Grizzly Discoveries Inc. (TSX
VENTURE:GZD)(OTCQX:GZDIF)(FRANKFURT:G6H) ("Grizzly" or the
"Company") is pleased to provide the following update on continuing
exploration activities at its Alberta Potash Project and its
Greenwood Gold Project.
Current Exploration Status - Alberta Potash Project
A drill rig was mobilized on November 28th to well site
8-36-19-1W4 in southeast Alberta to complete a potash test well on
the South Block of the Company's 100% owned Alberta Potash Project
near Medicine Hat, Alberta. The drill rig commenced drilling on
November 29th and is currently proceeding to core point at
approximately 1,650 metres ("m") below surface. In 1980, historic
oil well DEML MEDHAT 6-36-19-1W4, located 800 m west of the current
well location, yielded a gamma log spike of about 218 API units at
a depth of approximately 1,662 m below surface for a calculated
maximum potash grade of approximately 22% K2O.
The Company anticipates that coring of the Prairie Evaporite,
which contains the main potash-bearing zone along with down hole
geophysics, will be completed in the next week. Once the well is
completed, drill core will be logged, dry sawed and sampled by
personnel from APEX Geoscience Ltd. ("APEX") in conjunction with
Norwest Corporation ("Norwest") in Calgary, Alberta. The split core
samples will be forwarded to the Saskatchewan Research Council
("SRC") in Saskatoon, Saskatchewan for full geochemical analysis.
Geochemical results are expected to be released early 2012.
The Company has received and reviewed the results of a seismic
interpretation report recently received from RPS Boyd Petrosearch
for the North Block of the Alberta Potash Project near
Lloydminster, Alberta. The Company has engaged Barlon Engineering
and Taylor Land Services to license up to four locations for potash
test wells on the North Block. Depending upon drill rig
availability and progress on well licensing, one well may be
drilled sometime during the 1st quarter of 2012.
In September 2011, the Company signed a letter of intent with
Pacific Potash Corporation ("Pacific") to commence a multiple
potash test well exploration program on the Grizzly - Pacific 50:50
owned Provost Property, near Provost, Alberta. The first well on
the 50:50 owned Provost Permits was completed in mid-November.
Drill core has been shipped to Norwest where it will be logged, dry
sawed and sampled in the following week. The samples will be sent
to the SRC for geochemical analysis. Results are expected sometime
in early January 2012 and will be released following receipt and
review by Grizzly and Pacific.
Dayton Gold-Copper Discovery - Greenwood Gold Project
Results have been received for the second 2011 hole drilled in
the Dayton area (11DA10), and similar to the first drill hole
(11DA09), it has yielded a wide, bulk tonnage style, low grade
gold-copper zone of mineralization grading 0.14 grams per tonne
("g/t") gold ("Au") and 0.03% copper ("Cu") over 121.5 m of core
length (see Table 1). Similar to drill hole 11DA09, the low grade
bulk tonnage style mineralization starts at surface immediately
below the casing and continues over most of the length of the drill
hole. Drill hole 11DA09 yielded an intersection grading 0.25 g/t Au
and 0.07% Cu over 117 m core length with a higher grade zone of
0.43 g/t Au and 0.15% Cu over 51.0 m core length at the top of the
hole (see Table 1). The Au-Cu mineralization is hosted in a unit of
basalt with significant breccia zones comprised of basalt and
feldspar porphyry clasts with silicification and up to 5% pyrite
and minor chalcopyrite. The mineralization was discovered by drill
testing coincident anomalous Au in soils and induced polarization
("IP") chargeability anomalies. Other than anomalous silver, barium
and phosphorous, few other anomalous trace elements are present.
The style of mineralization and alteration is in line with
intrusion related porphyry style Au-Cu deposits.
TABLE 1. Summary assay results for drill holes 11DA09 and 11DA10.
----------------------------------------------------------------------------
From To Interval Au Ag Cu Pb Zn
Drillhole Zone (m) (m) (m) (g/t) (g/t) % % %
----------------------------------------------------------------------------
Dayton IP1 9.0 343.0 334.0 0.07 - 0.03 - -
-------------------------------------------------------------------
11DA10 includes 9.0 130.5 121.5 0.14 - 0.03 - -
-------------------------------------------------------------------
includes 15.0 114.0 99.0 0.15 - 0.03 - -
-------------------------------------------------------------------
includes 318.0 334.5 16.5 0.01 - 0.07 - -
----------------------------------------------------------------------------
Dayton IP2 3.0 120.0 117.0 0.25 - 0.01 - -
-------------------------------------------------------------------
11DA09(i) includes 3.0 54.0 51.0 0.43 0.81 0.15 - -
-------------------------------------------------------------------
includes 6.5 37.53 31.03 0.46 0.72 0.16 - -
----------------------------------------------------------------------------
11DA11 Dayton IP1 Results Pending
----------------------------------------------------------------------------
11DA12 Dayton IP1 Results Pending
----------------------------------------------------------------------------
11DA13 Dayton IP1 Results Pending
----------------------------------------------------------------------------
11DA14 Dayton IP3 Results Pending
----------------------------------------------------------------------------
(i)Previously released results in the Company's news release dated November
23, 2011.
As described in the Company's news release dated October 24th,
2011, drilling commenced in early October at the Dayton Prospect
targeting IP chargeability electromagnetic ("EM") anomalies
identified by the 2011 IP survey. The first two drill holes,
drilled into two separate IP EM anomalies, intersected significant
thicknesses (greater than 50 m core length) of brecciated
volcanics, volcaniclastics, sediments and feldspar porphyry with
intervals of silicification, quartz vein stockworks and associated
sulphides. A total of 1,838 m in 6 holes were completed at a
variety of targets in the Dayton area. Drilling wrapped up at the
Dayton area mid-November. The results for drill holes 11DA11 to
11DA14 are pending and are expected to be reported in January 2012.
All samples are being analyzed for Au by standard fire assay and
for trace metals by multi-acid digestion ICP at ALS Chemex,
Vancouver, BC.
Brian Testo, President of Grizzly, states that "we are extremely
excited about our first potash test well on our 100% owned potash
permits in southern Alberta and we are excited about the new
discovery of low grade bulk tonnage style Au-Cu mineralization
intersected at two targets at the Dayton area and the potential to
expand and improve upon the known mineralization intersected in
2010."
Current Drilling Plans - Greenwood Gold Project
The drill has been moved to the Motherlode area and has
commenced a 4 to 6 hole exploration program testing Au in soil and
EM targets. Once the Motherlode drill program is completed, the
drill will be moved to one or more targets at the Overlander and/or
the Ket 28 areas to test Au in soil anomalies and/or EM targets.
Drilling is expected to continue to about mid-December with the
plan to drill a total of approximately 4,000 m. The fieldwork to
date has resulted in the identification of new drill targets at the
P2, P4 and B4-B5 target areas. Land use applications for drilling
at these new target areas as well as the Copper Mountain area have
been submitted to the Ministry of Energy and Mines in Cranbrook,
British Columbia. These assay results are anticipated to arrive and
be released in mid to late January 2012.
All 2011 field and office exploration programs are conducted
under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., a
principal of APEX Geoscience Ltd. and a Qualified Person under
National Instrument 43-101.
About Grizzly Discoveries Inc.
Grizzly trades on the TSX Venture Exchange under the symbol GZD,
on the OTCQX exchange under the symbol GZDIF, and the Frankfurt
Exchange under the symbol G6H, with 48,350,268 common shares issued
and outstanding.
Grizzly is an aggressive and diversified Canadian mineral
exploration company exploring for: potash in Alberta; world class
gold and base metal deposits in British Columbia; and diamonds in
Alberta. Grizzly holds, or has an interest in, metallic and
industrial mineral permits for potash totaling more than 2.4
million acres along the Alberta-Saskatchewan border. Grizzly
currently has four precious-base metal properties in British
Columbia totaling over 235,000 acres. Grizzly also currently holds
more than 600,000 acres in diamond properties which host
diamondiferous kimberlites in the Buffalo Head Hills and Birch
Mountains of Alberta.
On behalf of the Board
Grizzly Discoveries Inc.
Brian Testo, President
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.
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.
Contacts: Grizzly Discoveries Inc. Brian Testo President (780)
693-2242www.grizzlydiscoveries.com IR PRO COMMUNICATIONS Nancy
Massicotte Investor Relations 604-507-3377 or Toll Free:
1-866-503-3377ir@grizzlydiscoveries.comwww.irprocommunications.com
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