Edmonton, Alberta--(Newsfile Corp. - March 6, 2018) - Grizzly Discoveries Inc. (TSXV: GZD) (OTC Pink: GZDIF) (FSE: G6H)
("Grizzly" or the "Company") is pleased to announce that it has submitted permit applications to conduct drilling at three
targets, all located within its Greenwood Project area in southern B.C., including the Ket28, Motherlode North and Dayton
targets.
The primary focus of the Company's planned exploration activities during 2018 will be drilling at the Ket 28 gold target with
the intent to outline a maiden resource. Exploration drilling is also planned for the Motherlode precious metal target and the
Dayton copper-gold porphyry target, but will be dependent on financing activities. Additional follow up surface exploration is
planned for a number of mineralized target areas that have yielded copper-cobalt geochemical anomalies in surface sampling obtained
through the Company's previous exploration.
The Company also announces that it has, since February 1, 2018, received gross proceeds of $142,075 and issued 1,961,000 common
shares pursuant to the exercise of outstanding warrants and options with exercise prices between $0.05 and $0.075 per common
share.
Ket 28 Geology and Prior Results
At the Ket28, Grizzly and other explorers have intersected anomalous gold associated with sulphide bearing silicified sediments,
hornfels and skarn. The gold mineralization is associated with several structures at the edge of a strong positive ovoid
aeromagnetic anomaly that is 2 km in length by 1 km in width and is likely indicative of an underlying intrusion. The Ket 28 target
is approximately 13 km northwest of Kinross' Buckhorn gold mine which is hosted in a pyroxene skarn south of the Canada-US
border.
Historic exploration in the 1990's by other explorers at the Ket 28 prospect, which is located within the Rock Creek claim group
of the Greenwood Project, yielded high grade gold including up to 52.19 grams per tonne of gold ("g/t Au") over 3.35 m core length.
Drilling by Grizzly in 2009 and 2010 at the Ket 28 target following up the historic drilling in the mid 1990`s yielded up to 2.77
g/t Au over 11 m core length and 8.75 g/t Au over 3 m with a higher grade zone of 11.90 g/t Au over 2 m core length. Wider
intervals of lower grade mineralization were also intersected as well with 1.02 g/t Au over 13.5 m core length and 1.19 g/t Au over
10.35 m core length. The gold mineralization intersected by prior explorers and Grizzly is considered open along strike and to
depth.
The Company has submitted an application to the BC Ministry of Mines to conduct drilling and other exploration at the Ket 28
target with approximately 2,500 m in 10 to 12 drill holes planned for 2018. The proposed drill program will target the
gold-prospective zone in the central portion of the Ket 28 target area, with the intention of developing a maiden mineral resource
estimate and expanding the currently defined limits of gold mineralization. The initial Ket 28 drill program is expected to cost
approximately $500,000 and is subject to financing.
Motherlode Geology and Prior Results
North of the historic Motherlode mine, drilling of a coincident magnetic and electromagnetic anomaly in 2011 yielded a new gold
discovery with the intersection of 1.56 g/t 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, 41.7 g/t Ag, 0.56% lead (Pb) and 1.51% zinc (Zn) across 1.5 m core length in hole 11ML03. 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, 11.1 g/t Ag and 1.04% Zn across 1.5 m core length. 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.
The Au-Ag-Zn-Pb 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. The Company
has submitted an application to the BC Ministry of Mines to conduct drilling and other exploration at the Motherlode North target
area.
Dayton Geology and Prior Results
Grizzly's Greenwood Property is considered highly prospective for the presence of copper porphyries similar to those which have
recently been discovered in northwestern and central British Columbia. A recent strategic review has identified a number of
prospects that have geological characteristics and, in some cases, mineralization that is indicative of copper porphyry style
mineralization. The Dayton prospect, on which exploration was conducted by the Company between 2009 and 2011 including drilling,
yielded strong evidence of copper-gold porphyry style mineralization.
A total of 1,021 soil samples indicated a strong northwest-trending copper-gold anomaly approximately 450 m by 200 m with more
than 100 of the samples containing from 100 parts per million (ppm) copper (Cu) up to 1,225 ppm Cu, along with 40 samples
containing greater than 50 parts per billion Au. Surface mapping in the area identified a number of occurrences of pyrite and
chalcopyrite, locally associated with high Cu and Au grades, in association with strongly hornfelsed volcanics, sediments and
alkaline intrusions, along with local skarn. An Induced Polarization survey identified a number of high quality positive
chargeability anomalies, a couple of which are associated with the soil anomaly.
A drilling program conducted in 2010 intersected up to 0.03% Cu and 0.18 g/t Au over 96 m of core length, including a higher
grade zone of 0.38% copper equivalent (CuEq) over 8.1 m core length. In subsequent drilling conducted in 2011, a second eastern IP
anomaly with a weak associated Cu-Au soil anomaly was drill tested and yielded 0.22% CuEq over 117 m of core length, with a high
grade zone of 0.42% CuEq (0.15% Cu, 0.43 g/t Au and 0.81 g/t Ag) over 51 m near the top of the hole. These drill holes intersected
the Cu-Au-Ag mineralization in large alteration and breccia zone with grades that compare favourably to the reported grades for a
number of recently discovered Cu porphyries in northwest BC.
Potential for Cobalt Mineralization
During late 2017, the Company performed an initial review to see if its land holdings were prospective for the presence of
cobalt (Co). The strategic review identified the presence of at least 13 rock grab samples with greater than 0.05%, including up to
0.10% 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 0.02 and 0.05% Co. Maps showing the anomalous values and
locations for Co at the Project are provided on the Company's website by clicking the following link: Grizzly Discoveries Cobalt
Maps:
http://www.grizzlydiscoveries.com/index.php/projects/bc-precious-metals/greenwood-cobalt
A preliminary review of the sample database indicates that many of the rock samples with anomalous Co also contain anomalous
values for Cu and precious metals including Au and 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 drillhole 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 Co-Cu-Au-Ag mineralization associated with
skarn across the district and come up with targets for follow-up exploration during summer and fall 2018.
Brian Testo, President and CEO of Grizzly, stated "We are excited that with the ongoing recovering of the mining sector
during 2018, that we will now be able to push forward with our plans to expand the mineralization identified at Ket 28 and other
targets in the Greenwood Project area. In addition, we look forward to our phase 1 surface exploration program focused on
cobalt."
Warrant and Options Exercised
During the third fiscal quarter-to-date (beginning February 1, 2018), the Company has received gross proceeds of $132,075 from
the exercise of 1,761,000 outstanding warrants issued in private placements in 2016 and 2017, each with an exercise price of $0.075
per common share. Additionally the Company has received gross proceeds of $10,000 pursuant to an optionee exercising 200,000 stock
options with an exercise price of $0.05 per common share issued in 2017 under the Company's stock option plan. The exercise of
these warrants and options has resulted in the issuance of 1,961,000 common shares of the Grizzly.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 58.7
million shares issued, focused on developing significant Potash assets in Alberta and its precious metals properties in
southeastern British Columbia. The Company holds, or has an interest in: metallic and industrial mineral permits for potash
totaling more than 60,000 acres along the Alberta-Saskatchewan border; over 180,000 acres of precious-base metal properties in
British Columbia; 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.
Brian Testo
President
(780) 693-2242
For further information, please visit our website at www.grizzlydiscoveries.com
or contact Investor Relations:
Nancy Massicotte
IR PRO COMMUNICATIONS INC.
Tel: 604-507-3377
Toll Free: 1-866-503-3377
Email: ir@grizzlydiscoveries.com
www.irprocommunications.com
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.
