Grizzly Provides Corporate Update for 2013
EDMONTON, ALBERTA -- (Marketwire) -- 01/16/13 -- Grizzly Discoveries Inc. (TSX VENTURE: GZD)(OTCQX: GZDIF)(FRANKFURT: G6H) ("Grizzly" or the "Company") is pleased to provide this corporate update and guidance for the Company's upcoming plans for 2013. Exploration is being planned, subject to financing, for its 100% owned Greenwood Gold Project, a 225,000 acre contiguous block of mineral claims centered on Greenwood, BC, its 100% owned Peak and French Polymetallic Project, a 10,000 acre block of mineral claims roughly 65 km northeast of Smithers, BC and for its Alberta Potash Project, which currently consists of approximately 1.7 million acres in central to southern Alberta along the Alberta-Saskatchewan border.
Greenwood Gold Project
Grizzly is pleased to announce it has engaged APEX Geoscience Ltd. (APEX) of Edmonton, Alberta, to provide the Company with a NI 43-101 Technical Report for the Greenwood Gold Project in order to identify priority targets and required exploration, including drilling, for the project. The Company is planning drilling at a number of targets including follow-up drilling planned for the Ket 28 and Dayton areas, along with the drill testing of a number of reconnaissance targets in the Overlander, Motherlode and Mount Attwood areas. The drilling at the Ket 28 area will be designed to expand the existing known gold mineralized zone and proceed to a coherent geological model along with a resource calculation. The drilling at the Dayton area will be designed to follow up on porphyry style intersections from the 2010 and 2011 drill programs and existing coincident soil and chargeability anomalies. The reconnaissance targets in the Overlander, Motherlode and Mount Attwood area comprise a series of coincident geophysical and gold-silver in soil anomalies.
The Company is currently in the process of completing land use applications for the upcoming drill programs. The initiation and completion of the upcoming drilling programs during 2013 will be financing dependent. The Company has recently filed an assessment report with the government of BC that extends 100% of its lands in good standing until 2017 and 40% of it lands to 2020 or 2023.
Central BC Polymetallic Project
During 2012, Amarc Resources Ltd. (Amarc) acquired the polymetallic silver-copper-zinc-lead Silver Vista property near the north end of Babine Lake about 55 km northeast of Smithers, BC (See Amarc News Releases dated July 25th and November 14th, 2012). Amarc has since staked an area of more than 720 km2 , entirely encompassing Grizzly's 100% owned Peak and French properties, and has conducted aggressive exploration including a 2,700 line-km airborne survey with extensive soil and stream sediment sampling during the latter half of 2012. Amarc management has indicated that the Silver Vista property has significant potential for the discovery of important bulk tonnage-style silver-copper deposits (Amarc News Release dated November 14th, 2012).
Grizzly holds a 100% interest in the Peak and French polymetallic properties, which are located 65 km north-northeast of Smithers, BC and are 15 km northwest of the MR Zone on the Silver Vista Property. The Peak property is approximately 9,000 acres in size and is easily accessed by road and trails from the community of Fort Babine, 10 km to the east. The French Property is accessible by helicopter only and comprises a single 1,200 acre mineral claim.
Drilling by Grizzly at the Peak Property during 2006 to 2008 encountered extensive low grade polymetallic gold-silver-copper-zinc mineralization in veins and breccia zones similar in style to that described by Amarc for the MR Zone on the Silver Vista Property. Follow-up drilling is warranted and being planned for Grizzly's Peak Property to further test the large IP chargeability and magnetic anomalies spatially associated with much of the polymetallic mineralization intersected to date.
The French Property showing was first discovered in the 1960's and consists of a Late Cretaceous (Bulkley age) copper-molybdenum-silver+/-gold porphyry complex. Exploration between 1966 and 1971 included prospecting, trenching, trench sampling, geochemical and geophysical surveys culminating in a 6-hole drilling program. An isolated 400 x 400 m magnetic high is associated with a significant copper-molybdenum-silver+/-gold rock and soil geochemical anomaly. Limited drilling of this magnetic anomaly by Silver Standard Mines Ltd. (1971) returned an intersection of 0.2% copper over a 29.57 metre interval. In addition, trench chip sampling by Mastodon-Highland Bell Mines Ltd. (1968) retuned an intersection averaging 0.22% copper and 1.1 ounces per ton silver over 33.53 metres.
The French porphyry is fault bounded and exists within a complex area of block faulting juxtaposing the Lower and Middle Jurassic Hazelton Group and Upper Cretaceous volcanics against the Lower Cretaceous Bowser Lake Group sediments. Based upon the presence of near flat lying hornfelsed volcanic and sedimentary units, blocks of volcanics within the porphyry (most likely roof pendants) and an extensive pyritic zone, the present day erosional surface is at or near the top of the French porphyry system, which is only now being unroofed. As a result, Grizzly management believes that the French property represents a unique exploration opportunity for the discovery of an intact copper-molybdenum-silver+/-gold porphyry system associated with a Bulkley aged intrusive complex.
Land use applications have been constructed and submitted to the government in order to conduct drilling programs at its 100% owned French and Peak properties. Land use permits are expected to be granted in the near future.
Alberta Potash Project
Grizzly has recently reduced its land holdings for its South (Medicine Hat) Block from 984,000 acres down to what it considers its core permits of 358,000 acres. Grizzly anticipates a similar sized reduction in its land holdings for its Northern (Lloydminster) Block permits and its 50% owned Provost Permits over the coming months.
Grizzly has recently received a Technical Report "The Report" for its Alberta Potash Project from APEX Geoscience Ltd., of Edmonton, Alberta. The Report recommends further drilling of 4 or 5 potash test wells with a budget of up to $5 million for future work at the Company's Alberta Potash Project. Grizzly is currently reviewing options to obtain financing to complete the recommended potash drilling program. The report is available under the Company's profile on www.SEDAR.com.
All 2013 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.
About Grizzly Discoveries Inc.
Grizzly trades on the TSX Venture Exchange under the symbol GZD, on the OTCQX exchange under the symbol GZDIF, and the Frankfurt Exchange under the symbol G6H, with 48,725,268 common shares issued and outstanding.
Grizzly is an aggressive and diversified Canadian mineral exploration company exploring for: potash in Alberta; world class gold and base metal deposits in British Columbia; and diamonds in Alberta. Grizzly holds, or has an interest in, metallic and industrial mineral permits for potash totaling more than 1.7 million acres along the Alberta-Saskatchewan border. Grizzly currently has four precious-base metal properties in British Columbia totaling over 235,000 acres. Grizzly also currently holds more than 600,000 acres in diamond properties, which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta.
On behalf of the Board
Brian Testo, President
For further information, please visit our website at http://www.grizzlydiscoveries.com.
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.
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.
Contacts:
Grizzly Discoveries Inc.
Brian Testo
President
(780) 693-2242
(780) 439-7308 (FAX)
www.grizzlydiscoveries.com
IR PRO COMMUNICATIONS INC.
Nancy Massicotte
Investor Relations
604-507-3377 or Toll Free: 1-866-503-3377
ir@grizzlydiscoveries.com
www.irprocommunications.com