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Follow Up Drilling at Ket 28 and Copper Mountain Completed;
Drilling Commenced at the Dayton Target, Greenwood Gold Project
EDMONTON,
ALBERTA--(via Marketwire - December 6, 2010) -
Grizzly Discoveries Inc. (TSX VENTURE:GZD) (FRANKFURT:G6H)
("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.
/s/ "Brian Testo"
Brian Testo
President
For further information, please visit our website at
http://www.grizzlydiscoveries.com or contact Investor Relations:
Nancy Massicotte
IR PRO COMMUNICATIONS
Tel: 604-507-3377
Toll Free: 1-866-503-3377
Email: ir@grizzlydiscoveries.com
www.irprocommunications.com
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
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