Edmonton, August 10, 2021 - Grizzly Discoveries Inc. (TSXV: GZD) (OTCQB: GZDIF) (FSE: G6H) ("Grizzly" or the "Company") is pleased to announce that it has entered into an option agreement (the "Option Agreement") with Hi-View Resources Inc. ("Hi-View") for its 80%-owend Ket-28 exploration project in Southeastern BC, Canada.
Under the terms of the Option Agreement, Hi-View will earn a 60% working interest in the property upon completion of the following:
- Cash payments totaling $500,000 consisting of: (i) $5,000 upon signing of the Option Agreement; (ii) $15,000 upon Hi-View's listing on the CSE; (iii) $50,000 on the first anniversary in order to extend the option; and (iv) further payments totaling $430,000 paid on the first through fifth anniversary dates of Hi-View's listing on the CSE or other recognized stock exchange;
- Payments totaling 800,000 shares of Hi-View consisting of: (i) 200,000 shares upon Hi-View's listing on the CSE; (ii) 120,000 shares each of the first through fifth anniversary dates of Hi-View's listing upon the CSE or other recognized stock exchange; and
- Expenditures on the Ket-28 property totaling $1,100,000 consisting of: (i) $100,000 prior to December 31, 2022; (ii) $50,000 prior to the first anniversary date of Hi-View's listing; (iii) $200,000 prior to the second anniversary date of Hi-View's listing; and (iv) $110,000 of spend prior to each of the third through fifth anniversary dates of Hi-View's listing.
About the Ket-28 Property
The Ket-28 claims group is comprised of 16 claims covering 3,432 ha and are part of the Company's larger Greenwood Property located around the town of Greenwood in southeastern BC along the US border.
Historic Drilling at the Ket 28 prospect, located within the Rock Creek claim group of the Greenwood Project, has intersected high grade gold with 52.19 grams per tonne (g/t) Au over 3.35 m core length. Drilling by Grizzly in 2009 and 2010 at the Ket 28 prospect followed up the historic drilling in the mid 1990`s with up to 2.77 g/t Au over 11 m core length and 8.75 g/t Au over 3 m with a higher grade zone of 11.90 g/t Au over 2 m core length.
In 2020, Grizzly completed fifteen drill holes intersecting broad near-surface gold mineralization with key intervals including 1.59 g/t Au over 17.8 m from 43 m, including 7.37 g/t Au over 3.08 m (hole 20KT02), and 0.77 g/t Au over 31 m from 54.5 m, including 1.42 g/t Au over 11.5 m from 61 m (hole 20KT04). More detailed results of the Company's 2020 drill exploration program at Ket 28 were announced by the Company on December 2 and December 21, 2020.
Figure 1: The Grizzly Greenwood Claims and Ket-28 Property (shown in Pink).
To view an enhanced version of Figure 1, please visit:
Brian Testo, CEO of Grizzly commented, "We are very pleased to be partnering with Hi-View on the Ket-28 property. The planned expenditures and associated exploration work by Hi-View will contribute to a significant advancement in our understanding of the mineralogy at Ket-28. We look forward to work commencing later this year."
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 90 million shares issued, 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, 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.
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