Grizzly Makes New Gold Discovery: Intersects 1.0 g/t Gold Over 30 m
September 13 2010 - 2:01AM
Marketwired Canada
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.
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From To Length Au Ag Cu Zn
Hole ID (m) (m) (m) (g/t) (g/t) (%) (%) Target
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10CM01 121 163.8 42.8 0.21 - - - Mabel Jenny (MJ)
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includes 145 163 14.2 0.4 - - -
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includes 146.45 147.35 0.9 1.13 - - -
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10CM02 14.7 15.8 1.1 1.85 - - - Mabel Jenny (MJ)
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10CM03 43.5 45 1.5 0.5 - - - Coronation
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10CM04 No significant assays Coronation
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10CM05 22 45.5 23.5 0.13 - - - MJ North
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includes 35 41 6.0 0.32 - - -
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10CM06 35 53 18.0 0.32 0.49 - - MJ North
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includes 39.5 45.5 6.0 0.76 0.75 - -
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10CM07 41 83 42.0 0.75 3.91 0.03 0.24 Prince of Wales
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includes 44 74 30.0 1.00 4.65 0.03 0.30
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includes 66 71 5.0 4.31 10.14 0.06 1.21
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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.
Brian Testo, President
For further information, please visit our website at
http://www.grizzlydiscoveries.com.
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