EDMONTON, ALBERTA – September 1, 2020 -- Grizzly Discoveries Inc. (TSX-V: GZD; Frankfurt: G6H; OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to provide an update to its 2020 exploration strategy, including drilling at its Ket 28 high grade gold discovery. Grizzly is one of the largest mineral claim holders in the Greenwood district of Southern BC and has numerous exploration targets.
A team of technical personnel, management and directors completed a site visit to the Company’s Greenwood project this last week. The site visit included a tour of leased camp facilities located just east of Rock Creek, BC, only a few kilometres from Ket 28, Dayton and Motherlode, that can accommodate 14 workers, and houses a fully equipped core shack and core splitting facility, with adjacent core storage.
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Ket 28 team visit
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Ket 28 drill site
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As final preparation for phase 1 drilling at Ket 28, Grizzly has engaged technical experts who are completing archeological and wildlife studies in concordance with British Columbia legislation, As well, Grizzly is obtaining request for Proposal (RFP) quotes from at least seven regional drilling contractors for September mobilization. Grizzly is finalizing drill collar locations and is undertaking consultation with local landowners, First Nations groups and government officials in preparation for drilling. Studies are also being completed for Dayton and Motherlode in preparation for phase 2 exploration.
Grizzly is planning a 15 to 20 hole drill program of up to 2,500 metres that will target the mineralized zone in the central portion of the Ket 28 prospect, expanding the currently defined gold zone, with the intention of developing a maiden mineral resource estimate. The initial Ket 28 drill program is expected to cost approximately $350,000 to $500,000 and will be the focus of the upcoming 2020 phase 1 exploration program.
Historic Drilling at the The Ket 28 prospect, located within the Rock Creek claim group of the Greenwood Project, has 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 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.
Advantages of Greenwood Project
- All exploration targets are road accessible.
- The current Grizzly Greenwood land-package is composed of 276 claims covering approximately 150,000 acres.
- Any discoveries of near surface mineable Au-Ag-Cu mineralization could take advantage of the presence of the Greenwood Processing Facility (Golden Dawn Minerals Inc.), or the Kettle River Mill (Kinross Gold Corp.) near Republic, WA.
- Easy access to highway, power and gas.
- Communities with a history of mining, significant infrastructure and skilled work force.
- Exploration and drilling permits in place at a number of prospects.
- Accommodation and core logging facilities located centrally within the Greenwood project.
The Greenwood area represents a unique opportunity and the Grizzly technical team believes it to have high exploration potential for the discovery of Au-Ag-Cu mineralization. Exploration and mining activities in the Greenwood area started in the late 19th century continuing to the present. Several notable historic mine areas including the Phoenix camp with copper-gold-silver (Cu-Au-Ag) skarn mineralization (produced over 1 million ounces (oz) of Au, over 6 million oz of Ag, and over 560 million pounds (lbs) of Cu), the Motherlode Cu-Au-Ag skarn (produced over 178 000 oz of Au, over 723 000 oz of Ag, and over 80 million lbs of Cu), and the Lexington Cu-Au-Ag porphyry deposit, currently the target for future production for Golden Dawn Minerals (Dufresne and Banas, 2013). These nearby historic mines are not owned by Grizzly, but they demonstrate the potential of the region. The project includes numerous exploration targets such as the Dayton, Copper Mountain, Midway, Evening Star, Overlander, Mt Attwood, EPU, Motherlode and the recently discovered Granby target, situated between 2 and 10 km of the fully permitted and recently upgraded Greenwood Processing Facility, owned by Golden Dawn Minerals Inc.
Figure #1 – Grizzly Au Ag Cu Targets
Brian Testo, CEO commented, “With the current prices of gold and silver, we intend to take advantage of the current favourable prices and continue to raise capital and continue our exploration efforts in southern British Columbia in 2020.”.
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 precious and base metals properties in southeastern British Columbia. The Company holds, or has an interest in, over 156,000 acres of precious metal properties in southeastern British Columbia. 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:
Jim Greig
Corporate Development
Tel: 778-788-2745
Email:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.