EDMONTON, ALBERTA – September 29, 2020 -- Grizzly Discoveries Inc. (TSX-V: GZD; Frankfurt: G6H; OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that it has commenced its 2,000+ metre (“m”), 11+ hole core drill program on the Ket 28 high-grade gold (“Au”) property, situated on its Greenwood Property, located in an established, road accessible and historic mining district in southeastern British Columbia. This program is the first phase of drilling at Ket 28, designed to further test the currently defined Au mineralized zone, leading to the development of a maiden mineral resource estimate. The initial Ket 28 drill program is expected to cost approximately $500,000 and will be the primary focus of the 2020 phase 1 exploration program.
Full Force Diamond Drilling Ltd. commenced drilling on core hole 20KT001 on September 27th, 2020. A picture of the initial drill setup is presented below. Grizzly is finalizing and preparing the remaining drill collar locations for its Phase 1 drilling program at Ket 28, with the goal, once all the assay results are received prior to the end of 2020, of providing a maiden mineral resource in the first half of 2021.
Ket 28 drill site
Historic Drilling at the Ket 28 prospect, located within the Rock Creek claim group of the Greenwood Project, has intersected high grade gold with 52.19 grams per tonne (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 with 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.
Figure #1 – Grizzly Au Drill Hole Targets
Brian Testo, CEO, commented, “Our 2020 drill program is underway, and we are looking forward to analyzing the results. This new data will advance us toward developing our initial resource estimate of gold mineralization at Ket 28, on our expansive Greenwood property. We anticipate assay results before the end of the year and we will build on these results to continue financing our exploration efforts in southern British Columbia in 2021”.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 86.5 million shares issued, focused on developing its over 156,000 acres of precious and base metals properties in southeastern British Columbia. Grizzly is run by highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
The technical content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
On behalf of the Board,
GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President
Tel: (780) 693-2242
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
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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.