Edmonton, July 29, 2021 - Grizzly Discoveries Inc. (TSXV: GZD) (OTCQB: GZDIF) (FSE: G6H) ("Grizzly" or the "Company") is pleased to announce that field crews have completed an initial phase 1 sampling evaluation of high-priority conductivity anomalies in the search for Cobalt (Co), Copper (Cu) and Silver (Ag) mineralization that have been identified at its Robocop Property following analysis of the recent 400 line-km Versatile Time Domain Electromagnetic ("VTEM™") and magnetic survey data (Figure 1 below). Results are pending and once received will be used to plan ground geophysical surveys over the high-priority anomalies. The Robocop Property is 100% owned by Grizzly and is easily road accessible in Southeast British Columbia (the "Property"), near the hamlets of Grasmere and Roosville.
Brian Testo, CEO of Grizzly, commented, "The initial results will provide high-priority drill targets to be drilled during Q3 2021. Historical results have provided high-grade copper, cobalt and silver and we anticipate more results that will enable drill targeting towards the source of multiple anomalies. The Property has significant potential for new copper-cobalt discoveries."
Crews from APEX Geoscience Ltd. conducted a follow-up Phase 1 ground geochemical survey to test a number of high and secondary priority geophysical anomalies identified in the vicinity of the "Discovery Area" (See Figure 2 below) and across the property. The Discovery Area has provided historical anomalous trench and core intersections of up to 0.134% Co, 1.19% Cu and 33.8 grams per tonne (g/t) Ag over 1.23 m. Over the course of the three-week program a total of 588 soil samples and 16 rock samples were collected from across the property (see Figure 2 below). The samples have been submitted for multielement geochemical analysis.
Fig 1. New mineral claims (in white outlines) on a map of calculated time constant TAU values for conductance for S Field (dB/dt) with Cu in rocks & soils.
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Fig 2. EM anomalies (including high priority anomalies as white stars) on a map of conductance for S Field (dB/dt) with sampling conducted in June 2021.
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A number of high priority targets have been identified with some in close proximity to known Co-Cu-Ag geochemical anomalies identified in historical rocks grab samples, soils and drilling. Figure 2 above shows the locations of the 2021 soil and rock samples collected to date. The samples have been submitted to ALS Chemex in Vancouver for multielement geochemical analysis and results will be released in the coming weeks as they are received. During the course of the field work a couple of new showings of copper mineralization were found in float and outcrop. An example of copper bearing float hosted in sedimentary rocks about 300 m west of the main showings and in the vicinity of high priority VTEM anomalies 15-3 and 16-3 is provided in Figure 3 below.
A Notice of Work land use permit application for drilling a number of the VTEM anomalies has been submitted to the Front Counter BC's Cranbrook Office with anticipated drill testing in the fall, 2021.
The property is hosted within a similar geological setting to the Idaho Cobalt-Copper belt where conductivity (EM) and magnetic surveying techniques have been used previously to successfully guide drilling of prospective targets and assist in making new metal discoveries.
Fig 3. Strong malachite staining on metasiltstone-sandstone float found during the field program in June 2021.
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HIGHLIGHTS FOR THE ROBOCOP PROPERTY
The Robocop Project is comprised of 9,053 acres (3,663 ha) in five mineral claims that are all road accessible, just off Provincial Highway 93 in southeast B.C.
Initial surface trenching in the late 1980's to early 1990's yielded up to 0.06% Co and 1.93% Cu over 6 metres (m) in one trench, and in a separate trench up to 0.146% Co, 1.8% Cu and 5.3 grams per tonne (g/t) Ag over 5 m in sediment-hosted sulphide mineralization within middle Proterozoic Purcell Group rocks (Thomson, 1990).
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% Co, 1.19% Cu and 33.8 g/t Ag over 1.23 m core length in hole R-1990-5 and 0.14% Co, 0.9% Cu and 2.7 g/t Ag over 3.1 m core length in hole R-1990-6 (Thomson, 1990), along with an intersection of 0.18% Co, 0.28% Cu and 4.1 g/t Ag over 1 m core length in hole R-2008-02 (Pighin, 2009).
All but one of the historical drillholes tested a single target in an area about 500 m by 350 m. The Property is approximately 10 km in length and 3.5 km in width and contains at least four untested anomalous soil +/- rock geochemical targets.
Sediment hosted Co-Cu-Ag mineralization is similar in style, age and host rocks to mineralization at Jervois Mining Ltd.'s Idaho Cobalt project and Hecla's Revett Formation hosted mineralization near Troy, Montana.
The Property has yielded significant historical cobalt, copper and silver results and presents an opportunity to discover battery and electrification metals as the world shifts to electric vehicles, sustainable practices and greener alternatives. The macroeconomic outlook for battery metals such as Co and Cu remains strong with the ongoing shift to electric vehicles. It is estimated that the battery sector accounts for approximately 57% of current Co demand; this is expected to grow over the next five years to 72%, and will require an additional 100,000 tonnes/annum of Cobalt to meet demand.1
The technical content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., 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, with 93 million shares issued, focused on developing its over 160,000 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 track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
Grizzly Discoveries Inc.
Brian Testo, CEO, President
Tel: 780 693 2242
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Tel: 604 347 9535
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.
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.
1 Cobalt's Price Rises Highlight Shift to Battery-Driven Pricing Dynamics, Benchmark Mineral Intelligence, November 19th, 2021
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