Grizzly Announces that it has Acquired by Staking an Additional 6,478 Acres in a Key Area of the Greenwood, BC Precious and Battery Metals Project
Grizzly Announces that it has Acquired by
Staking an Additional 6,478 Acres in a Key
Area of the Greenwood, BC Precious and
Battery Metals Project
Edmonton, Alberta--(Newsfile Corp. - September 7, 2023) -
Grizzly Discoveries Inc. (TSXV: GZD)
(FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company")
is pleased to announce that after the
Okanogan fire danger has subsided that geological crews are back at the Rock Creek camp and have
re-commenced work at Midway, Copper Mountain and the Imperial target areas within the Greenwood
Precious and Battery Metals Project. The Company is also pleased to announce that a large block of
lands held in perpetuity for more than 30+ years by a competitor in the core of the Greenwood Project
area surrounding and adjacent to the Phoenix Mine lapsed on July 31, 2023. Grizzly was able to acquire
by staking close to 90 percent of the land that came open for a total of 6,478 acres highlighted in blue
east of Greenwood in Figure 1.
Figure 1:
New Mineral Claims Acquired August 1, 2023.
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Geological and prospecting crews have re-commenced prospecting, geological mapping, rock and soil
sampling within the Greenwood Project area and will do an initial pass at the new mineral claim area, but
will be focused on the Midway, Imperial, Copper Mountain and Sappho areas as we await drilling
permits from the BC Ministry of Energy Mines and Petroleum Resources. The intent is to prepare these
target areas for drilling this fall. The Company is awaiting land use permits for conducting drilling and
trenching at the Midway Mine area as well as drilling at Copper Mountain, Imperial and potentially the
Sappho target areas (Figure 2).
Figure 2:
Exploration Targets 2023.
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A number of existing showings and parts or extensions to known showings have been acquired with the
staking of new mineral claims including but not limited to Marshall Lake, Sylvester K, the Great Laxey,
Eholt and lands adjacent to and surrounding the historical Phoenix Mine.
The geological and prospecting crew has made several discoveries of sulphide, quartz vein zones and
skarn on the new claims (Figure 3). Sulphide showings associated with skarn at Marshall Lake (Figure
1) are hosted in Triassic Brooklyn Formation sedimentary rocks including limestone that has been
intruded by diorite. The showings have been trenched and bulk sampled in the past (1960's to 1970's)
yielding significant copper, silver and gold. Little to no modern exploration has been performed at the
Marshall Lake target as well as a number of other showings in the Brooklyn sequence such as the Great
Laxey.
To date, more than 1,500 soil samples and 300 rock samples have been collected from the Midway,
Copper Mountain, Imperial and Sappho target areas and have been submitted to ALS Global
Laboratories (ALS) as well as an initial set of samples from the new mineral claims. Ground geophysical
surveys will be performed where needed in September in order to be ready for the 2023 drilling
campaign.
The goal is to have a pipeline of high priority precious metal and battery metal targets that are all
permitted and ready for a long 2023 and 2024 drilling campaign in order to prioritize these assets into
those that can deliver future mineral resources with additional drilling, eventually leading to some form of
economic studies and scenarios that might be able to take advantage of local toll treating opportunities
that exist in the Greenwood - Republic region.
Brian Testo, President and CEO of Grizzly Discoveries, stated, "The staking of this large land block
marks a very important milestone for Grizzly. We have coveted these lands for many years and this block
of claims checks all of the boxes for us. Grizzly has been very selective when it comes to staking new
ground and are excited to add this to our already outstanding land package in the prolific Greenwood
mining district. These claims fit perfectly with Grizzly's existing land package and offer a significant
number of top-tier undeveloped drill targets."
Figure 3. Oxidized dump material at Marshall Lake (Left) and sulphide mineralization associated with
skarn at the Great Laxey showing (Right).
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2023 Exploration Update for Greenwood
Additional drilling is warranted in 2023 at both the Dayton and Motherlode North target areas in
order to follow-up the anomalous results of the 2022 drilling program. In addition, there other
targets at Motherlode North in the vicinity of the Motherlode Pit, the Greyhound Pit and the Great
Hopes crown grant that have yet be drill tested.
Drilling and trenching permit applications have been submitted for the 2023 season for the
Midway, Sappho, Copper Mountain and Imperial target areas.
Additional permit applications for drilling at the Crown Point and the Overlander-Mt Attwood areas
are in preparation and will be submitted in the near future.
The Midway area is being targeted for copper-gold skarn and epithermal gold-silver.
At Midway, selective rock grab and composite rock grab samples from outcrop collected from the
Midway Mine-Picturestone area, with 4 of 7 rock grab samples from outcropping mineralization in
the Midway Mine historical pit yielded a range of 12.05 g/t (or 0.351 ounces per ton [oz/t]) Au up to
70.8 g/t (2.065 oz/t) Au (See Company news release dated
October17, 2022
).
Three (3) of the 7 selective rock grab samples from the Midway Mine pits yielded from 1,360 g/t
Ag (39.7 oz/t Ag) up to 2,140 g/T Ag (62.4 oz/t Ag) (see the Company news release dated
October
17, 2022
).
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 that display the presence of Pb, Zn, Cu, arsenic (As)
and antimony (Sb) and are likely epithermal in nature.
A selective rock grab sample from outcrop 200 m west of the main Midway Mine yielded 15.85 g/t
Au (0.462 oz/t Au) and 1,530 g/T Ag (44.6 oz/t Ag), illustrating that there is potential for additional
high-grade mineralization in the area.
The Sappho area is being targeted for copper-gold-PGEs skarn and porphyry type targets
associated with an alkalic intrusion and several diorite intrusions south of Greenwood near the US
border.
At least five new showings of copper oxide/sulphide mineralization were found during the 2022
program at the Sappho Target.
Previous surface sampling and drilling by Grizzly at the Sappho area has yielded significant
anomalous copper, gold, silver along with platinum and palladium.
Numerous rock grab samples have yielded greater than 1% copper, 1 g/t gold, 1 g/t platinum and 1
g/t palladium. The sampling work in 2022 yielded 17 rock grab samples with >1% Cu up to 9.06%
Cu.
(see Company news release dated
November 3, 2022
).
Historical drilling (by the Company) 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 2010.
Quality Assurance and Control
Rock and soil samples were analyzed at ALS Global Laboratories (Geochemistry Division) in
Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay
with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and
rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the
mineralization hosted on the project.
The sampling program was undertaken by Company personnel under the direction of Michael B.
Dufresne, M.Sc., P.Geol., P.Geo. A secure chain of custody is maintained in transporting and storing of
all samples.
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.
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 a 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:
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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