Grizzly begins reviewing Greenwood with an eye for Co
2017-12-15 08:33 ET - News Release
Mr. Brian Testo reports
GRIZZLY REVIEWS GREENWOOD COBALT POTENTIAL AND CLOSES PRIVATE PLACEMENT
Based upon recent price increases and interest in cobalt (Co) for the battery manufacturing market, Grizzly Discoveries Inc. has commenced a review of its extensive sampling database for its 227,000-acre Greenwood project in south-central British Columbia. An initial review shows the presence of at least 13 rock grab samples with greater than 500 parts per million (ppm), including up to 986 ppm Co, from at least five separate target occurrences across the eastern half of Grizzly's project area. The database shows an additional 31 rock grab samples that have yielded assays of between 200 and 500 ppm Co. Maps showing the anomalous values and locations for Co at the project are provided on the company's website.
A preliminary review of the sample database indicates that many of the rock samples with anomalous Co also contain anomalous values for copper (Cu) and precious metals including gold (Au) and silver (Ag). In many cases, the samples with anomalous Co were collected from Cu-enriched skarn and hornfels developed in Paleozoic sediments and intrusions, where the original sampling targeted precious metals. Grizzly has initiated a property wide review, including its extensive soil and drill hole database along with much of the historic data for the district that it has compiled over the years. The goal will be to target potential cobalt-copper-gold-silver mineralization associated with skarn across the district and come up with targets for follow-up exploration during 2018.
As disclosed in the company's Oct. 2, 2017, news release, Kinross Gold Corp.'s wholly owned subsidiary, KG Exploration (Canada) Inc., has notified Grizzly that it has completed its 2017 work program, including drilling, and that it is currently preparing a report and finalizing plans for additional work in 2018. Kinross expects to complete its assessment report and filing in early 2018. A summary of results from the 2017 program will be provided once received from Kinross. The following work was completed in 2017:
- 1,129 metres diamond drilling at Mt. Attwood-Overlander and Midway areas;
- Generative work of mapping and sampling of high-priority targets;
- Cumulative expenditure totals $761,520 (U.S.).
Kinross has met its second anniversary obligations pursuant to the Sept. 23, 2015, Greenwood option agreement.
Private placement of units
Grizzly also announces that it has closed a private placement by the issuance of 1.2 million units of the company at a price of five cents per unit for gross proceeds of $60,000. Each unit consists of one common share of the company and one non-transferable warrant with each warrant entitling the holder to acquire one additional common share at an exercise price of 7.5 cents per common share until the earlier of: (a) 30 days following the issuance of a news release by the company that the trading price of the common shares on the TSX Venture Exchange is at or greater than 12 cents per common share for 10 consecutive trading days; and (b) Dec. 15, 2019.
Four hundred thousand of the 1.2 million units sold were purchased by an insider of the company. No finder fee or commissions were paid in connection with the offering. The company intends to use the proceeds of the offering for general working capital.
The common shares and any common shares issued on exercise of the warrants will be subject to restrictions on trading until April 16, 2018, in accordance with the policies of the TSX Venture Exchange. Following closing of the offering, the company has 56,729,405 common shares issued and outstanding.
About Grizzly Discoveries Inc.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 55.4 million shares issued, focused on developing significant potash assets in Alberta and its precious metals properties in southeastern British Columbia. The company holds over 227,000 acres of precious-base metal properties in British Columbia; more than 161,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta; and metallic and industrial mineral permits for potash totalling 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, MSc, PGeol, who is the qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.