EDMONTON, ALBERTA – October 29, 2020 -- Grizzly Discoveries Inc. (TSX-V: GZD; OTCQB: GZDIF; Frankfurt: G6H) ("Grizzly" or the "Company") is pleased to announced that it has completed core drill operations at its Ket 28 high-grade gold (“Au”) Property. In total, fifteen (15) drill-holes were completed in Grizzly’s 2020 drill program, for a total of 1,975 m, exceeding Grizzly’s pre-drill estimate of a minimum of eleven (11) drill-holes. All drill-holes intersected variable amounts of sericite-pyrite alteration with quartz veins and silicification hosted in a sedimentary schist, mafic volcanic to basalt package of rocks. Ket 28 is situated within the Greenwood Gold Project, which is in an established, road accessible and historic mining district of southeastern British Columbia.
At the Ket 28 main zone, ten drill-holes were completed totaling over 1,231 m over a strike length of 150 m. Most of the holes in the main Ket 28 are intersected multiple zones of silica flooding, quartz veins, sericite and pyrite alteration. A further four holes totaling 650 m were drilled to test the potential for a faulted off southern extension and new separate zones extending southeast from the main Ket 28 zone. Three of these four exploration holes intersected significant alteration zones with silicification, quartz veins, sericite, pyrite and pyrrhotite. Finally, one hole was drilled to a depth of 96 m to the northeast of the main Ket 28 zone to test a secondary deeper structure.
Brian Testo, CEO, Grizzly Discoveries Inc., commented, “I’m pleased to announce that our 2020 drill program was completed on time and on-budget with 15 drill-holes from the Ket 28 property. Samples are now being prepared for laboratory assay analysis, with results expected by year-end. We are eagerly awaiting the results from the expanded program and look forward to incorporating this data into our geological model and developing our initial resource estimate of gold mineralization at Ket 28. I’d like to thank our partners at Full Force Diamond Drilling for completing the drill program on-time and on-budget.”
Full Force Diamond Drilling Ltd. of Peachland, BC, commenced drilling at the Ket 28 Property on September 27, 2020. The drill program was designed to further test the currently defined high priority Au mineralized zone.
Ket 28 drill site October 2020
Ket 28 drill core and assay samples, October 2020
Historic Drilling from the mid 1990`s at the Ket 28 prospect, located within the Rock Creek claim group of the Greenwood Project, 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 followed up on the historic drilling 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. (Source: Grizzly Discoveries Inc. NI 43-101 Technical Report September 1, 2013, Dufresne and Banas).
Greenwood Project, BC
7+ million gold oz mined to date in the Republic - Greenwood District (Dufresne and Banas, 2013)
Issue of Options
Grizzly announces that the Board of Directors has authorized the issuance of 100,000 options to a consultant of the Company. The options vest immediately, are exercisable at a price of $0.075 and will expire no later than five years from the date of issuance in accordance with the Company’s Stock Option Plan.
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.