EDMONTON, ALBERTA – June 10, 2020 -- Grizzly Discoveries Inc. (TSX-V: GZD; Frankfurt: G6H; OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that, as part of it 2020 exploration strategy including drilling at Ket 28, it intends to bring a number of other current exploration targets to a drill ready state for additional drilling in late 2020 through early 2021 on its Greenwood Project in southeastern British Columbia. A number of companies including GGX Gold Corp. (GGX), Ximen Mining Corp. (XIM), Belmont Resources Inc. (BEA) and Golden Dawn Minerals Inc. (GOM) have announced planned exploration including drilling in and around the historic Greenwood mining camp. The district has historically produced in excess 7 million gold ounces. Grizzly is one of the largest land holders in the district and has numerous exploration targets within the boundaries of its 150,000+ acres of Greenwood claims, including the Evening Star, Overlander, Mt. Attwood, EPU, Motherlode and the recently discovered Granby target, situated between 2 and 10 km of GOM’s fully permitted and recently upgraded Greenwood Processing Facility (See attached Figure).
Grizzly sees numerous advantages to continuing its exploration at the Ket 28 prospect and throughout the Greenwood district at large including:
- All exploration targets are road accessible;
- Any discoveries of near-surface mineable Au-Ag-Cu mineralization could take advantage of the presence of the Greenwood Processing Facility, or even the Kettle River Mill near Republic, WA;
- Easy access to power and gas;
- Communities with a history of mining, significant infrastructure and skilled work force;
- Excellent partnership with local first nations including the Osoyoos Indian Band (OIB), and;
- Exploration and drilling permits in place at a number of Grizzly targets.
At present, the Company does not see a significant impact to its 2020 planned exploration programs in southern British Columbia, as exploration can be easily conducted from summer through December, 2020, and can be operated within the guidelines recommended by the Chief Inspector of Mines for British Columbia with respect to the COVID-19 pandemic and the operation of mines and exploration programs.
Brian Testo, CEO commented, "The well-being of our team, business partners, investors and the local communities is our top priority. We have enacted a business continuity plan to safeguard the health and safety of our personnel, while ensuring our operations remain unaffected. There has not been any disruption to planned work activities as yet. We are continuously monitoring the progress of COVID-19 developments and will act accordingly for the health and safety of all stakeholders. With the current prices of gold and silver, we intend to take advantage of the current favourable prices and continue to raise capital and continue our exploration efforts in southeastern British Columbia during 2020."
Exploration by Kinross on optioned Grizzly's lands in 2016-2017 was focused in the Overlander area and resulted in the discovery of a number of quartz veins with visible gold and high grade gold values at surface, including up to 37.9 grams per tonne (g/t) gold (Au) in grab samples, with anomalous gold grades in core samples in a limited 4 hole core drilling program.
As part of the Overlander program, an extensive soil sampling program was conducted across the surrounding Grizzly lands resulting in the discovery of numerous gold in soil anomalies in the Evening Star Basin north of the Overlander target area in close proximity to BEA's recently acquired Jackpot-Athelstan Property and GOM's Golden Crown underground mine (See attached Figure).
The Evening Star target area is a geochemically anomalous basin that forms the headwaters of Skeff Creek (a known placer gold creek) and is located immediately north and adjacent to the Overlander epithermal quartz veins. Epithermal veins to the north, at BEA's recently acquired Jackpot-Athelstan historical mines, produced around 6,300 oz of Au in the early 1900's (Minfile 082ESE047). Glacial dispersion and down slope soil creep may contribute to the geochemical footprint, however the numerous gold in soil anomalies may also be indicative of a more local source and exploration will continue to identify and confirm the source.
Geological mapping and prospecting in the Evening Star target area has located both epithermal quartz veins and skarn mineralization. The highlights of the Evening Star Basin target area are as follows:
- More than 1,900 soil samples were recently collected, with over 8% yielding >50ppb and 3% >100ppb gold. Similarly, nearly 9% of the 179 rock samples yielded gold assays >1 g/t Au, with grab samples up to 20 g/t Au, and chip samples ranging from 5 to 13 g/t Au over lengths ranging from 0.5 up to 1 m;
- The prospective quartz veins, and to a degree associated alteration, are hosted in what is mapped as Permian Attwood Group Limestones and clastic sediments, with several bedding parallel and cross cutting intrusions in the area;
- The recently discovered Overlander veins to the southwest are hosted in the Attwood group clastic sediments and volcanics;
- Nearly 75% of the 30+ stream silt samples collected at the project yielded anomalous samples, with a number of 1+ g/t Au assays and numerous gold grains in pan concentrates. These samples warrant follow up exploration to determine the source of the multiple drainage anomalies.
Additional field exploration and generative work is planned for the Evening Star Target and throughout the Greenwood Project in 2020, to identify additional exploration targets for testing. In particular, mapping and sampling will be conducted at other targets including but not limited to the Evening Star, Mt Attwood, Motherlode, EPU, Granby, and Midway areas.
Figure #1 - Anomalous gold in soil target areas
With respect to the COVID-19 pandemic, the British Columbia Ministry of Mines has provided a grace period for conducting required exploration on all mineral claims in the Province coming due in the next 12 months. The Company has a little over 150,000 acres in the Greenwood area and close to 6,000 acres in the Roosville area to the east, with approximately 60% of the Company's lands coming due in the next 12 months. All the Company's mineral claims will now be in good standing to at least December 31st, 2021.
Grizzly 2020 Exploration Plans - Ket 28 Prospect
Grizzly has recently received drilling permits for high priority drill targets at the Ket 28 prospect, located within the Rock Creek claim group of the Greenwood Project, at which historic drilling in 1994 intersected high grade gold with 52.19 g/t Au over 3.35 m core length. Drilling by Grizzly in 2009 and 2010 at the Ket 28 prospect following-up the historic drilling in the mid 1990`s with up to 2.77 g/t Au over 11 m core length and 8.75 g/t Au over 3 m with a higher grade zone of 11.90 g/t Au over 2 m core length. The Company is currently planning a 2020 exploration program, that will focus on the Ket 28 prospect where the gold mineralization is open along strike and to depth and requires further drill testing. Grizzly is planning a 15 to 20 hole drill program that will target the mineralized zone in the central portion of the Ket 28 prospect, with the intention of expanding the currently defined gold zone and developing a maiden mineral resource estimate. The initial Ket 28 drill program is expected to cost approximately $350,000 to $500,000 and is subject to financing.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 67.1 million shares issued, focused on developing its precious and base metals properties in southeastern British Columbia. The Company holds, or has an interest in over 156,000 acres of precious-base metal properties in southeastern British Columbia.
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.
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.