Grizzly
Discoveries Inc. (TSX VENTURE:GZD
- News; FRANKFURT:G6H - News;
"Grizzly" or the "Company") is pleased to report that
initial follow-up drilling at the Ket 28 Property
and the Prince of Wales and Mabel Jenny Targets at the Copper Mountain
Property, all within the Company's Greenwood Gold Project, has been
completed. Drilling at the Greenwood Gold Project's Dayton Property
gold-in-soil anomaly near the historic Mt. McKinney gold camp is in progress.
Brian
Testo, President and CEO of Grizzly, states that
"initial visual results of widespread alteration are promising. We look
forward with great anticipation to lab results from the fall drilling program
and the potential to expand the known gold zones at Ket
28 and Copper Mountain, as well as the potential to make a new discovery by
testing the high priority gold-in-soil anomaly identified at the Dayton
area."
Ket
28 Property
Drilling
during late 2009 at Ket 28 Property yielded up to
11.9 grams per tonne (g/t) gold over 2.0 metres (m) and 2.77 g/t gold over 11.0 m in separate drillholes associated with late stage brecciation,
pyrite and quartz veins in mafic volcanics and
sediments (see Grizzly's news release dated January 18, 2010).
Three
follow-up holes totaling 693 m were recently drilled to test the depth and
plunge extent of gold mineralization at the Ket 28
Property. All three follow up drillholes
intersected sulphide mineralization spatially
associated with zones of brecciation, quartz veins
and alteration. The drill core has been sampled with the samples being shipped
to ALS Laboratory Group in North Vancouver, BC for assaying.
Copper
Mountain Property
Drilling
during the summer of 2010 at the Prince of Wales target yielded a new gold
discovery with an intersection of 1 g/t gold across 30 m core length in drillhole 10CM07. Gold mineralization is associated with
a wide zone of pyrite and arsenopyrite in a
siliceous biotite hornfels
in hole 10CM07.
Three
follow-up holes have been drilled at the Prince of Wales target along with
two follow-up drillholes at the Mable Jenny North
showing for a total of 760.5 m in five drillholes
at the Copper Mountain Property. Extensive zones of sulphide-bearing
siliceous biotite hornfels
were intersected in all five follow-up holes drilled during the current
program. Pyrite with minor arsenopyrite, pyrrhotite, chalcopyrite and sphalerite
represent the main sulphides present. The most
intense sulphide zones are often adjacent to syenite dykes. Follow-up drillhole
10CM09, which was drilled beneath the discovery hole (10CM07) at the Prince
of Wales target, yielded an 8 m core interval of sulphide-bearing
epidote-garnet-magnetite skarn
along with several intervals of sulphide-bearing
siliceous biotite hornfels.
At the Mabel Jenny North target, several narrow (0.5 m to 1.5 m)
intersections of near-massive sulphide (pyrite and pyrrhotite) were intersected in drillholes
10CM11 and 10CM12 within much wider zones of sulphide-bearing
siliceous biotite hornfels.
Core logging is complete and sampling of the five Copper Mountain drillholes should be completed by the end of the week.
Dayton
Property
Soil
sampling by crews from APEX Geoscience Ltd. during 2010 located a high
priority gold-in-soil target that is 400 m long by 200 m wide with 50 samples
that assay between 50 and 272 parts per billion (ppb) gold (see Grizzly's
news release dated October 19, 2010).
The
Company plans to complete 7 to 10 drillholes (800
to 1,000 m) at the Dayton Property. The Lone Peak Drilling Ltd. diamond drill
has been moved to the Dayton Property target area in the vicinity of the
historic Mt. McKinney gold camp. Drilling should be completed by mid-December
with all core logged, sampled and shipped to ALS Laboratory Group in North
Vancouver, BC, prior to Christmas. Preliminary assay results should be
available early in the New Year.
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 1.8 million acres along the
Saskatchewan-Alberta border.
Grizzly
trades on the TSX Venture Exchange under the symbol GZD, with 31,410,302
Common Shares issued and outstanding.
All
2010 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.
On
behalf of the Board
Grizzly
Discoveries Inc.
Brian
Testo, President
For
further information, please visit our website at http://www.grizzlydiscoveries.com
or contact Investor Relations.
This
news release contains certain forward-looking statements. All statements,
other than statements of historical fact, included herein, including, without
limitation, statements regarding potential mineralization, resources and
reserves estimates, exploration results, exploration and development results
and the future plans and objectives of Grizzly are forward-looking statements
that involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements.
Readers are cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves numerous
assumptions, inherent risks and uncertainties, both general and specific,
that contribute to the possibility that the predictions, forecasts,
projections and various future events will not occur. Grizzly undertakes no
obligation to update publicly or otherwise revise any forward-looking
statement whether as a result of new information, future events or other
factors which affect such statement, except as 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.
Contact:
Nancy Massicotte
IR PRO COMMUNICATIONS
604-507-3377
Toll Free: 1-866-503-3377
ir@grizzlydiscoveries.com
www.irprocommunications.com
|