Grizzly Completes 4 Drill-holes and Updates Gold Drilling Progress at Its Ket 28 Property in BC

Edmonton, Alberta--(Newsfile Corp. - October 7, 2020) - Grizzly Discoveries Inc. (TSXV: GZD) (OTCQB: GZDIF) (FSE: G6H) ("Grizzly" or the "Company") is pleased to provide an update on the ongoing 2,000+ metre ("m"), 11+ hole core drill program at its Ket 28 high-grade gold ("Au") Property. Ket 28 is situated within the Greenwood Gold Project, which is in an established, road accessible and historic mining district of southeastern British Columbia. The Company expects to incur approximately $500,000 in costs on this first phase of drilling at Ket 28, which is designed to further test the currently defined high priority Au mineralized zone.

Full Force Diamond Drilling Ltd. of Peachland, BC, commenced drilling at the Ket 28 Property on September 27, 2020. As of October 5, a total of four diamond drill-holes have been completed, for a total of 544.5 m. All drillholes have intersected variable amounts of sericite-pyrite alteration with quartz veins and silicification hosted in a sedimentary schist, mafic volcanic to basalt package of rocks. Geologists from APEX Geoscience Ltd. (Edmonton and Vancouver) are on site and are completing core logging and cutting at Grizzly's leased Rock Creek camp facility. Drilling is anticipated to be completed by the end of October, and assays are expected by year end.

Ket 28 drill site October 2020

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Ket 28 Au Drill Hole Targets

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Ket 28 Drill Core October 2020

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Historic Drilling from the mid 1990`s at the Ket 28 prospect, located within the Rock Creek claim group of the Greenwood Project, intersected high grade gold with 52.19 grams per tonne ("g/t") Au over 3.35 m core length. Drilling by Grizzly in 2009 and 2010 followed up on the historic drilling with 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. (Source: Grizzly Discoveries Inc. NI 43-101 Technical Report September 1, 2013, Dufresne and Banas).

Brian Testo, CEO, Grizzly Discoveries Inc., commented, "Our 2020 drill program is underway, and we are pleased with how the drill program is progressing. Drilling close to our Rock Creek camp facilities provides ideal logistical support for the drill program. This new drill data will advance us toward developing our initial resource estimate of gold mineralization at Ket 28, on our expansive Greenwood Property. Although all the assay labs across Canada are experiencing significant backlogs due to the industry's high level of current activity, we anticipate initial assay results before the end of the year, and will build on these results with further exploration efforts in southern British Columbia in 2021".

Greenwood Project, BC

7+ million gold oz mined to date in the Republic - Greenwood District (Dufresne and Banas, 2013)

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ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange, with 86.5 million shares issued, focused on developing its over 156,000 acres of precious and base metals properties in southeastern British Columbia. Grizzly is run by highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.

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

On behalf of the Board,

GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President
Tel: 780 693 2242

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

Chris Beltgens
Corporate Development
Tel: 604 347 9535
Email: cbeltgens@grizzlydiscoveries.com

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 www.sedar.com. 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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