EDMONTON, ALBERTA – June 08, 2022 -- Grizzly Discoveries Inc. (TSX-V: GZD; Frankfurt: G6H; OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that crews have mobilized to southern British Columbia (BC) during May and have commenced surface-based fieldwork that will lead eventually to drilling during 2022. The Company is permitted for initial drilling programs at its Motherlode and Dayton Prospects in the Greenwood area of British Columbia and is currently in the process of obtaining the required permits for drilling at the Robocop Project near Grasmere, BC. Grizzly is actively seeking bids for its drilling program which is slated to begin later this summer.
The 2022 exploration program for the Greenwood Precious-Battery Metals Project and the Robocop Battery Metals Project will comprise soil and rock sampling, along with ground geophysical surveys followed by drilling at both projects in southern BC. Grizzly will focus efforts at a number of new and existing high-priority battery metals targets at Robocop (copper, cobalt and silver) and precious metals – battery metals targets at Greenwood (gold-silver-copper and other base metals). The ground exploration will be focused on or near prospective targets to be drilled during 2022. Recent geophysical results have outlined large areas with anomalous geological potential for new discoveries at both projects.
Brian Testo, President and CEO of Grizzly Discoveries stated “We look forward to the start of the 2022 program after completing a significant financing that will allow us to complete our drill programs at the Robocop Battery Metals Project and at our Greenwood Precious Metals-Battery Metals Project. Grizzly has significant potential for new copper-cobalt and copper-precious metal discoveries during a time when demand for battery metals is surging due to the shift to renewable energy sources and electric vehicles. We are looking forward to commencing an initial Phase 1 program over the next couple of months to isolate drill targets in preparation for a Phase 2 - 2022 drill testing. The geology of the Robocop and Greenwood areas has the potential to yield world-class discoveries.”
Update on Property Option Agreements
In May 2022, Hi-View Resources Inc. commenced ground exploration including soil and rock sampling on the Company’s Ket-28 property pursuant to the Ket-28 Option Agreement (see the Company’s news release dated August 10, 2021). A ground time domain electromagnetic (TDEM) survey is being planned for early summer at the project. The intent of the survey will be to confirm and define potential conductivity and resistivity targets identified in airborne surveys leading to the definition of additional drill targets for copper-gold-silver skarns and porphyry’s.
Effective May 28, 2022, the optionee for the Company’s Midway property (see the Company’s news release dated March 15, 2021) notified the Company that the optionee would not proceed to the second year of the option agreement, and the option for the Midway property has been terminated. The Company is evaluating next steps for the Midway property.
Warrants and Options Exercised
Between May 3 and June 7, 2022 the Company issued a total of 1,700,000 common shares upon the exercise of outstanding options and warrants, for gross proceeds of $110,000. As of June 7, 2022, the Company has 133,124,890 common shares issued and outstanding.
The Board of Directors of the Company have authorized the grant of an aggregate 3,500,000 share purchase options under the Company’s Stock Option Plan to Directors, Officers, and Consultants of the Company, including 2,500,000 to Insiders of the Company. The options are exercisable at $0.09 per common share until June 7, 2027, or earlier in accordance with the terms of the Stock Option Plan. These options vested immediately upon issuance and are subject to acceptance by the TSX Venture Exchange.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 66,000 ha (approximately 165,000 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.
On behalf of the Board,
GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
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.