GRIZZLY
"GZD"2011 DRILLING
AND EXPLORATION UPDATES
Dear
Investor,
Grizzly Discoveries Inc. (TSXV:GZD;
OTCQX:GZDIF; FRANKFURT:G6H) ("Grizzly" or the "Company") is
pleased to provide the following updates on continuing exploration activities
at its Greenwood Gold Project, its Alberta Potash Project, and its 50%-owned
Provost Property, jointly owned with Pacific Potash Corporation
("Pacific").
Current Exploration Status - Greenwood
Gold Project
The Stage 1 field-based exploration
program which began in May 2011 continues to progress. The program consists of
extensive ground geophysical and sampling surveys. To date, approximately 7,000
soil samples and 500 rock grab samples have been collected and shipped to ALS Chemex in Vancouver, British Columbia. More than 200
line-km of ground electromagnetic (EM) surveys, and
more than 120 line-km of ground magnetic surveys have also been completed. The
work has resulted in the identification of several new drill targets in
different areas of the property.
Drilling commenced in early October at the
Dayton Prospect targeting IP chargeability EM anomalies identified by the 2011
IP survey. The first two holes tested two separate IP EM anomalies, one 200 m x
300 m and the second roughly 150 m by 200 m. Each hole
intersected significant thicknesses (greater than 50 m of core length) of
brecciated volcanics, volcaniclastics
and sediments with intervals of silicification,
quartz vein stockworks and associated sulphides.
Brian Testo,
President of Grizzly, states that "we are excited about the size and
intensity of the sulphidized breccia zones visible in
the new Dayton drill core and the potential to significantly improve the known
gold-copper mineralization intersected in 2010. We have prioritized the zones
of interest for logging and sampling so that we can get the samples into the
lab for rush analyses."
Once the Dayton drilling is completed, the
drill will be moved to targets at the Ket 28, Motherlode and Overlander areas.
Drilling will continue into early December with the plan to drill a total of
4,000 to 5,000 m. The 2011 field work to date also identified new drill targets
at the P2, P4 and B4-B5 target areas. Land use applications for drilling at
these new target areas as well as the Copper Mountain area have been submitted
to the Ministry of Energy and Mines in Cranbrook,
British Columbia. Assay results for the current drilling campaign are expected
in early December through January.
Current Exploration Status - Alberta
Potash Project and 50%-owned Provost Property
In September of 2011, the Company signed a
letter of intent ("LOI") with Pacific to commence a multiple drill
hole (well) potash exploration program on the Grizzly - Pacific 50:50 Provost
Property. Grizzly and Pacific have engaged Barlon
Engineering Group Ltd. ("Barlon") and
Taylor Land Services ("Taylor") both of Calgary, Alberta, to prepare
the required well licensing and site preparations for three well site
locations. Pursuant to the LOI, a minimum of one well will be drilled with
costs shared equally by Grizzly and Pacific. Subject to results from the
initial well and approval from Grizzly and Pacific, up to two additional wells
may be drilled on the property. Pacific has received well licences
and has commenced drilling on its 100%-owned Provost Property, adjacent to the
50:50 Provost Property (See Pacific News Release dated October, 25th,
2011).. Once one or both of these wells are completed it is anticipated that
the drill will move to one of the selected sites on the 50:50 owned Provost
Property to drill one or more wells.
Grizzly has also engaged Barlon and Taylor to license two well site locations on its
100%-owned South Block of the Alberta Potash Project, northeast of Medicine
Hat, Alberta. At least one well site will be prepared and a well drilled in
November, 2011.
Grizzly expects receipt of a seismic
interpretation report from RPS Boyd Petrosearch for
its 100% owned North Block of the Alberta Potash Project, centered near Lloydminster,
Alberta. The Company intends to engage Barlon and
Taylor to complete well site licensing on at least two well locations in the
North Block. The Company expects to drill at least two wells at these locations
during late 2011 or early 2012.
All
2011 field and office exploration programs are 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 trades on the TSX Venture Exchange
under the symbol GZD, on the OTCQX exchange under the symbol GZDIF, and the
Frankfurt Exchange under the symbol G6H, with 48,350,268 common shares issued
and outstanding.
Grizzly is an aggressive Canadian
exploration company focused on exploring for: potash in Alberta; world class
gold and base metal deposits in British Columbia; and diamonds in Alberta.
Grizzly holds, or has an interest in, metallic and industrial mineral permits
for potash totaling more than 2.4 million acres along the Alberta-Saskatchewan
border. Grizzly currently has four precious-base metal properties in British
Columbia totaling over 235,000 acres. Grizzly also currently holds more than
600,000 acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains
of Alberta.
On behalf of the Board
Grizzly Discoveries Inc.
/s/ "Brian Testo"
Brian Testo
President
(780) 693-2242