EDMONTON, ALBERTA--(Marketwire -10/26/11)- Grizzly Discoveries Inc. (TSX-V: GZD.V - News)(OTCQX: GZDIF.PK - News)(Frankfurt: G6H.F - News) ("Grizzly" or the "Company") is pleased to provide the following updates on continuing exploration activities at its Greenwood Gold Project, its Alberta Potash Project, and its 50%-owned Provost Property, jointly owned with Pacific Potash Corporation ("Pacific").
Current Exploration Status - Greenwood Gold Project
The Stage 1 field-based exploration program which began in May 2011 continues to progress. The program consists of extensive ground geophysical and sampling surveys. To date, approximately 7,000 soil samples and 500 rock grab samples have been collected and shipped to ALS Chemex in Vancouver, British Columbia. More than 200 line-km of ground electromagnetic (EM) surveys, and more than 120 line-km of ground magnetic surveys have also been completed. The work has resulted in the identification of several new drill targets in different areas of the property.
Drilling commenced in early October at the Dayton Prospect targeting IP chargeability EM anomalies identified by the 2011 IP survey. The first two holes tested two separate IP EM anomalies, one 200 m x 300 m and the second roughly 150 m by 200 m. Each hole intersected significant thicknesses (greater than 50 m of core length) of brecciated volcanics, volcaniclastics and sediments with intervals of silicification, quartz vein stockworks and associated sulphides.
Brian Testo, President of Grizzly, states that "we are excited about the size and intensity of the sulphidized breccia zones visible in the new Dayton drill core and the potential to significantly improve the known gold-copper mineralization intersected in 2010. We have prioritized the zones of interest for logging and sampling so that we can get the samples into the lab for rush analyses".
Once the Dayton drilling is completed, the drill will be moved to targets at the Ket 28, Motherlode and Overlander areas. Drilling will continue into early December with the plan to drill a total of 4,000 to 5,000 m. The 2011 field work to date also identified 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. Assay results for the current drilling campaign are expected in early December through January.
Current Exploration Status - Alberta Potash Project and 50%-owned Provost Property
In September of 2011, the Company signed a letter of intent ("LOI") with Pacific to commence a multiple drill hole (well) potash exploration program on the Grizzly - Pacific 50:50 Provost Property. Grizzly and Pacific have engaged Barlon Engineering Group Ltd. ("Barlon") and Taylor Land Services ("Taylor") both of Calgary, Alberta, to prepare the required well licensing and site preparations for three well site locations. Pursuant to the LOI, a minimum of one well will be drilled with costs shared equally by Grizzly and Pacific. Subject to results from the initial well and approval from Grizzly and Pacific, up to two additional wells may be drilled on the property. Pacific has received well licences and has commenced drilling on its 100%-owned Provost Property, adjacent to the 50:50 Provost Property (See Pacific News Release dated October, 25th, 2011). Once one or both of these wells are completed it is anticipated that the drill will move to one of the selected sites on the 50:50 owned Provost Property to drill one or more wells.
Grizzly has also engaged Barlon and Taylor to license two well site locations on its 100%-owned South Block of the Alberta Potash Project, northeast of Medicine Hat, Alberta. At least one well site will be prepared and a well drilled in November, 2011.
Grizzly expects receipt of a seismic interpretation report from RPS Boyd Petrosearch for its 100% owned North Block of the Alberta Potash Project, centered near Lloydminster, Alberta. The Company intends to engage Barlon and Taylor to complete well site licensing on at least two well locations in the North Block. The Company expects to drill at least two wells at these locations during late 2011 or early 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 is a diversified Canadian mineral exploration company listed on the TSX Venture Exchange with 48.7 million shares issued, focused on developing significant Potash assets in Alberta. The Company holds, or has an interest in: metallic and industrial mineral permits for potash totaling more than 900,000 acres along the Alberta-Saskatchewan border; over 235,000 acres of precious-base metal properties in British Columbia; and more than 600,000 acres in 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
For further information, please visit our website at http://www.grizzlydiscoveries.com.
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.
Grizzly Discoveries Inc.
Brian Testo
President
(780) 693-2242
IR PRO COMMUNICATIONS
Nancy Massicotte
Investor Relations
604-507-3377 or Toll Free: 1-866-503-3377
www.irprocommunications.com
All of the Company’s historical disclosures are available at www.sedar.com.