization is open along strike and to depth, with the intention of expanding the currently defined mineralized zone and developing a maiden mineral resource estimate.
Historic drilling in 1994 intersected high grade gold with 52.19 g/t Au over 3.35 m core length. Drilling by Grizzly in 2009 and 2010 at the Ket 28 prospect, following up the historic drilling in the mid 1990`s, yielded up to 2.77 g/t Au over 11 m core length and 8.75 g/t Au over 3 m, with a higher grade zone of 11.90 g/t Au over 2 m core length. Wider near-surface intervals of lower grade mineralization were intersected, with 1.02 g/t Au over 13.5 m core length and 1.19 g/t Au over 10.35 m core length.
Stock Options Issued
On August 12, 2019, Grizzly’s Board of Directors authorized the issuance of an aggregate of 250,000 stock options to an officer of the Company with an exercise price of $0.05 per option expiring no later than August 12, 2024. The options were authorized under the terms of the Company’s stock option plan and are subject to acceptance by the TSX Venture Exchange.
About Grizzly Discoveries Inc.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 67 million shares issued, focused and its precious metals and Cobalt-Copper properties in southeastern British Columbia. The Company holds, or has an interest in, over 180,000 acres of precious-base metal properties at its Greenwood Property. Additionally, Grizzly holds approximately 10,000 acres with Co-Cu-Ag mineralization at its Robocop Property, both located in southeastern British Columbia.
On behalf of the Board,
Grizzly Discoveries Inc.
Brian Testo
President
(780) 693-2242
For further information, please visit our website at www.grizzlydiscoveries.com or contact Investor Relations:
Nancy Massicotte
IR PRO COMMUNICATIONS INC.
Tel: 604-507-3377
Toll Free: 1-866-503-3377
Email:
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.