Mr. Brian Testo reports

GRIZZLY ANNOUNCES THAT IT HAS ACQUIRED BY STAKING AN ADDITIONAL 6,478 ACRES IN A KEY AREA OF THE GREENWOOD, BC PRECIOUS AND BATTERY METALS PROJECT

After the Okanagan fire danger has subsided, Grizzly Discoveries Inc. geological crews are back at the Rock Creek camp and have recommenced work at Midway, Copper Mountain and the Imperial target areas within the Greenwood precious and battery metals project. A large block of lands held in perpetuity for more than 30-plus years by a competitor in the core of the Greenwood project area surrounding and adjacent to the Phoenix mine lapsed on July 31, 2023. Grizzly was able to acquire by staking close to 90 per cent of the land that came open for a total of 6,478 acres.

Geological and prospecting crews have re-commenced prospecting, geological mapping, rock and soil sampling within the Greenwood project area, and will do an initial pass at the new mineral claim area, but will be focused on the Midway, Imperial, Copper Mountain and Sappho areas as the company awaits drilling permits from the B.C. Ministry of Energy Mines and Petroleum Resources. The intent is to prepare these target areas for drilling this fall. The company is awaiting land use permits for conducting drilling and trenching at the Midway mine area as well as drilling at Copper Mountain, Imperial and potentially the Sappho target areas.

A number of existing showings and parts or extensions to known showings have been acquired with the staking of new mineral claims including but not limited to Marshall Lake, Sylvester K, the Great Laxey, Eholt and lands adjacent to and surrounding the historical Phoenix mine.

The geological and prospecting crew has made several discoveries of sulphide, quartz vein zones and skarn on the new claims. Sulphide showings associated with skarn at Marshall Lake are hosted in Triassic Brooklyn formation sedimentary rocks including limestone that has been intruded by diorite. The showings have been trenched and bulk sampled in the past (1960s to 1970s) yielding significant copper, silver and gold. Little to no modern exploration has been performed at the Marshall Lake target as well as a number of other showings in the Brooklyn sequence such as the Great Laxey.

To date, more than 1,500 soil samples and 300 rock samples have been collected from the Midway, Copper Mountain, Imperial and Sappho target areas, and have been submitted to ALS Global Laboratories (ALS) as well as an initial set of samples from the new mineral claims. Ground geophysical surveys will be performed where needed in September in order to be ready for the 2023 drilling campaign.

The goal is to have a pipeline of high-priority precious metal and battery metal targets that are all permitted and ready for a long 2023 and 2024 drilling campaign in order to prioritize these assets into those that can deliver future mineral resources with additional drilling, eventually leading to some form of economic studies and scenarios that might be able to take advantage of local toll treating opportunities that exist in the Greenwood-Republic region.

Brian Testo, president and chief executive officer of Grizzly Discoveries, stated: "The staking of this large land block marks a very important milestone for Grizzly. We have coveted these lands for many years and this block of claims checks all of the boxes for us. Grizzly has been very selective when it comes to staking new ground and are excited to add this to our already outstanding land package in the prolific Greenwood mining district. These claims fit perfectly with Grizzly's existing land package and offer a significant number of top-tier undeveloped drill targets."

2023 exploration update for Greenwood

• Additional drilling is warranted in 2023 at both the Dayton and Motherlode North target areas in order to follow up the anomalous results of the 2022 drilling program. In addition, there other targets at Motherlode North in the vicinity of the Motherlode pit, the Greyhound pit and the Great Hopes crown grant that have yet be drill tested.
• Drilling and trenching permit applications have been submitted for the 2023 season for the Midway, Sappho, Copper Mountain and Imperial target areas.
• Additional permit applications for drilling at the Crown Point and the Overlander-Mt. Attwood areas are in preparation and will be submitted in the near future.
• The Midway area is being targeted for copper-gold skarn and epithermal gold-silver.
• At Midway, selective rock grab and composite rock grab samples from outcrop collected from the Midway mine-Picturestone area, with four of seven rock grab samples from outcropping mineralization in the Midway mine historical pit yielded a range of 12.05 grams per tonne (or 0.351 ounce per ton) Au up to 70.8 g/t (2.065 oz/t) Au (see company news release dated Oct. 17, 2022).
• Three of the seven selective rock grab samples from the Midway mine pits yielded from 1,360 g/t Ag (39.7 oz/t Ag) up to 2,140 g/t Ag (62.4 oz/t Ag) (see the company news release dated Oct. 17, 2022).
• All highly anomalous samples are from outcrop and characterized by the presence of abundant pyrite, arsenopyrite with visible galena and sphalerite in a siliceous chalcedonic host. The mineralization is hosted in polymetallic veins that display the presence of lead (Pb), zinc (Zn), copper (Cu), arsenic (As) and antimony (Sb), and are likely epithermal in nature.
• A selective rock grab sample from outcrop 200 m west of the main Midway mine yielded 15.85 g/t Au (0.462 oz/t Au) and 1,530 g/t Ag (44.6 oz/t Ag), illustrating that there is potential for additional high-grade mineralization in the area.
• The Sappho area is being targeted for copper-gold-PGEs (platinum group elements) skarn and porphyry type targets associated with an alkalic intrusion and several diorite intrusions south of Greenwood near the United States border.
• At least five new showings of copper oxide/sulphide mineralization were found during the 2022 program at the Sappho target.
• Previous surface sampling and drilling by Grizzly at the Sappho area has yielded significant anomalous copper, gold, silver along with platinum and palladium.
• Numerous rock grab samples have yielded greater than 1 per cent copper, one g/t gold, one g/t platinum and one g/t palladium. The sampling work in 2022 yielded 17 rock grab samples with greater than 1 per cent Cu up to 9.06 per cent Cu (see company news release dated Nov. 3, 2022).
• Historical drilling (by the company) has yielded up to 0.31 per cent Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length in skarn at Sappho in 2010.

Quality assurance and control

Rock and soil samples were analyzed at ALS Global Laboratories (geochemistry division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (plus 10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

The sampling program was undertaken by company personnel under the direction of Michael B. Dufresne, MSc, PGeol, PGeo. A secure chain of custody is maintained in transporting and storing of all samples.

The technical content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, MSc, PGeol, PGeo, who is the qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Grizzly Discoveries Inc.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 66,000 hectares (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team with a record of advancing exploration projects from early exploration stage through to feasibility stage.

We seek Safe Harbor.