Mr. Brian Testo reports
GRIZZLY PROVIDES CORPORATE UPDATE AND EXPLORATION PLANS FOR 2020 AT GREENWOOD, BC
Grizzly Discoveries Inc. is supportive of the roles and initiatives of industry and governments to protect the health and safety of all Canadians. The company recognizes that the COVID-19 pandemic crisis is dynamic and is monitoring the situation to determine the impacts that COVID-19 may have upon its 2020 exploration efforts. At present, the company does not see a significant impact to its 2020 planned exploration programs in Southern British Columbia as exploration can be conducted in any season within the guidelines recommended by the chief inspector of mines for B.C. with respect to the COVID-19 pandemic and the operation of mines and exploration programs.
Brian Testo, chief executive officer, commented: "We are continuously monitoring the progress of COVID-19 developments and will act accordingly for the health and safety of all stakeholders. With gold and palladium prices near eight-year highs, we saw strong interest in our projects at the PDAC, and we intend to take advantage of the current, favourable precious-metal prices and continue to raise capital to advance exploration efforts at our road-accessible projects in Southern British Columbia."
All of the company's mineral claims in southeastern B.C. will now be in good standing to at least Dec. 31, 2021. The B.C. Ministry of Mines has provided a grace period for conducting required exploration on all mineral claims in the province coming due in the next 12 months. The company has over 150,000 acres in the Greenwood area and close to 6,000 acres in the Roosville area of B.C., a proven and prolific mining jurisdiction of Canada.
Grizzly 2020 exploration plans -- Ket 28 prospect
Grizzly has recently received drilling permits for high-priority drill targets at the Ket 28 prospect, located within the Rock Creek claim group of the Greenwood project, at which historic drilling in 1994 intersected high-grade gold yielding 52.19 grams per tonne gold over 3.35 metres of core length. Follow-up drilling by Grizzly in 2009 and 2010 at Ket 28 provided more anomalous gold intersections, yielding 2.77 g/t gold over 11 m core length and 8.75 g/t gold over three m with a higher-grade zone of 11.9 g/t gold over two m core length. The company is currently planning a 2020 exploration program that will focus on the Ket 28 prospect where the gold mineralization is open along strike and to depth and requires further drill testing. Grizzly is planning a 15- to 20-hole drill program that will target the mineralized zone in the central portion of the Ket 28 prospect with the intention of expanding the currently defined gold zone and developing a maiden mineral-resource estimate. The initial Ket 28 drill program is expected to cost approximately $350,000 to $500,000 and is subject to financing.
Grizzly 2020 exploration plans -- Sappho gold, silver, platinum, palladium, copper prospect
The 2010 drill results from the Sappho prospect yielded coincident gold, silver and platinum group elements, including palladium, along with copper in a number of drill holes. Results point to a copper porphyry-style mineralization and locally skarn model with assay results yielding a wide, anomalous interval of 0.28 per cent copper equivalent over 93.5 m core length including a higher-grade zone of 0.38 per cent CuEq over 63.5 m core length. Three well-documented surface copper occurrences in the northeastern portion of the alkaline intrusive complex yielded numerous high-grade, selective rock grab-sample results including up to 8.28 per cent Cu, 27.1 g/t Pt, 298 g/t Ag, 2.2 g/t Au and 2.57 g/t Pd. All three occurrences yielded multigram Pt and Pd values. Prior drilling has also yielded multigram, narrow-core-length intersections of Au, Pt and Pd associated with Cu. Fieldwork is being planned for 2020 in order to re-evaluate the prospect, subject to financing.
Grizzly 2020 regional exploration plans
Prior exploration results by the company and Kinross over the last few years generated several new showings along with numerous precious-metal anomalies (greater than 100 parts per billion gold plus/minus silver, arsenic, antimony, copper et cetera) in soils. The new discovery targets require geological follow-up to develop new, prospective drill targets. The company is planning additional reconnaissance exploration at multiple target areas, subject to financing.
Grizzly 2020 exploration plans -- Robocop cobalt, Cu, Ag prospect
The company is preparing a planned, helicopter magnetic-and-conductivity survey to isolate drill targets over the Robocop claims. The Robocop prospect hosts significant, historic cobalt-copper-silver-in-soil anomalies. Historic drilling during the 1990s and early 2000s has yielded grades of up to 0.18 per cent cobalt, 0.28 per cent copper, 4.1 parts per million silver over one m core length and 0.134 per cent Co, 1.19 per cent Cu and 33.8 ppm Ag over 1.23 m core length for individual core samples. The Co-Cu-Ag mineralization is hosted in the Sheppard formation and is classified as Proterozoic, sediment-hosted mineralization. The company believes that significant potential exists to expand the known extent of the known mineralization on the property and further exploration is warranted.
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 focused on developing its precious- and base-metal properties in southeastern B.C. The company holds, or has an interest in, over 156,000 acres of precious-base-metal properties in B.C.
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