03:38:52 EDT Tue 09 Aug 2022
Enter Symbol
or Name

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Grizzly Discoveries Inc
Symbol GZD
Shares Issued 86,486,714
Close 2020-11-20 C$ 0.06
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Grizzly Discoveries to survey Robocop in late Nov.

2020-11-20 09:56 ET - News Release

Mr. Brian Testo reports


Grizzly Discoveries Inc. has engaged Geotech Ltd. to fly an approximately 400-line-kilometre helicopter-borne versatile time domain electromagnetic (VTEM) and magnetic survey over its 100-per-cent-owned, road-accessible Robocop property in southeastern British Columbia near the hamlets of Grasmere and Roosville. The property has yielded significant historical cobalt (Co) and copper (Cu) results and presents an opportunity to discover battery and electrification metals as the world shifts to electric vehicles, sustainable practices and greener alternatives. The survey is slated to commence in late November and should be completed within a couple of days thereafter. The VTEM and magnetic surveying technique has been used with success in the Idaho cobalt-copper belt to successfully guide drilling of prospective targets.

Highlights for the Robocop property

The project comprises 6,850 acres (2,770 hectares) in five mineral claims that are all road accessible, just off Provincial Highway 93 in southeastern British Columbia.

Initial surface trenching in the late 1980s to early 1990s yielded up to 0.06 per cent Co and 1.93 per cent Cu over six metres (m) in one trench and, in a separate trench, up to 0.146 per cent Co, 1.8 per cent Cu and 5.3 grams per tonne (g/t) silver (Ag) over five m in sediment-hosted mineralization within middle Proterozoic Purcell group rocks.

A total of 15 drill holes in the area between 1990 and 2008 have yielded several intersections of near surface Co-Cu-Ag mineralization with grades of up to 0.134 per cent Co, 1.19 per cent Cu and 33.8 g/t Ag over 1.23 m core length in hole R-1990-5 and 0.14 per cent Co, 0.9 per cent Cu and 2.7 g/t Ag over 3.1 m core length in hole R-1990-6, along with an intersection of 0.18 per cent Co, 0.28 per cent Cu and 4.1 g/t Ag over one m core length in hole R-2008-02.

Sediment-hosted Co-Cu-Ag mineralization is similar in style, age and host rocks to mineralization at Jervois Mining Ltd.'s Jervois Idaho cobalt project and Hecla's Revett formation-hosted mineralization near Troy, Mon.

The VTEM survey is being conducted to search for and target conductive portions of the assemblage, both stratigraphic and vertical structural targets, with the purpose of providing additional targets to those currently defined by previous drilling and soil sampling.

Prior work has identified areas within the Robocop property with significant historic Co-Cu-Ag in-soil anomalies, combined with historic drilling during the 1990s (Teck Exploration Ltd.) and early 2000s (Ruby Red Resources) that yielded significantly anomalous near-surface Co-Cu-Ag mineralization. The Co-Cu-Ag mineralization is hosted in the Sheppard formation and is classified as a mid-Proterozoic sediment-hosted mineralization. Based upon recent work by the USGS, Robocop Co-Cu-Ag mineralization is similar in style and age of host rocks to mineralization in the Blackbird Co-Cu-gold-Ag district in Idaho, including Jervois' Idaho cobalt project. Grizzly believes that significant potential exists to expand the known extent of the Co-Cu-Ag mineralization on the property and the project warrants further follow-up exploration, including additional drilling.

Closing of private placement

Grizzly is also pleased to announce that it has closed the second and final tranche, consisting of an additional 200,000 units, of the private placement announced on Nov. 2, 2020. In total, the company issued 500,000 units and 2.99 million flow-through (FT) units at a price of seven cents per unit and per FT unit for gross proceeds of $244,300 between Oct. 30, 2020, and Nov. 19, 2020.

Each unit consisted of one common share of the company and one non-transferable warrant. Each FT unit consisted of one common share issued as a flow-through share for the purposes of the Income Tax Act (Canada) and one-half of one warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of 10 cents per common share until the earlier of (a) 30 days following the issuance of a news release by the company that the trading price of the common shares on the TSX Venture Exchange is at or greater than 15 cents per common share for 10 consecutive trading days; and (b) two years from the date of issuance.

The company intends to use the proceeds from the units for general working capital and the proceeds from the units and FT units on exploration of its Greenwood and Robocop mineral projects in British Columbia.

The common shares and any common shares issued on exercise of the warrants issued in the second tranche will be subject to restrictions on trading until March 20, 2021, in accordance with the policies of the TSX Venture Exchange.

The private placement is subject to the approval of the exchange. Certain funds managed by Sprott Asset Management LP subscribed for 2.86 million FT units. Directors, management and insiders subscribed for an aggregate of 300,000 units and 130,000 FT units.

Following closing of this first tranche of the offering, the company has 89,976,714 common shares issued and outstanding.

Brian Testo, chief executive officer of Grizzly, commented: "We are very excited to continue our 2020 exploration program at our copper-cobalt prospective Robocop property following our recently completed drilling campaign at Ket-28. Drilling results from Ket-28 are expected soon and we look forward to building of the results for a busy 2021. I'm very pleased to close our private placement, which was strongly supported by insiders and certain funds managed by Sprott Asset Management LP, to will be used to fund the upcoming Robocop program."

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 over 156,000 acres of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, that has a record of advancing exploration projects from early exploration stage through to feasibility stage.

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