Grizzly Reports on Additional High Grade Ag-Au-Pb-Zn Grab Samples from 248 g/T Silver (7.2 opt) up to 2,700 g/T Silver (78.8 opt) Obtained from the Midway Mine and Copper Mountain Area Greenwood, British Columbia

Edmonton, Alberta--(Newsfile Corp. - January 26, 2023) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that it has recently received analytical results for an additional 18 selective rock grab samples from the historical Silver (Ag)-Gold (Au)-Lead (Pb)-Zinc (Zn) Midway Mine area and 90 selective rock grab samples from 10 km north of Midway at the Copper Mountain Prospect in the Central portion of the Greenwood area, about 4 km and 14 km northwest of the town of Midway in the Kettle River Valley area of BC, respectively. The Midway - Picturestone mineral claims were recently acquired from Mr. Dan Hurd (see Company NR dated October 11^th, 2022) and are strategically located within the Company's Central Greenwood land holdings and in particular the Company's Midway to Copper Mountain lands.

Highlights

• A total of 18 additional and new selective rock grab and composite rock grab samples from outcrop collected from the Midway Mine-Picturestone area, with 8 of 18 rock grab samples from outcropping mineralization in the Midway Mine area yielding a range of 0.119 grams per tonne (g/T) gold (Au) up to 12.85 g/T (or 0.375 ounces per ton [opt]) Au (Table 1, Figures 1 to 3).
• Three (3) of the 18 new selective rock grab samples from the Midway Mine area yielded from 248 g/T silver (Ag) (7.2 opt Ag) up to 2,700 g/T Ag (78.8 opt Ag), with highly anomalous and associated lead (Pb), zinc (Zn), copper (Cu), arsenic (As) and antimony (Sb) (Table 1).
• All highly anomalous samples are from outcrop and characterized by the presence of abundant pyrite, arsenopyrite with visible galena and sphalerite in a siliceous chalcedonic host. The mineralization is hosted in polymetallic veins and altered wall rock that display the presence of Pb, Zn, Cu, As and Sb, and are likely epithermal in nature. Mineralized veins with northwest and northeast orientations were noted.
• Host rocks are altered with disseminated sulphide and are likely altered sedimentary rocks to altered intermediate intrusions including quartz-feldspar porphyry and diorite.
• Anomalous Au and Ag associated with silica-potassic alteration detected along a strike length of more than 450 m in sampling along a northwest magnetic trend from the Picturestone Quarry to the Midway Mine that marks a faulted contact between diorite and serpentinite (Figures 2 & 3).
• A total of 28 of 90 new rock grab samples with greater than 0.1 g/T Au up to 96.9 g/T (2.83 opt) Au collected from the Copper Mountain area about 10 km north of Midway (Table 1, Figure 4).
• Three (3) high grade gold values (9.05 g/T up to 96.9 g/T) obtained from the historic Coronation Mine area extending the footprint of the Coronation epithermal vein mineralization (Figure 5).
• Four (4) new Au-Cu showings were identified from 100 m to 400 m west of the Mabel Jenny Au-Cu showings that were drilled in 2010 with intersections of up to 1.0 g/T Au and 4.65 g/T Ag over 30 m core length, and 4.31 g/T Au and 10.13 g/T Ag over 5 m core length.
• In addition to Au, a total of 30 of the 90 rock grab samples yielded Cu assays greater than 200 ppm up to 1,465 ppm Cu (Table 1, Figure 4). Almost all of the samples collected in the Copper Mountain area have anomalous copper. Mineralization consists of pyrite and minor chalcopyrite hosted in strongly altered diorite and/or volcanics. Skarn and/or porphyry style mineralization is the anticipated target for the Mabel Jenny portion of the Copper Mountain Prospect.

Table 1: Selected geochemical highlights for 8 rock grab samples* collected from the Midway Mine area and 30 rock grab samples* collected from the Copper Mountain area.

*Selective rock grab samples are illustrative of the tenor of mineralization for the material collected but may or may not be characteristic of the overall mineralization of the mineralization zone as they are selective in nature.

Assaying was conducted at ALS Global in Vancouver with each sample analysed for gold by a standard fire assay (Au-ICP-21), which involved the fusion of a 30 g sample aliquot and a wet chemical (ICP) finish. "Overlimit" Au-ICP21 results (>10 g/T Au) were followed up with Au-GRA21 analysis. This involved a 30 g fire assay fusion and gravimetric finish. Additionally, each sample was submitted for multi-element geochemical analysis by the ME-MS61 technique, which is an ICP-MS analysis following a near-total, four-acid, digestion of a 0.25 g sample aliquot. Initial silver and base metal (Cu, Pb and Zn) "overlimit" ICP-MS results (>100 g/T Ag and >1% for base metals) were analysed by a follow-up, "ore grade" ICP technique (OG62), which also involved ICP analysis following a four-acid digestion on a 0.4 g sample aliquot. Any samples with silver values by OG62 >1,500 g/T were re-analysed by 30 g fire assay with a gravimetric finish (Ag-GRA21). ALS Minerals has developed and implemented strategically designed processes and a global quality management system at each of its locations that meets all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015.

The Midway Mine and the Picturestone (aka Picture Rock) Quarry area have seen intermittent exploration and mining since the late 1800's through to as recent as 2012. In the case of the historical Midway Mine, limited underground and open pit development has occurred. The Midway Mine and the Picturestone Quarry are situated within the "Midway Window", a structural zone within the Toroda Graben exposing Late Paleozoic to Jurassic sediments, volcanics and intrusions, including the Knob Hill and Brooklyn formations, centered on an old thrust fault in a similar setting to the Golden Crown and Lexington Mine area near Greenwood, BC as displayed in Figure 1. The presence of serpentinite and listwanite in a thrust fault setting along with what is likely Jurassic aged quartz-feldspar porphyry and diorite has been noted.

The Company's Midway Lands have been a focus of exploration since acquiring lands in the area. The current status of historical and modern exploration by the Company is illustrated in Figure 1, with most of the recent work focused on lands to the west and southwest of the historical Midway Mine.

Figure 1: Midway Geology, Rock and Soil Geochemistry.

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Prior owners and operators describe significant epithermal mineralization in the form vertical polymetallic sulphide veins enriched in pyrite, arsenopyrite, galena, sphalerite and stibnite, quartz veins and significant alteration at the Midway Mine and Picturestone Quarry. The Midway Mine is spatially associated with a northeast trending gold (Au), silver (Ag), lead (Pb), zinc (Zn) and arsenic (As) soil geochemical anomaly that is approximately 300 m in length and 100 m in width in the area of the Midway Mine¹. Historical trench sampling yielded 2.8 grams per tonne (g/t) Au and 218 g/t Ag over a 4.5 m interval in chip/channel sampling at the Midway Mine¹. Limited drilling with some significant intercepts was carried out in the 1980's to 1990 at the Midway and Picturestone prospects.

Figure 2: Midway Mine area recent gold in rock geochemistry and ground magnetic survey.

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Figure 3: Midway Mine area recent silver in rock geochemistry and geology.

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Figure 4: Copper Mountain area recent gold in rock geochemistry and conductivity.

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Figure 5: Coronation vein and alteration zone in Adit. Vein is 30 to 50 cm thick.

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Minnova Inc. conducted a 7 hole core drilling program for a total of 1,170 m 1990 in the Midway Mine area². No drilling has been conducted since. A total of 274 m of core was sampled and two holes tested the actual historical Midway Mine. Hole 90-1 drilled to a depth of 84.45 m intersected 23 m of altered quartz-feldspar porphyry with pyrite and some pyrite-galena veins. The best result obtained in sampling was 1.14 g/T Au (0.033 oz/t Au) and 208 g/T Ag (6.1 oz/t Ag) over 1.5 m core length. A 10.5 m interval of strongly altered quartz-feldspar porphyry returned an average grade of 0.33 g/T Au (0.001 oz/t Au) and 52.7 g/T Ag (1.54 oz/t Ag). A number of the drill holes completed intersected serpentinite, listwanite, diorite and then bottomed in Triassic Brooklyn Formation sharpstone conglomerate with pyrite and skarnified limestone clasts. A number of the other holes intersected similar geology, alteration and gold - silver values as hole 90-1. Additional trenching and drilling were recommended.

The most recent work in 2012 resulted in a recommendation of ground geophysical surveys, additional soil sampling and drilling. The work was never completed. The Company and APEX have commenced permitting for a number of other target areas, including drilling and trenching at Sappho, Midway and Copper Mountain.

The Company has recently completed Phase 1 drilling on the Dayton and Motherlode North prospects. The results have been received for Dayton and been provided in a news release by the Company dated December 23, 2022. The Company will provide an update on the results of drilling at Motherlode North in the near future. Assays are still pending for a number of drillholes.

Brian Testo, President and CEO of Grizzly Discoveries, stated, "We are excited at the high grade gold and silver values that have been obtained from the historical Midway Mine and potential for additional mineralization. We have had our eyes on this historical mine for several years and view the acquisition of the Midway and Picturestone prospects as a good quality strategic addition to our current significant land holdings in the Greenwood District. We are even more encouraged by the rock grab samples collected and reported today from the Midway and Picturestone area which yielded from 248 g/T silver (Ag) (7.2 opt) up to 2,700 g/T Ag (78.8 opt), as well as previously reported results of 1,360 g/T Ag (39.7 opt), 1,530 g/T Ag (44.6 opt) and up to 2,140 g/T Ag (62.4 opt) along with 12.05 g/T gold (Au) (or 0.351 opt) up to 70.8 g/T Au (2.065 opt)!"

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.

KET-28 OPTION UPDATE

The Company has agreed with Hi-View Resources Inc. to extend the first year option term for the Ket-28 Option Agreement, originally announced by the Company on August 10, 2021, by approximately 8 months to September 30, 2023. The Company has received $5,000 in advance of the revised first anniversary, and, to continue with the option, Hi-View must pay the Company $45,000 and issue 120,000 common shares to the Company no later than the amended first anniversary date of September 30, 2023. Hi-View has incurred the required first-year exploration expenditures of $150,000.

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.

1 Assessment Report - Soil and Rock Sampling For the Rainbow Property AR32359, Von Einsiedel, 2011.
2 Assessment Report - Trenching and Diamond Drilling Report on the Murray Group BC AR21126, Caron, 1990.

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