Grizzly Completes Phase 1 Drill Testing at Its Greenwood, British Columbia Precious and Battery Metals Project

Edmonton, Alberta--(Newsfile Corp. - October 20, 2022) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that Full Force Diamond Drilling Ltd. (Full Force) out of Peachland, British Columbia (BC) has completed the Phase 1 drill program at the Greenwood Project including targets at the Dayton and Motherlode North Target areas (Figure 1). A total of 3,123 m in 15 core holes as been completed as the Phase 1 drilling program. Logging and sampling of the core is almost complete. Results will be provided as they become available.

The Company is currently waiting for the required permits for drilling at the Robocop Project near Grasmere, BC. As soon as the permits are received the Company will look to complete its Phase 1 drilling at the Robocop Property as soon as possible.

The Company is continuing with surface exploration in the Greenwood area. Crews from APEX Geoscience Ltd. commenced soil and rock sampling in June and the exploration work is ongoing. Work including prospecting, rock and soil sampling has been conducted at targets in the Ket 28 area, Rock Creek area, the Midway area, the Copper Mountain area, the Overlander-Attwood area and the Sappho area to date. Additional groundwork including further prospecting, sampling and ground geophysical surveys is ongoing for the Motherlode area and the Copper Mountain area. Ground geophysical surveys have commenced and will comprise magnetics and Loupe electromagnetics (EM) and is ongoing and planned for the Sappho, the Midway, Motherlode and Copper Mountain areas.

Figure 1: Exploration Targets 2022.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4488/141297_dc7d3ed754c989e4_002full.jpg

2022 Drilling Highlights

• The Company has completed 4 core holes for 1,014 m at the copper-gold Dayton Skarn/Porphyry Prospect (Figure 1 and 2a). Logging and sampling is complete and all samples have been sent to the Saskatchewan Research Council (SRC) for geochemical analysis.
• The Company has completed 9 core holes for 1,722 m at the polymetallic – skarn Motherlode North Target area (Figure 1 and 2b). Logging and sampling are ongoing and nearly complete.
• The Company has completed 2 core holes for 387 m at the Marguerite area to test precious-base metal sulphide and skarn targets East of the Motherlode North area (Figure 1 and 3). Logging and sampling are ongoing and nearly complete.
• The Dayton IP2 target (an induced polarization chargeability anomaly) was tested by Grizzly with a single hole in 2011 and intersected potassic altered volcanics and intrusives with a near surface intersection of 0.15% Cu and 0.43 g/t Au (or 0.4% CuEq*) over 51 m core length starting at a depth of 3m. Comparable sulphide zones and skarn have been intersected in the 2022 drilling at the Dayton IP2 target (Figure 2a).
• The Motherlode polymetallic and skarn targets are comprised of Cu-Au-Ag +/- lead-zinc (Pb-Zn) in proximity to the historical Motherlode Mine, which produced significant amounts of Cu, Au and Ag. Prior drilling by Grizzly intersected up 17.15 g/t Au, 41.7 g/t Ag, along with, 0.56% Pb and 1.51% Zn over 1.5 m core length at one of the skarn targets north of the Motherlode Pit.
• Skarn and sulphide mineralization have been intersected in several of the Motherlode and the Marguerite core holes (Figures 2b and 3).

Figure 2: a) sooty sulphides in vein with alteration rim in Dayton core hole 22DA017, b) carbonate hosted skarn in Motherlode North core hole 22ML007.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4488/141297_figure2.1.jpg

Figure 3: Skarn in Marguerite core hole 22MHR001.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/4488/141297_dc7d3ed754c989e4_005full.jpg

2022 Exploration Highlights To Date

• Grizzly has collected a total of approximately 895 soil samples in the Rock Creek area in the vicinity of the Nick nickel-cobalt prospect, in the area of the Ket 28 gold prospect and in the Sappho area east of the town of Midway.
• Grizzly has collected approximately 500 rock samples at targets in the Ket 28 area, Rock Creek area, the Midway area, the Copper Mountain area, the Overlander-Attwood area and the Sappho area to date. All soil and rock samples have been sent to ALS Global in Vancouver for precious metal and multi-element analysis. Results will be provide as they become available.
• The Midway area is being targeted for copper-gold skarn and epithermal gold. The Overlander area is being targeted for mesothermal to epithermal gold-silver.
• The Sappho area is being targeted for copper-gold-PGEs skarn and porphyry type targets associated with an alkalic intrusion and several diorite intrusions south of Greenwood near the US border.
• At least three new showings of copper oxide/sulphide mineralization have been found during the 2022 program at the Sappho Target.
• Previous surface sampling and drilling by Grizzly at the Sappho area has yielded significant anomalous copper, gold, silver along with platinum and palladium.
• Numerous rock grab samples have yielded greater than 1% copper, 1 gram per tonne (g/t) gold, 1 g/t platinum and 1 g/t palladium.
• Historical drilling has yielded up to 0.31% Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length in skarn at Sappho.
• Grizzly has collected more than 200 soil samples and 100 rock grab samples from the Sappho area during 2022.

Robocop Update

Once permits are received for drilling at the Robocop Project, a drill rig will be engaged to complete the Robocop drilling.

Brian Testo, President and CEO of Grizzly Discoveries, stated, "I am very pleased with the immense strides forward to date by the outstanding Apex Geoscience crew, Full Force drillers and our team, working together. This year's exploration season, along with the partnership with Dan Hurd and the acquisition of the historical Midway Mine and Picturestone prospects, has been exceptional so far and the prospecting and core logging is still ongoing."

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.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 66,000 ha (approximately 165,000 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.

On behalf of the Board,

GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President

Suite 363-9768 170 Street NW
Edmonton, Alberta T5T 5L4

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

Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/141297