Grizzly Provides Corporate Update and Exploration Plans for 2020 at Greenwood, BC
Edmonton, Alberta--(Newsfile Corp. - April 2, 2020) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is supportive of the roles and initiatives of industry and governments to protect the health and safety of all Canadians. The Company recognizes that the COVID-19 pandemic crisis is dynamic and is monitoring the situation to determine the impacts that COVID-19 may have upon its 2020 exploration efforts. At present, the Company does not see a significant impact to its 2020 planned exploration programs in southern British Columbia as exploration can be conducted in any season within the guidelines recommended by the Chief Inspector of Mines for British Columbia with respect to the COVID-19 pandemic and the operation of mines and exploration programs.
Brian Testo, CEO commented, "We are continuously monitoring the progress of COVID-19 developments and will act accordingly for the health and safety of all stakeholders. With gold and palladium prices near 8 year highs, we saw strong interest in our projects at the PDAC, and we intend to take advantage of the current favourable precious metal prices and continue to raise capital to advance exploration efforts at our road accessible projects in southern British Columbia."
All of the Company's mineral claims in southeastern British Columbia will now be in good standing to at least December 31st, 2021. The British Columbia Ministry of Mines has provided a grace period for conducting required exploration on all mineral claims in the Province coming due in the next 12 months. The Company has over 150,000 acres in the Greenwood area and close to 6,000 acres in the Roosville area of British Columbia, a proven and prolific mining jurisdiction of Canada.
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 yielding 52.19 g/t gold over 3.35 meters (m) core length. Follow-up drilling by Grizzly in 2009 and 2010 at the Ket 28 provided more anomalous gold intersections, yielding 2.77 g/t gold over 11 m core length and 8.75 g/t gold over 3 m with a higher grade zone of 11.90 g/t gold over 2 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 2020 Exploration Plans - Sappho Au Ag Pt Pd Cu Prospect
The 2010 drill results from the Sappho Prospect yielded coincident gold, silver, and platinum (Pt) group elements ("PGE"), including palladium (Pd), along with copper (Cu) in a number of drill holes. Results point to a copper porphyry style mineralization and locally skarn model with assay results yielding a wide anomalous interval of 0.28% CuEq over 93.5 m core length including a higher grade zone of 0.38 % CuEq over 63.5 m core length. Three well documented surface copper occurrences in the northeastern portion of the alkaline intrusive complex yielded numerous high grade selective rock grab sample results including up to 8.28% Cu, 27.1 g/t Pt, 298 g/t Ag, 2.2 g/t Au and 2.57 g/t Pd. All three occurrences yielded multi gram Pt and Pd values. Prior drilling has also yielded multi gram narrow core length intersections of Au, Pt and Pd associated with Cu. Fieldwork is being planned for 2020 in order to re-evaluate the prospect subject to financing.
Grizzly 2020 Regional Exploration Plans
Prior exploration results by the Company and Kinross over the last few years generated several new showings along with numerous precious metal anomalies (>100 ppb Au +/- Ag, As, Sb, Cu etc.) in soils. The new discovery targets require geological follow-up to develop new prospective drill targets. The Company is planning additional reconnaissance exploration at multiple target areas subject to financing.
Grizzly 2020 Exploration Plans - Robocop Co Cu Ag Prospect
The Company is preparing a planned helicopter magnetic and conductivity survey to isolate drill targets over the Robocop claims. The Robocop Prospect hosts significant historic cobalt-copper-silver in soil anomalies. Historic drilling during the 1990's and early 2000's has yielded grades of up to 0.18% cobalt, 0.28% copper, 4.1 parts per million (ppm) silver over 1 m core length and 0.134% Co, 1.19% Cu and 33.8 ppm Ag over 1.23 m core length for individual core samples. The Co-Cu-Ag mineralization is hosted in Sheppard Formation and is classified as Proterozoic sediment hosted mineralization. The Company believes that significant potential exists to expand the known extent of the known mineralization on the Property and further exploration is warranted.
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 156,000 acres of precious-base metal properties in British Columbia, Canada.
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.
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Toll Free: 1-866-503-3377
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/54070