Grizzly Discoveries Inc.

Grizzly Discoveries Inc.

November 26, 2013 13:40 ET

Grizzly Receives NI 43-101 Report For Greenwood BC Property

EDMONTON, ALBERTA--(Marketwired - Nov. 26, 2013) - Grizzly Discoveries Inc. (TSX VENTURE:GZD)(OTCQX:GZDIF)(FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to report that it has received and posted its maiden independent technical report on its Greenwood Gold Project, located in southeastern British Columbia. The independent technical report (the "Report") was completed by Michael B. Dufresne (a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") Standards of Disclosure for Mineral Projects), of APEX Geoscience Ltd. ("APEX") of Edmonton, Alberta and has been prepared in compliance with NI 43-101. The Report has been posted on Sedar and is available on the Company's website.


The Company's Greenwood Gold Project covers over 90,000 hectares, and includes eight distinct Claim Groups hosting gold, silver and copper mineralization, together with other precious and base metals. Prior surface exploration has included extensive rock, stream and soil sampling totalling more than 10,000 samples together with extensive airborne and ground geophysical surveys across the Greenwood Project. The company has expended approximately $6.5 million on exploration with five separate drilling campaigns totalling 10,363 meters ("m") in 58 diamond drill holes at a number of targets on the Greenwood Project. It is predicted that there is the potential for mineral resources in several areas of focus within the Greenwood Project. Highlights of the 2008 to 2012 drilling are provided in Table 1 below.

Based upon the results of exploration to date, the Report recommends a phased follow-up exploration program of work within prioritized selected areas of the Greenwood Project. The Report recommends a first phase work program of approximately $837,500 to drill approximately 11 diamond drill holes totalling 2,550 m to test the Dayton claim group, the Ket 28 prospect, and the Motherlode claim group, as well as surface fieldwork at the Mt Attwood claim group. The Report recommends follow up drilling and fieldwork in second and third phase exploration programs to expand upon results obtained to date and new results from the recommended Phase 1, with costs for the second phase estimated at approximately $1.263 million, and for the third phase at $1.223 million.


The Report identifies 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 grams per tonne of gold ("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 yielded 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 (Table 1). Wider intervals of lower grade mineralization were intersected as well with 1.02 g/t Au over 13.5 m core length and 1.19 g/t Au over 10.35 m core length Table 1). The Company's exploration program, based on recommendations in the Report and currently being planned, will focus on the Ket 28 prospect where the gold mineralization is open along strike and to depth and requires further drill testing. The proposed 1,250 metre drill program will target the gold-prospective zone in the central portion of the Ket 28 prospect, with the intention of developing a maiden mineral resource estimate. The initial Ket 28 drill program is expected to cost approximately $350,000 and is subject to financing.

All of the mineral claims in the Rock Creek claim group are 80% owned by Grizzly and 20% owned by Mineworks Ventures Inc., a private corporation based in Vancouver, BC, as an interest carried to a production decision resulting from a feasibility study.

Grizzly CEO, Brian Testo, stated, "Our extensive land position on the Greenwood Property hosts numerous mineralized areas, which the new technical report has outlined. Our focus is to develop a high grade gold resource estimate that can lead to production potential. We believe the Ket 28 prospect has such potential, and this will be the first of several recommended stages of exploration to accomplish our goals in this prolific region of southeastern BC."

Table 1. Highlights of 2008 to 2012 Drillhole Assay Results.

Drill Hole Target/
10SP03 Sappho Mag 1 64.00 71.00 7.00 0.63 68.40 0.18 0.408 - 0.039
121.00 127.50 6.50 0.75 6.57 0.34 0.306 - 0.010
10CM07 Prince of Wales 41.00 83.00 42.00 0.75 3.91 na 0.030 - 0.240
44.00 74.00 30.00 1.00 4.65 na 0.030 - 0.300
66.00 71.00 5.00 4.31 10.14 na 0.060 - 1.210
11ML03 Motherlode North 7.00 26.00 19.00 1.56 11.12 na 0.04 0.07 0.30
11.00 15.50 4.50 6.07 15.13 na 0.03 0.20 0.70
14.00 15.50 1.50 17.15 41.70 na 0.06 0.56 1.51
09KT01 Ket 28 Z2 63.00 74.00 11.00 2.77 2.36 na 0.020 - 0.054
65.00 69.00 4.00 3.62 3.65 na 0.032 - 0.093
09KT02 Ket 28 Z1 11.50 17.50 6.00 1.19 0.67 na - - 0.011
Ket 28 Z2 52.45 54.00 1.55 6.09 - na - - -
117.00 120.00 3.00 8.75 3.20 na 0.009 - 0.011
Ket 28 Z3 118.00 120.00 2.00 11.90 - na - - -
09KT03 Ket 28 Z1 20.00 24.00 4.00 2.80 1.35 na - - 0.008
22.30 24.00 1.70 5.68 - na - - -
Ket 28 Z2 49.00 62.50 13.50 1.02 1.61 na 0.010 - 0.036
49.00 50.50 1.50 4.28 - na - - -
11DA09 Dayton IP2 3.00 120.00 117.00 0.25 - na 0.010 - -
3.00 54.00 51.00 0.43 0.81 na 0.150 - -
*All intervals are core length. NA = not analysed


Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 48.7 million shares issued, focused on developing significant Potash assets in Alberta and its precious metals properties in southeastern British Columbia. The Company holds, or has an interest in: metallic and industrial mineral permits for potash totaling more than 900,000 acres along the Alberta-Saskatchewan border; over 235,000 acres of precious-base metal properties in British Columbia; and more than 150,000 acres in properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta.

On behalf of the Board

Grizzly Discoveries Inc.

Brian Testo, President

For further information, please visit our website at

The content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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.

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 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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