Grizzly Provides Corporate Update and Exploration Plans for 2020 at Greenwood, BC

Edmonton, Alberta--(Newsfile Corp. - February 5, 2020) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to provide a corporate update and plans for 2020 exploration at its Ket 28 Greenwood Project, together with anomalous results from soil sampling undertaken in 2019 on a portion of the Greenwood Gold Project.

Grizzly 2020 Exploration Plans - Ket 28 Prospect

Grizzly has recently received drilling permits for high priority drill targets at the Ket 28 prospect, located within the Rock Creek claim group of the Greenwood Project, at which historic drilling in 1994 intersected high grade gold with 52.19 grams per tonne (g/t) gold (Au) over 3.35 meters (m) core length. Drilling by Grizzly in 2009 and 2010 at the Ket 28 prospect followed up the historic drilling in the mid 1990's, 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. In addition, wider intervals of lower grade mineralization were intersected with 1.02 g/t Au over 13.5 m core length and 1.19 g/t Au over 10.35 m core length.

The Company is currently planning a 2020 exploration program that will focus on the Ket 28 prospect where the gold mineralization is open along strike and to depth, and requires further drill testing. Grizzly is planning a 15 to 20 hole drill program that will target the mineralized zone in the central portion of the Ket 28 prospect, with the intention of expanding the currently defined gold zone and developing a maiden mineral resource estimate. The initial Ket 28 drill program is expected to cost approximately $350,000 to $500,000 and is subject to financing.

Grizzly CEO, Brian Testo, stated, "Our extensive land position on the Greenwood Property hosts numerous mineralized areas. Our focus is to develop a high grade gold resource estimate that can lead to production potential. We believe the Ket 28 prospect has such potential, and this will be the first of several recommended stages of exploration to accomplish our goals in this prolific region of southeastern BC."

Grizzly 2019 Soil Sampling

During 2019, a total of 889 soil samples were collected from the eastern portion of the Company's Greenwood claim area, north of Grand Forks within the Granby River drainage area. A total of 22 soil samples yielded greater than 50 parts per billion (ppb) Au and 7 samples greater than 100 ppb Au up to 1 gram per tonne (g/t) Au. Several of the anomalous soils are coincident with Triassic Brooklyn Formation volcanics and sediments in contact with Late Paleozoic Knob Hill Formation volcanics and sediments, considered favourable geology for gold mineralization in the Greenwood area. Follow-up exploration including prospecting with additional rock and soil sampling ground geophysical surveys are being planned for 2020 for the anomalous targets identified with the 2019 survey.

Other Grizzly 2020 Planned Exploration

The Company is planning to complete a planned helicopter magnetic and conductivity survey of the Robocop claims prior to conducting drilling.

In addition, with the recent uptick in platinum (Pt) and Palladium (Pd) prices, the Company is preparing to re-examine its Sappho Prospect southeast of the town of Greenwood.

Details on these additional programs and schedules will be the subject of follow up news releases.

We invite all shareholders and interested investors to visit us in Booth 3020 at this year's March 1 - 4, 2020 PDAC, Toronto, Ontario.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 67.1 million shares issued, focused on developing its precious and base metals properties in southeastern British Columbia. The Company holds or has an interest in over 160,000 acres of precious-base metal properties in British Columbia.

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
President
(780) 693-2242

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

Jim Greig
Corporate Development
Tel: 778-788-2745
Email: ir@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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