Grizzly Provides Update on 2022 Drilling Plans for Its British Columbia Precious and Battery Metals Projects
Grizzly Provides Update on 2022 Drilling Plans
for Its British Columbia Precious and Battery
Metals Projects
Edmonton, Alberta--(Newsfile Corp. - June 30, 2022) -
Grizzly Discoveries Inc. (TSXV: GZD) (FSE:
G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company")
is pleased to announce that the Company is
currently reviewing proposals for core drilling during the 2022 exploration season. The Company is
permitted for initial drilling programs at its Motherlode and Dayton Prospects in the Greenwood area,
BC and is currently in the process of obtaining the required permits for drilling at the Robocop Project
near Grasmere, BC.
Dayton and Motherlode Targets
Grizzly is anticipating that the drilling program will likely commence at Greenwood in August and will
begin with drilling at either the Dayton copper-gold-silver (Cu-Au-Ag) porphyry target near Rock Creek or
at a number of skarn related targets in and around the historical Motherlode Pit area 3 km northwest of
the town of Greenwood. All the drill targets are road or trail accessible and located close to excellent
infrastructure. Once permits are received for drilling at the Robocop Project either a second drill rig will
be engaged to complete the Robocop drilling or the rig engaged for the Greenwood drill program will be
shifted to the Robocop Project.
The Dayton IP2 target (an induced polarization chargeability anomaly) was tested by Grizzly with a single
hole in 2011 and intersected potassic altered volcanics and intrusives with a near surface intersection of
0.15% Cu and 0.43 g/t Au (or 0.4% CuEq*) over 51 m core length starting at a depth of 3m.
The Motherlode skarn targets are comprised of Au-Ag-Cu +/- lead-zinc (Pb-Zn) in proximity to the
historical producing Motherlode Mine, which produced significant amounts of Cu, Au and Ag. Prior
drilling by Grizzly about 700 m north of the historical open pit intersected up 17.15 grams per tonne (g/t)
Au, 41.7 g/t Ag, along with , 0.56% Pb and 1.51% Zn over 1.5 m core length.
Other Exploration
The 2022 surface exploration program for the Greenwood Precious-Battery Metals Project and the
Robocop Battery Metals Project will comprise soil and rock sampling, along with ground geophysical
surveys followed by drilling at both projects in southern BC. Grizzly will focus efforts at a number of new
and existing high-priority battery metals targets at Robocop (copper, cobalt and silver) and precious
metals - battery metals targets at Greenwood (gold-silver-copper and other based metals). The ground
exploration will be focused on or near prospective targets to be drilled during 2022 as well as a number
of other high priority exploration targets. Recent geophysical results have outlined large areas with
anomalous geological potential for new discoveries at both projects.
Surface exploration has commenced for the 2022 program with ground crews currently conducting
prospecting and soil sampling in the Rock Creek area. Other targets to be examined and sampled this
year in the Greenwood Project area with a view of determining additional drilling targets include the
Prince of Wales Au-Cu skarn target and the Mabel Jenny Cu-Au skarn/porphyry target in the Copper
Mountain area, the Attwood - Overlander skarn and epithermal precious metal targets in the vicinity of
the Lexington and Golden Crown mines east of the town of Greenwood, and the Sappho alkalic
porphyry/skarn target with Cu-Au-Ag and significant platinum (Pt) and palladium (Pd). Prior drilling by
Grizzly intersected up to 1.0 g/t Au, 4.65 g/t Ag, 0.03% Cu and 0.3% Zn over 30 m core length at the
Prince of Wales Target at Copper Mountain, and 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 at the Sappho Target south of the town of Greenwood near the
US border.
Brian Testo, President and CEO of Grizzly Discoveries stated "We look forward to the start of the 2022
program after completing a significant financing that will allow us to complete our long awaited drill
programs at the Robocop Battery Metals Project and at our Greenwood Precious Metals-Battery Metals
Project. Grizzly has significant potential for new copper-cobalt and copper-precious metal discoveries
during a time when demand for battery metals is surging due to the shift to renewable energy sources
and electric vehicles. We are looking forward to commencing an initial Phase 1 program over the next
couple of months to isolate drill targets in preparation for a Phase 2 - 2022 drill testing. The geology of
the Robocop and Greenwood areas has the potential to yield world-class discoveries."
*CuEq calculated suing a price of $US1,750 per oz Au and $US4.00 per pound for Cu
Warrants and Options Exercised
Between June 8 and June 30, 2022, the Company issued 480,000 Common Shares for proceeds of
$36,000 upon the exercise of outstanding warrants and 300,000 common shares upon the exercise of
options for proceeds of $15,000.
As of June 30, 2022, the Company has 135,222,667 common shares
issued and outstanding.
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
For further information, please visit our website at
www.grizzlydiscoveries.com
or contact:
Chris Beltgens
Corporate Development
Tel: 604-282-6372
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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https://www.newsfilecorp.com/release/129653