Grizzly Discoveries Inc.

Grizzly Discoveries Inc.

October 18, 2010 12:54 ET

Grizzly Announces Commencement of Fall Drilling Program and Polymetallic Mineralization Including PGE's for Sappho Drilling, Greenwood Gold Project

EDMONTON, ALBERTA--(Marketwire - Oct. 18, 2010) - Grizzly Discoveries Inc. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to announce the commencement of the fall drilling program, the identification of a high priority gold in soil anomaly at the Dayton Prospect and assay results for the last four core holes drilled at the Greenwood Gold Project in British Columbia during 2010. At the Sappho target, a large 500 m x 800 m magnetic feature indicative of an alkaline intrusive complex was tested with four holes and yielded encouraging copper, gold, silver and platinum group element (PGE) results.

Brian Testo, President of Grizzly, states that "we are excited about the high priority gold in soil anomaly identified at the Dayton area and are planning to test the anomaly during the fall drilling program. The results of the Sappho drilling have confirmed the presence of widespread gold, platinum, silver and copper across significant widths. We look forward to conducting a follow-up drilling program at Sappho. The sources of high grade copper, silver, and platinum found in grab samples from the Sappho remain to be discovered."

2010 Sappho Drilling Results

A total of 640 m in 4 drillholes were completed at the Sappho prospect in the Greenwood area during the Stage 1 summer reconnaissance drilling campaign. Final assays have been received for the four holes and are summarized below in Table 1. Drillholes 10SP01 and 10SP02 were drilled to target the North and Main historic surface showings of copper (Cu), silver (Ag), platinum (Pt) and gold (Au), respectively. The drilling results confirmed the mineralization identified at surface, which included results of 0.11 grams per tonne (g/t) Pt and 0.025% Cu across 12.0 m core length in hole 10SP01 along with 0.26 g/t Au and 0.036% Cu across 6.0 m core length in hole 10SP02 (Table 1). Assays of selective rock grab samples from the North showings yielded up to 8.28% Cu, 75.3 g/t Ag, 0.64 g/t Au and 27.1 g/t Pt and up to 13.1% Cu, 298 g/t Ag, 2.2 g/t Au and 2.99 g/t Pt at the Main showings.

Drillhole 10SP03 targeted a blind magnetic anomaly within the Sappho alkaline complex and intersected skarn and hornfels in conjunction with highly altered monzodiorite and pyroxenite and yielded 0.124% Cu, 0.018% zinc (Zn), 8.68 g/t Ag, 0.22 g/t Au and 0.07 g/t Pt over 63.5 m core length with narrow higher grade zones at the upper and lower contacts of the hornfels to skarn zone (Table 1). The mineralization is hosted in a wide and intense zone of biotite-garnet-magnetite hornfels to skarn with abundant pyrite and chalcopyrite. 

Table 1. Summary assay results for Sappho drillholes.
Hole ID   From (m To (m Length (m ) Au (g/t Pt (g/t Ag (g/t Cu (% Zn (% Target
10SP01   24.5   89.0   64.5   -   0.04   -   0.023   -   Sappho North
includes   48.5   89.0   40.5   -   0.06   -   0.021   -   "
includes   78.5   89.0   10.5   -   0.11   -   0.025   -   "
10SP01   105.5   117.5   12.0   0.12   -   0.66   -   -   "
10SP02   32.0   85.4   53.4   -   -   -   0.028   -   Sappho Main
includes   32.0   59.0   27.0   0.09   -   -   0.020   -   "
includes   45.5   59.0   13.5   0.14   -   -   0.033   -   "
includes   53.0   59.0   6.0   0.26   -   -   0.036   -   "
includes   75.5   85.4   9.9   -   -   -   0.041   -   "
10SP03   51   144.5   93.5   0.17   0.06   6.05   0.089   0.015   Sappho Mag1
includes   64.0   127.5   63.5   0.22   0.07   8.68   0.124   0.018   "
includes   64.0   71.0   7.0   0.63   0.18   68.4   0.408   0.039   "
includes   121.0   127.5   6.5   0.75   0.34   6.57   0.306   0.010   "
10SP04   Highest Core Sample Assay   0.29   -   8.10   0.074   -   Sappho Mag2

2010 Dayton Surface Results

During August and early September 2010 a total of 1,021 soil samples (including field duplicates) were collected at the Dayton Prospect over a grid approximately 2.0 km by 1.4 km with 50 m lines and 25 m stations. Final sample results have been received from ALS Chemex, North Vancouver. A total of 40 soil samples yielded at least 50 parts per billion (ppb) Au up to a maximum of 272 ppb Au defining an excellent soil anomaly area 200 m wide by 450 m long as a potential Au target. The gold anomaly is accompanied by a strong Cu anomaly with more than 100 soil samples containing greater than 100 parts per million (ppm) up to 1,225 ppm Cu. The Au-Cu anomaly has seen some historic percussion drilling during the late 1980's but is inadequately drilled. Surface rock grab sampling and geological mapping have identified the presence of abundant pyrite and chalcopyrite associated with hornfels and skarn spatially associated with altered alkaline intrusives.

A total of 370 rock grab samples collected from around the Dayton area during 2010 have yielded a total of 119 samples with greater than 100 ppb Au up to 16.0 g/t Au with 19 grab samples yielding greater than 1 g/t Au. Many of the gold bearing rock grab samples were collected from old trenches and outcrops spatially associated with the Au in soil anomaly identified by the 2010 soil sampling program. The Dayton area represents a high priority drill target area. Ground geophysical surveys and additional soil sampling are planned along with drilling during the fall 2010 program.

2010 Future Plans

Drilling permits have been received for drilling at the Motherlode area, as well for follow-up drilling at the Copper Mountain (1.0 g/t Au over 30 m core length) and Ket 28 (8.75 g/t Au over 3.0 m and 2.77 g/t Au over 11 m) target areas. A permit application for drilling at the Dayton target area has been submitted. A total of up to 2,000 m of diamond drilling is planned for the fall 2010 program.

A geological crew from APEX Geoscience Ltd. has mobilized to the field and started the fall exploration program. A soil sampling survey is underway to further define the Prince of Wales target in the Copper Mountain area. These data along with further geological studies will be completed and evaluated before further drilling of the Prince of Wales and other targets in the Copper Mountain area will be conducted.

The crew will also conduct ground geophysical surveys including magnetics and possibly HLEM at the Dayton prospect prior to drilling. Further follow-up soil sampling is being contemplated in other areas of historic anomalies in the highly prospective Dayton area. Drilling will be initiated at the Dayton prospect upon receiving the government drilling permit.

All 2010 field and office exploration programs are being conducted under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under National Instrument 43-101.

About Grizzly Discoveries Inc.

Grizzly is an aggressive Canadian exploration company focused on exploring for world class gold and base metal deposits in British Columbia, and for diamonds and industrial minerals in Alberta. In British Columbia, Grizzly currently has four precious-base metal properties totaling over 235,000 acres. It currently holds more than 600,000 acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta. Grizzly has also acquired metallic and industrial mineral permits for potash totaling more than 1.8 million acres along the Saskatchewan-Alberta border.

Grizzly trades on the TSX Venture Exchange under the symbol GZD, with 31,410,302 Common Shares issued and outstanding.

On behalf of the Board

Grizzly Discoveries Inc.

Brian Testo, President

For further information, please visit our website at

This news release contains forward-looking statements regarding ongoing and upcoming exploration work and expected geology, geological formations and structures. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from expectations are in Grizzly's documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at Grizzly disclaims any intention or obligation to revise or update such statements.

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

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