Grizzly Partner Announces Positive Gold Results for Soil Geochemical Sampling Program Conducted at Ket 28 Area, Rock Creek, British Columbia in 2022

Edmonton, Alberta--(Newsfile Corp. - March 2, 2023) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that the Company's optionee partner Hi-View Resources Inc. has received final results for its 2022 soil and rock sampling program at the road accessible Ket 28 prospect in the Greenwood Gold District of south-central British Columbia (BC). A number of soil samples have yielded gold in soil anomalies in the vicinity of and to the south of Ket 28 towards the USA border (Figure 1). Ket 28 precious metal mineralization is hosted in Late Paleozoic Anarchist volcanic and sedimentary rocks with mineralization consisting of pyrite with minor galena and sphalerite in quartz veins, stockworks and pods associated with north, northeast and northwest trending faults related to the Rock Creek Graben.

Figure 1: Geology and Gold in Rock, Soil and Stream Samples - Ket 28 Area, Rock Creek, BC.

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Highlights

• First significant systematic regional sampling program with more than 1,000 soil samples collected in a 100 m by 200 m grid pattern and analysed for gold and multi-elements using a partial extraction ionic leach method at ALS Global in Vancouver, BC.
• New anomalous gold zones in soils identified immediately southwest of the main Ket 28 showing (Figure 1) along with at least four new areas of anomalous gold in soils identified in an area that is about 2.5 km south of the main showing area and is over 5 km in length and roughly 1.2 km wide up against the US border (Figures 1 to 3).
• A total of 129 rock grab samples collected across the Ket 28 area with up to 1.5 grams per tonne (g/t) gold (Au) from a sample within the southern anomalous gold in soil area.
• The Ket 28 showing has yielded 11.9 g/t Au over 2.0 m core length and 2.77 g/t over 11.0 m core length in different holes in drilling completed by the Company.
• Numerous northwest and northeast controlling structures within Paleozoic Anarchist volcanic (green), clastic and calcareous sedimentary rocks (orange and blue) along with a number of small to large sized Cretaceous to Eocene (pink) intermediate to felsic intrusions are visible in outcrop and in the geophysics, and present excellent targets for follow up exploration including additional soil and rock sampling, ground geophysics, leading to eventual drilling.
• Follow-up exploration is being designed and planned for 2023.

Brian Testo, President and CEO of Grizzly Discoveries, comments, "It's great to see some highly prospective regional targets, developing in and around the Ket 28 area where very little exploration work has been completed outside of the prospective main showing. We are also very excited about the upcoming exploration and drilling season for the high-grade precious and battery metal targets in the prolific Greenwood mining district."

Figure 2: Magnetics and Gold in Rock, Soil and Stream Samples - Ket 28 Area, Rock Creek, BC.

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Figure 3: Conductivity and Gold in Rock, Soil and Stream Samples - Ket 28 Area, Rock Creek, BC.

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Quality Assurance and Control

Results from samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). The sampling program was undertaken by Company personnel under the direction of Ed Parker, P.Geo. A secure chain of custody is maintained in transporting and storing of all samples. Gold was assayed using fire assay with atomic emission spectrometry (Au-ICP21/22) and gravimetric finish when required (+10 g/t Au) for rock samples and by partial cyanide leach with a wet chemical mass spectrometer finish (ME-MS23TM) for soil sample. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

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.

Warrants Exercised

On February 14, 2023, the Company issued 100,000 common shares upon the exercise of warrants at an exercise price of $0.075 per common share for proceeds of $7,500.

Beaverdell Property Purchase Completed

The Company has completed the acquisition of the Beaverdell Claims from Zimtu Capital Corp.("Zimtu"), originally announced on February 13, 2023, by the issuance of 75,000 common shares of the Company to Zimtu, in addition to the cash payment of $7,500 paid on entering into the Beaverdell Agreement. Zimtu has effected the transfer of the Beaverdell Claims to the Company, and Grizzly now holds a 100% unencumbered interest in the Beaverdell Claims. The common shares issued to Zimtu are subject to a four month and one day hold period in accordance with the policies of the TSX Venture Exchange.

Pursuant to the exercise of warrants and the common shares issued to Zimtu, the Company has 141,601,427 common shares issued and outstanding.

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
TF: 1-866-507-3377
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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