Grizzly Discoveries Provides Corporate Update for First Half of 2012
Completed 2 Drill Programs so Far in 2012 Through May 31stEDMONTON, ALBERTA -- (Marketwire) -- 06/07/12 -- Grizzly Discoveries Inc. (TSX VENTURE: GZD) (OTCQX: GZDIF) (FRANKFURT: G6H) ("Grizzly" or the "Company") is pleased to announce updates to its business operations. Through May 31, 2012, the Company has spent approximately $1.7 million in exploration on its potash and gold properties during 2012.
Potash Exploration
The Company currently owns 100% of the metallic and industrial mineral rights (including Potash) for 1,928,000 million acres in two blocks (North and South) and a 50% interest (along with Pacific Potash Corp.) in a further 523,000 acres (Provost Property) in Alberta - one of the top mining jurisdictions in the world as per the Fraser Institute.
South Medicine Hat Block (100% ownership)
On February 21, 2012, the Company announced that visible potash minerals were observed in the drill core for the interval between 1,648.5 m and 1,670.85 m below surface. This depth is ideally suited to solution mining due to the presence of high formation temperatures. SRC analytical results yielded weighted average grades of 2.62% K2O (4.15% KCl) over 22.35 m (73.33 ft) at a depth of 1,648.5 m (5,408.46 ft) for a thick low grade zone with a higher grade zone of 8.77% K2O (13.88% KCl) over 2.65 m (8.69 ft) at a depth of 1,649.7 m (5,412.4 ft). Grizzly expects to conduct further drilling of 1 or 2 holes in the South Medicine Hat Block during the 3rd or 4th quarter of 2012.
North Lloydminster Block (100% ownership)
The Company has completed a seismic evaluation and has permitted 4 well site locations for drilling. The Company intends to conduct a drilling program consisting of 1 to 2 drill holes in the North Lloydminster Block during the 3rd or 4th quarter of 2012.
Alberta Potash Project, Provost Property (50% ownership)
During September 2011, the Company signed a letter of intent ("LOI") with Pacific Potash Corp. ("Pacific") to commence a multiple drill hole exploration program on the Grizzly - Pacific 50:50 owned Provost Property. Pacific has discovered high grades of potash with up to 18.76% K2O (29.7% KCl) over 1.55 m (4.93 ft) at depth of 1,327.45 m (4,354.49 ft) at its 100% owned property (See Pacific Potash Corp. news release dated February 15, 2012) located south of the 50:50 Provost Property.
The first well of the Grizzly - Pacific 50:50 property was completed in mid-November 2011. The well yielded a wide, low grade potash zone with two higher grade zones within including up to 6.58% K2O (10.41% KCl) over 0.75 (2.46 ft). Further drilling on the Grizzly - Pacific 50:50 property is being considered for the 3rd or 4th quarter of 2012.
The exact number of potash wells drilled during the 3rd and 4th quarters of 2012 will depend on future capital financings.
Gold Exploration
On March 22, 2012, Grizzly, engaged Lone Peak Drilling to commence drilling on the Company's Greenwood Gold Project, a 225,000 acre contiguous block of mineral claims centered on Greenwood, British Columbia. The Company owns a 100% interest in all of the lands in the Greenwood to Rock Creek area with an 80% interest in the former Rock Creek Gold Joint Venture lands near Bridesville, BC. A diamond drilling program comprised of a total of 1,336 m in 4 holes was completed mid May, 2012 in the Mount Attwood area east of Greenwood. The results of the drilling program are pending and expected during June.
Results from six holes drilled in the Motherlode area of the Greenwood Gold Project in late 2011 revealed a new gold discovery at Motherlode North 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 over 1.5 m core length (See Grizzly news release dated January 17, 2012). 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 Minefile 082ESE034). Further drilling is being planned for the 3rd or 4th quarter of 2012. The exact size and nature of the future drilling program at the Motherlode area and across the rest of the Greenwood Gold Project will be financing dependent.
"We are encouraged by the results we have seen so far, especially for our potash and gold projects," began Brian Testo, Director, President and CEO of Grizzly. "Intersections of high grade Au-Ag at Greenwood and high grade potash at our Albert Potash Project over the last 6 months validate the high quality of these exploration projects. We look forward to future aggressive exploration which will hopefully lead to further discoveries at both projects."
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 48,725,268 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
Brian Testo, President
For further information, please visit our website at http://www.grizzlydiscoveries.com or contact Investor Relations.
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
