Grizzly Pleased to Report Phase 1 Drill Results for Dayton Prospect at Its Greenwood, BC Precious and Battery Metals Project

Edmonton, Alberta--(Newsfile Corp. - December 23, 2022) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that the company has received assay results for the first 4 core holes (1,014 m) completed at the Dayton Target area as part of the Phase 1 drill program at the Greenwood Project (Figure 1). A total of 3,123 m in 15 core holes has been completed at the Greenwood Project with results for 11 holes still pending.

Figure 1: Exploration Targets 2022.

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2022 Dayton Drilling Highlights

• The Company completed 4 core holes for 1,014 m at the copper-gold Dayton Skarn/Porphyry Prospect (Figures 1 and 2) following up a discovery by Grizzly in 2011 at Dayton.
• The Dayton IP2 target (an induced polarization [IP] chargeability anomaly) was tested by Grizzly with a single hole in 2011 and intersected potassic altered volcanics and dioritic intrusives with a near surface intersection (11DA-009) of 0.15% copper (Cu) and 0.43 grams per tonne (g/t) gold (Au) (or 0.46% CuEq**) over 51 m core length starting at a depth of 3 m (Table 1).
• Comparable and thicker sulphide zones, skarn and potassic alteration have been intersected in the 2022 drilling at the Dayton IP2 target (Figure 2).
• New intersections at Dayton include hole 22DA-016 with 0.062% Cu, 0.221 g/t Au and 1.89 g/t Ag (0.221% CuEq**) over 180 m core length, 22DA-017 with 0.057% Cu, 0.149 g/t Au and 1.76 g/t Ag (0.177% CuEq**) over 184 m core length, and 22DA-015 with 0.033% Cu, 0.155 g/t Au and 2.06 g/t Ag (0.162% CuEq**) over 44.5 m core length.
• Intercepts are all associated with an IP chargeability anomaly (IP2) and mineralization appears to plunge and thicken to the northeast down plunge in conjunction with an apparent plunge of the IP chargeability anomaly (Figures 3 to 7). The IP2 anomaly is at least 600 m in strike length and ranges from 100 to 150 m wide and is open to the northeast and at depth.
• Further drilling is planned for the Dayton IP2 chargeability anomaly. Permits are already in place to conduct further drilling.

Brian Testo, President and CEO of Grizzly Discoveries stated: "The early stage drill program at Dayton successfully intersected large intervals of copper, gold, and silver bearing altered and mineralized volcanic and diorite intrusive rocks; an encouraging positive step forward for a project that has seen little systematic exploration in the past. We are eager to resume drilling to expand this exciting discovery."

Figure 2: Sooty sulphides in vein with alteration rim in Dayton core hole 22DA017.

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Table 1: Dayton Summary drillhole results 2022.

 
*Core length as true thickness is unknown at this stage of exploration. **CuEq calculated using ratios of Au:Cu 1:7,080 and Ag:Cu 1:88.5.
***Previously reported in 2011

Figure 3: Near surface IP chargeability and drillholes at Dayton.

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Figure 4: 100m depth slice IP chargeability and drillholes at Dayton.

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Figure 5: 200m depth slice IP chargeability and drillholes at Dayton.

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Figure 6: Long section from northeast to southwest (looking southeast) along IP2 chargeability anomaly.

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The disseminated sulphide zone at the IP2 target is associated with altered diorite intrusions and later unaltered feldspar porphyry intrusions along with widespread potassic alteration halo. Grizzly is planning additional drilling to fully test the IP2 target. In addition, further geophysical surveys including time domain loop electromagnetic surveys and/or Titan24 surveys are being contemplated for the target to expand upon drill targeting.

The mineralization and alteration seen to date appear to be characteristic of a Au-Ag-Cu hydrothermal porphyry system and warrants additional exploration.

2022 Other Exploration Update

• Grizzly is awaiting assay results for the Motherlode drilling for a total of 11 drillholes.
• Grizzly has collected approximately 720 rock samples at a number of targets in the Greenwood Project area and is waiting for results for nearly 400 of the samples including samples collected from the Ket 28 area, Rock Creek area, the Midway area, the Copper Mountain area, the Overlander-Attwood area, along with the Imperial and Crown Point occurrences.
• Grizzly is currently awaiting additional results for soil sampling, with nearly 400 samples outstanding.
• All soil and rock samples have been sent to ALS Global in Vancouver for precious metal and multi-element analysis. Results will be provided as they become available.
• The Midway, Imperial and Crow Point areas are being targeted for copper-gold skarn and epithermal gold. The Overlander area is being targeted for mesothermal to epithermal gold-silver.
• The Copper Mountain and Sappho areas are 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 (Figure 3).
• 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.

Robocop Update

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

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 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.

Options and warrants exercised

Between November 3 and December 22, 2022, the Company issued a total of 800,000 common shares for proceeds of $52,000 on the exercise of options and an additional 350,000 common shares for proceeds of $31,250 on the exercise of warrants.

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.

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