Edmonton, Alberta--(Newsfile Corp. - February 13, 2023) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that it has entered into an agreement with Zimtu Capital Corp. ("Zimtu") to acquire ten mineral claims in the Beaverdell area in the Greenwood Mining District of Southeast British Columbia (BC) for a deemed price of $15,000. The Company has also engaged Integrous Capital Partners ("ICP") to provide capital market consulting services to the Company.
Beaverdell Property Purchase
The Company has entered into a purchase agreement ("Beaverdell Agreement") with Zimtu Capital Corp. ("Zimtu") whereby the Company will acquire a 100% undivided interest in ten (10) mineral claims currently held by Zimtu, known as the Beaverdell Claims, near the town of Beaverdell in southeast BC, adjacent to the Company's Greenwood Project mineral claims.
Under the terms of the Zimtu Beaverdell Agreement, the Company will acquire the Beaverdell Claims for a cash payment of $7,500, payable immediately, and the issuance of 75,000 common shares of the Company to Zimtu. The Beaverdell Agreement and the issuance of shares to Zimtu are subject to acceptance by the TSX Venture Exchange. Common shares of the Company issued under the Beaverdell Agreement will be subject to a hold period of four months and one day in accordance with the policies of the TSX Venture Exchange and securities regulation.
The Beaverdell mineral claims exist at the south end of the historic Beaverdell silver-lead-zinc-gold (Ag-Pb-Zn-Au) camp. Silver production for the main Beaverdell mine about 3 km north of the mineral claims being acquired was close to 35 million ounces (Moz) of Ag with greater than 30 million pounds (Mlbs) of Zn and 25 Mlbs of lead from 1896 to 1991 (BC Government Minfile Report for 082ESW030). Several of the mineral claims being acquired exist immediately south of Troubadour Resources Inc.'s Texas Project mineral claims where they have been actively exploring high grade Ag-Au-Cu-Pb-Zn zones southwest of Beaverdell including the Doorn Zone approximately 2 km north of the Beaverdell mineral claims.
The Beaverdell mineral claims being acquired cover a number of historical polymetallic showings and in particular the Tuzo Creek Molybdenite showing with accompanying sphalerite, galena and chalcopyrite in an altered, partially brecciated and quartz veined Eocene aged quartz-feldspar porphyry. Historical drilling results at the Tuzo Creek showing have yielded up to 0.28% MoS2 (0.17% Mo) over 3.05 m and 0.16% MoS2 (0.1% Mo) over 15.24 m core length in limited drilling.
The southernmost block of claims south of Beaverdell covers the historical (reverted) Enterprise and Teresa Fraction Crown Grants that are host to a number of historical adits and drifts along quartz veins hosted in shear zones within felsic porphyry and granodiorite of either Jurassic and/or Eocene age. The mineralization present has been reported as quartz veins with chalcopyrite, pyrite, galena, sphalerite along with tellurides. High grades of Au, Ag, Pb, Zn and tellurium (Te) have been reported from samples from the workings.
The Company plans to conduct reconnaissance exploration at the acquired mineral claims during the coming field season.
Grizzly Engages Integrous Capital Partners
The Company has entered into an agreement with Integrous Capital Partners (ICP) whereby ICP will provide capital market consulting services to the Company for consideration of $6,750 per month for a term of six months, payable at the beginning of the term, and the issuance of 300,000 stock options under the Company's Stock Option Plan with a strike price of $0.11 per option and expiring no later than five years from the date of issuance. The options to be granted to ICP and the Company's Stock Option Plan are subject to acceptance by the TSX Venture Exchange.
Integrous Capital Partners is an independent advisory firm providing capital market insight and consultancy to its clients. Headquartered in North America with offices across the United States and Canada, the firm's diverse team of professionals has more than 100 years of combined experience. Integrous serves both domestic and international clients, including companies in the US, Canada, Australia, and Europe.
Brian Testo, President and CEO of Grizzly Discoveries, stated, "The addition of the Beaverdell claims is a very good acquisition for Grizzly Discoveries. It enhances our battery metals properties in the Greenwood Mining District. I am very pleased to have Integrous on board with our team at Grizzly Discoveries."
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 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
Suite 363-9768 170 Street NW
Edmonton, Alberta T5T 5L4
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Nancy Massicotte
Corporate Development
Tel: 604-507-3377
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.
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