EDMONTON, ALBERTA -- (MARKETWIRE) -- 09/05/12 -- Grizzly Discoveries Inc. (TSX VENTURE:GZD) (OTCQX:GZDIF) (FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to announce that it has received the final results for the Company's spring drilling program on its 100% owned Greenwood Gold Project, a 225,000 acre contiguous block of mineral claims centered on Greenwood, British Columbia. The Company completed a 5 hole spring core drilling program totaling 1,364 m at the Overlander and P5 Target areas, both in the Mount Attwood area.
Overlander and P5 Targets
The 2011 fieldwork has identified coincident Induced Polarization (IP) chargeability or Horizontal Loop Electromagnetic (HLEM) conductivity anomalies with spatially associated anomalous gold (Au) in selected rock grab samples and soil samples at the Overlander and P5 target areas, both of which are within 2.5 km distance from AMT Industries Canada Inc.'s Golden Crown gold deposit. At the Overlander target area, exploration during 2011 yielded 55 soil samples with greater than 50 parts per billion (ppb) Au up to 546 ppb Au. Rock sampling during 2011 also yielded a total of 9 selected rock grab samples from the Overlander area with greater than 1 gram per tonne (g/t) Au up to 37.9 g/t Au. Two drill holes were completed during May, 2012 in order to test two separate gold in soil anomalies coincident with electromagnetic anomalies (Table 1). A complex package of basalts, feldspar porphyrys, limestone, mudstone along with weak skarn mineralization was intersected in both holes at the Overlander target. Only low grade gold was intersected in both drill holes with up 0.1 g/t Au over 12.0 m in hole 12OL01. The Company intends to drill test a number of additional high priority targets in the Overlander area as funding becomes available.
| Table 1: Assay highlights for Grizzly's spring, 2012 drilling program. | |||||||||||||||||
| Drillhole | Zone | From (m | ) | To (m | ) | Interval (m | ) | Au (g/t | ) | Ag (g/t | ) | Cu | % | Zn | % | Ni | % |
| 12GCE01 | P5 East | 63.5 | 65.0 | 1.5 | 3.54 | - | - | - | - | ||||||||
| P5 UM | 165.37 | 264.5 | 99.13 | - | - | - | - | 0.18 | |||||||||
| 12GCE02 | Hole Lost | ||||||||||||||||
| 12GCE03 | P5 East1 | 247.0 | 251.5 | 4.5 | 0.18 | - | - | - | - | ||||||||
| P5 East2 | 301.0 | 302.5 | 1.5 | 0.27 | - | - | - | - | |||||||||
| P5 East3 | 445.5 | 452.0 | 6.5 | 0.11 | - | - | - | - | |||||||||
| 12OL01 | OL East | 123.5 | 135.5 | 12.0 | 0.1 | - | - | - | - | ||||||||
| 12OL02 | OL North1 | 18.0 | 18.8 | 0.8 | 0.33 | - | - | - | - | ||||||||
| OL North2 | 172.0 | 173.5 | 1.5 | 0.29 | 1.0 | - | 0.035 | - | |||||||||
At the P5 target area, selected rock grab sampling yielded up to 7.3 g/t Au. Soil sampling yielded a total of 13 soil samples with greater than 50 ppb Au up to a maximum of 789 ppb Au. A discreet HLEM conductivity and IP chargeability anomaly associated with the gold in rock and soil sample anomalies was the focus of the 2012 spring drilling program. Two holes tested the anomaly and yielded the intersection of basalt, feldspar porphyry and long intersections of serpentinized ultramafic. Gold was found associated with pyrite bearing quartz veins in the basalt and ultramafic with a highest assay of 3.54 g/t over 1.5 m in hole 12GCE01 (Table 1). The ultramafic in hole 12GCE01 also yielded a long intersection of highly anomalous nickel with 0.18% Ni over 99.13 m (Table 1). The Company intends to conduct further drilling in the vicinity of the P5 target subject to financing.
Alberta Potash Project
Grizzly is pleased to announce that it has received a Technical Report "The Report" for its Alberta Potash Project from APEX Geoscience Ltd., of Edmonton, Alberta. The Report recommends further drilling of 4 or 5 potash test wells with a budget of up to $5 million for future work at the Company's Alberta Potash Project. Grizzly is currently reviewing options to obtain financing to the complete the recommended potash drilling program. The report is available on SEDAR.
All 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 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
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All of the Company’s historical disclosures are available at www.sedar.com.