EDMONTON, ALBERTA – March 2, 2018 — Grizzly Discoveries Inc. (TSX-V: GZD; Frankfurt: G6H) (“Grizzly” or the “Company”)is pleased to announce that it has been advised by Kinross Gold Corporation’s wholly owned subsidiary, KG Exploration (Canada) Inc. (“Kinross”) that Kinross has completed its 2017 work program on the Grizzly Greenwood property, located near Greenwood in southern B.C. The 2017 work program has confirmed, with drilling, the presence of precious metal mineralization at the Midway and Mt Attwood-Overlander target areas.
Executives of Grizzly will be attending the PDAC 2018 International Convention, Trade Show & Investors Exchange at the Metro Toronto Convention Centre on March 4 through March 7, 2018 and can be found at Booth 3020 in the Investors Exchange Exhibit space.
Highlights of the 2017 Kinross Exploration Program
The 2017 exploration program focused primarily on core drilling at the Midway and Mt Attwood-Overlander target areas. In addition, surface sampling and geologic mapping were carried out at the Midway, Attwood West and Mt. Attwood – Overlander target areas. A total of 1,129 m of core drilling was completed in 7 holes, with 3 holes at the Midway target area and 4 holes at the Mt Attwood – Overlander target area. Kinross completed approximately CA$401,523 worth of exploration during 2017 and are planning a follow up program for 2018.
Drilling at Midway yielded anomalous gold including up to 9.7 grams per tonne (g/t) gold (Au) over 0.8 m core length from a narrow massive sulphide zone. Both skarn and epithermal indicators were intersected at Midway both with occasional low-grade gold. Kinross has indicated that further drilling is warranted at Midway to follow up untested alteration and mineralization.
Drilling at Mt Attwood – Overlander targeted two veins and intersected 2.87 g/t Au over 1.0 m core length in a drusy quartz vein in hole 1. A surface grab sample collected during 2016 from the same vein returned 16.85 g/t Au. Kinross has indicated that further work is recommended for the Mt Attwood-Overlander area proximal to the stream silt geochemical anomalies discovered during the 2016 exploration program. Kinross has not recommended any further drilling at Mt Attwood – Overlander in 2018 due to the narrow intersections of veins intersected to date, even though several gold-bearing quartz veins remain un-tested.
The portion of Grizzly’s Greenwood Project explored by Kinross is 100% owned by Grizzly Discoveries Inc. and includes 131 claims that form a contiguous package totaling approximately 27,346 hectares, representing approximately one third of Grizzly’s land holdings at Greenwood. Under the terms of a September 2015 agreement, KG Exploration (Canada) Inc. can earn a 75% interest on the optioned land pursuant to an Option Agreement with Grizzly on portions of its land holdings in southeastern British Columbia, by incurring US$3 million in exploration expenditures over a 5 year period. By the second anniversary of the agreement, Kinross completed the initial 750 metres of diamond drilling and US$750,000 in expenditures required as at September 23, 2017.
Planned 2018 Kinross Exploration Program
Kinross will continue exploration efforts in 2018 with additional drilling planned at Midway, follow up work in the Mt. Attwood-Overlander area, and continue regional evaluation and prospect/target generation.
Brian Testo, President and CEO of Grizzly, stated “We are excited that Kinross has intersected skarn mineralization at the Midway Target. Skarn is the host to the Buckhorn gold mineralization that Kinross has concluded mining on in the Republic area south of the border. We look forward to further drilling by Kinross during 2018 at Midway.”
Changes in Management – Board of Directors and Advisory Committee
Pursuant to the Company’s AGM held on February 6, 2018, the Company’s Board of Directors consists of three incumbent Directors: Brian Testo (President & CEO), Sam Pillersdorf, and Ray Wytinck. Mr. Doug Turnbull and Mr. Fraser Atkinson opted not to stand for re-election to the Company’s Board at the AGM, however both have been retained by the Board as Advisers, joining Mr. Gregory Aharonian who was appointed as an Advisor on January 12, 2018. Brian Testo, President and CEO of Grizzly, stated “we want to thank Doug, one of the founding Directors of Grizzly, and Fraser for their service as Directors to Grizzly, and look forward to continuing to work with both of them in this new advisory capacity.”