Kinross' KG Exploration Approves Plans for 2017 Exploration and Drilling on 75% Option from Grizzly
Edmonton, Alberta--(Newsfile Corp. - June 28, 2017) - Grizzly Discoveries Inc. (TSXV: GZD) (OTCPK: GZDIF) (Frankfurt: G6H) ("Grizzly" or the "Company") is pleased to announce that it has been advised by Kinross Gold Corporation's wholly owned subsidiary, KG Exploration (Canada) Inc. ("Kinross") that it has approved its 2017 work program on the Grizzly Greenwood property, located near Greenwood in southern B.C.The 2016 work program yielded identification of epithermal and skarn precious metal mineralization at the Mt Attwood-Overlander and Midway target areas, which will be a continuing focus of the 2017 program.
The portions of Grizzly's Greenwood Project being explored by Kinross are 100% owned by Grizzly Discoveries Inc. and includes 131 claims that form a contiguous package totaling approximately 27,346 hectares, representing approximately one third of Grizzly's land holdings at Greenwood. Under the terms of a September 2015 agreement, KG Exploration (Canada) Inc. can earn a 75% interest on the optioned land pursuant to an Option Agreement with Grizzly on portions of its land holdings in southeastern British Columbia, by incurring US$3 million in exploration expenditures over a five year period. By the second anniversary of the agreement, 750 metres of diamond drilling must be completed along with US$750,000 in expenditures by September 23, 2017.
Planned 2017 Work Program Highlights
1,250 metres diamond drilling at Mt Attwood-Overlander and Midway areas
Generative work of mapping and sampling of high priority targets
Planned expenditure totals US $352,000
Summary of 2016 Kinross Results
The 2016 exploration program focused primarily at the Mt Attwood-Overlander and Midway target areas and included trenching, soil, rock and stream sediment sampling, geological mapping, along with geochemical analysis and reporting.Exploration at the Mt Attwood-Overlander and Midway target areas yielded newly-identified epithermal precious metal and skarn mineralization, as well as confirmation and extension of epithermal and skarn alteration and mineralization discovered during 2015.
Fieldwork conducted at five separate target areas took place between May 1 and October 5, 2016.A total of 3,131 soil samples, 411 rock samples and 34 stream silt samples were collected, as well as 12 trenches were excavated during the 2016 program. A total of 421 field man-days of work were conducted during the period.
At Mt Attwood-Overlander, the newly discovered quartz veins included extensions to the two veins discovered in 2015 which bring the number of veins discovered in 2015 and 2016 to seven.Visible gold (Au) was found at one new vein with historic assays in the area up to 37.9 g/t gold.
At Midway, the area was subdivided into four target areas including the Texas-Bruce, a previously known skarn area. One of the sub areas is a newly identified epithermal silicification occurrence, and another sub-area is defined by a gold in soil anomaly in the northwest portion of the area.
2017 Kinross Work Program
Kinross has approved further exploration including up to 1,250 metres of drilling, focusing on 3 high priority targets,in the Midway and Attwood-Overlander target areas . Generative follow-up is also scheduled to the northeast of the Texas skarn showing.
MIDWAY
The primary objective of the 2017 program is to proof-of-concept drill test the Midway epithermal target area to determine if deposit signatures and grade are continuous at depth. The Midway program is comprised of 750 metres of diamond drilling (3-5 ~200m drill holes).
MT ATTWOOD-OVERLANDER
The primary objective of the 2017 program is to proof-of-concept drill test beneath the gold bearing Attwood drusy quartz veins, to determine if deposit signatures and grade are continuous at depth. The Mt Attwood-Overlander program is comprised of 500 metres of diamond drilling (3-5 ~100m drill holes)
GENERATIVE
The primary objective of the 2017 Kinross generative program and target delineation work is to test high priority and quality targets. .Generative work and target delineation will be undertaken at 4 high priority target areas:
1. Midway - continue mapping and sampling the area with low sulfidation epithermal signatures
2. Attwood A- geologic mapping of strong geochemically anomalous area to better define deposit type and potential
3. North Target - geologic mapping and sampling of an underexplored skarn in prospective rocks with historic gold anomalies
4. Attwood B- geologic mapping and sampling of historic gold soil anomalies with potential for VMS or Skarn type deposit
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 52.4 million shares issued, focused on developing significant Potash assets in Alberta and its precious metals properties in southeastern British Columbia.The Company holds over 235,000 acres of precious-base metal properties in British Columbia; more than 220,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta; and metallic and industrial mineral permits for potash totaling more than 143,000 acres along the Alberta-Saskatchewan border.
The content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., 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, CEO, President
Tel: (780) 693-2242
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Nancy Massicotte, Investor Relations
IR PRO COMMUNICATIONS INC.
Tel: 604-507-3377
Toll Free: 1-866-503-3377
Email: ir@grizzlydiscoveries.com
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or
Ian Lambert
COO, Grizzly Discoveries Inc.
Tel: 416-840-9843
Email: ilambert@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.