Grizzly Discoveries: Greenwood Property 2018 Work Program
TSX VENTURE: GZD
Edmonton, Alberta--(Newsfile Corp. - May 9, 2018) - Grizzly Discoveries Inc. (TSXV: GZD) (OTC Pink: GZDIF) (FSE: G6H) ("Grizzly" or the "Company") is pleased to announce that Kinross Gold Corporation's wholly owned subsidiary, KG Exploration (Canada) Inc. ("Kinross"), has provided Grizzly with the proposed 2018 work program on the Grizzly Greenwood property, located near Greenwood in southern British Columbia. Kinross is planning a 1,200 metre (m) drill program at the Midway target in summer 2018. The program is a continuation of the 2017 proof-of-concept drilling which intersected silicification, alteration, anomalous geochemistry and minor quartz veining in 2 out of 3 holes along strike, warranting follow-up exploration.
The portion of Grizzly's 100% owned Greenwood Project being explored by Kinross consists of 131 claims that form a contiguous package totaling approximately 27,346 hectares, representing approximately one third of Grizzly's land holdings at Greenwood. Under the terms of a September 2015 option agreement, KG Exploration (Canada) Inc. can earn a 75% interest on this portion of Grizzly's land holdings by incurring US$3 million in exploration expenditures including a minimum of 3,000 m of diamond drilling by the fifth anniversary of the option agreement (September 23, 2020). Kinross has met the second anniversary requirements and incurred over US$750,000 in expenditures including 1,129 m of diamond drilling.
Highlights of 2017 Kinross Exploration Program at Midway
The Midway target is hypothesized to be an Eocene-aged system developed within Triassic clastic sediments and limestone, and Jurassic (possibly) hornblende diorite intrusions, all unconformably overlain by Eocene Kettle River Formation sediments and Marron volcanics.
A thick blanket of massive silica occurs at the basal Eocene unconformity, with remnant outcrops dispersed intermittently over a 1 x 1 km area, in some places replacing Triassic limestone. The massive silica contains anomalous trace element geochemistry, with common disseminated marcasite and uncommon cm-scale banded marcasite clasts.
Widespread alteration and local silicification occur in the footwall of the unconformity. Two separate zones have been discovered: zone 1 is a 200 m long by 50-75 m wide zone of silicification, with peripheral alteration and multiple narrow (up to 0.5 m) chalcedonic quartz (+/-quartz breccia) veins. A second similar zone of alteration and veining is located 200 m to zone 1. The target areas were further delineated via a large soil anomaly over the exposed target area.
Rock chip and drill hole results indicate predominately argillic, and lesser propylitic alteration. Kaolinite dominates the argillic suite. The strongest zone of alteration is centered on a silicified fault near the irregular clastic/intrusive contact. Multiple narrow (to 0.5 m) chalcedonic quartz (+/- quartz breccia) veins occur within the broader zone of silicification. Values of up to 4.2 ppm Au have been recovered from these veins.
Kinross Planned Activities for Evening Star and Generative Exploration
Additional field exploration and generative work is planned throughout the Greenwood property in 2018, to identify exploration targets for testing.
Evening Star is a geochemically anomalous basin that forms the headwaters of Skeff Creek (a known placer gold creek) and is located immediately north and adjacent to the Attwood drusy quartz veins (drill tested by Kinross in 2017). Glacial dispersion may contribute to the geochemical footprint, however exploration will continue until the source is identified. 2017 work involved detailed geologic mapping of over 900 outcrops, and rock chip sampling of specific alteration and mineralization styles. The mapping provided geologic context to the soil anomalies at Evening Star, which will be evaluated further in 2018.
Grizzly 2018 Proposed Work Programs
Grizzly has submitted three Notices of Work (NOW) programs to the BC government. The planned programs cover planned exploration including drilling at the Ket 28, Motherlode and Dayton target areas, all of which lie outside of the option agreement with Kinross. The Company will provide updates as funding and acceptance of these NOWs progress.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 59.2 million shares issued, focused on developing significant Potash assets in Alberta and its precious metals properties in southeastern British Columbia. The Company holds over 180,000 acres of precious-base metal properties in British Columbia; more than 160,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta; and metallic and industrial mineral permits for potash totaling more than 60,000 acres along the Alberta-Saskatchewan border.
The content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
On behalf of the Board,
GRIZZLY DISCOVERIES INC.
Tel: (780) 693-2242
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Nancy Massicotte, Investor Relations
IR PRO COMMUNICATIONS INC.
Toll Free: 1-866-503-3377
COO, Grizzly Discoveries Inc.
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.
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.