Grizzly Provides Update for Diamond Exploration in Northern Alberta
Dienstag, 06.09.2016 15:30 von DGAP
DGAP-News: Grizzly Discoveries Inc. / Key word(s): Miscellaneous
Grizzly Provides Update for Diamond Exploration in Northern Alberta
06.09.2016 / 15:26
The issuer is solely responsible for the content of this announcement.
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Edmonton, Alberta--(Newsfile Corp. - September 6, 2016) - Grizzly
Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTC Pink: GZDIF) ('Grizzly' or the
'Company') is pleased to announce that it is in receipt of its Phase 1
exploration results from APEX Geoscience Ltd. (APEX) for its summer 2016
ground geophysical exploration program in the Buffalo Head Hills of
Northern Alberta. Grizzly has significant land holdings of over 220,000
acres of metallic and industrial mineral permits for its Diamond Project in
and around the Buffalo Head Hills area of north-central Alberta. Grizzly's
permits contain seven kimberlites, of which two, the BE-02 and BE-03, are
considered highly diamondiferous and warrant future bulk sampling.
- Grizzly completes Phase 1 ground geophysics program in core Buffalo
Head Hill Permits
- Identifies two priority kimberlite targets for future drilling and
other targets for further surveys
- Planning a Phase 2 ground geophysics program along with winter drilling
Buffalo Head Hills Diamond Property, Alberta
Phase 1 Exploration Results and Planned Exploration
Grizzly engaged APEX of Edmonton, Alberta to conduct a number of ground
geophysical surveys during June and July on a number of targets within its
main block surrounding the K5, K6, K11, K14, K91 and K252 kimberlite pipes.
A total of 76 Line-km's of ground magnetic surveying was conducted at a
total of eight grids covering nine coincident lidar - magnetic targets.
Further surveys are being planned at a number of additional targets that
were not easily accessible during the 2016 program due to the wet
conditions encountered this summer.
The ground geophysical surveys yielded two priority kimberlite drill
targets along with at least three other lower priority targets that warrant
follow-up exploration including additional magnetic and/or electromagnetic
or gravity surveys prior to evaluation by drill testing. Grizzly is
planning follow up ground geophysical surveys during late fall, 2016 and
into the winter months.
Grizzly is also planning a winter drill program to test the newly
identified priority kimberlite drill targets identified in the recent Phase
1 work, as well as a number of targets in close proximity to the highly
diamondiferous BE-02 and BE-03 kimberlites.
Buffalo Head Hills Diamond Property, Alberta
A Renewed Interest in diamonds
Renewed interest in diamond exploration during 2015 and 2016 has prompted
re-evaluation of Grizzly's Buffalo Head Hills Diamond Project in
north-central Alberta, which is located approximately 330 kilometres
northwest of Edmonton and is easily accessed during summer and winter by a
large network of roads and cutlines. Based upon an internal review of all
data, the Company has staked additional permits of highly prospective lands
for diamond-bearing kimberlites in the Buffalo Head Hills area. Grizzly's
total land position includes 11 permits that encompass approximately
220,000 acres.
To date, 41 kimberlites have been discovered in the Buffalo Head Hills
kimberlite field; an area of approximately 2,500 km2 representing the third
largest known district of significant diamond-bearing kimberlites in
Canada. The diamondiferous kimberlite field has generated exploration
interest due to the large kimberlite dimensions (up to 45 ha), encouraging
diamond contents (up to 55 carats per hundred tonnes) and high ratio of
diamondiferous to barren kimberlites (28 of 41 kimberlites contain
diamonds). Five bodies have undergone mini-bulk and bulk sampling (between
22 and 616 tonnes): K6, K11, K14, K91 and K252. These kimberlites are
currently being explored in a joint venture between Canterra Minerals
Corp., Shore Gold Inc. and Encana Corp. with Canterra operator of the joint
venture. Grizzly holds the rights to much of the lands that immediately
surround the K6, K11, K14, K91 and K252 kimberlite pipes.
Grizzly began exploration in the Buffalo Head Hills kimberlite field during
the early 2000's. The Company undertook numerous airborne and ground
geophysical surveys along with extensive heavy mineral indicator surveys,
which resulted in the discovery of three new diamondiferous kimberlite
bodies in 2008 and 2009, bringing the total number of kimberlites within
Grizzly's Buffalo Head Hills Diamond Project to seven. The new discoveries
included the highly diamondiferous BE-2 and BE-3 kimberlites which warrant
bulk sampling.
The potential for discovery of additional diamondiferous kimberlites within
Grizzly's Buffalo Head Hills properties is considered high, based upon the
favourable regional geological setting and the positive results of
exploration conducted to date, including the identification of numerous
priority geophysical targets. Grizzly's past work has shown that the focus
should be on kimberlites with a weak magnetic signature with or without an
accompanying electromagnetic, gravity and/or seismic signature, which have
tended to yield better diamond counts in the Buffalo Head Hills kimberlite
field.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its
primary listing on the TSX Venture Exchange with 52.4 million shares
issued, focused on developing significant Potash assets in Alberta and its
precious metals properties in southeastern British Columbia. The Company
holds over 235,000 acres of precious-base metal properties in Greenwood,
British Columbia; more than 220,000 acres of properties which host
diamondiferous kimberlites in the Buffalo Head Hills region of Alberta; and
metallic and industrial mineral permits for potash totaling more than
143,000 acres along the Alberta-Saskatchewan border.
Grizzly has a 2015 option with Kinross Gold Corporation's wholly owned
subsidiary, KG Exploration (Canada) Inc. ('Kinross') whereby Kinross can
earn a 75% interest on approximately 67,571 acres of optioned land pursuant
to an Option Agreement with Grizzly on approximately 30% of its Greenwood
precious metal land holdings in southeastern British Columbia, by incurring
US$3 million in exploration expenditures over a 5-year period. In addition,
Golden Dawn Minerals Inc. is in the process of consummating a purchase of
the Lexington and Golden Crown mine and processing plant near Greenwood
from Huakan International Mining Inc. and is planning to evaluate
re-starting the mine, which is currently on care and maintenance. Grizzly
owns much of the mineral claims that surround the Lexington - Golden Crown
Project and is the single largest mineral titles owner in the Greenwood
District.
The content of this news release and the Company's technical disclosure has
been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., who is
the Qualified Person as defined by National Instrument 43-101 Standards of
Disclosure for Mineral Projects.
On behalf of the Board,
Grizzly Discoveries Inc.
Brian Testo
President
(780) 693-2242
For further information, please visit our website at
www.grizzlydiscoveries.com or contact Investor Relations:
Nancy Massicotte
IR PRO COMMUNICATIONS INC.
Tel: 604-507-3377
Toll Free: 1-866-503-3377
Email: ir@grizzlydiscoveries.com
www.irprocommunications.com
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.
Click on, or paste the following link into your web browser, to view
the associated documents
http://www.newsfilecorp.com/release/22418
News Source: Newsfile
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06.09.2016 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Grizzly Discoveries Inc.
Canada
ISIN: CA3986921037
End of News DGAP News Service
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499419 06.09.2016