Grizzly Makes New Gold Discovery: Intersects 1.0 g/t Gold Over 30 m
EDMONTON, ALBERTA–(via Marketwire – September 13, 2010) – Grizzly Discoveries Inc. (TSX VENTURE:GZD) (FRANKFURT:G6H) (“Grizzly” or the “Company”) is pleased to announce assay results for the first seven core holes drilled at the Greenwood Gold Project in British Columbia during 2010. A new gold discovery has been made at the Prince of Wales target in the Copper Mountain area with an intersection of 1.0 gram per tonne (g/t) gold over 30 metres (m) core length. Other wide low grade auriferous zones were intersected in the Copper Mountain area at the Mabel Jenny and Mabel Jenny North targets.
2010 Drill Program Results
Seven drillholes totaling approximately 950 m were completed at four separate gold targets at the Copper Mountain area north of Midway, British Columbia. Wide zones of low grade gold (Au) and silver (Ag) mineralization, accompanied by widespread propylitic alteration, biotite hornfels and silicification were intersected in a number of drillholes at spatially separate targets including Mabel Jenny, Mabel Jenny North and the Prince of Wales (Table 1).
Table 1. Summary assay results for Copper Mountain drillholes.
|10CM01||121||163.8||42.8||0.21||–||–||–||Mabel Jenny (MJ)|
|10CM02||14.7||15.8||1.1||1.85||–||–||–||Mabel Jenny (MJ)|
|10CM04||No significant assays||Coronation|
|10CM07||41||83||42.0||0.75||3.91||0.03||0.24||Prince of Wales|
Hole 10CM07 at the Prince of Wales target yielded 1.0 g/t Au, 4.65 g/t Ag, 0.03 % copper (Cu) and 0.3 % zinc (Zn) over 30 m core length. The mineralization is hosted in a wide and intense zone of biotite hornfels with abundant pyrite and arsenopyrite within Knob Hill Formation sediments (Table 1).
At the Mabel Jenny North target, approximately 1.25 km east of the Prince of Wales target, a significant zone of sulphide bearing biotite hornfels within Knob Hill Formation sediments was intersected adjacent to an intensely propylitic altered diorite in drillhole 10CM06, yielding 0.32 g/t Au and 0.49 g/t Ag over 18.0 m core length (Table 1).
At the Mabel Jenny target, approximately 300 m southwest of the Mabel Jenny North target, drillhole 10CM01 was collared in and intersected an intensely propylitic altered diorite, which yielded 0.21 g/t Au over 42.8 core length (Table 1). The diorite is auriferous and weakly to intensely propylitic altered over its entire intersection from surface to 163.8 m core length.
Large zones of auriferous biotite hornfels and silicification within late Paleozoic to Triassic sediments appear to be related to weakly deformed and intensely propylitic altered diorite plugs and stocks in the Copper Mountain area. The gold mineralization intersected in drillholes 10CM01, 10CM05, 10CM06 and 10CM07 is open in all directions. The sources of the numerous high grade gold in rock grab samples obtained by APEX field crews during 2009 and 2010 (with up to 129 g/t Au at Coronation and 19.3 g/t Au at Mabel Jenny) remain to be identified even though the rock grab samples were selective in nature.
Brian Testo, President of Grizzly, states that “we are excited that the 2010 Copper Mountain reconnaissance drilling program has intersected widespread gold mineralization. These results have increased our geological knowledge for the region significantly and will aid us in making further discoveries and identifying new mineable resources in future.”
2010 Future Plans
Before further drilling on the highly prospective Prince of Wales target can be carried out, a soil sampling survey and further geological studies will be completed. After the results are evaluated, further drilling of the Prince of Wales and other targets in the Copper Mountain area will be planned.
About 640 m in 4 drillholes were completed at the copper-gold-silver-platinum Sappho prospect in the Greenwood area during the Stage 1 summer reconnaissance drilling campaign. Final assay results are expected towards the end of September and will be released as they become available. All 2010 core samples along with surface rock and soil samples have been shipped to ALS Laboratory Group (ALS) in Vancouver, B.C.
Fieldwork including geological mapping, rock, stream sediment and soil sampling along with ground geophysics has been ongoing since May, 2010 and has focused on a number of target areas across the Greenwood Gold Project including the Copper Mountain, Motherlode, Sappho, Dayton and Ket 28 areas. More than 1,000 rock grab samples and 1,600 soil samples have been collected across the property. Further surface assay results will be reported upon as they become available.
Stage 2 drilling and surface exploration is planned to commence during October once complete results have been received for the Stage 1 drilling and surface sampling program. Further land use permitting is required and is actively ongoing for further drilling in the Copper Mountain area as well as for targets in the Ket 28, Dayton and Motherlode areas. Further fieldwork will accompany the Stage 2 drilling program.
All 2010 field and office exploration programs are being 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 is an aggressive Canadian exploration company focused on exploring for world class gold and base metal deposits in British Columbia, and for diamonds and industrial minerals in Alberta. In British Columbia, Grizzly currently has four precious-base metal properties totaling over 235,000 acres. It currently holds more than 1 million acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta. Grizzly has also acquired metallic and industrial mineral permits for potash totaling more than 1.43 million acres along the Saskatchewan-Alberta border.
Grizzly trades on the TSX Venture Exchange under the symbol GZD, with 31,410,302 Common Shares issued and outstanding.
On behalf of the Board
Grizzly Discoveries Inc.
/s/ “Brian Testo”
For further information, please visit our website at http://www.grizzlydiscoveries.com or contact Investor Relations:
IR PRO COMMUNICATIONS
Toll Free: 1-866-503-3377