GZD.V · 2023-01-26 12:00:00

Grizzly Reports on Additional High Grade Ag- Au-Pb-Zn Grab Samples from 248 g/T Silver (7.2 opt) up to 2,700 g/T Silver (78.8 opt) Obtained from the Midway Mine and Copper Mountain Area Greenwood, British Columbia

Drill Results Exploration Programs Sampling & Geoscience Results

Grizzly Reports on Additional High Grade Ag-

Au-Pb-Zn Grab Samples from 248 g/T Silver

(7.2 opt) up to 2,700 g/T Silver (78.8 opt)

Obtained from the Midway Mine and Copper

Mountain Area Greenwood, British Columbia

Edmonton, Alberta--(Newsfile Corp. - January 26, 2023) -

Grizzly Discoveries Inc. (TSXV: GZD)

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

is pleased to announce that it has

recently received analytical results for an additional 18 selective rock grab samples from the historical

Silver (Ag)-Gold (Au)-Lead (Pb)-Zinc (Zn) Midway Mine area and 90 selective rock grab samples from

10 km north of Midway at the Copper Mountain Prospect in the Central portion of the Greenwood area,

about 4 km and 14 km northwest of the town of Midway in the Kettle River Valley area of BC,

respectively. The Midway - Picturestone mineral claims were recently acquired from Mr. Dan Hurd (see

Company NR dated

October 11

, 2022

) and are strategically located within the Company's Central

Greenwood land holdings and in particular the Company's Midway to Copper Mountain lands.

Highlights

A total of 18 additional and new selective rock grab and composite rock grab samples from

outcrop collected from the Midway Mine-Picturestone area, with 8 of 18 rock grab samples from

outcropping mineralization in the Midway Mine area yielding a range of 0.119 grams per tonne

(g/T) gold (Au) up to 12.85 g/T (or 0.375 ounces per ton [opt]) Au (Table 1, Figures 1 to 3).

Three (3) of the 18 new selective rock grab samples from the Midway Mine area yielded from 248

g/T silver (Ag) (7.2 opt Ag) up to 2,700 g/T Ag (78.8 opt Ag), with highly anomalous and

associated lead (Pb), zinc (Zn), copper (Cu), arsenic (As) and antimony (Sb) (Table 1).

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 and altered wall rock that display the presence of Pb,

Zn, Cu, As and Sb, and are likely epithermal in nature. Mineralized veins with northwest and

northeast orientations were noted.

Host rocks are altered with disseminated sulphide and are likely altered sedimentary rocks to

altered intermediate intrusions including quartz-feldspar porphyry and diorite.

Anomalous Au and Ag associated with silica-potassic alteration detected along a strike length of

more than 450 m in sampling along a northwest magnetic trend from the Picturestone Quarry to the

Midway Mine that marks a faulted contact between diorite and serpentinite (Figures 2 & 3).

A total of 28 of 90 new rock grab samples with greater than 0.1 g/T Au up to 96.9 g/T (2.83 opt) Au

collected from the Copper Mountain area about 10 km north of Midway (Table 1, Figure 4).

Three (3) high grade gold values (9.05 g/T up to 96.9 g/T) obtained from the historic Coronation

Mine area extending the footprint of the Coronation epithermal vein mineralization (Figure 5).

Four (4) new Au-Cu showings were identified from 100 m to 400 m west of the Mabel Jenny Au-Cu

showings that were drilled in 2010 with intersections of up to 1.0 g/T Au and 4.65 g/T Ag over 30 m

core length, and 4.31 g/T Au and 10.13 g/T Ag over 5 m core length.

In addition to Au, a total of 30 of the 90 rock grab samples yielded Cu assays greater than 200

ppm up to 1,465 ppm Cu (Table 1, Figure 4). Almost all of the samples collected in the Copper

Mountain area have anomalous copper. Mineralization consists of pyrite and minor chalcopyrite

hosted in strongly altered diorite and/or volcanics. Skarn and/or porphyry style mineralization is the

anticipated target for the Mabel Jenny portion of the Copper Mountain Prospect.

Table 1: Selected geochemical highlights for 8 rock grab samples* collected from the Midway

Mine area and 30 rock grab samples* collected from the Copper Mountain area.

Sample ID

Showing

Au g/T

Au opt

Ag g/T

Ag opt

Cu ppm

Pb ppm

Zn ppm

As ppm

K %

Sb ppm

22SLP238

Midway

1.58

0.046

26.6

0.78

653

1230

1620

1.07

22SLP240

Midway

7.47

0.218

248

7.23

162

2960

4850

4050

0.59

228

22SLP241

Midway

0.119

0.003

5.2

0.15

300

794

3.75

22SLP244

Midway

12.85

0.375

1765

51.48

810

20900

36000

7210

0.29

1225

22CCP282

Midway

0.312

0.009

9.3

0.27

133

3310

588

2.77

22CCP285

Midway

1.715

0.050

9.3

0.27

1440

1415

2.87

22CCP286

Midway

0.406

0.012

3.6

0.11

132

1.85

22CCP291

Midway

9.05

0.264

2700

78.75

870

24400

26600

8030

0.4

1580

22CCP222

Copper Mtn

0.536

0.016

16.8

0.49

269

717

5500

>10000

3.69

22CCP223

Copper Mtn

0.515

0.015

1.5

0.04

3620

>10000

2.4

22CCP224

Copper Mtn

0.276

0.008

0.26

194

198

226

2160

4.74

22CCP311

Copper Mtn

0.258

0.008

1.8

0.05

280

154

0.27

22CCP315

Copper Mtn

0.209

0.006

<0.5

<0.015

345

106

0.32

22CCP316

Copper Mtn

0.236

0.007

<0.5

<0.015

1.04

22SLP177

Copper Mtn

0.274

0.008

7.1

0.21

100

5.42

22SLP178

Copper Mtn

0.498

0.015

7.6

0.22

333

132

749

>10000

4.75

117

22SLP179

Copper Mtn

0.084

0.002

15.6

0.46

1465

282

3220

509

4.6

240

22SLP180

Copper Mtn

0.443

0.013

12.4

0.36

346

1725

366

5870

1.29

337

22SLP181

Copper Mtn

0.421

0.012

27.4

0.80

229

3270

1000

701

2.96

1130

22SLP182

Copper Mtn

0.178

0.005

11.2

0.33

1615

4.92

100

22SLP183

Copper Mtn

0.237

0.007

21.9

0.64

217

540

143

3170

4.18

22SLP294

Copper Mtn

0.194

0.006

0.9

0.03

156

872

163

1.9

22SLP295

Copper Mtn

0.357

0.010

3.7

0.11

316

644

291

2.26

22SLP296

Copper Mtn

1.005

0.029

2.2

0.06

209

0.8

22SLP297

Copper Mtn

0.163

0.005

1.3

0.04

198

1.38

22SLP298

Copper Mtn

0.022

0.001

<0.5

<0.015

1.46

22SLP299

Copper Mtn

0.624

0.018

5.7

0.17

297

9060

1.64

22SLP300

Copper Mtn

7.5

0.219

53.6

1.56

668

2190

20900

>10000

0.89

22SLP301

Copper Mtn

0.376

0.011

0.06

170

352

1335

1.94

22SLP302

Copper Mtn

2.64

0.077

2.1

0.06

144

154

>10000

1.42

22SLP303

Copper Mtn

0.308

0.009

2.4

0.07

209

249

1275

1.61

22SLP304

Copper Mtn

0.115

0.003

5.2

0.15

410

320

153

2.28

22SLP305

Copper Mtn

0.38

0.011

2.7

0.08

542

706

548

2.3

22SLP306

Copper Mtn

2.14

0.062

2.4

0.07

216

3540

>10000

2.08

22SLP310

Copper Mtn

0.332

0.010

1.6

0.05

349

2.03

22SLP314

Copper Mtn

9.82

0.286

3.5

0.10

796

195

275

0.46

22SLP315

Copper Mtn

96.9

2.826

8.4

0.25

532

0.02

22SLP316

Copper Mtn

51.4

1.499

3.1

0.09

401

0.36

*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 mineralization zone as they are selective in nature.

Assaying was conducted at ALS Global in Vancouver with each sample analysed 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 analysed 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-analysed 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 Midway Mine and the Picturestone (aka Picture Rock) Quarry area have seen intermittent

exploration and mining since the late 1800's through to as recent as 2012. In the case of the historical

Midway Mine, limited underground and open pit development has occurred. The Midway Mine and the

Picturestone Quarry are situated within the "Midway Window", a structural zone within the Toroda

Graben exposing Late Paleozoic to Jurassic sediments, volcanics and intrusions, including the Knob Hill

and Brooklyn formations, centered on an old thrust fault in a similar setting to the Golden Crown and

Lexington Mine area near Greenwood, BC as displayed in Figure 1. The presence of serpentinite and

listwanite in a thrust fault setting along with what is likely Jurassic aged quartz-feldspar porphyry and

diorite has been noted.

The Company's Midway Lands have been a focus of exploration since acquiring lands in the area. The

current status of historical and modern exploration by the Company is illustrated in Figure 1, with most of

the recent work focused on lands to the west and southwest of the historical Midway Mine.

Figure 1: Midway Geology, Rock and Soil Geochemistry.

To view an enhanced version of Figure 1, please visit:

https://images.newsfilecorp.com/files/4488/152568_7eeaeb0eb46ad804_003full.jpg

Prior owners and operators describe significant epithermal mineralization in the form vertical

polymetallic sulphide veins enriched in pyrite, arsenopyrite, galena, sphalerite and stibnite, quartz veins

and significant alteration at the Midway Mine and Picturestone Quarry. The Midway Mine is spatially

associated with a northeast trending gold (Au), silver (Ag), lead (Pb), zinc (Zn) and arsenic (As) soil

geochemical anomaly that is approximately 300 m in length and 100 m in width in the area of the Midway

Mine

. Historical trench sampling yielded 2.8 grams per tonne (g/t) Au and 218 g/t Ag over a 4.5 m

interval in chip/channel sampling at the Midway Mine

. Limited drilling with some significant intercepts

was carried out in the 1980's to 1990 at the Midway and Picturestone prospects.

Figure 2: Midway Mine area recent gold in rock geochemistry and ground magnetic survey.

To view an enhanced version of Figure 2, please visit:

https://images.newsfilecorp.com/files/4488/152568_7eeaeb0eb46ad804_004full.jpg

Figure 3: Midway Mine area recent silver in rock geochemistry and geology.

To view an enhanced version of Figure 3, please visit:

https://images.newsfilecorp.com/files/4488/152568_7eeaeb0eb46ad804_005full.jpg

Figure 4: Copper Mountain area recent gold in rock geochemistry and conductivity.

To view an enhanced version of Figure 4, please visit:

https://images.newsfilecorp.com/files/4488/152568_7eeaeb0eb46ad804_006full.jpg

Figure 5: Coronation vein and alteration zone in Adit. Vein is 30 to 50 cm thick.

To view an enhanced version of Figure 5, please visit:

https://images.newsfilecorp.com/files/4488/152568_grizzlyfigure5.jpg

Minnova Inc. conducted a 7 hole core drilling program for a total of 1,170 m 1990 in the Midway Mine

area

. No drilling has been conducted since. A total of 274 m of core was sampled and two holes tested

the actual historical Midway Mine. Hole 90-1 drilled to a depth of 84.45 m intersected 23 m of altered

quartz-feldspar porphyry with pyrite and some pyrite-galena veins. The best result obtained in sampling

was 1.14 g/T Au (0.033 oz/t Au) and 208 g/T Ag (6.1 oz/t Ag) over 1.5 m core length. A 10.5 m interval of

strongly altered quartz-feldspar porphyry returned an average grade of 0.33 g/T Au (0.001 oz/t Au) and

52.7 g/T Ag (1.54 oz/t Ag). A number of the drill holes completed intersected serpentinite, listwanite,

diorite and then bottomed in Triassic Brooklyn Formation sharpstone conglomerate with pyrite and

skarnified limestone clasts. A number of the other holes intersected similar geology, alteration and gold -

silver values as hole 90-1. Additional trenching and drilling were recommended.

The most recent work in 2012 resulted in a recommendation of ground geophysical surveys, additional

soil sampling and drilling. The work was never completed. The Company and APEX have commenced

permitting for a number of other target areas, including drilling and trenching at Sappho, Midway and

Copper Mountain.

The Company has recently completed Phase 1 drilling on the Dayton and Motherlode North prospects.

The results have been received for Dayton and been provided in a news release by the Company dated

December 23, 2022

. The Company will provide an update on the results of drilling at Motherlode North in

the near future. Assays are still pending for a number of drillholes.

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

"We are excited at the high grade gold

and silver values that have been obtained from the historical Midway Mine and potential for additional

mineralization. We have had our eyes on this historical mine for several years and view the

acquisition of the Midway and Picturestone prospects as a good quality strategic addition to our

current significant land holdings in the Greenwood District. We are even more encouraged by the rock

grab samples collected and reported today from the Midway and Picturestone area which yielded from

248 g/T silver (Ag) (7.2 opt) up to 2,700 g/T Ag (78.8 opt), as well as previously reported results of

1,360 g/T Ag (39.7 opt), 1,530 g/T Ag (44.6 opt) and up to 2,140 g/T Ag (62.4 opt) along with 12.05 g/T

gold (Au) (or 0.351 opt) up to 70.8 g/T Au (2.065 opt)!"

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.

KET-28 OPTION UPDATE

The Company has agreed with Hi-View Resources Inc. to extend the first year option term for the Ket-28

Option Agreement, originally announced by the Company on August 10, 2021, by approximately 8

months to September 30, 2023.

The Company has received $5,000 in advance of the revised first

anniversary, and, to continue with the option, Hi-View must pay the Company $45,000 and issue

120,000 common shares to the Company no later than the amended first anniversary date of September

30, 2023. Hi-View has incurred the required first-year exploration expenditures of $150,000.

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:

[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.sedar.com

. Grizzly disclaims any

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

required by law.

1 Assessment Report - Soil and Rock Sampling For the Rainbow Property AR32359, Von Einsiedel, 2011.

2 Assessment Report - Trenching and Diamond Drilling Report on the Murray Group BC AR21126, Caron, 1990.

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

https://www.newsfilecorp.com/release/152568

← Back to feed