EDMONTON, ALBERTA – October 20, 2020 -- Grizzly Discoveries Inc. (TSX-V: GZD; OTCQB: GZDIF; Frankfurt: G6H) ("Grizzly" or the "Company") is pleased to provide the following update on its ongoing 2,000+ metre (“m”) core drill program at its Ket 28 high-grade gold (“Au”) Property. To date, a total of twelve (12) drill-holes have been completed, for a total of over 1,600 m. All drill-holes have 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.
Brian Testo, CEO, Grizzly Discoveries Inc., commented, “Our 2020 drill program is over halfway completed, and we are enthusiastic about how well the drill program is progressing while remaining on budget. The geological crew are reporting visually encouraging and significant mineralization as we expand and define this high-grade, near surface gold zone. Drilling close to our Rock Creek camp facilities provides ideal logistical support for the drill program and core processing. The assays expected by year-end from this new drill data will advance us toward developing our initial resource estimate of gold mineralization at Ket 28. Grizzly will build on these results with further exploration efforts in southern British Columbia in 2021, at both our expansive Greenwood Property, and at our neighbouring Robocop Property”.
Full Force Diamond Drilling Ltd. of Peachland, BC, commenced drilling at the Ket 28 Property on September 27, 2020. Geologists are on site and are continuing core logging and cutting at Grizzly’s leased Rock Creek camp facility. The Company’s exploration program is tracking on budget and remains ahead of schedule on this first phase of drilling at Ket 28. The drill program is designed to further test the currently defined high priority Au mineralized zone. Drilling is anticipated to be completed by the end of October, and assays are expected by year end.
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)
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:
Tel: 604 347 9535
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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.