EDMONTON, ALBERTA � (Feb. 25, 2008) - Grizzly Diamonds Ltd. (TSX VENTURE:GZD)
(FRANKFURT:G6H) ("Grizzly") is pleased to announce final
assay results from the 2007 drilling at the Peak Property, British
Columbia. Results continue to confirm the presence of a significant
silver-gold-copper-lead-zinc mineralized system on the property. In 2007 a total of
22 diamond drill holes (PK07-01 to PK07-22) totaling 2,293m tested the RIO,
UTE and Breccia Zone showings. Mineralization has been extended along
strike at the RIO and UTE veins and resulted in the discovery of a broader
zone of low grade mineralization associated with alteration of the Breccia
Zone.
"We are extremely pleased that our drilling successfully expanded
known mineralization at the UTE, RIO and Breccia Zones" states Grizzly
President Brian Testo. "The wider alteration and mineralized system discovered
at the Breccia Zone is particularly encouraging suggestive of an extensive
mineralized system. Aggressive plans are in place for a follow-up 2008
drill program."
Summary assay highlights are presented below and detailed within the
following table. All depths reported below represent down-hole meterages.
- UTE Vein:
-- A total of 9 drill holes for a total of 979.4 m tested and expanded the
strike extent of the UTE Vein during 2007.
-- Drill hole PK07-10 intersected the UTE vein at a depth of 16.10 m and
assayed 265.8 grams per tonne (g/t) silver (Ag) (7.75 ounces per ton
(oz/t)) across 2.80 m with associated 0.44% copper (Cu), 1.38% lead (Pb)
and 0.19% zinc (Zn).
-- Drill hole PK07-11 interested the UTE vein at a depth of 39.66 m and
assayed 182.2 g/t Ag (5.31 oz/t) across 3.34 m with associated 0.33% Cu,
1.88% Pb and 0.10% Zn.
-- The mineralized intersections within PK07-12 and PK07-13 extend the
known strike length of the UTE vein to 330 m and its' inferred down dip
extent to 51 m vertically.
-- Drill hole PK07-12, collared 250 m to the west of PK07-13, tested the
down-dip extent of the UTE vein and yielded an intersection of 38.7 g/t Ag
(1.13 oz/t), 0.29% Pb and 0.20% Zn over 3.87 m core length at a depth of
68.38 m with a high grade portion of 1,040 g/t Ag (30..33 oz/t), 1.71% Cu,
14.30% Pb and 7.64% Zn over 0.10 m.
-- PK07-12 intersected a second mineralized zone within a sequence of
mudstone and interlayered felsic volcanics (Mud1 Zone) at a depth of 108.18
m which yielded assays of 10.26 g/t Ag (0.30 oz/t), 0.29% Pb and 0.33% Zn
over a 5.15 m core length.
-- Drill hole PK07-13, collared 70 m to the east of the UTE vein, yielded
an intersection of 1,410 g/t Ag (41.13 oz/t) across 0.24 m core length with
associated 0.86% Cu, 14.70% Pb and 3.10% Zn.
-- Drill hole PK07-16 interested the UTE vein at a depth of 21.17 m and
assayed 116.3 g/t Ag (3.39 oz/t) across 1.85 m with associated 0.66% Cu,
2.78% Pb and 0.72% Zn.
-- All high grade and low grade zones are accompanied by widespread highly anomalous
manganese (Mn) and antimony (Sb) along with anomalous trace concentrations
of arsenic (As), bismuth (Bi), and cadmium (Cd).
- Breccia Zone:
-- A total of 2 drill holes expanded the strike extent of the Breccia Zone
during 2007 drilling. Drill holes PK07-14 and PK07-15 tested a possible
broader zone of Ag plus Pb/Zn mineralization discovered during 2006
drilling (see news release dated Dec. 14, 2006).
-- Drill hole PK07-14 intersected 13.6 g/t Ag (0.40 oz/t),0.11% Cu and
0.10% Pb over 12.71 m with a high grade portion of 108.1 g/t Ag (3.15
oz/t), 2.64% Cu, 0.12% Pb and 0.19% Zn over 0.36 m. The brecciated and
altered volcanics in hole PK07-14 also yielded two zones of greater than 40
m with concentrations of Pb ranging from 200 to 1000 parts per million
(ppm) and zinc ranging from 500 to 2,500 ppm with greater than percent
level Mn and trace but anomalous concentrations of Sb, Mo and Cu. The exact
nature, orientation and extent of the altered feldspar porphyry and the
altered and mineralized brecciated volcanic units intersected at the
Breccia zone are currently unclear.
-- Drill hole PK07-15 intersected a number of 5 to 20 m thick zones of
widespread low grade Au mineralization with samples yielding concentrations
ranging from 0.05 to 0.5 g/t Au. At the bottom of PK07-15, from 166.31 m to
169.77 m, a 3.46 m intersection yielded 0.27 g/t Au (0.008 oz/t), 6.14 g/t
Ag (0.18 oz/t), 0.04% Cu, 0.14% Pb and 0.10% Zn.
- RIO Zone:
-- A total of 9 drill holes were completed at the Rio Sulphide Zone, a 1.5
to 5 m wide shallow dipping sulphide zone within felsic tuffs near a
contact with underlying basalt to andesite.
-- Drill hole PK07-03 assayed 74.03 g/t (2.16 oz/t) Ag, 0.61 g/t (0.018
oz/t) Au and 0.65% Cu over 3.05 m at a depth of 5.18 m, with a higher grade
portion of 227 g/t (6.62 oz/t) Ag, 2.30 g/t (0.067 oz/t) Au, and 2.97% Cu
over 0.29 m.
-- Drill hole PK07-06, collared 75 m to the northwest of PK07-03, tested
the down dip extent of the RIO showing and intersected 9.98 g/t Au (0.29
oz/t) over a core length of 0.50 m with associated 102.1g/t Ag (2.98 oz/t),
5.4% Cu, 0.42% Pb and 0.99% Zn at a depth of 52.20 m.
-- Drill hole PK07-08 assayed 19.14 g/t Au (0.56 oz/t), 8.1 g/t Ag (0.24
oz/t) and 0.17% Zn over a core length of 1.00 m.
-- All RIO zone mineralization is accompanied by widespread and highly
anomalous Mn and Sb along with trace but anomalous concentrations of As,
Bi, Cd and tungsten (W).
The 2008 drill program will focus on determining the extent of silver, gold
plus copper/lead/zinc mineralized feldspar porphyry and brecciated felsic
volcanic units intersected at the Breccia Zone and their relationship to
epithermal mineralization at the UTE vein and epithermal to remobilized VMS
mineralization at the RIO sulphide zone and the mineralized mudstone and
interbedded volcanics of the MUD1 Zone. In order to help better define and
target the disseminated sulphide zone and alteration at the Breccia Zone, planning
is underway to conduct an induced polarization (IP) ground electromagnetic
survey followed by further drilling.
Geochemical analyses were conducted using a combination of standard fire
assay in conjunction with AA or gravimetric finish and multi-element ICP
techniques at TSL Laboratories in Saskatoon, Acme Analytical Laboratories
and ALS Chemex in Vancouver. Further overlimit assay results from the
remaining drill core will be released as they become available.
The Peak Property is located 65 km northeast of the town of Smithers, BC.
Precious and base metal mineralization at the Peak Property has
characteristics in common with both Jurassic precious metal enriched VMS
deposits, such as Eskay Creek, as well as Jurassic volcanic hosted
epithermal precious metal deposits such as the Snip and Premier-Silbak.
All 2007 field programs were conducted under the supervision of Michael
Dufresne, P. Geol., a principal of APEX Geoscience Ltd. and a Qualified
Person under NI 43-101.
On behalf of the Board, Grizzly Diamonds Ltd.
Brian Testo, President
This news release contains forward-looking statements regarding ongoing
and upcoming exploration work and expected geology, geological formations
and structures. Actual results may differ materially from those anticipated
in these statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For more information, please contact
Grizzly Diamonds Ltd.
Brian Testo
President
(780) 693-2242 or (780) 425-BEAR(2327)
Website: http://www.grizzlydiamonds.com
or
AGORACOM Investor Relations
Investor Relations
Email: GZD@Agoracom.com
Website: http://www.agoracom.com/IR/Grizzly