GZD.V · 2025-01-15 12:00:00

Grizzly Provides Update on the Acquisition of the Motherlode Crown Grants, Greenwood Precious - Battery Metals Project, BC

Mergers & Acquisitions

Grizzly Provides Update on the Acquisition of

the Motherlode Crown Grants, Greenwood

Precious - Battery Metals Project, BC

Edmonton, Alberta--(Newsfile Corp. - January 15, 2025) -

Grizzly Discoveries Inc. (TSXV: GZD)

(FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company")

is pleased to provide an update on the

acquisition of the Motherlode Crown Grants from First Majestic Silver Corp. (First Majestic) and some

highlights of recent exploration completed by the Company on the Motherlode Crown Grants, host to the

historical Motherlode, Sunset, Sunrise and Greyhound mines that at various times during the early and

middle 1900's produced copper (Cu), gold (Au) and silver (Ag) from both open pit and underground

workings (Figures 1 to 5).

The Motherlode Crown Grants near the town of Greenwood, South-Central British Columbia (BC) include

13 Crown Grants for over 300 acres (121.4 hectares) that include subsurface mineral rights. The Crown

Grants take precedence over mineral claims issued pursuant to the Mineral Tenures Act (BC). The

Crown Grants cover a number of historical mines, including the Motherlode Mine that produced

76,975,111 pounds of Cu, 173,319 ounces of Au and 688,203 ounces of Ag during the active periods of

mining from 1900 to 1920 and then from 1957 to 1962. The Motherlode skarn mineralization is

developed in the Triassic Brooklyn Formation sediments (BC Minfile 082ESE034). The Motherlode

Mine is road accessible and is approximately 2.5 km northwest of the town of Greenwood (Figure 1).

Highlights

First Majestic has completed the re-instatement of the Motherlode Crown Grants and is in the

process of transferring the Crown Grants with the subsurface mineral rights to the Company.

The Company has collected in excess of 350 rock samples, mostly selective grab samples, from

across the Motherlode project area including the newly acquired Crown Grants (Figures 2 & 3).

Of the 17 samples collected from the Motherlode Pit area, a total of 9 samples yielded from 1.16%

Cu up to 4.88% Cu, 12 samples yielded from 1.075 grams per tonne (g/t) Au up to 6.65 g/t Au and

8 samples yielded from 12.6 g/t Ag up to 51.3 g/t Ag (Figures 2 & 3; Table 1).

Of the 10 samples collected from the Sunset Pit area, a total of 8 samples yielded from 1.44% Cu

up to 3.66% Cu, 9 samples yielded from 1.7 g/t Au up to 4.88 g/t Au and 7 samples yielded from

14.5 g/t Ag up to 55 g/t Ag (Figures 2 & 3; Table 1).

Various other targets including the Greyhound Pit, the Butte City Target, the Margerite Target and

the Great Hopes Target have yielded a number of samples with >1% Cu and >10 g/t Au and

warrant additional exploration (Figures 2 & 3; Table 1).

Various historical Mineral Resource Estimates (MREs) produced both prior to the last period of

mining 1957 - 1962 (Fredericks, 1961

) and after the last period of mining as part of a couple of

historical economic studies have been recovered from the publicly available BC Property Files.

A historical MRE constructed in 1967 by Allen Geological Engineering Ltd.

after the last period of

mining on behalf of two companies, Aabro Mining and Oils Ltd. and Cumberland Mining Ltd., is

described as Drill Proven (Assured), Indicated and Inferred and totals 2.8 million tonnes with a

grade of 0.8% Cu and 1.06 g/t Au yielding a calculated grade of 1.6% Cu equivalent (CuEq)

utilizing 90% recovery for both metals and $4/lb for Cu and $2,000/oz for Au.

Figure 1: Land position and targets of interest for future exploration, Greenwood Project.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4488/237278_2280ac62140a597f_002full.jpg

This historical MRE was calculated prior to the implementation of the standards set forth in the

current National Instrument (NI) 43-101 and current Canadian Institute of Mining, Metallurgy and

Petroleum (CIM) standards for MREs. Resource definitions, terminology and reporting standards

have changed significantly since these series of reports. The estimates in these reports are all

considered historical in nature, and a Qualified Person (QP) has not done sufficient work to

evaluate these resources as current resources. For these resources to be updated as current

resources, a QP would need to examine and analyze the existing drill core, validate and verify the

existing data supporting the historical estimate, and perform a confirmatory site visit. Therefore,

the company and the QP for this news release are treating this estimate as historical in nature, and

are highlighting the estimate for the sole purpose of illustrating the potential extent of mineralization

that may be present.

In addition to the historical MREs, drilling in 1996 by Strathcona Mineral Services on behalf of YGC

Resources (Veris Gold a wholly owned sub of First Majestic) intersected several zones of Cu-Au

mineralization targeting the gold bearing halo to the Motherlode Skarn along the east side of the

Motherlode Pit in the vicinity of the historical underground workings (Figures 4 and 5).

Drillhole 96-8 encountered gold in almost every sample including a weighted average grade of

0.23 g/t Au over the entire 154.23 m (506 ft) length drillhole with a number of higher grade zones in

proper skarn towards the bottom of the hole (Figure 5).

The Main Motherlode skarn was intersected at the bottom of the drillhole and returned 2.5 g/t

(0.073 ounces per ton [opt]) along with significant Cu over 4.88 m (16 ft) at the end of the drillhole

from skarnified Brooklyn limestone, that is associated with a strong AeroTEM conductivity anomaly

(Figure 4).

The drillhole collared in Brooklyn Sharpstone conglomerate and drilled through alternating skarn an

altered diorite along the length of the drillhole, with the main zone at the end of the hole

characterized by increased quartz-carbonate-chalcopyrite veining and volumetric chalcopyrite.

The hole was ended due to technical difficulties. Strathcona Mineral Services recommended

follow-up drilling which has never been completed.

Figure 2: Motherlode Crown Grants, Historical and Modern Gold Sampling Greenwood Project.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4488/237278_2280ac62140a597f_003full.jpg

Figure 3: Motherlode Crown Grants, Historical and Modern Copper Sampling Greenwood

Project.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4488/237278_2280ac62140a597f_004full.jpg

Figure 4: Motherlode Crown Grants, Historical Drilling and AeroTEM Survey Greenwood

Project.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4488/237278_2280ac62140a597f_005full.jpg

Figure 5: Motherlode Historical Drillhole ML96-8 Greenwood Project.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4488/237278_2280ac62140a597f_006full.jpg

Brian Testo, President and CEO of Grizzly Discoveries, stated, "

We are excited with the acquisition of

the historical Motherlode Crown Grants and the potential battery metal and precious metal targets that

they provide. We look forward to an aggressive 2025 drilling campaign at the Motherlode area and

other high grade Au-Ag-Cu showings and historical mines along with additional exploration for battery

metals in our current 170,000+ acre holdings in the Greenwood District.

The Company currently has an active land use permit for drilling at the Motherlode area and has

designed a confirmation and exploration core drilling program for the Motherlode and Sunset pit areas

along with additional drilling at the Greyhound and Great Hopes targets based upon a compilation of

historical information. It consists of about 5,000 m in 20 to 25 core holes and is focused on targets

beneath and along strike from the various pit areas.

Table 1. Motherlode Area Rock Sample Assay Highlights.

Sample

Showing/

Area

Easting

(N83Z11)

Northing

(N83Z11)

(ppm)

(%)

09BMP104

Top

374618

5442036

2.830

32.0

0.429

0.172

0.523

09BMP111

Marguerite

375768

5441431

1.165

51.3

1.160

09DAP242

Sunset

374961

5440954

4.880

36.4

1.635

09DAP243

Sunset

374963

5440953

2.340

55.0

1.430

09DAP244

Sunset

374965

5440946

2.550

20.2

1.030

09DAP245

Sunset

374965

5440940

3.070

37.1

2.560

09DAP246

Sunset

374966

5440950

1.700

9.7

2.490

09RHP063

Motherlode

374624

5441380

6.650

21.7

3.610

09RHP065

Sunset

374950

5440939

3.250

7.1

0.546

09RHP066

Sunset

374968

5440960

2.970

17.5

3.680

09RHP067

Sunset

374978

5440965

3.080

14.5

3.030

09RHP068

Sunset

374978

5440965

4.110

33.2

1.440

10CBP023

Great Hopes

375782

5440926

11.300

3.9

0.057

10CGP059

Greyhound

(Butte City)

375428

5440600

13.850

13.0

0.259

10CGP248

Greyhound

(West)

375034

5440346

5.950

28.3

0.069

10CGP274

Motherlode

(West)

374086

5441589

0.246

6.1

0.249

2.630

10DCP065

Motherlode

North

374972

5442329

0.122

5.5

0.060

2.170

10DCP103

Motherlode

374840

5441399

2.870

17.6

2.070

10JHP018

Marguerite

375780

5441418

1.055

39.1

1.480

10JHP126

Great Hopes

375795

5440946

51.000

5.2

10JHP130

Gold Bug

377091

5441148

16.600

2110.0

0.216

1.400

0.298

10WBP259

Greyhound

(Butte City)

375420

5440613

30.900

60.0

0.259

0.971

3.410

Summary of the Motherlode Crown Grant Purchase Terms

The Company will cover the costs to reinstate and transfer the Crown Grants to the Company.

Grizzly will issue 250,000 common shares of the Company to First Majestic upon successful

transfer of the Crown Grants to the Company.

These shares will be subject to a restricted trading

period ending four months and one day from the date of issuance

The Company will grant a 1% Net Smelter Return (NSR) Royalty on the Crown Grants to First

Majestic that with an option for the Company to purchase the NSR for $250,000 at any time.

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 72,700 ha (approximately 180,000 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:

[email protected]

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.sedarplus.ca

. Grizzly disclaims any

obligation to update or revise any forward-looking information or statements except as may be

required by law.

Report on Motherlode and Sunset Mine by Frances Fredericks, 1951.

The Motherlode and Greyhound Properties of Cumberland Mining Co. Ltd. N.P.L. Greenwood, BC by Allen Geological Engineering Ltd. September

, 1967.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/237278

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