Grizzly Discoveries Inc.

Grizzly Discoveries Inc.

December 06, 2010 15:05 ET

Grizzly Discoveries Inc.: Follow Up Drilling at Ket 28 and Copper Mountain Completed; Drilling Commenced at the Dayton Target, Greenwood Gold Project

EDMONTON, ALBERTA--(Marketwire - Dec. 6, 2010) - Grizzly Discoveries Inc. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to report that initial follow-up drilling at the Ket 28 Property and the Prince of Wales and Mabel Jenny Targets at the Copper Mountain Property, all within the Company's Greenwood Gold Project, has been completed. Drilling at the Greenwood Gold Project's Dayton Property gold-in-soil anomaly near the historic Mt. McKinney gold camp is in progress. 

Brian Testo, President and CEO of Grizzly, states that "initial visual results of widespread alteration are promising. We look forward with great anticipation to lab results from the fall drilling program and the potential to expand the known gold zones at Ket 28 and Copper Mountain, as well as the potential to make a new discovery by testing the high priority gold-in-soil anomaly identified at the Dayton area."

Ket 28 Property

Drilling during late 2009 at Ket 28 Property yielded up to 11.9 grams per tonne (g/t) gold over 2.0 metres (m) and 2.77 g/t gold over 11.0 m in separate drillholes associated with late stage brecciation, pyrite and quartz veins in mafic volcanics and sediments (see Grizzly's news release dated January 18, 2010).

Three follow-up holes totaling 693 m were recently drilled to test the depth and plunge extent of gold mineralization at the Ket 28 Property. All three follow up drillholes intersected sulphide mineralization spatially associated with zones of brecciation, quartz veins and alteration. The drill core has been sampled with the samples being shipped to ALS Laboratory Group in North Vancouver, BC for assaying.

Copper Mountain Property

Drilling during the summer of 2010 at the Prince of Wales target yielded a new gold discovery with an intersection of 1 g/t gold across 30 m core length in drillhole 10CM07. Gold mineralization is associated with a wide zone of pyrite and arsenopyrite in a siliceous biotite hornfels in hole 10CM07. 

Three follow-up holes have been drilled at the Prince of Wales target along with two follow-up drillholes at the Mable Jenny North showing for a total of 760.5 m in five drillholes at the Copper Mountain Property. Extensive zones of sulphide-bearing siliceous biotite hornfels were intersected in all five follow-up holes drilled during the current program. Pyrite with minor arsenopyrite, pyrrhotite, chalcopyrite and sphalerite represent the main sulphides present. The most intense sulphide zones are often adjacent to syenite dykes. Follow-up drillhole 10CM09, which was drilled beneath the discovery hole (10CM07) at the Prince of Wales target, yielded an 8 m core interval of sulphide-bearing epidote-garnet-magnetite skarn along with several intervals of sulphide-bearing siliceous biotite hornfels. At the Mabel Jenny North target, several narrow (0.5 m to 1.5 m) intersections of near-massive sulphide (pyrite and pyrrhotite) were intersected in drillholes 10CM11 and 10CM12 within much wider zones of sulphide-bearing siliceous biotite hornfels. Core logging is complete and sampling of the five Copper Mountain drillholes should be completed by the end of the week.

Dayton Property

Soil sampling by crews from APEX Geoscience Ltd. during 2010 located a high priority gold-in-soil target that is 400 m long by 200 m wide with 50 samples that assay between 50 and 272 parts per billion (ppb) gold (see Grizzly's news release dated October 19, 2010).

The Company plans to complete 7 to 10 drillholes (800 to 1,000 m) at the Dayton Property. The Lone Peak Drilling Ltd. diamond drill has been moved to the Dayton Property target area in the vicinity of the historic Mt. McKinney gold camp. Drilling should be completed by mid-December with all core logged, sampled and shipped to ALS Laboratory Group in North Vancouver, BC, prior to Christmas. Preliminary assay results should be available early in the New Year. 

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.

All 2010 field and office exploration programs are 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.

On behalf of the Board

Grizzly Discoveries Inc.

Brian Testo, President

For further information, please visit our website at or contact Investor Relations.

This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding potential mineralization, resources and reserves estimates, exploration results, exploration and development results and the future plans and objectives of Grizzly are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Grizzly undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other factors which affect such statement, except as required by law.

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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