Mr. Brian Testo reports

GRIZZLY PROVIDES UPDATE ON THE ACQUISITION OF THE MOTHERLODE CROWN GRANTS, GREENWOOD PRECIOUS - BATTERY METALS PROJECT, BC

Grizzly Discoveries Inc. has provided an update on the acquisition of the Motherlode Crown grants from First Majestic Silver Corp. and includes highlights of the recently compiled historical information for the Motherlode Crown grants, located near the town of Greenwood, south-central British Columbia (B.C.). The Motherlode Crown grants host the historical Motherlode, Sunset, Sunrise and Greyhound mines that at various times during the early and middle 1900s produced copper (Cu), gold (Au) and silver (Ag) from both open pit and underground workings. The Motherlode mine is reported to have produced 76,975,111 pounds of Cu, 173,319 ounces of Au and 688,203 ounces of Ag during the active periods of mining from 1900 to 1920 and then from 1957 to 1962 (B.C. Minfile 082ESE034). The Motherlode mine is road accessible and is approximately 2.5 kilometres (1.5 miles) northwest of the town of Greenwood.

Highlights

• First Majestic to transfer Motherlode to Grizzly. First Majestic has completed the reinstatement of the Motherlode Crown grant owner and wholly owned subsidiary Veris Gold Corp. and in concert with advice from the B.C. Ministry of Energy, Mines & Low Carbon Innovation has submitted a petition to revest the Crown grants with the subsurface mineral rights back to Veris Gold, at which time once approved, will allow First Majestic to transfer the Crown grants with the subsurface mineral rights to the company.
• Motherlode historical MRE (mineral resource estimate). A historical MRE constructed in 1967 by Allen Geological Engineering Ltd. after the last period of mining on behalf of two companies, Aabro Mining and Oils Ltd. and Cumberland Mining Ltd., is described as drill proven (assured), indicated and inferred, and totals 2.8 million tonnes with a grade of 1.6 per cent Cu equivalent (CuEq) (0.8 per cent Cu, 1.06 g/t Au).
• Additional Cu-Au mineralization. In addition to the historical MREs, drilling in 1996 by Strathcona Mineral Services on behalf of YGC Resources (Veris Gold) intersected several zones of Cu-Au mineralization targeting the gold bearing halo to the Motherlode skarn along the east side of the Motherlode pit in the vicinity of the historical underground workings.
  • Drill hole 96-8 encountered gold in almost every sample over the entire 154.23-metre (506-foot) length drill hole with a number of higher-grade zones in proper skarn toward the bottom of the hole. The results include 2.5 g/t (grams per ton) (0.073 ounces per ton) Au along with significant Cu over 4.88 m (16 ft) intersecting the Main Motherlode skarn at the bottom of the drill hole within altered Brooklyn limestone. The skarn mineralization is associated with a strong AeroTEM conductivity anomaly.
  • The hole was terminated prior to completion due to technical difficulties and concerns over intersecting the existing underground stopes. Strathcona Mineral Services recommended follow-up drilling which has never been completed.

Brian Testo, president and chief executive officer of Grizzly Discoveries, stated: "We are excited with the acquisition of the historical Motherlode Crown grants and the potential battery metal and precious metal targets that they provide. We look forward to an aggressive 2024 drilling campaign at the Motherlode area and other high grade Au-Ag-Cu showings and historical mines in our current 170,000-plus-acre holdings in the Greenwood district."

The company currently has an active land use permit for drilling at the Motherlode area and has designed a confirmation and exploration core drilling program for the Motherlode and Sunset pit areas based upon a compilation of historical information. The planned program consists of approximately 2,000-metre 13 core holes and is focused on targets beneath and along strike from the Motherlode pit.

Additional planned drilling is being considered for the Greyhound pit area once a geological and mineralization model have been completed for the Greyhound target.

Summary of the Motherlode Crown grants and purchase terms

The Motherlode Crown grants near the town of Greenwood, south-central British Columbia, consist of 13 Crown grants covering a total of 300 acres (121.4 hectares) that all retain the subsurface mineral rights and date back to the late 1800s, early 1900s when they were granted. The Crown grants take precedence over normal mineral claims registered under the B.C. Mineral Titles Act. The Crown grants cover a number of historical mines, including the Motherlode mine. The Motherlode mine is road accessible and is approximately 2.5 km northwest of the town of Greenwood.

• Grizzly will provide First Majestic 250,000 common shares of the company upon successful transfer of the Crown grants to the company.
• The company will cover the costs to reinstate and transfer the Crown grants from YGC Resources Ltd. (Veris Gold Corp.), a wholly owned sub of First Majestic, to First Majestic and then to the company.
• On closing, the company will grant First Majestic a 1-per-cent net smelter return (NSR) royalty on the Crown grants that can be purchased by the company at any time for $250,000.

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 72,700 hectares (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a record of advancing exploration projects from early exploration stage through to feasibility stage.

We seek Safe Harbor.