Grizzly Provides Final Results for Phase 1 Drill Testing at Motherlode North, from Its Greenwood, BC Precious and Battery Metals Project
Grizzly Provides Final Results for Phase 1 Drill
Testing at Motherlode North, from Its
Greenwood, BC Precious and Battery Metals
Project
Edmonton, Alberta--(Newsfile Corp. - March 28, 2023) -
Grizzly Discoveries Inc. (TSXV: GZD) (FSE:
G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company")
is pleased to announce that final assay and
geochemical results have been received for Motherlode North drilling completed as part of its 2022
Phase 1 drill program at the Greenwood Project (Figure 1). A total of 1,722 m in nine core holes was
completed at Motherlode North, approximately 500 to 750 m north of the historical Motherlode copper-
gold-silver mine and 387 m in two core holes were completed at the Marguerite Target as part of the
2022 Phase 1 drilling program.
2022 Drilling Highlights
The Motherlode North polymetallic and skarn targets (Figure 1) are comprised of copper-gold-
silver +/- lead-zinc (Cu-Au-Ag +/- Pb-Zn) targets 500 to 750 m north and northeast of the historical
Motherlode Mine (not owned by the Company), which produced significant amounts of Cu, Au and
Ag including 173,000 ounces (oz) of Au, 688,000 oz of Ag and 77 million lbs of Cu between 1896
and 1918 and 1956 to 1963 (BC Minfile 082ESE034).
Prior drilling by Grizzly intersected up 17.15 g/t Au, 41.7 g/t Ag, along with, 0.56% Pb and 1.51%
Zn over 1.5 m core length at one of the skarn targets north of the Motherlode Pit (Table 1).
Skarn and sulphide rich mineralization, along with widespread hornfels and propylitic alteration
have been intersected in most of the 2022 Motherlode North (22ML07 to 15) and the two (22MR01
& 02) Marguerite core holes (Figures 2 and 3).
Brian Testo, President and CEO of Grizzly Discoveries, stated, "Drilling continues to indicate expansion
of a mineralized system. Future work has the potential to focus on higher grades and expand the overall
strike length and depth of the polymetallic mineralization near a formerly producing mine."
Figure 1: Exploration Targets 2022.
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Hole ID
From m
To m
Length
m
Au g/t
Ag g/t
Cu%
Pb%
Zn%
11ML03*
7.00
26.00
19.00
1.559
11.12
0.035
0.069
0.303
includes
11.00
15.50
4.50
6.069
15.13
0.028
0.196
0.669
11ML04*
8.95
24.00
15.05
0.473
1.43
0.020
0.010
0.154
includes
8.95
15.00
6.05
0.979
2.53
0.034
0.023
0.296
11ML05*
24.50
53.00
28.50
0.88
1.90
0.010
0.020
0.250
includes
27.50
42.35
14.85
1.643
3.15
0.012
0.035
0.465
includes
39.50
42.35
2.85
4.114
6.88
0.037
0.031
1.036
22ML07
92.00
109.56
17.56
0.415
2.19
0.019
0.080
includes
99.00
104.00
5.00
1.307
3.10
0.034
0.191
includes
103.00
104.00
1.00
5.86
6.30
0.041
0.516
22ML08
38.00
49.09
11.09
0.108
2.43
0.013
0.059
and
52.46
53.00
0.54
2.12
5.20
0.075
0.014
0.957
22ML09
54.53
60.00
5.47
4.67
0.015
and
102.00
123.00
21.00
4.01
0.014
includes
117.00
123.00
6.00
4.83
0.012
0.017
22ML12
47.00
60.00
13.00
0.023
1.10
0.015
0.018
22ML13
11.17
22.00
10.83
0.049
4.44
0.012
0.029
and
73.00
88.00
15.00
0.332
2.63
0.010
0.053
includes
73.00
78.57
5.57
0.58
3.09
0.088
22MR01
5.31
10.63
5.32
0.442
5.61
0.028
and
34.00
37.10
3.10
0.091
6.21
0.037
and
97.00
216.00
119.00
Total of 80 of 116 samples >100 ppm Cu up to 1,600
ppm Cu
97.00
216.00
119.00
Total of 49 of 116 samples >200 ppm Cu up to 1,600
ppm Cu
includes
166.00
184.75
18.75
0.065
3.34
0.062
176.00
184.75
8.75
0.101
3.82
0.090
22MR02
70.00
79.50
9.50
0.227
4.36
0.037
0.013
includes
76.91
79.50
2.59
0.602
9.11
0.076
and
123.00
169.00
46.00
0.051
1.59
0.047
123.00
169.00
46.00
Total of 41 of 45 samples >100 ppm Cu up to 1,980
ppm Cu
123.00
169.00
46.00
Total of 35 of 45 samples >200 ppm Cu up to 1,980
ppm Cu
includes
129.00
137.00
8.00
0.123
2.06
0.127
*2011 core holes with results previously released. All hole lengths are core length, true thickness is
unknown at this stage of exploration
Final assay results for the nine Motherlode holes have yielded anomalous Au, Ag, Cu, Pb and Zn in
every hole with a best high-grade sample of 5.86 g/t Au and 6.36 g/t Ag over 1 m core length along
with several wide low grade intersections (Table 1) in particular adjacent to porphyritic intrusions in
Triassic sulphide rich hornfelsed or skarnified Brooklyn sedimentary rocks.
A number of the Motherlode North holes have yielded wide low grade Au-Ag+/-Cu-Zn intersections
such as hole 22ML07 with 0.415 g/t Au, 2.19 g/t Ag, 0.019% Cu and 0.08% Zn over 17.56 m core
length, along with hole 22ML08 with 0.108 g/t Au, 2.43 g/t Ag, 0.013% Cu and 0.059% Zn over
11.09 m core length and 0.332 g/t Au, 2.63 g/t Ag and 0.053% Zn over 15 m core length,
interpreted to be part of a large alteration footprint in a well mineralized skarn-porphyry system.
The porphyritic intrusions are widespread and are likely Cretaceous or Eocene in age. Sulphide
mineralization with anomalous geochemistry appears to be spatially associated with these
intrusions.
The two holes in the vicinity of the Marguerite historical shaft intersected near surface skarn with
anomalous Au-Ag-Cu and deeper hornfelsed sediments and breccias that are silica-sulphide rich
and with widespread anomalous Cu over 50 to 100 m in thickness (Holes 22MR01 and 02 in Table
1). The deeper mineralization is associated with propylitic alteration and potentially could highlight
deeper copper-gold porphyry potential beneath the Motherlode area skarn system.
Holes 22MR01 and 22MR02 returned upper skarn related zones of 0.442 g/t Au, 5.61 g/t Ag and
0.028% Cu over 5.32 m, and 0.227 g/t Au, 4.36 g/t Ag and 0.037% Cu over 9.5 m core length.
The lower highly anomalous copper-gold rich zones are highlighted by 0.123 g/t Au, 2.06 g/t Ag
and 0.127% Cu over 8 m core length in hole 22MR02, but this is contained within a 46 m wide
zone to the end of the hole where all but 4 of 45 samples yielded >100 ppm Cu up to 1,980 ppm
Cu (Table 1).
Similarly, in hole 22MR01, there is lower zone of copper rich mineralization that is 119 m in
thickness to the end of the hole where 80 of 116 samples yielded >100 ppm Cu up to 1,600 ppm
Cu Table 1).
Although low grade, the wide highly anomalous intersections of low to moderate grade gold and
copper are likely indicative or part of a large mineralized hydrothermal system.
Figure 2: carbonate hosted skarn in Motherlode North core hole 22ML007.
To view an enhanced version of this graphic, please visit:
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Figure 3: Skarn in Marguerite core hole 22MR001.
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Figure 4: Location of 2011 and 2022 drillholes with ground HLEM, rock and soil sampling - Motherlode.
To view an enhanced version of this graphic, please visit:
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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 are other
targets at Motherlode North in the vicinity of the Motherlode Pit, the Greyhound Pit and the Great
Hopes crown grant that have yet to be drill tested.
Drilling and trenching permit applications have been submitted for the 2023 season for the
Midway, Sappho and Copper Mountain target areas.
Additional permit applications for drilling at the Imperial, 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. The Mt
Attwood-Overlander area is being targeted for mesothermal to epithermal gold-silver.
At Midway, selective rock grab and composite rock grab samples collected from outcrop in 2022
at the Midway Mine-Picturestone area, 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 of the selective rock grab samples from the Midway Mine 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 an 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 Cu-Au-Ag-platinum group elements (PGEs) in skarn and
porphyry type targets associated with an alkalic intrusion and several diorite intrusions south of
Greenwood near the US border.
At least three new showings of copper oxide/sulphide mineralization were found during the 2022
program at the Sappho Target area.
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% Cu, 1 g/t Au, 1 g/t platinum (Pt) and 1
g/t palladium (Pd) (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.
Assaying was conducted at the Saskatchewan Research Council (SRC) in Saskatoon, Saskatchewan
with each sample analyzed for gold by a standard fire assay, which involves the fusion of a 30 g sample
aliquot and a wet chemical (ICP or AA) finish. Additionally, each sample was submitted for multi-element
geochemical analysis by the ME-MS technique, which is an ICP-MS analysis following a near-total, four-
acid, digestion of a 0.25 g sample aliquot. Initial silver and base metal (Cu, Pb and Zn) "overlimit" ICP-
MS results (>100 g/T Ag and >1% for base metals) were analyzed by a follow-up, "ore grade" ICP
technique, which also involved ICP analysis following a four-acid digestion on a 0.4 g sample aliquot.
The SRC has developed and implemented strategically designed processes and a global quality
management system at each of its locations that meets all requirements of International Standards
ISO/IEC 17025:2017.
Robocop Update
Permit applications are still in progress for the Robocop Property. Once received the Company will
conduct its drilling program at the Robocop 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.
Options Granted
The Board of Directors of the Company have authorized the grant of an aggregate 3,250,000 share
purchase options under the Company's Stock Option Plan to Directors, Officers, and Consultants of the
Company, including 2,500,000 to Insiders of the Company. The options are exercisable at $0.09 per
common share until March 27, 2028, or earlier in accordance with the terms of the Stock Option Plan.
These options vested immediately upon issuance and are subject to acceptance by the TSX Venture
Exchange.
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:
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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