Greenwood, British Columbia and Edmonton, Alberta – February 6, 2023 (Newsfile Corp.) (Investorideas.com Newswire) Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that it has recently received analytical results for 19 selective rock grab samples collected during late 2022 from the historical Silver (Ag)-Lead (Pb)-Zinc (Zn) Crown Point Mine area which is about 10 km north of the town of Rock Creek in the west-central portion of the Company’s Greenwood area mineral claims in south-central British Columbia (BC). The Crown Point and Leona Group historical mines are hosted in Late Paleozoic Anarchist volcanic and sedimentary rocks with mineralization consisting of pyrite-galena-sphalerite in quartz veins and pods associated with northwest and northeast trending faults related to the eastern edge of the Rock Creek Graben.
A total of 19 new selective rock grab and composite rock grab samples from outcrop collected from the Crown Point to Leona historical mines area, with 9 of 19 rock grab samples from outcropping mineralization yielding a range from 23.8 grams per tonne (g/T) silver (Ag) up to 429 g/T (or 12.51 ounces per ton [opt] Ag) (Table 1, Figures 1 to 3).
Six (6) of the 7 new selective rock grab samples from the historical Crown Point Mine area yielded from 25.2 g/T Ag (0.74 opt Ag) up to 94.3 g/T Ag (2.75 opt Ag), with all 6 samples yielding significant percent level lead (Pb) and zinc (Zn) with 1.52% up to 5.86% Pb and 1.51 up to 6.42% Zn. One of the six samples yielded 1.305 g/T gold (Au) shown in Table 1 and on Figure 1.
Approximately 350 m southeast of the Crown Point, three (3) of 12 new selective rock grab samples from the Leona Group showings and historical mines (Figure 2) yielded from 23.8 g/T Ag (0.69 opt Ag) up to 429 g/T Ag (12.51 opt Ag) along with very high levels of lead (up to >20% Pb).
All highly anomalous samples are from outcrop and characterized by the presence of abundant pyrite, visible galena and sphalerite in quartz veins and pods or in silicified metavolcanic or metasedimentary rocks (Greenstones). The mineralization can be described as polymetallic veins and altered wall rock that display the presence of lead, zinc, copper and arsenic and are likely metasomatic in nature. Granodiorite and diorite intrusions have been noted nearby.
The Crown Point and Leona showings are somewhat lined up along a northwest trending structure near the eastern edge of the Rock Creek Graben characterized by northeast trending normal faults (Figure 3).
Table 1: Selected geochemical highlights for 19 rock grab samples* collected from the Crown Point Mine area including the Crown Point and Leona Group showings.
*Selective rock grab samples are illustrative of the tenor of mineralization for the material collected but may or may not be characteristic of the overall mineralization of the zone sampled as they are selective in nature.
Figure 1: Crown Point Adit and Mineralization.
Figure 2: Leona area quartz vein and galena mineralization in outcrop.
Figure 3: Crown Point area recent rock geochemistry (Ag) and geology.
Assaying was conducted at ALS Global in Vancouver with each sample analysed for gold by a standard fire assay (Au-ICP-21), which involved the fusion of a 30 g sample aliquot and a wet chemical (ICP) finish. “Overlimit” Au-ICP21 results (>10 g/T Au) were followed up with Au-GRA21 analysis. This involved a 30 g fire assay fusion and gravimetric finish. Additionally, each sample was submitted for multi-element geochemical analysis by the ME-MS61 technique, which is an ICP-MS analysis following a near-total, four-acid, digestion of a 0.25 g sample aliquot. Initial silver and base metal (Cu, Pb and Zn) “overlimit” ICP-MS results (>100 g/T Ag and >1% for base metals) were analysed by a follow-up, “ore grade” ICP technique (OG62), which also involved ICP analysis following a four-acid digestion on a 0.4 g sample aliquot. Any samples with silver values by OG62 >1,500 g/T were re-analysed by 30 g fire assay with a gravimetric finish (Ag-GRA21). ALS Minerals has developed and implemented strategically designed processes and a global quality management system at each of its locations that meets all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015.
The Company has recently completed Phase 1 drilling on the Dayton and Motherlode North prospects. The results have been received for Dayton and been provided in a news release by the Company dated December 23, 2022. The Company will provide an update on the results of drilling at Motherlode North in the near future. Assays are still pending for a number of drillholes.
Brian Testo, President and CEO of Grizzly Discoveries, stated, “We are excited at the high grade silver and battery metal values that have been obtained from the historical Crown Point and Leona Group Mines and potential for additional mineralization. We have not conducted any significant work at the Crown Point area as it was acquired more recently but is part of our current significant land holdings in the Greenwood District. We are planning follow-up work in 2023 at these showings.”
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 focused on developing its approximately 66,000 ha (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by 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
Suite 363-9768 170 Street NW
Edmonton, Alberta T5T 5L4
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
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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