Grizzly Provides Project Update with Assays up to 1,810 g/t (52.8 opt) Silver from Rock Samples from the Historical Imperial Mine near Rock Creek, BC
Grizzly Provides Project Update with Assays
up to 1,810 g/t (52.8 opt) Silver from Rock
Samples from the Historical Imperial Mine
near Rock Creek, BC
Edmonton, Alberta--(Newsfile Corp. - February 22, 2023) -
Grizzly Discoveries Inc. (TSXV: GZD)
(FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company")
is pleased to announce that it has
received assay results from rock sampling at the historical Imperial Mine approximately 5 km north of the
community of Rock Creek, British Columbia (BC) within the west-central portion of the Company's
Greenwood Precious - Battery Metal Project in south-central BC. The historical Imperial Mine is hosted
in Late Paleozoic Anarchist volcanic and sedimentary rocks with mineralization consisting of pyrite-
galena-sphalerite in quartz veins and pods associated with north and northwest trending faults related to
the eastern edge of the Rock Creek Graben and the western edge of the Toroda Graben.
Highlights
A total of 83 new selective rock grab and composite rock grab samples collected from a number of
outcrops across the 815 hectare (2,015 acre) Imperial Mine target area.
A total of 10 of the 83 rock grab samples from outcropping mineralization yielding a range from
193 grams per tonne (g/t) silver (Ag) up to 1,810 g/t Ag (or 5.63 ounces per ton [opt] up to 52.8 opt
Ag) and 1.41 g/t Au up to 11.05 g/t Au (Table 1, Figures 1 and 2).
The 10 new selective high-grade Ag-Au bearing rock grab samples from the historical Imperial
Mine area were collected from five discreet areas of mineralization in and around the historical
mine workings including from outcrop and underground as in Table 1 and Figures 1 and 2.
All highly anomalous samples are characterized by the presence of abundant and visible pyrite,
galena and sphalerite in quartz veins and/or pods of silicified metavolcanic or metasedimentary
rocks (Greenstones). The mineralization can be described as polymetallic veins and altered wall
rock that display the presence of silver, gold, lead, zinc and minor copper and it is likely
metasomatic in nature. Granodiorite and diorite intrusions have been noted nearby.
High levels of chromium and nickel reflect the presence of altered ultramafic rocks with serpentine-
carbonate alteration and commonly identified as listwanite (Figure 3).
The Imperial showings, including the veins and pods of mineralization in the underground, line up
north-south to northwest-southeast and are potentially associated with a thrust fault that is broken
and somewhat lined up along a north trending structure near the eastern edge of the Rock Creek
Graben or the western edge of the Toroda Graben.
The grabens are characterized by north-northeast trending normal faults (Figures 1 and 2).
The geological setting and style of mineralization at the Imperial Mine bears a strong resemblance
to the setting at the Historical Midway Mine about 13.5 km to the southeast.
The Company is planning surface and underground rock and soil sampling, mapping, ground
geophysical surveys and eventually drilling.
Table 1: Selected geochemical highlights for 24 rock grab samples* collected from the Imperial
Mine area.
Sample ID
Showing
Au
g/t
Au
opt
Ag
g/t
Ag
opt
Cu
ppm
Pb
ppm
Pb%
Zn
ppm
Zn%
As
ppm
Sb
ppm
Ni
ppm
Cr
ppm
22CCP275
Imperial
1.505
0.044
193
5.63
61
4,560
0.456
6,890
0.689
4,160
105
560
2,260
22CCP276
Imperial
4.16
0.121
257
7.50
177
10,500
1.050
15,000
1.500
>10,000
201
341
697
22CCP277
Imperial
5.29
0.154
503
14.67
231
19,700
1.970
8,990
0.899
6,850
376
125
680
22CCP278
Imperial
7.32
0.214
479
13.97
206
8,960
0.896
8,160
0.816
>10,000
264
85
420
22CCP279
Imperial
1.41
0.041
364
10.62
1045
42,700
4.270
73,800
7.380
2,430
67
658
1,700
22CCP280
Imperial
0.018
0.001
2.3
0.07
21
123
0.012
259
0.026
53
<5
34
63
22CCP281
Imperial
0.002
0.000
0.7
0.02
93
57
0.006
172
0.017
25
<5
41
50
22CCP292
Imperial
0.022
0.001
4
0.12
99
44
0.004
58
0.006
40
14
27
24
22CCP293
Imperial
0.006
0.000
3.8
0.11
44
41
0.004
118
0.012
37
6
121
153
22SLP224
Imperial
0.026
0.001
<0.5
<0.01
37
20
0.002
247
0.025
26
<5
22
78
22SLP225
Imperial
0.01
0.000
0.5
0.01
42
10
0.001
253
0.025
13
<5
33
24
22SLP226
Imperial
0.053
0.002
<0.5
<0.01
128
20
0.002
186
0.019
56
<5
14
52
22SLP227
Imperial
4.21
0.123
1670
48.71
569
15,650
1.565
39,400
3.940
7,640
707
457
1,215
22SLP228
Imperial
11.05
0.322
1810
52.79
494
21,500
2.150
29,100
2.910
>10,000
868
364
776
22SLP229
Imperial
4.53
0.132
269
7.85
171
5,310
0.531
7,510
0.751
7,010
86
234
908
22SLP230
Imperial
0.02
0.001
3.8
0.11
28
44
0.004
201
0.020
446
9
531
1,325
22SLP231
Imperial
10.55
0.308
637
18.58
498
16,450
1.645
46,100
4.610
>10,000
147
354
654
22SLP232
Imperial
6.96
0.203
477
13.91
400
13,200
1.320
36,700
3.670
>10,000
304
483
1,100
22SLP233
Imperial
0.008
0.000
1.8
0.05
44
43
0.004
170
0.017
36
<5
34
64
22SLP234
Imperial
0.006
0.000
0.8
0.02
540
13
0.001
120
0.012
8
<5
68
43
22SLP235
Imperial
0.004
0.000
0.6
0.02
140
9
0.001
96
0.010
5
<5
66
82
22SLP263
Imperial
0.023
0.001
<0.5
<0.01
17
6
0.001
34
0.003
9
<5
6
30
22SLP336
Imperial
0.051
0.001
4
0.12
22
56
0.006
413
0.041
314
6
138
529
22SLP337
Imperial
0.004
0.000
1
0.03
6
11
0.001
43
0.004
59
6
266
693
*Selective rock grab samples are illustrative of the tenor of mineralization for the material collected but may or may not be characteristic of the overall
mineralization of the zone sampled as they are selective in nature.
Figure 1: Imperial area silver in recent rock geochemistry and geology.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/155713_407017c24472a995_003full.jpg
Figure 2: Imperial area gold in recent rock geochemistry and geology.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/155713_407017c24472a995_004full.jpg
Figure 3: Imperial area listwanite alteration and sulphide mineralization.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/155713_grizzlyfigure3.jpg
Brian Testo, President and CEO of Grizzly Discoveries, stated, "I am extremely happy with the first ever
results from our existing Imperial Mine lands and we are anxiously anticipating the 2023 work program
including drilling as we move the Imperial, Midway and other targets forward this year.
We will be well-
positioned for the upcoming exploration season and for potential new discoveries within all of our
precious metals and battery metals properties."
Background for the Historical Imperial Mine
Discovery of the Imperial area mineralization dates back to the late 1890's with initial production first
recorded in the early 1900's. The historical Imperial Mine has seen intermittent production from the early
1900's to as recently as 2011. According to the BC Government minfile records the historical Imperial
Mine produced a little over 9,200 oz of silver and more than 20,000 pounds each of lead and zinc. The
production records cover the period from 1914 to 1949 (BC MINFILE 082ESE113). Details of the total
production during the 1990's through to the 2000's by the Cannon family is unknown. Open pit and
underground mining were conducted during the period.
The historical Imperial Mine, is located on the eastern margin of the Kettle River, is underlain by a
complex north-trending graben that exposes Paleozoic metasedimentary and metavolcanic rocks, which
were later intruded by Jurassic diorite and granodiorite suites. Extension in the hanging wall terrane on
the western margin of the Grand Forks complex led the formation of north-trending grabens and later, to
favourable mineralization in the area. In the Eocene, alkalic intrusives, namely megacrystic granites and
the Coryell intrusive suite and Eocene and younger coarse sediments and alkalic volcanic rocks filled
these grabens. This led to localization of both base- and precious-metal deposits in the area (Höy,
2016).
At the Imperial Mine, the property is bounded to the north and south by the Nelson intrusions, consisting
of granodiorite, porphyritic granite and diorite. In some locations, these cut the ultramafic rocks. The east
is bordered by the Phoenix Volcanic Group of andesite and basalts. The west is predominantly drift
covered in the vicinity of the property (Larabie, 1987). As exposed in the underground workings,
mineralization is hosted in magnesium-iron rich carbonitized and silicified ultramafics along with sheared
and sericitic greenstones and metasediments of the Upper Paleozoic Anarchist and Knob Hill Groups
(BC MINFILE 082ESE113). In the early days of exploration, the mineralized rock was described as
altered dolomitic sediment associated with abundant quartz and calcite, which had been altered by a
green-coloured mineral, most likely chlorite and/or chromium mica or listwanite (Sloan, 1926).
The economic minerals of interest are mainly galena, sphalerite, and pyrite, all of which contain gold and
silver. Mineralization occurs primarily in the carbonates as pods or lenses, and lesser as quartz sulphide
veins and banded sulphides. These sulphides are confined to narrow quartz veins (0.3 - 1.0 m wide),
along with some thicker pods which vary in dip from 20° to 80°. Precious-metal grades vary considerably
throughout the underground workings as shown by assay maps from various exploration activities (e.g.,
1925 and 1984) (Larabie, 1987).
Some gold occurs with the silver in the sulphides, along with pyrite and arsenopyrite but gold is also
known to occur in a steep set of fractures with quartz veining that cuts orthogonally across the more flat-
lying banded sulphide pods.
The gold content increases as the fractures trend toward a Eocene Coryell
intrusive, a couple of km to the east of the open pit.
The Imperial Mine target area is 815 ha (2,015 acres) and includes the Riverside Past Producer and
Commonwealth showing north of the Imperial Mine. At Riverside, underground workings show that Ag-
Pb-Zn+/-Au mineralization is also hosted in the metasedimentary rocks of the Upper Palaeozoic
Anarchist and Knob Hill Groups. Polymetallic (Ag-Pb-Zn+/-Au) mineralization occurs in veins and along
shears. The historical mine produced nearly as much silver as the Imperial Mine (BC MINFILE
082ESE114). At the Commonwealth showing, about 500 m northeast of the Riverside Past Producer,
mineralization consists of pyrite, galena, sphalerite, and mariposite within 0.20 to 2 m wide quartz veins.
These vein systems can be divided into two sets: one that strikes north-easterly and dips to the south,
and the second, which also strikes north-easterly, but dips flatly to the southeast (BC MINFILE
082ESE115).
Limited Intermittent exploration, including some trenching, diamond drilling and small open pit mining has
been conducted over the last 50 years in particular at the historical Imperial Mine. The Company plans to
conduct reconnaissance exploration leading to more detailed exploration including additional surface
sampling, ground geophysics, potentially underground sampling and eventually drilling and at the
Imperial Target area during the upcoming 2023 field season.
Assaying was conducted at ALS Global in Vancouver with each sample analyzed for gold by a standard
fire assay (Au-ICP-21), which involved the fusion of a 30 g sample aliquot and a wet chemical (ICP)
finish. "Overlimit" Au-ICP21 results (>10 g/t Au) were followed up with Au-GRA21 analysis. This involved
a 30 g fire assay fusion and gravimetric finish. Additionally, each sample was submitted for multi-
element geochemical analysis by the ME-MS61 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 (OG62), which also involved ICP analysis following a four-acid digestion on a 0.4 g
sample aliquot. Any samples with silver values by OG62 >1,500 g/T were re-analyzed by 30 g fire assay
with a gravimetric finish (Ag-GRA21). ALS Minerals 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 and ISO 9001:2015.
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 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
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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
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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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