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
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.
DH | From m | To m | Width m* | Au ppm | Ag ppm | Cu % | CuEq%** |
22DA-015 | 6 | 50.5 | 44.5 | 0.155 | 2.06 | 0.033 | 0.162 |
22DA-016 | 7 | 187 | 180 | 0.201 | 1.89 | 0.062 | 0.221 |
includes | 7 | 94 | 87 | 0.222 | 1.41 | 0.081 | 0.251 |
22DA-017 | 9 | 184 | 175 | 0.149 | 1.76 | 0.057 | 0.177 |
22DA-018 | 20 | 21 | 1 | 6.05 | 15.30 | 0.026 | 4.445 |
and | 98 | 113 | 15 | 0.261 | 2.65 | 0.023 | 0.231 |
includes | 103 | 111 | 8 | 0.419 | 2.60 | 0.021 | 0.341 |
11DA-009*** | 3 | 54 | 51 | 0.43 | 0.81 | 0.15 | 0.462 |
*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
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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