Grizzly Discoveries Inc. Announces Results of Exploration on Its Robocop Cobalt-Copper-Silver Property, BC and Issues Options
TSX VENTURE: GZD
Edmonton, Alberta--(Newsfile Corp. - November 1, 2018) - Grizzly Discoveries Inc. (TSXV: GZD) (OTCQB: GZDIF) (FSE: G6H) ("Grizzly" or the "Company") is pleased to announce that it has received results from its reconnaissance mapping and sampling program at the Robocop Cobalt-Copper-Silver (Co-Cu-Ag) project near Roosville in Southeast British Columbia. The field crew, provided by APEX Geoscience Ltd., conducted a two week surface exploration program in advance of a planned follow-up airborne geophysical survey.
The Robocop claims comprise 9,891 acres and are located in Southeast B.C., approximately 45 kilometres (km) south of Fernie and 70 km southeast of Cranbrook, immediately north of the Canada-USA border. The property is located east of Grizzly's Greenwood Property in Southeast B.C.
The Company also announces that on October 31, 2018 Board of Directors authorized the issuance of an aggregate 800,000 options to two directors and a consultant of Grizzly at an exercise price of $0.10 per option under the Company's stock option plan.
HIGHLIGHTS FOR THE 2018 ROBOCOP PROPERTY WORK PROGRAM
- Cu-Co mineralization has been identified and sampled 3.8 km to the northwest (Miller Creek) and 3.2 km south (Phillips Creek South) of the main Robocop showings, demonstrating lateral continuity of anomalous Cu-Co mineralization within the Sheppard formation sediments.
- Miller Creek showings yielded up to 1.41% Cu, 0.62% Cu and 0.015% Co from three separate grab samples from sulphide bearing Sheppard Formation sandstones.
- Phillips Creek South returned up to 0.09% Cu and 0.01% Co in limited rock grab sampling from an area with no history of anomalous Cu-Co mineralization.
- Sampling the main Robocop showings confirmed previous anomalous results with grab samples returning up to 1.46% Cu and 0.036% Co in two separate samples in the area of the historic trenching and drilling.
- The Company has obtained a quote and is intending to fly a helicopter airborne geophysical survey over the claim package as soon as funding is obtained.
GEOLOGY AND PRIOR EXPLORATION HIGHLIGHTS FOR THE ROBOCOP PROPERTY
- The Project is comprised of 9,891 acres in 5 mineral claims that are all road accessible, just off Provincial Highway 93 in southeast B.C.
- Initial surface trenching in the late 1980's to early 1990's yielded up to 0.06% Co and 1.93% Cu over 6 m in one trench and, in a separate trench, up to 0.182% Co, 2.44% Cu and 9.6 grams per tonne (g/t) Ag in sediment hosted mineralization within middle Proterozoic Purcell Group rocks.
- A total of 15 drillholes in the area between 1990 and 2008 have yielded several intersections of near surface Co-Cu-Ag mineralization with grades of up to 0.134% Co, 1.19% Cu and 33.8 g/t Ag over 1.23 m core length in hole R-1990-5 and 0.14% Co, 0.9% Cu and 2.7 g/t Ag over 3.1 m core length in hole R-1990-6 (Thomson, 1990), along with an intersection of 0.18% Co, 0.28% Cu, 4.1 g/t Ag over 1 m core length in hole R-2008-02 (Pighin, 2009), and
- Sediment hosted Co-Cu-Ag mineralization is similar in style, age and host rocks to eCobalt Solutions Inc.'s Idaho Cobalt project and Hecla Mining Company's Revett Formation hosted mineralization near Troy Montana.
Prior work has identified areas within the Robocop property with significant historic Co-Cu-Ag in-soil anomalies. Combined with historic drilling during the 1990's (Teck Explorations Ltd.) and early 2000's (Ruby Red Resources) that yielded significantly anomalous near-surface Co-Cu-Ag mineralization, the project warrants follow up exploration including additional drilling. The Co-Cu-Ag mineralization is hosted in Sheppard Formation and is classified as mid-Proterozoic sediment hosted mineralization. Based upon recent work by the USGS (Bookstrom et al., 2016), Robocop Co-Cu-Ag mineralization is similar in style and age of host rocks to mineralization in the Blackbird Co-Cu-Au-Ag district in Idaho including eCobalt Solutions Inc.'s (TSX:ECS) Idaho Cobalt Project, which hosts mineral resources of 3.87 million tons (Measured & Indicated) at 0.59% Co and 0.85% Cu along with 1.82 million tons (Inferred) at 0.46% Co and 0.81% Cu (see eCobalt Solutions Inc.'s press release dated February 7th, 2018).
Brian Testo (CEO) commented "We believe that significant potential exists to expand the known extent of the Co-Cu-Ag mineralization on the Property and further exploration is warranted." In order to advance the project, Grizzly is planning to conduct a helicopter airborne magnetic and conductivity survey, a first for the Robocop Property, to assist in identifying future drill targets.
Grizzly has commenced land use permitting for drilling at the Robocop Property and it is anticipated to be ready for a 2019 drilling campaign.
On October 31, 2018, Grizzly's Board of Directors authorized the issuance of an aggregate of 800,000 stock options, including 500,000 to directors of the Company and 300,000 to a consultant of the Company, with an exercise price of $0.10 per option expiring no later than October 31, 2023. The options were authorized under the terms of the Company's stock option plan and are subject to acceptance by the TSX Venture Exchange.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 63 million shares issued, focused and its precious metals properties in southeastern British Columbia and on developing significant Potash assets in Alberta. The Company holds, or has an interest in: over 189,000 acres of precious-base metal properties in British Columbia along with metallic and industrial mineral permits for potash totaling more than 60,000 acres along the Alberta-Saskatchewan border; and more than 161,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta.
The technical content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., 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.
For further information, please visit our website at www.grizzlydiscoveries.com or contact Investor Relations:
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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.