Grizzly Makes New Gold-Silver Discovery in the Motherlode Area, Greenwood Gold Project, British Columbia
EDMONTON, ALBERTA -- (Marketwire) -- 01/17/12 -- Grizzly Discoveries Inc. (TSX VENTURE: GZD)(OTCQX: GZDIF)(FRANKFURT: G6H) ('Grizzly' or the 'Company') is pleased to announce assay results from its late-2011 exploration drill program at its Greenwood Gold Project in British Columbia, including the discovery of a new gold-silver zone in the Motherlode area.
Motherlode Gold-Silver-Zinc Discovery - Greenwood Gold Project
Results have been received for 6 holes drilled in the Motherlode area. North of the historic Motherlode mine, drilling of a coincident magnetic and electromagnetic anomaly has yielded a new gold discovery with the intersection of 1.56 grams per tonne (g/t) gold (Au) and 11.12 g/t silver (Ag) across 19.0 m core length with a high grade zone of 17.15 g/t Au and 41.7 g/t Ag, 0.56% lead (Pb) and 1.51% zinc (Zn) across 1.5 m core length in hole 11ML03 (see Table 1). Drillhole 11ML05, collared 40 m northeast of 11ML03, yielded similar results, with 1.64 g/t Au and 3.15 g/t Ag across 14.85 m core length with a higher grade zone of 6.79 g/t Au and 11.1 g/t Ag and 1.04% Zn across 1.5 m. Hole 11ML04, drilled beneath 11ML03, yielded 0.51 g/t Au and 1.02 g/t Ag over 13.5 m core length with a higher grade zone of 3.43 g/t Au, 2.90 g/t Ag and 0.8% Zn over 1.5 m core length (see Table 1).
The Au-Ag+Cu+Zn intersections in drillholes 11ML03, 11ML04 and 11ML05 are associated with fine grained pyrite, sphalerite and galena in chlorite-biotite altered hornfelsed late Paleozoic to Triassic sedimentary rocks adjacent to a small alkalic intrusion. Breccia zones and silicification are common in the hornfels zone. Small sections of marble and skarn with elevated precious and base metals were intersected in all three holes. Further drilling is being planned for the Motherlode North discovery.
Wide low grade bulk tonnage style gold-silver-polymetallic mineralization has been intersected in the vicinity of the historic Greyhound open pit mine, including 0.15 grams per tonne (g/t) gold (Au) and 0.81 g/t silver (Ag) along with 0.02% copper (Cu) and 0.03% zinc (Zn) over 84.0 m core length, with a higher grade zone of 0.46 g/t Au and 2.09 g/t Ag across 11.44 m (see Table 1). The precious metal zone with elevated copper (Cu), Pb and Zn in 11ML01, drilled near the Greyhound open pit, is associated with a strongly silicified, brecciated zone of hornfelsed sediments and calc-silicate skarn with pyrite, pyrrhotite and trace chalcopyrite.
The historic Motherlode underground and open pit mine produced close to 175,000 ounces of Au, 700,000 ounces of Ag and 77 million pounds of Cu at an average grade of 1.27 g/t Au, 5.04 g/t Ag and 0.82% Cu from a skarn between 1900 and 1962 (British Columbia Minfile 082ESE034). The new Au-Ag zone has been discovered approximately 900 m north of the historic Motherlode open pit.
TABLE 1. Summary assay results for drill holes 11ML01 to 11ML06.
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From To Interval Au Ag
Drillhole Zone (m) (m) (m) (g/t) (g/t) Cu % Pb % Zn %
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11ML01 Greyhound 42.5 126.5 84.0 0.15 0.81 0.02 - 0.03
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includes 50.56 62.0 11.44 0.46 2.09 0.06 0.04 0.06
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includes 61.03 62.0 0.97 2.97 4.50 0.05 0.06 0.12
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Includes 116.0 125.0 9.0 0.33 0.86 0.01 0.01 0.01
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and 149.0 150.5 1.5 2.54 3.10 0.05 - 0.23
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11ML02 Greyhound 94.0 237.0 143.0 0.07 0.75 0.01 0.01 0.03
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includes 94.0 104.5 10.5 0.20 0.86 0.01 0.01 0.02
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includes 179.0 186.5 7.5 0.32 4.80 0.02 0.05 0.33
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and 326.0 327.5 1.5 2.72 0.9 - - -
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11ML03 Motherlode N 7.0 26.0 19.0 1.56 11.12 0.04 0.07 0.30
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includes 11.0 15.5 4.5 6.07 15.13 0.03 0.20 0.70
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includes 14.0 15.5 1.5 17.15 41.70 0.06 0.56 1.51
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11ML04 Motherlode N 8.95 30.0 21.05 0.34 1.10 0.02 0.01 0.11
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includes 10.5 24.0 13.5 0.51 1.02 0.02 - 0.16
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includes 13.5 15.0 1.5 3.43 2.90 0.08 0.01 0.80
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11ML05 Motherlode N 24.5 53.0 28.5 0.88 1.90 0.01 0.02 0.25
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includes 27.5 42.35 14.85 1.64 3.15 0.01 0.04 0.47
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includes 39.5 42.35 2.85 4.11 6.88 0.04 0.03 1.04
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includes 39.5 41.0 1.5 6.79 11.1 0.05 0.05 1.79
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11ML06 Motherlode N No Significant Assays
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Dayton Gold-Copper Discovery - Greenwood Gold Project
Results have been received for the last four holes drilled (11DA011 to 11DA14) at the Dayton area in 2011, and similar to the first two holes (11DA09 and 11DA10), they have yielded a wide, bulk tonnage style, low grade Au-Cu zone of mineralization (see Table 2). Drillhole 11DA13 was drilled into the main Dayton induced polarization ('IP') chargeability anomaly (IP1) and yielded 0.10 g/t Au and 0.04% Cu over 315.71 m of core length with a higher grade zone of 0.24 g/t Au and 0.1% Cu over 37.0 m core length (see Table 2). Similar to drill hole 11DA09, the low grade bulk tonnage style mineralization starts at surface immediately below the casing and continues over most of the length of the drill hole. Drill hole 11DA09 was drilled into IP2 and yielded an intersection grading 0.25 g/t Au and 0.07% Cu over 117 m core length with a higher grade zone of 0.43 g/t Au and 0.15% Cu over 51.0 m core length at the top of the hole (see Table 2). The Au-Cu mineralization is hosted in mixed basalt and hornfelsed sediments with significant zones of breccia with feldspar porphyry clasts, discreet felsic intrusions, silicification and up to 5% pyrite and minor chalcopyrite. The mineralization was discovered by drill testing coincident anomalous Au in soils and induced polarization ('IP') chargeability anomalies. Other than anomalous silver, barium and phosphorous, few other anomalous trace elements are present. The style of mineralization and alteration is in line with intrusion related porphyry style Au-Cu deposits.
Current Drilling Plans - Greenwood Gold Project
Grizzly is planning to follow-up the results at the Motherlode area with further drilling and is planning to complete drilling at the Overlander and P5 targets in the Golden Crown - Phoenix area, where gold in soil anomalies have been identified in association with EM anomalies identified by ground HLEM surveys. Grizzly expects to commence drilling towards the end of January or early February.
TABLE 2. Summary assay results for drill holes 11DA09 to 11DA14.
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From Interval Au Ag Pb Zn
Drillhole Zone (m) To (m) (m) (g/t) (g/t) Cu % % %
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11DA14 Dayton IP3 No Significant Assays
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11DA13 Dayton IP1 5.0 320.71 315.71 0.10 - 0.04 - -
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includes 7.0 142.0 135.0 0.15 - 0.05
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includes 7.0 44.0 37.0 0.24 - 0.10 - -
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11DA12 Dayton IP1 7.0 115.67 108.67 0.14 - 0.05 - -
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includes 8.5 23.5 15.0 0.21 - 0.07 - -
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and 101.5 115.67 14.67 0.33 - 0.08 - -
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11DA11 Dayton IP1 6.0 103.0 97.0 0.10 - 0.02 - -
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includes 9.0 49.5 40.5 0.14 - 0.02 - -
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11DA10(i) Dayton IP1 9.0 343.0 334.0 0.07 - 0.03 - -
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includes 9.0 130.5 121.5 0.14 - 0.03 - -
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includes 15.0 114.0 99.0 0.15 - 0.03 - -
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includes 318.0 334.5 16.5 0.01 - 0.07 - -
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11DA09(i) Dayton IP2 3.0 120.0 117.0 0.25 - 0.01 - -
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includes 3.0 54.0 51.0 0.43 0.81 0.15 - -
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includes 6.5 37.53 31.03 0.46 0.72 0.16 - -
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(i)Previously released results in the Company's news release dated November
23, 2011.
All 2011 field and office exploration programs are conducted under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under National Instrument 43-101.
About Grizzly Discoveries Inc.
Grizzly trades on the TSX Venture Exchange under the symbol GZD, on the OTCQX exchange under the symbol GZDIF, and the Frankfurt Exchange under the symbol G6H, with 48,350,268 common shares issued and outstanding.
Grizzly is an aggressive and diversified Canadian mineral exploration company exploring for: potash in Alberta; world class gold and base metal deposits in British Columbia; and diamonds in Alberta. Grizzly holds, or has an interest in, metallic and industrial mineral permits for potash totaling more than 2.4 million acres along the Alberta-Saskatchewan border. Grizzly currently has four precious-base metal properties in British Columbia totaling over 235,000 acres. Grizzly also currently holds more than 600,000 acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta.
On behalf of the Board
Grizzly Discoveries Inc.
Brian Testo, President
Caution concerning forward-looking information
This press release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as 'may,' 'will,' 'should,' 'anticipate,' 'plan,' 'expect,' 'believe,' 'estimate,' 'intend' and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Grizzly Discoveries Inc.
Brian Testo
President
(780) 693-2242
www.grizzlydiscoveries.com
IR PRO COMMUNICATIONS
Nancy Massicotte
Investor Relations
604-507-3377 or Toll Free: 1-866-503-3377
ir@grizzlydiscoveries.com
www.irprocommunications.com
