EDMONTON, ALBERTA – June 13, 2016 -- Grizzly Discoveries Inc. (TSX-V: GZD; Frankfurt: G6H; OTCpink: GZDIF) ("Grizzly" or the "Company") is pleased to announce that it has mobilized a crew to Northern Alberta to perform a number of ground geophysical surveys on its Buffalo Head Hills diamond project land holdings in Alberta. Grizzly has significant land holdings of over 220,000 acres of metallic and industrial mineral permits in and around the Buffalo Head Hills area of north-central Alberta. Grizzly’s permits contain seven kimberlites of which two, the BE-02 and BE-03, are considered highly diamondiferous and warrant future bulk sampling.
Buffalo Head Hills Diamond Property, Alberta
A Renewed Interest in diamonds
Renewed interest in diamond exploration during 2015 and 2016 has prompted re-evaluation of Grizzly’s Buffalo Head Hills Diamond Project in north-central Alberta, which is located approximately 330 kilometres northwest of Edmonton and is easily accessed during summer and winter by a large network of roads and cutlines. Based upon an internal review of all data, the Company has staked additional permits of highly prospective lands for diamond-bearing kimberlites in the Buffalo Head Hills area.Grizzly’s total land position includes 11 permits that encompass approximately 220,000 acres.
To date, 41 kimberlites have been discovered in the Buffalo Head Hills kimberlite field; an area of approximately 2,500 km2 representing the third largest known district of significant diamond-bearing kimberlites in Canada. The diamondiferous kimberlite field has generated exploration interest due to the large kimberlite dimensions (up to 45 ha), encouraging diamond contents (up to 55 carats per hundred tonnes) and high ratio of diamondiferous to barren kimberlite (28 of 41 kimberlites contain diamond). Five bodies have undergone mini-bulk and bulk sampling (between 22 and 616 tonnes): K6, K11, K14, K91 and K252. These kimberlites are currently being explored in a joint venture between Canterra Minerals Corp., Shore Gold Inc. and Encana Corp. with Canterra operator of the joint venture. Grizzly holds the rights to much of the lands that immediately surround the K6, K11, K14, K91 and K252 kimberlite pipes.
Grizzly began exploration in the Buffalo Head Hills kimberlite field during the early 2000’s. The Company undertook numerous airborne and ground geophysical surveys along with extensive heavy mineral indicator surveys, which resulted in the discovery of three new diamondiferous kimberlite bodies in 2008 and 2009, bringing the total number of kimberlites within Grizzly’s Buffalo Head Hills Diamond Project to seven. The new discoveries included the highly diamondiferous BE-02 and BE-03 kimberlites which warrant bulk sampling.
The potential for discovery of additional diamondiferous kimberlites within Grizzly’s Buffalo Head Hills properties is considered high, based upon the favourable regional geological setting and the positive results of exploration conducted to date, including the identification of numerous priority geophysical targets. Grizzly’s past work has shown that the focus should be on kimberlites with a weak magnetic signature with or without an accompanying electromagnetic, gravity and/or seismic signature, which have tended to yield better diamond counts in the Buffalo Head Hills kimberlite field.
Grizzly has engaged APEX Geoscience Ltd. of Edmonton, Alberta to conduct a number of ground geophysical surveys over the next month on targets within its main block surroundingthe K6, K11, K14, K91 and K252 kimberlite pipes. The results of the work will be reported as they become available.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 52.4 million shares issued, focused on developing significant Potash assets in Alberta and its precious metals properties in southeastern British Columbia. The Company holds over 235,000 acres of precious-base metal properties in British Columbia; more than 220,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta; and metallic and industrial mineral permits for potash totaling more than 143,000 acres along the Alberta-Saskatchewan border.
The content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., 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.
For further information, please visit our website at www.grizzlydiscoveries.com or contact Investor Relations:
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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.