Mr. Brian Testo reports
GRIZZLY DISCOVERIES ACQUIRES COBALT-COPPER-SILVER-PROSPECTIVE ROBOCOP PROPERTY IN SOUTHEASTERN BRITISH COLUMBIA
Grizzly Discoveries Inc. has acquired, subject to TSX Venture Exchange approval, five mineral claims in southeastern British Columbia pursuant to a letter of agreement announced on March 27, 2018.
The acquired claims, covering 9,891 acres and known as the Robocop property, are located in southeastern British Columbia, approximately 45 kilometres south of Fernie and 70 km southeast of Cranbrook, and immediately north of the Canada-United States border. The property is located east of Grizzly's Greenwood property in southeastern B.C.
The arm's-length vendors and the company have signed a purchase agreement dated May 11, 2018, whereby Grizzly acquires a 100-per-cent interest in the Robocop property, subject to a 3-per-cent net smelter returns royalty by issuing to the vendors 2,000,004 units, with each unit consisting of one common share of Grizzly and one transferable share purchase warrant. Each warrant will entitle the holder to acquire one further common share of Grizzly at an exercise price of 14 cents for a period of three years from the date of issuance.
The Robocop property carries a 3-per-cent NSR in favour of certain of the vendors, and under the terms of the agreement, Grizzly has the right to purchase up to 2 per cent of the NSR (bringing it down to a 1-per-cent NSR) within two years after the delivery of a positive feasibility study for the property, for the amount of $1.5-million.
The agreement has been approved by the company's board of directors and has been submitted to the TSX Venture Exchange for approval. Upon receipt of TSX-V approval, the company intends to close the purchase agreement by issuing the units.
About the Robocop property
Areas with significant historic cobalt-copper-silver in soil anomalies have been identified on the Robocop property. Additionally, historic drilling during the 1990s (Teck Explorations Ltd.) and early 2000s (Ruby Red Resources) has yielded near-surface grades for individual core samples of up to:
- 0.18 per cent Co, 0.28 per cent Cu and 4.1 grams per tonne Ag over one m core length (Pighin, 2009);
- 0.134 per cent Co, 1.19 per cent Cu and 33.8 g/t Ag over 1.23 m core length (Thomson, 1990).
The Co-Cu-Ag mineralization is hosted in Sheppard formation rock and is classified as Proterozoic sediment-hosted mineralization. Grizzly believes that significant potential exists to expand the known extent of the known Co-Cu-Ag mineralization on the property and further exploration is warranted. Grizzly is currently evaluating proposals for flying a helicopter-borne magnetic and conductivity survey, a first for the Robocop property, to assist in identifying future drill targets, subject to financing.
About Grizzly Discoveries Inc.
Grizzly is a diversified Canadian mineral exploration company focused on developing its precious metals properties in southeastern British Columbia, and significant potash and diamond assets in Alberta. The company holds or has an interest in over 180,000 acres of precious metal, base metal and cobalt properties in British Columbia; metallic and industrial mineral permits for potash covering more than 60,000 acres along the Alberta-Saskatchewan border; 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 Dufresne, MSc, PGeol, PGeo, who is the qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.
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