EDMONTON, ALBERTA – February 9, 2022 -- Grizzly Discoveries Inc. (TSX-V: GZD; Frankfurt: G6H; OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to provide the following update on its planned work program for 2022. Grizzly currently controls two large scale projects in southern British Columbia, the Greenwood Project covering 63,000 hectares (ha) and the Robocop Project covering 3,600 ha.
In calendar 2021, Grizzly:
- Optioned both the Midway (Baden Resources Inc. (BDN:CSE); see press release dated March 15th 2021 and KET 28 (Hi-View Resources; see press release dated August 10th, 2021) projects within the Company’s Greenwood Project area.
- Completed the first modern VTEM survey over the Robocop Cobalt-Copper-Silver Property, identifying 18 shallow to intermediate (200 to 300 m depth) conductivity anomalies that may be indicative of the presence of sulphide and/or alteration such as argillic-sericitic alteration types, and have not been previously tested by historical drilling.
- Increased the land package at Robocop subsequent to the VTEM survey.
- Completed a Phase 1 rock grab and soil sampling program to test a number of high and secondary priority geophysical anomalies identified in the vicinity of the “Discovery Area” and across the property.
- Submitted a Notice of Work permit application for drilling at Robocop. Permit is pending.
- Submitted revisions and received a Notice of Work permit for drilling at the Motherlode Copper-Gold-Silver Target at its Greenwood Project.
- Planned additional financings to fund drilling during 2022 at Greenwood (Motherlode and Dayton Prospects) as well as at the Robocop Project.
The Phase 1 rock grab and soil sampling program at Robocop delivered results with up to 3.35% copper (Cu) in grab samples. Historical trench sample results have yielded up to 0.18% cobalt (Co) over 1.0 m in a nearby area (see Grizzly news release dated September 15, 2021). Multiple high-priority geophysical targets have been identified that are supported by anomalous copper-cobalt geochemistry along a 7 km trend. The anomalous trend includes multiple geophysical anomalies that measure 200 to 600 m in strike length.
Ground geophysical TDEM or IP surveys will be used as a Phase 2 program to test and firm up targets followed by drilling in 2022. Additional soil and rock sampling may also be conducted as part of the Phase 2 work.
Exploration for 2022 is currently being planned at Midway and Rock Creek-Ket 28, lead and funded by the optionors. Additional soil and rock sampling is being planned by the Company for several targets within the Greenwood project and the Company has been granted permits for drilling at Motherlode (polymetallic skarn) and at Dayton (copper-gold porphyry), where the Company is planning a drill program for 2022.
Grizzly has been utilizing the funds raised in its recent private placement which closed in December to fund the work program described above. Grizzly may also seek to raise additional funds to expand or accelerate the planned 2022 work program, in particular for drilling at Robocop.
Brian Testo, CEO commented, “Grizzly has significant potential for new copper-cobalt discoveries during a time when demand for battery metals is surging, particularly in safe jurisdictions. We look forward to commencing the Phase 2 program in 2022 to test the new targets. The Robocop geology and anomalies have the potential to be world-class discoveries.”
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 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
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.