Grizzly Provides Update on Greenwood Gold Project- 5,000 m of Drilling Planned
June 23 2011 - 4:33PM
Marketwired
Grizzly Discoveries Inc. (TSX VENTURE: GZD) (OTCQX: GZDIF)
(FRANKFURT: G6H) ("Grizzly" or the "Company") is pleased to provide
an update for its 2011 Exploration Program on its Greenwood Gold
Project. The Company currently has a 100% interest in just over
225,000 acres in a single major block of mineral claims centered on
the town of Greenwood, British Columbia. The Company commissioned
APEX Geoscience Ltd. (APEX) of Edmonton, Alberta to mobilize field
crews to the Greenwood area in early May to commence ground
exploration in advance of a planned 5,000 metre drill program on
new and existing high quality targets. "With a healthy treasury
from this year's successful financing, Grizzly has designed the
2011 Exploration Program on the Greenwood Project as a systematic
and scientific approach which we believe may lead to a new
discovery in the Greenwood area," stated Brian Testo, President and
Chief Executive Officer of the Company, "and Stage 1 of the
program, currently underway, will enable us to focus our drilling
later in the year exclusively on high quality targets."
Immediate and Future Work
An aggressive Stage 1 field exploration program is underway,
including extensive ground geophysical surveys comprised of an
induced polarization ("IP") survey conducted by Peter E. Walcott
& Associates Ltd. of Vancouver, B.C.. Horizontal loop
electromagnetic ("HLEM") survey, Promis electromagnetic ("EM")
survey, and magnetometer survey. In addition, prospecting, rock and
soil sampling, along with geological mapping, are underway at a
number of existing targets including Copper Mountain, Ket 28, and
the Dayton area. New targets identified by detailed analysis of the
2008 and 2009 airborne geophysical surveys are also being
developed. The focus of the 2011 exploration program is to identify
drill targets that are similar in nature to Kinross's Buckhorn Gold
Skarn Deposit and Midway's Golden Eagle Epithermal Gold Deposit
located in the State of Washington, each of which are reported to
contain indicated resources of more than one million ounces of
gold.
To date, approximately 1,600 soil and rock samples have been
collected and have been shipped to ALS Chemex in Vancouver, B.C.
for analysis. More than 70 line-km of IP surveys (over a minimum of
9 previously identified targets) and more than 20 line-km of HLEM
and Promis EM surveys have also been completed. The planned ground
work is budgeted at $1.0 million and will continue into late July
or early August.
Upon completing interpretation of data from the Stage 1 program,
drill targets will be selected, prioritized and land use
applications for drilling will be submitted. The Company plans to
commence drilling in late summer or early fall 2011 and has
allocated a minimum budget of $1.2 million on 5,000 metres of
drilling at Greenwood in 2011.
With recent price increases in silver, the Company plans to
examine its land holdings for silver potential. The historic
Phoenix Mine, located in close proximity to and surrounded by the
Greenwood Gold Project mineral claim holdings, produced more than 6
million ounces of silver. There are a number of historic showings
and old workings from which silver was produced on Greenwood
Project's mineral claims in the area. Each of these historic
showings and workings will be examined during the field program
that is underway.
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 trades on the TSX Venture Exchange under the symbol GZD,
on the OTCQX exchange under the symbol GZDIF, and the Frankfurt
Exchange under the symbol G6H, with 48,315,268 common shares issued
and outstanding.
Grizzly is an aggressive Canadian exploration company focused on
exploring for: potash in Alberta; world class gold and base metal
deposits in British Columbia; and diamonds in Alberta. Grizzly
holds, or has an interest in, metallic and industrial mineral
permits for potash totaling more than 2.34 million acres along the
Alberta-Saskatchewan border. Grizzly currently has four
precious-base metal properties in British Columbia totaling over
235,000 acres. Grizzly also currently holds more than 600,000 acres
in diamond properties which host diamondiferous kimberlites in the
Buffalo Head Hills and Birch Mountains of Alberta.
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.
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.
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.
Contacts: IR PRO COMMUNICATIONS Nancy Massicotte 604-507-3377 or
Toll Free: 1-866-503-3377 ir@grizzlydiscoveries.com
www.irprocommunications.com
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