EDMONTON, ALBERTA--(Marketwire -09/22/11)- Grizzly Discoveries Inc. (TSX-V: GZD.V - News) (OTCQX: GZDIF.PK - News) (Frankfurt: G6H.F - News) ("Grizzly" or the "Company") is pleased to announce that Lone Peak Drilling of Kimberley, British Columbia, will shortly commence drilling on the Company's 100% owned Greenwood Gold Project, a 225,000 acre contiguous block of mineral claims centered on Greenwood, British Columbia. The Company commenced ground exploration in early May. Drill permits were recently received from the British Columbia Ministry of Energy and Mines for the Ket 28, Dayton and Motherlode target areas; a 4,000 to 5,000 m surface diamond drilling program on these and a number of new target areas is planned. Lone Peak Drilling has initiated equipment mobilization with the intent to commence drilling late this week or early next week.
Current Exploration Status
The Stage 1 field-based exploration program which began in May 2011 continues. The program consists of extensive ground geophysical surveys including: induced polarization ("IP") surveys; horizontal loop electromagnetic ("HLEM") surveys; Promis electromagnetic ("EM") surveys; magnetometer surveys; prospecting; rock and soil sampling. This work is coupled with geological mapping at existing targets including: Copper Mountain, Ket 28, and the Dayton area as well as new targets identified by detailed analysis of airborne geophysical surveys conducted in 2008 and 2009. To date, approximately 6,700 soil samples and 394 rock grab samples have been collected and shipped to ALS Chemex in Vancouver, British Columbia. More than 94 line-km of IP surveys (at 9 targets), more than 75 line-km of ground HLEM and Promis EM surveys, and more than 105 line-km of ground magnetic surveys have also been completed.
New Targets for Follow-up Exploration
The 2011 fieldwork has identified coincident IP or HLEM anomalies with spatially associated gold in soil anomalies of greater than 100 parts per billion (ppb) gold at the Copper Mountain, Overlander, P2, P4, P5 and B4-B5 target areas. Additional gold in soil anomalies have been identified in conjunction with IP anomalies at previously drilled targets including Ket 28, Dayton and the Motherlode areas. Anomalous rock grab sample with greater than 5 grams per tonne (g/t) gold or greater than 1% copper, in most cases, are spatially coincident with magnetic or EM anomalies that have been identified at the Overlander, Motherlode, P5, B7, Ket 28, Dayton and the Copper Mountain target areas. A number of the gold in soil anomalies and anomalous rock grab samples that are spatially associated with geophysical anomalies, including HLEM and IP anomalies are targets to be drill tested during this program. A number of the anomalies are also coincident with historic workings that have, to the Company's knowledge, never been drilled.
Future Work
Additional land use applications for drilling have been submitted to the Ministry of Energy and Mines in Cranbrook, British Columbia and are being processed for approval for the Copper Mountain and Overlander target areas. Drilling applications are in progress for the P2, P4, P5 and B4-B5 target areas. Drilling will commence shortly and continue through to the end of November, 2011. Grizzly has planned a minimum budget of approximately $1.2 million for 4,000 to 5,000 metres of diamond drilling on the Greenwood Gold Project in 2011.
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.