Grizzly Discoveries Inc. (TSX
VENTURE:GZD)(OTCQX:GZDIF)(FRANKFURT:G6H) ("Grizzly" or the
"Company") is pleased to announce assay results from its late-2011
exploration drill program at its Greenwood Gold Project in British
Columbia, including the discovery of a new gold-silver zone in the
Motherlode area.
Motherlode Gold-Silver-Zinc Discovery - Greenwood Gold
Project
Results have been received for 6 holes drilled in the Motherlode
area. North of the historic Motherlode mine, drilling of a
coincident magnetic and electromagnetic anomaly has yielded a new
gold discovery with the intersection of 1.56 grams per tonne (g/t)
gold (Au) and 11.12 g/t silver (Ag) across 19.0 m core length with
a high grade zone of 17.15 g/t Au and 41.7 g/t Ag, 0.56% lead (Pb)
and 1.51% zinc (Zn) across 1.5 m core length in hole 11ML03 (see
Table 1). Drillhole 11ML05, collared 40 m northeast of 11ML03,
yielded similar results, with 1.64 g/t Au and 3.15 g/t Ag across
14.85 m core length with a higher grade zone of 6.79 g/t Au and
11.1 g/t Ag and 1.04% Zn across 1.5 m. Hole 11ML04, drilled beneath
11ML03, yielded 0.51 g/t Au and 1.02 g/t Ag over 13.5 m core length
with a higher grade zone of 3.43 g/t Au, 2.90 g/t Ag and 0.8% Zn
over 1.5 m core length (see Table 1).
The Au-Ag+Cu+Zn intersections in drillholes 11ML03, 11ML04 and
11ML05 are associated with fine grained pyrite, sphalerite and
galena in chlorite-biotite altered hornfelsed late Paleozoic to
Triassic sedimentary rocks adjacent to a small alkalic intrusion.
Breccia zones and silicification are common in the hornfels zone.
Small sections of marble and skarn with elevated precious and base
metals were intersected in all three holes. Further drilling is
being planned for the Motherlode North discovery.
Wide low grade bulk tonnage style gold-silver-polymetallic
mineralization has been intersected in the vicinity of the historic
Greyhound open pit mine, including 0.15 grams per tonne (g/t) gold
(Au) and 0.81 g/t silver (Ag) along with 0.02% copper (Cu) and
0.03% zinc (Zn) over 84.0 m core length, with a higher grade zone
of 0.46 g/t Au and 2.09 g/t Ag across 11.44 m (see Table 1). The
precious metal zone with elevated copper (Cu), Pb and Zn in 11ML01,
drilled near the Greyhound open pit, is associated with a strongly
silicified, brecciated zone of hornfelsed sediments and
calc-silicate skarn with pyrite, pyrrhotite and trace
chalcopyrite.
The historic Motherlode underground and open pit mine produced
close to 175,000 ounces of Au, 700,000 ounces of Ag and 77 million
pounds of Cu at an average grade of 1.27 g/t Au, 5.04 g/t Ag and
0.82% Cu from a skarn between 1900 and 1962 (British Columbia
Minfile 082ESE034). The new Au-Ag zone has been discovered
approximately 900 m north of the historic Motherlode open pit.
TABLE 1. Summary assay results for drill holes 11ML01 to 11ML06.
----------------------------------------------------------------------------
From To Interval Au Ag
Drillhole Zone (m) (m) (m) (g/t) (g/t) Cu % Pb % Zn %
----------------------------------------------------------------------------
11ML01 Greyhound 42.5 126.5 84.0 0.15 0.81 0.02 - 0.03
-----------------------------------------------------------------
includes 50.56 62.0 11.44 0.46 2.09 0.06 0.04 0.06
-----------------------------------------------------------------
includes 61.03 62.0 0.97 2.97 4.50 0.05 0.06 0.12
-----------------------------------------------------------------
Includes 116.0 125.0 9.0 0.33 0.86 0.01 0.01 0.01
-----------------------------------------------------------------
and 149.0 150.5 1.5 2.54 3.10 0.05 - 0.23
----------------------------------------------------------------------------
11ML02 Greyhound 94.0 237.0 143.0 0.07 0.75 0.01 0.01 0.03
-----------------------------------------------------------------
includes 94.0 104.5 10.5 0.20 0.86 0.01 0.01 0.02
-----------------------------------------------------------------
includes 179.0 186.5 7.5 0.32 4.80 0.02 0.05 0.33
-----------------------------------------------------------------
and 326.0 327.5 1.5 2.72 0.9 - - -
----------------------------------------------------------------------------
11ML03 Motherlode N 7.0 26.0 19.0 1.56 11.12 0.04 0.07 0.30
-----------------------------------------------------------------
includes 11.0 15.5 4.5 6.07 15.13 0.03 0.20 0.70
-----------------------------------------------------------------
includes 14.0 15.5 1.5 17.15 41.70 0.06 0.56 1.51
----------------------------------------------------------------------------
11ML04 Motherlode N 8.95 30.0 21.05 0.34 1.10 0.02 0.01 0.11
-----------------------------------------------------------------
includes 10.5 24.0 13.5 0.51 1.02 0.02 - 0.16
-----------------------------------------------------------------
includes 13.5 15.0 1.5 3.43 2.90 0.08 0.01 0.80
----------------------------------------------------------------------------
11ML05 Motherlode N 24.5 53.0 28.5 0.88 1.90 0.01 0.02 0.25
-----------------------------------------------------------------
includes 27.5 42.35 14.85 1.64 3.15 0.01 0.04 0.47
-----------------------------------------------------------------
includes 39.5 42.35 2.85 4.11 6.88 0.04 0.03 1.04
-----------------------------------------------------------------
includes 39.5 41.0 1.5 6.79 11.1 0.05 0.05 1.79
----------------------------------------------------------------------------
11ML06 Motherlode N No Significant Assays
----------------------------------------------------------------------------
Dayton Gold-Copper Discovery - Greenwood Gold Project
Results have been received for the last four holes drilled
(11DA011 to 11DA14) at the Dayton area in 2011, and similar to the
first two holes (11DA09 and 11DA10), they have yielded a wide, bulk
tonnage style, low grade Au-Cu zone of mineralization (see Table
2). Drillhole 11DA13 was drilled into the main Dayton induced
polarization ("IP") chargeability anomaly (IP1) and yielded 0.10
g/t Au and 0.04% Cu over 315.71 m of core length with a higher
grade zone of 0.24 g/t Au and 0.1% Cu over 37.0 m core length (see
Table 2). Similar to drill hole 11DA09, the low grade bulk tonnage
style mineralization starts at surface immediately below the casing
and continues over most of the length of the drill hole. Drill hole
11DA09 was drilled into IP2 and yielded an intersection grading
0.25 g/t Au and 0.07% Cu over 117 m core length with a higher grade
zone of 0.43 g/t Au and 0.15% Cu over 51.0 m core length at the top
of the hole (see Table 2). The Au-Cu mineralization is hosted in
mixed basalt and hornfelsed sediments with significant zones of
breccia with feldspar porphyry clasts, discreet felsic intrusions,
silicification and up to 5% pyrite and minor chalcopyrite. The
mineralization was discovered by drill testing coincident anomalous
Au in soils and induced polarization ("IP") chargeability
anomalies. Other than anomalous silver, barium and phosphorous, few
other anomalous trace elements are present. The style of
mineralization and alteration is in line with intrusion related
porphyry style Au-Cu deposits.
Current Drilling Plans - Greenwood Gold Project
Grizzly is planning to follow-up the results at the Motherlode
area with further drilling and is planning to complete drilling at
the Overlander and P5 targets in the Golden Crown - Phoenix area,
where gold in soil anomalies have been identified in association
with EM anomalies identified by ground HLEM surveys. Grizzly
expects to commence drilling towards the end of January or early
February.
TABLE 2. Summary assay results for drill holes 11DA09 to 11DA14.
----------------------------------------------------------------------------
From Interval Au Ag Pb Zn
Drillhole Zone (m) To (m) (m) (g/t) (g/t) Cu % % %
----------------------------------------------------------------------------
11DA14 Dayton IP3 No Significant Assays
----------------------------------------------------------------------------
11DA13 Dayton IP1 5.0 320.71 315.71 0.10 - 0.04 - -
-----------------------------------------------------------------
includes 7.0 142.0 135.0 0.15 - 0.05
-----------------------------------------------------------------
includes 7.0 44.0 37.0 0.24 - 0.10 - -
----------------------------------------------------------------------------
11DA12 Dayton IP1 7.0 115.67 108.67 0.14 - 0.05 - -
-----------------------------------------------------------------
includes 8.5 23.5 15.0 0.21 - 0.07 - -
-----------------------------------------------------------------
and 101.5 115.67 14.67 0.33 - 0.08 - -
----------------------------------------------------------------------------
11DA11 Dayton IP1 6.0 103.0 97.0 0.10 - 0.02 - -
-----------------------------------------------------------------
includes 9.0 49.5 40.5 0.14 - 0.02 - -
----------------------------------------------------------------------------
11DA10(i) Dayton IP1 9.0 343.0 334.0 0.07 - 0.03 - -
-----------------------------------------------------------------
includes 9.0 130.5 121.5 0.14 - 0.03 - -
-----------------------------------------------------------------
includes 15.0 114.0 99.0 0.15 - 0.03 - -
-----------------------------------------------------------------
includes 318.0 334.5 16.5 0.01 - 0.07 - -
----------------------------------------------------------------------------
11DA09(i) Dayton IP2 3.0 120.0 117.0 0.25 - 0.01 - -
-----------------------------------------------------------------
includes 3.0 54.0 51.0 0.43 0.81 0.15 - -
-----------------------------------------------------------------
includes 6.5 37.53 31.03 0.46 0.72 0.16 - -
----------------------------------------------------------------------------
(i)Previously released results in the Company's news release dated November
23, 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 trades on the TSX Venture Exchange under the symbol GZD,
on the OTCQX exchange under the symbol GZDIF, and the Frankfurt
Exchange under the symbol G6H, with 48,350,268 common shares issued
and outstanding.
Grizzly is an aggressive and diversified Canadian mineral
exploration company exploring for: potash in Alberta; world class
gold and base metal deposits in British Columbia; and diamonds in
Alberta. Grizzly holds, or has an interest in, metallic and
industrial mineral permits for potash totaling more than 2.4
million acres along the Alberta-Saskatchewan border. Grizzly
currently has four precious-base metal properties in British
Columbia totaling over 235,000 acres. Grizzly also currently holds
more than 600,000 acres in diamond 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
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.
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.
Contacts: Grizzly Discoveries Inc. Brian Testo President (780)
693-2242 www.grizzlydiscoveries.com IR PRO COMMUNICATIONS Nancy
Massicotte Investor Relations 604-507-3377 or Toll Free:
1-866-503-3377ir@grizzlydiscoveries.com
www.irprocommunications.com
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