Grizzly Completes 2nd Potash Test Well near Medicine Hat, Alberta
15 December 2011 - 5:54AM
Marketwired
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. Brian Testo,
President of Grizzly, stated that "we are extremely excited about
intersecting visible potash minerals in our first potash test well
on our 100% owned Alberta Potash Project and are eagerly
anticipating laboratory assay results expected in January to
confirm this. We are also very excited about the new discovery of
low grade bulk tonnage style gold-copper mineralization intersected
at two targets at the Dayton area and the potential to expand and
improve upon previously identified mineralization".
Current Exploration Status - Alberta Potash Project
A drill rig was mobilized on November 28 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 test well was completed and the
drill rig was released on December 12, 2011. Coring commenced at
1,642 metres ("m") below surface and visible potash minerals were
observed in the drill core for the interval between 1,650.1 m and
1,655.7 m below surface. The core has been sent to Norwest
Corporation ("Norwest") in Calgary, Alberta for secure storage
until such time as the core can be logged, sampled and sent for
geochemical analysis. The Company anticipates that the drill core
will be logged, dry sawed and sampled by personnel from APEX
Geoscience Ltd. ("APEX") in conjunction with Norwest over the next
several weeks. 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 in the latter half of January, 2012.
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
approximately 218 API units at a depth of approximately 1,662 m
below surface for a calculated maximum potash grade of
approximately 22% K2O.
Dayton Gold-Copper Discovery - Greenwood Gold Project
The Company has received and released results for the first two
holes, 11DA09 and 11DA10 (see the Company's news release dated
December 6, 2011) at the Dayton target area, which resulted in the
discovery of new low grade bulk tonnage style gold-copper
mineralization in the area. The Company is awaiting assay results
for the remaining four holes, which are expected over the next two
weeks. The results for drill holes 11DA11 to 11DA14 are expected to
be reported in January, 2012. All samples are being analyzed for
gold by standard fire assay and for trace metals by multi-acid
digestion ICP at ALS Chemex, Vancouver, BC.
Current Drilling - Greenwood Gold Project
A drill is currently at the Motherlode area to complete a 6 hole
exploration program testing gold-in-soil anomalies spatially
associated with electromagnetic ("EM") targets before Christmas.
After completion of the Motherlode drill program, the drill will be
moved to one or more targets at the Overlander and/or the Ket 28
areas to test gold-in-soil anomalies and/or EM targets. The Company
expects to re-commence drilling at the Overlander and Ket 28 target
areas along with a number of other targets early in 2012. Assay
results are anticipated to arrive for the Motherlode drilling and
be released in the latter half of January 2012.
All 2011 and 2012 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
(780) 693-2242
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: IR PRO COMMUNICATIONS Nancy Massicotte 604-507-3377 or
Toll Free:
1-866-503-3377ir@grizzlydiscoveries.comwww.irprocommunications.comwww.grizzlydiscoveries.com
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