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Grizzly
Discoveries Inc. (TSX VENTURE:GZD
- News; FRANKFURT:G6H - News;
"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 http://www.grizzlydiscoveries.com
or contact Investor Relations.
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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