EDMONTON, ALBERTA – March 15, 2021 -- Grizzly Discoveries Inc. (TSX-V: GZD; OTCQB: GZDIF; Frankfurt: G6H) ("Grizzly" or the "Company") is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with Baden Resources Inc. (“Baden”) for its Midway exploration project in Southeastern BC, Canada.
Under the terms of the Option Agreement, Baden will earn a 75% working interest in the property upon completion of the following:
- Cash payments totaling $500,000 consisting of: (i) $5,000 upon signing of the Option Agreement; (ii) $15,000 upon Baden’s listing on the CSE; (iii) further payments totaling $480,000 paid on the first through fifth anniversary dates of Baden’s listing on the CSE;
- Payments totaling 800,000 shares of Baden consisting of: (i) 200,000 shares upon Baden’s listing on the CSE; (ii) 120,000 shares each of the first through fifth anniversary dates of Baden’s listing upon the CSE; and
- Expenditures on the Midway property totaling $1,120,000 consisting of: (i) $120,000 spend prior to October 31, 2021; (ii) $200,000 spend prior to the second, third and fourth anniversary dates of Baden’s listing upon the CSE; (iii) $400,000 spend prior to the fifth anniversary dates of Baden’s listing upon the CSE.
About the Midway Property
The Midway claims group is comprised of 24 claims covering 7,096 ha and are part of the Company’s larger Greenwood Property located around the town of Greenwood in southeastern BC along the US border. The Midway Property is subject to a 3rd Party NSR of 2.5% that can be bought down to 1% with payments of $500,000 per 0.5%.
Historical gold (Au) showings on the Midway claims have yielded significant precious and base metal grades. Recent exploration work conducted in the area resulted in the newly discovered Big Sexy area and included 668 metres of drilling in 2017 and 1,420 metres of further drilling in 2018 by KG Exploration Inc. (“KG”), a subsidiary of Kinross Gold.
Epithermal alteration and veining was mapped within Triassic sediments and within possible Jurassic hornblende diorite intrusions which post-dates the skarn event associated with the Bruce showing. Along the basal Eocene unconformity, a roughly 3 m thick blanket of massive silica has been mapped intermittently over a 1 km x 1 km area. This unit shows elevated Au, arsenic, mercury, antimony, and molybdenum (up to 1.175 ppm Au), with 15% marcasite dissemination near the eastern end of the mapped area near the Big Sexy showing (up to 0.139 ppm Au). Results from the soil sampling delineated a 600 m x 250 m Au-copper (Cu)-silver (Ag) anomaly with values up to 0.336 ppm Au, this coincident with a 200 m x 50-75 m wide zone of silicification which returned rock assays up to 4.2 ppm Au from chalcedonic quartz veins.
Figure 1: The Grizzly Greenwood Claims and Midway Property (shown in Purple).
Brian Testo, CEO of Grizzly commented, “We are very pleased to be partnering with Baden on the Midway property. The planned expenditures and associated exploration work by Baden will contribute to a significant advancement in our understanding of the mineralogy at Midway. We look forward to work commencing later this year.”
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.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange, with 90 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 a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
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
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.