Grizzly “GZD” has been acquiring and interpreting seismic data for their potash project in Alberta. They have applied for a new metallic and industrial mineral permit covering 11,680 acres to bring their land holdings to over 2.4 million acres for its Alberta Potash Project. This additional land is located 67 km northeast of the City of Medicine Hat along the Saskatchewan border and covers an area that has a historic oil test well which has a gamma log spike indicative of a potash intersection of approximately 21.6% K2O over 1 to 2 metres at a depth of approximately 1,660 m below surface. Grizzly is planning to drill at least one potash test hole in the Medicine Hat area in the last quarter of 2011 and is making preparations for the drilling of up to 5 wells on its 100%-owned North and South Blocks with plans to drill at least two potash test holes in late October 2011.
Grizzly also announced a LOI for a Provost property with Pacific Potash Corp. and proceeds with permitting for drilling. The LOI indicates that a minimum of one well will be drilled and depending on results, up to three wells may be drilled the Grizzly – Pacific 50:50 Provost property. Costs will be shared equally by Grizzly and Pacific and is expected to commence in October.