Grizzly Discoveries Inc.
TSX VENTURE : GZD
FRANKFURT : G6H

Grizzly Discoveries Inc.

February 07, 2011 10:33 ET

Grizzly Discovers Copper-Gold Mineralization in Drilling at Greenwood Project

EDMONTON, ALBERTA--(Marketwire - Feb. 7, 2011) - Grizzly Discoveries Inc. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to report drilling results for the Greenwood Project, including the discovery of widespread copper and low-grade gold associated with skarn-type alteration at Ket 28 and Copper Mountain; and excellent potential for discovery of large tonnage, bulk mineable, porphyry style copper-gold deposits at the high priority Dayton area near the historic Mt. McKinney gold camp based upon the presence of widespread copper-gold mineralization.

Brian Testo, President of Grizzly, states that "we are excited about these follow up results from the fall drilling program which expanded the known gold zones and our understanding of these zones at Ket 28 and Copper Mountain, as well as the new porphyry style bulk tonnage Cu-Au mineralization discovered at the Dayton area. The presence of low-grade gold with intense alteration, silicification and sulphide mineralization over wide intervals points to large systems with the potential to host large deposits."

Ket 28 Property

Three follow-up holes totaling 693 m were drilled to test the depth and plunge of gold mineralization at the Ket 28 Property. Drilling here in late 2009 yielded up to 11.9 grams per tonne (g/t) gold (Au) over 2.0 m and 2.77 g/t Au over 11.0 m in separate drillholes associated with late stage brecciation, pyrite and quartz veins in mafic volcanics and sediments (See Grizzly News Release dated January 18, 2010). All three follow up drillholes intersected sulphide mineralization spatially associated with zones of brecciation, quartz veins and hornfels type alteration. Drillhole 10KT02, drilled down plunge and north of the zone intersected in 2009, yielded a wide low grade gold zone with 0.21 g/t Au across 111.5 m core length with a higher grade zone of 1.19 g/t Au across 10.35 m core length and a highest grade sample of 6.98 g/t Au across 1.35 m (Table 1 below). Further drilling is being planned to track the Ket 28 gold zone down plunge to the northwest.

Copper Mountain Property

Three follow-up holes were drilled at the Prince of Wales discovery along with two follow-up drillholes at the Mable Jenny North showing for a total of 760.5 m at the Copper Mountain Property. Drilling in summer 2010 at the Prince of Wales target yielded a new gold discovery with an intersection of 1.0 g/t 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. Extensive zones of sulphide bearing siliceous biotite hornfels were intersected in the three follow-up holes drilled during the most recent drilling campaign. Pyrite with minor arsenopyrite, pyrrhotite, chalcopyrite and sphalerite represent the main sulphides encountered. The most intense sulphide zones are adjacent to syenite dykes. Follow-up drillhole 10CM09, drilled beneath the discovery hole (10CM07) at the Prince of Wales target, yielded 8 m of core with sulphide bearing epidote-garnet-magnetite skarn and several intervals of sulphide bearing siliceous biotite hornfels. The intersection yielded 0.15 g/t Au, 0.018% copper (Cu) and 0.019% zinc (Zn) across 65.67 m core length with a higher grade zone of 2.32 g/t Au, 3.35 g/t silver (Ag), 0.031% Cu and 0.108% Zn across 3.59 m core length (Table 1). Hole 10CM10, drilled approximately 40 m northeast of 10CM07 and 10CM09, yielded 0.15 g/t Au, 1.02 g/t Ag, 0.016% Cu and 0.036% Zn across 67.0 m core length (Table 1). Further drilling is being planned along with ground geophysics at the Prince of Wales target to sort out the nature and extent of the discovery zone.

At the Mabel Jenny North target, several narrow, 0.5 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. The best intersection was encountered in hole 10CM11, which yielded 1.1 g/t Au, 2.12 g/t Ag and 0.08% Cu across 7.07 m core length (Table 1). Further drilling is being planned along with ground geophysics in order to follow-up the results of hole 10CM11.

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 GZD News Release dated October 19, 2010). A total of 939.5 m in 8 drillholes were completed along two east-west oriented transects 200 m apart, across the soil anomaly that produced a new discovery of widespread copper-gold mineralization at the Dayton Target area. Drillholes 10DA01 to 10DA06 encountered widespread sulphides, predominantly pyrite and chalcopyrite, accompanied by intense alteration, silicification and widespread copper-gold mineralization. The mineralization transects a variety of rock types including several varieties of diorite, quartz-feldspar porphyry, volcanic breccias, hornfels, basalts and mudstone. In a number of the drillholes, anomalous copper and gold mineralization is present throughout the entire length of core from the top to the bottom of the drillhole. Highlights include hole 10DA01, which yielded 0.18 g/t Au and 0.029% Cu across 96.0 m core length with a higher grade portion of 0.61 g/t Au and 0.042% Cu across 8.1 m core length (Table 1). Other highlights include hole 10DA02, which yielded 0.18 g/t Au and 0.055% Cu across 86.5 m core length with a higher grade portion of 0.21 g/t Au and 0.085% Cu across 21.47 m core length, and hole 10DA04 with 0.15 g/t Au and 0.078% Cu across 92.24 m with a higher grade portion of 0.18 g/t Au and 0.091% Cu across 45.5 m core length (Table 1). Based upon these positive initial results further aggressive drilling and an IP and/or Titan 24 survey are being planned for the Dayton area.

All 2010 – 2011 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.

Table 1. Summary assay results for fall 2010 Greenwood Project drillholes.

Hole ID   From (m)   To (m)   Length (m)   Au (g/t)   Ag (g/t)   Cu (%)   Zn (%)   Cr (%)   Target
10KT01   104.5   110.5   6.0   0.22   -   -   0.01   -   Ket 28
    155.73   189.5   35.0   0.08   -   -   0.01   -   "
includes   178.5   183.97   5.47   0.28   -   -   -   -   "
10KT02   64.0   175.5   111.5   0.21   -   -   0.01   -   Ket28
includes   64.0   118.9   54.9   0.36   0.66   -   0.016   -   "
includes   71.5   96.0   24.5   0.68   0.79   -   0.02   -   "
includes   72.5   75.65   3.15   1.0   1.24   0.01   0.013   -   "
includes   85.65   96.0   10.35   1.19   0.8   -   0.03   -   "
includes   85.65   87.0   1.35   6.98   2.6   0.014   0.11   -   "
10KT03   87.0   124.0   37.0   0.1   -   -   0.013   -   Ket 28
includes   98.5   113.5   15.0   0.2   0.63   -   0.014   -   "
10CM08   70.0   71.03   1.03   0.41   0.5   -   0.038   -   Prince of Wales
10CM09   65.69   131.36   65.67   0.15   -   0.018   0.019   -   Prince of Wales
includes   71.5   75.09   3.59   2.32   3.35   0.031   0.108   -   "
includes   74.0   75.09   1.09   7.12   4.1   0.048   0.018   -   "
10CM10   43.5   110.5   67.0   0.15   1.02   0.016   0.036   -   Prince of Wales
includes   43.5   46.5   3.0   1.03   0.63   0.013   0.12   -   "
includes   53.0   88.36   35.36   0.14   1.48   0.023   0.041   -   "
includes   62.0   74.0   12.0   0.34   1.91   0.022   0.067   -   "
10CM11   50.59   57.66   7.07   1.1   2.12   0.08   -   -   Mabel Jenny
includes   53.5   56.5   3.0   2.12   3.7   0.132   -   -   "
10CM12   70.83   77.81   6.98   0.11   1.33   0.046   -   -   Mabel Jenny
10DA01   3.3   149.0   145.7   0.13   -   0.025   -   -   Dayton
includes   28.0   124.0   96.0   0.18   -   0.029   -   -   "
includes   83.32   91.5   8.18   0.61   -   0.042   -   0.036   "
includes   90.0   91.5   1.5   1.83   -   0.041   -   0.066   "
10DA02   6.5   93.0   86.5   0.18   -   0.055   -   -   Dayton
includes   29.03   50.50   21.47   0.21   -   0.085   -   -   "
and   82.0   90.5   8.5   0.4   -   0.07   -   -   "
10DA03   5.1   134.0   128.9   0.13   -   0.034   -   -   Dayton
includes   5.1   60.5   55.4   0.21   -   0.019   -   -   "
includes   11.5   47.5   36.0   0.23   -   0.013   -   0.027   "
and   117.0   130.5   13.5   0.13   -   0.168   -   -   "
10DA04   4.76   97.0   92.24   0.15   -   0.078   -   0.034   Dayton
includes   50.0   95.5   45.5   0.18   -   0.091   -   0.034   "
10DA05   3.0   95.0   92.0   0.12   -   0.065   -   0.02   Dayton
includes   19.5   61.0   41.5   0.16   1.0   0.095   -   0.021   "
10DA06   7.0   64.77   57.77   0.12   -   0.059   -   0.033   Dayton
includes   8.5   43.5   35.0   0.15   -   0.071   -   0.038   "
10DA07   1.5   114.0   112.5   0.03   -   0.014   -   0.04   Dayton
10DA08   2.0   89.56   87.56   0.08   -   0.02   -   0.014   Dayton

*All meterages provided are core length.

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 2.43 million acres along the Saskatchewan-Alberta border.

Grizzly trades on the TSX Venture Exchange under the symbol GZD, with 34,129,636 Common Shares issued and outstanding.

On behalf of the Board

Grizzly Discoveries Inc.

Brian Testo, President

For further information, please visit our website at http://www.grizzlydiscoveries.com or contact Investor Relations.

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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