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Grizzly Acquires More Land and Provides Update on Alberta Potash Project
1/20/2011 3:11:24 PM - Market Wire
EDMONTON, ALBERTA, Jan 20, 2011 (Marketwire via COMTEX News Network) --
Grizzly Discoveries Inc. (TSX VENTURE:GZD) (FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to announce that it has acquired a 100% interest in more than 430,000 acres by staking 22 metallic and industrial mineral (MAIM) permits along the Alberta - Saskatchewan border near Lloydminster and Medicine Hat. The 100% owned (and government granted) MAIM permits were staked at different times during the latter half of 2010 to cover areas prospective for potash. The additional staking brings the Company's 100% owned land package to more than 1.88 million acres, all of which is underlain by the potash-bearing Prairie Evaporite Formation. In a separate recent transaction, Grizzly in conjunction with Pacific Canada Potash Ltd. (Pacific), a separate arms length company, have staked an additional 458,000 acres in 21 MAIM permit applications centered on the town of Provost along the Alberta - Saskatchewan border. This brings Grizzly's total MAIM permit land holdings for potash to more than 2.34 million acres. The Company's potash property is road accessible year round.
Grizzly 100% Owned Potash Permits
A large portion of Grizzly's 100% owned MAIM potash permits exist in close proximity to or directly contain areas that are underlain by potash bearing beds within the uppermost portion of the Prairie Evaporite Formation. The presence of potash beds within the upper portion of the Prairie Evaporite in east-central Alberta near and along the Saskatchewan border is indicated by geological maps produced by the Alberta and Saskatchewan governments, specifically Alberta Research Council Bulletin 29 (Hamilton, 1971) and Saskatchewan Geological Survey Report 181 (Fuzesy, 1982). A number of Grizzly's permits exist in close proximity to a reported occurrence of potash minerals in a deep well (VCO #15) in the Vermilion area of east-central Alberta. The author reporting the occurrence suggested that the potash mineral "sylvite exists in substantial quantities" "throughout the first 50 feet of the Prairie Evaporite" (Golden, B.Sc., 1965). The author also suggested the potash minerals "are of the same composition and depositional sequence and depth as the potash at Unity and Saskatoon, Saskatchewan", currently the location of a number of potash mines. Recent analytical work by the Alberta Geological Survey (Eccles et al., 2009) on the remaining core from VCO#15 has yielded up to 18.6% K2O and confirms the observations of Golden (1965). The reported occurrence of potash minerals is from a depth of approximately 1,061 m below surface.
Grizzly - Pacific 50:50 Jointly Owned Provost Permits
In late December, 2010, Grizzly and Pacific submitted 21 MAIM permit applications to the Alberta Government totaling approximately 458,000 acres on the basis of a 50:50 ownership split. The permits are currently being processed and have not been granted yet. The analysis of all the available geophysical logs for historic oil wells on the property has revealed a high probability of potash-bearing beds underlying the Provost Potash Property. More specifically, it appears the east-central and southeastern areas of the property have very high potential for economic-grade potash beds. Gamma-ray responses from historic oil and gas wells suggest that the grades of potash-bearing beds underlying the property could attain grades ranging from 15% to 25% K2O across thicknesses of 1 to 5 m (Klarenbach, P.Geol., 2009). These responses all occur at a depth of about 1,300 m in the uppermost 60 m of the Prairie Evaporite Formation, which is the main host to potash deposits in Saskatchewan (Holter, 1969).
Future Work
APEX Geoscience Ltd. of Edmonton, Alberta have recommended that the Company conduct an aggressive Stage 1 seismic and drilling program in order to identify the most prospective areas of potash on the property. Once the areas that are considered most prospective for economic concentrations of potash are identified, the Company would proceed to Stage 2 resource type drilling.
Brian Testo, President of Grizzly, states that "we are excited and encouraged that the Company's Potash Project has the potential for economic concentrations of Potash, in an industry friendly province such as Alberta, where the tax regime and royalty structure is far more favorable than other locations within Canada. This economic environment combined with the immense size of the project (2.34 million acres) and indications of historic potash mineralization at depths favorable for solution mining bode very well for the future of this project. The company intends to aggressively explore this project given its belief that agricultural products and foodstuffs could experience significant increased demand and growth over the next several years.
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 an aggressive Canadian exploration company focused on exploring for world class gold and base metal deposits in British Columbia, and for diamonds and industrial minerals in Alberta. In British Columbia, Grizzly currently has four precious-base metal properties totaling over 235,000 acres. It currently holds more than 600,000 acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta. Grizzly has also acquired metallic and industrial mineral permits for potash totaling more than 2.34 million acres along the Saskatchewan-Alberta border.
Grizzly trades on the TSX Venture Exchange under the symbol GZD, with 34,129,636 Common Shares issued and outstanding.
On behalf of the Board
Grizzly Discoveries Inc.
Brian Testo, President
For further information, please visit our website at https://www.grizzlydiscoveries.com or contact Investor Relations.
SOURCE: Grizzly Discoveries Inc.
IR Pro Communications Nancy Massicotte 604-507-3377 or Toll Free: 1-866-503-3377 ir@grizzlydiscoveries.comwww.irprocommunications.com
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