Grizzly Provides Update on 2022 Drilling Plans for Its British Columbia Precious and Battery Metals Projects
Edmonton, Alberta–(Newsfile Corp. – June 30, 2022) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that the Company is currently reviewing proposals for core drilling during the 2022 exploration season. The Company is permitted for initial drilling programs at its Motherlode and Dayton Prospects in the Greenwood area, BC and is currently in the process of obtaining the required permits for drilling at the Robocop Project near Grasmere, BC.
Dayton and Motherlode Targets
Grizzly is anticipating that the drilling program will likely commence at Greenwood in August and will begin with drilling at either the Dayton copper-gold-silver (Cu-Au-Ag) porphyry target near Rock Creek or at a number of skarn related targets in and around the historical Motherlode Pit area 3 km northwest of the town of Greenwood. All the drill targets are road or trail accessible and located close to excellent infrastructure. Once permits are received for drilling at the Robocop Project either a second drill rig will be engaged to complete the Robocop drilling or the rig engaged for the Greenwood drill program will be shifted to the Robocop Project.
The Dayton IP2 target (an induced polarization chargeability anomaly) was tested by Grizzly with a single hole in 2011 and intersected potassic altered volcanics and intrusives with a near surface intersection of 0.15% Cu and 0.43 g/t Au (or 0.4% CuEq*) over 51 m core length starting at a depth of 3m.
The Motherlode skarn targets are comprised of Au-Ag-Cu +/- lead-zinc (Pb-Zn) in proximity to the historical producing Motherlode Mine, which produced significant amounts of Cu, Au and Ag. Prior drilling by Grizzly about 700 m north of the historical open pit intersected up 17.15 grams per tonne (g/t) Au, 41.7 g/t Ag, along with , 0.56% Pb and 1.51% Zn over 1.5 m core length.
The 2022 surface 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 based metals). The ground exploration will be focused on or near prospective targets to be drilled during 2022 as well as a number of other high priority exploration targets. Recent geophysical results have outlined large areas with anomalous geological potential for new discoveries at both projects.
Surface exploration has commenced for the 2022 program with ground crews currently conducting prospecting and soil sampling in the Rock Creek area. Other targets to be examined and sampled this year in the Greenwood Project area with a view of determining additional drilling targets include the Prince of Wales Au-Cu skarn target and the Mabel Jenny Cu-Au skarn/porphyry target in the Copper Mountain area, the Attwood – Overlander skarn and epithermal precious metal targets in the vicinity of the Lexington and Golden Crown mines east of the town of Greenwood, and the Sappho alkalic porphyry/skarn target with Cu-Au-Ag and significant platinum (Pt) and palladium (Pd). Prior drilling by Grizzly intersected up to 1.0 g/t Au, 4.65 g/t Ag, 0.03% Cu and 0.3% Zn over 30 m core length at the Prince of Wales Target at Copper Mountain, and up to 0.31% Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length at the Sappho Target south of the town of Greenwood near the US border.
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 long awaited 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.”
*CuEq calculated suing a price of $US1,750 per oz Au and $US4.00 per pound for Cu
Warrants and Options Exercised
Between June 8 and June 30, 2022, the Company issued 480,000 Common Shares for proceeds of $36,000 upon the exercise of outstanding warrants and 300,000 common shares upon the exercise of options for proceeds of $15,000. As of June 30, 2022, the Company has 135,222,667 common shares issued and outstanding.
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
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.
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