Grizzly Releases Results for Rock Sampling at the Sappho Target Greenwood, British Columbia Precious and Battery Metals Project

Edmonton, Alberta--(Newsfile Corp. - November 3, 2022) -  Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that it has received results for a number of rock grab samples collected from this summer's rock sampling program (Figure 1). Analytical results have been received for a total of 141 rock grab samples. Additional results for a number of other targets areas and 15 core holes that were completed in September as the Phase 1 drilling program will be provided as they become available.

Highlights

  • Setting is the East Contact of the Toroda Graben with numerous pyroxenite-monzonite-diorite (older) and younger QFP-diorite (Tertiary) intrusions into intermediate-mafic volcanics.
  • A total of 141 rock grab samples collected during prospecting at the Sappho Target during 2022.
  • Five (5) new sulphide showings discovered during the field work, with 4 of the 5 showings yielding rock grab samples with >1% copper (Cu) up to as high as 7.25% Cu (Figures 1 and 2).
  • A total of 17 rock grab samples returning values >1% Cu up to 9.06% Cu, many also with anomalous gold (Au), silver (Ag), platinum (Pt) and palladium (Pd).
  • A total of 11 samples have yielded >500 parts per billion (ppb) Pt and Pd up to 4.64 grams per tonne (g/t) Pt and up to 2.28 g/t Pd.

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Figure 1: Sappho Rock Sampling Summary 2022.

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Figure 2: New copper oxide showings in the Sappho area

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Brian "Griz" Testo, President & CEO of Grizzly Discoveries, states "New results are providing significant targets indicated by high-grade copper samples at surface. Anomalous geophysics are also outlining multiple new targets across the Sappho Project. Grizzly will continue to define these targets to the drill ready stage for the potential to define new discoveries. I would like to express deep gratitude to our outstanding prospecting team, Sebastian and Cache, for finding new showings at both the Sappho and the Midway Mine."

The Sappho area is being targeted for copper-gold skarn and porphyry type targets associated with a Jurassic alkalic intrusive complex and several younger diorite intrusions (Figure 1). A total of five new showings of copper oxide mineralization have been found during the 2022 program (Figures 1 and 2b). Previous surface sampling and drilling by Grizzly has yielded significant anomalous copper, gold, silver along with platinum and palladium. Numerous historical and new rock grab samples have yielded greater than 1% Cu, 1 g/t Au, 1 g/t Ag, 1 g/t Pt and 1 g/t Pd (Figure 1). Historical 2010 drilling by the Company (4 core holes) 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 (in hole 10SP03), including 1 m core length intersections of 3.82 g/t Au and 199 g/t Ag, and in a separate sample 1.83 g/t Pt and 2.09 g/t Pd across 1 m - these results all are associated with >1% Cu in those samples. Drillhole 10SP03 targeted a magnetic anomaly and had no indications of surface mineralization. One of the new 2022 showings has been found proximal to drillhole 10SP03 and the targeted magnetic anomaly. The Company has collected more than 250 soil samples from the Sappho area during 2022 and will report the results as they become available.

The Company is continuing with surface exploration in the Greenwood area. Crews from APEX Geoscience Ltd. commenced soil and rock sampling in June and the exploration work is ongoing. Work including prospecting, rock and soil sampling has been conducted at targets in the Ket 28 area, Rock Creek area, the Midway area, the Copper Mountain area, the Overlander-Attwood area and the Sappho area to date (Figure 3). Additional groundwork including further prospecting, sampling and ground geophysical surveys is ongoing for the Copper Mountain area and Sappho areas. Ground geophysical surveys have commenced and will comprise magnetics and Loupe electromagnetics (EM) and is ongoing and planned for the Sappho, the Midway, Motherlode and Copper Mountain areas (Figure 3).

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Figure 3: Exploration Targets 2022.

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2022 Exploration Highlights To Date

  • Grizzly has collected a total of approximately 1,578 soil samples in the Rock Creek area in the vicinity of the Nick nickel-cobalt prospect, in the area of the Ket 28 gold prospect and in the Sappho area targeting Cu-Ag-Au-Pt-Pd mineralization east of the town of Midway.
  • Grizzly has collected approximately 500 rock samples at targets in the Ket 28 area, Rock Creek area (Imperial and Crown Point), the Midway area, the Copper Mountain area, the Overlander-Attwood area and the Sappho area to date. 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.
  • Grizzly has completed a total of 15 core holes for a total of 3,115 m at the Dayton Target and the Motherlode North area targeting Au-Ag-Cu mineralization. Results will be provided as they become available.
  • The Dayton area is being targeted for Cu-Au porphyry and skarn potential.
  • The Motherlode North area is being targeted for skarn and precious metal epithermal sulphide mineralization.
  • The Midway area is being targeted for copper-gold skarn and epithermal gold-silver. The Overlander area is being targeted for mesothermal to epithermal gold-silver mineralization.
  • The Sappho area is being targeted for copper-gold-PGEs skarn and porphyry type targets associated with an alkalic intrusive complex and several diorite intrusions.
  • Five new showings of copper oxide/sulphide mineralization have been found during the 2022 program at the Sappho Target area.
  • The Midway historical mine and immediate area has yielded five selective rock grab samples with between 12.05 g/t Au and 70.8 g/t Au along with five selective rock samples with between 565 g/t Ag and 2,140 g/t Ag (See Grizzly News Release October 17, 2022).

Robocop Update

Consultation is ongoing with the Government of British Columbia and various First Nations groups in the Elkford Valley. 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 well financed and has set funds aside to complete the program.

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.

Midway Mine Option Agreement

The option agreement to purchase the mineral rights to 317 hectares in seven mineral claims in the Greenwood, BC area, announced by the Company on October 11, 2022, has been accepted by the TSX Venture Exchange and the Company has now completed the initial payment of $5,000 in cash and has issued 50,000 common shares to the optionor, which are subject to restrictions on trading until March 4, 2023 in accordance with the policies of the TSX Venture Exchange. To complete the option, the Company must pay an additional $10,000 in cash and issue an additional 100,000 common shares to the optionor by November 3. 2025.

Warrants Exercised

Between October 20 and November 2, 2022, the Company issued a total of 3,040,200 common shares upon the exercise of warrants for proceeds of $240,581. The warrants exercised had expiry dates ranging from June 2, 2023 to April 22, 2024 and exercise prices ranging from $0.075 to 0.08 per common share.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142917

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