Grizzly Discoveries Inc. (TSX VENTURE:GZD) (OTCQX:GZDIF)
(FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to announce
that it has discovered potash in a well near Medicine Hat on its
100% owned 984,000 acre South Block of its Alberta Potash Project.
The Company currently owns 100% of the metallic and industrial
mineral rights (including Potash) for 1,928,000 million acres in
two blocks (north and South) and a 50% interest (along with Pacific
Potash Corp.) in a further 523,000 acres (Provost Property) in
Alberta.
Brian Testo, Director, President and CEO of Grizzly, commented
"Our goal with the 2011 drill program was to confirm the presence
of potash with potentially economic grades within Alberta. These
results confirm the presence of potash on the property and we look
forward to future drilling and development of a potential potash
resource in Alberta, ranked as one of the top mining jurisdictions
in the world by the Fraser Institute, and with a highly
advantageous tax and royalty regime, which should have a positive
impact on the future economics of an Alberta based potash
development."
Table 1: Analytical results for Grizzly's 2011 Potash wells
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Depth Thickness
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From To
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Well (m) (ft) (m) (ft) (m) (ft)
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GZD100 Medhat
8-36-19-1W4 1,648.5 5,408.46 1,670.85 5,481.79 22.35 73.33
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Upper Zone 1,649.4 5,411.42 1,653.95 5,426.35 4.55 14.93
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includes 1,649.7 5,412.40 1,652.35 5,421.10 2.65 8.69
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includes 1,651.2 5,417.32 1,652.35 5,421.10 1.15 3.77
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includes 1,651.7 5,418.96 1,652.0 5,419.95 0.3 0.98
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Lower Zone 1,661.7 5,451.77 1,665.0 5,462.60 3.3 10.83
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PPC40 Provost
10-11-040-01W4 1,258.5 4,128.94 1,281.8 4,205.38 23.3 76.44
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Upper Zone 1,258.85 4,130.09 1,263.35 4,144.85 4.5 14.76
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includes 1,258.85 4,130.09 1,259.6 4,132.55 0.75 2.46
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Lower Zone 1,280.7 4,201.77 1,281.8 4,205.38 1.1 3.61
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Grade Grade Grade
K2O KCl MgO
Well (wt%) (wt%) (wt%)
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GZD100 Medhat
8-36-19-1W4 2.62 4.15 0.09
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Upper Zone 6.4 10.14 0.11
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includes 8.77 13.88 0.10
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includes 13.0 20.58 0.14
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includes 31.1 49.23 0.09
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Lower Zone 2.45 3.88 0.06
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PPC40 Provost
10-11-040-01W4 1.84 2.91 1.18
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Upper Zone 3.14 4.97 1.57
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includes 6.58 10.41 1.67
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Lower Zone 5.39 8.54 4.41
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Alberta Potash Project, South (Medicine Hat) Block
Well GZD100 Medhat 8-36-19-1W4, located within the east-central
part of the property, was mobilized on November 28, 2011 to
complete a potash test well on the Company's South Block of the
Alberta Potash Project near Medicine Hat, Alberta. The drill rig
completed the test well on December 12, 2011. Coring commenced at
1,642 metres ("m") below surface. Visible potash minerals were
observed in the drill core for the interval between 1,648.5 m and
1,670.85 m below surface. The well cored a thick (22.35 m) zone of
Prairie Evaporite Formation salt with low grade potash at a depth
of 1,648.5 m (5,408.46 ft), which is the approximate depth of the
Belle Plaine Solution Mine in Saskatchewan. This depth is ideally
suited to solution mining due to the presence of high formation
temperatures. Within the wide low grade potash zone, the drilling
intersected two zones of sylvite mineralization (Upper zone and
Lower zone) within the Patience Lake Member, near the top of the
Prairie Evaporite Formation. Core samples from well GZD100 Medhat
8-36-19-1W4, were collected by Norwest Corporation ("Norwest") in
Calgary, Alberta and forwarded to the Saskatchewan Research
Council's ("SRC") Geoanalytical Laboratories in Saskatoon,
Saskatchewan.
SRC analytical results from Well GZD100 Medhat 8-36-19-1W4
yielded weighted average grades of 2.62% K2O (4.15% KCl) over 22.35
m (73.33 ft) at a depth of 1,648.5 m (5,408.46 ft) for the low
grade zone. The interval contains higher grade portions including
6.4% K2O (10.14% KCl) over 4.55 m (14.93 ft), 8.77% K2O (13.88%
KCl) over 2.65 m (8.69 ft) and 13.0% K2O (20.58% KCl) over 1.15 m
(3.77 ft) within the Upper Zone and 2.45% K2O (3.88% KCl) over 3.3
m (10.83 ft) in the Lower Zone. A summary of the analytical results
for both the Upper Zone and the Lower Zone is shown in Table 1. Low
grades of MgO indicate that sylvite is the major potash mineral,
rather than carnallite. In 1980, historic oil well DEML MEDHAT
6-36-19-1W4, located 800 m west of the current well location,
yielded a gamma log spike of about 218 API units at a depth of
approximately 1,662 m below surface for a calculated maximum potash
grade of approximately 22% K2O. Drill intercepts likely represent
true thickness as the holes were drilled vertically and the potash
zones are flat lying.
Alberta Potash Project, Provost (50:50) Property
As described in the Company's news release dated November 2,
2011, a drill rig was mobilized to well site 10-11-40-1W4 in
east-central Alberta to complete a potash test well on the
jointly-owned 50:50 Provost Potash Property. During September 2011,
the Company signed a letter of intent ("LOI") with Pacific Potash
Corp. (PPC:TSXV; "Pacific") to commence a multiple drill hole
exploration program on the Grizzly - Pacific 50:50 owned Provost
Property. The first well was completed in mid November. The core
was sent to Norwest where it was logged and sampled. The core
samples were then forwarded to the SRC for full geochemical
analysis (Table 1). The well yielded a wide, low grade potash zone
with two higher grade zones within including 6.58% K2O (10.41% KCl)
over 0.75 (2.46 ft). Further drilling is under consideration south
of Pacific's 100% owned Provost Property, where some higher grades
have been reported by Pacific (see Pacific's news release dated
February 15, 2012).
Future Work - Alberta Potash Project
Currently the Company has permitted for four additional well
site locations on the 100% owned North Block of its Alberta Potash
Project, near Lloydminster, Alberta, with two sites near
Vermillion, Alberta and two sites near Provost, Alberta. The
Company is also permitting two further well site locations on its
South Block. Once drill rigs become available from winter drilling
commitments, Grizzly will engage a rig for drilling at least one
more well in the exploration phase of its drilling.
One of the well locations that has been permitted is designed to
test an area in close proximity to a reported occurrence of potash
minerals in well (VCO #15) in the Vermilion area on the 100% owned
North Block of Grizzly's Alberta Potash Project. The author
reporting the occurrence suggested that the potash mineral "sylvite
exists in substantial quantities" "throughout the first 50 feet of
the Prairie Evaporite" (Golden, B.Sc., 1965). The author also
suggested the potash minerals "are of the same composition and
depositional sequence and depth as the potash at Unity and
Saskatoon, Saskatchewan", currently the location of a number of
potash mines. Recent analytical work by the Alberta Geological
Survey (Eccles et al., 2009) on what is left of the core from VCO
#15 has yielded up to 18.6% K2O utilizing a hand held XRF
instrument and confirms the observations of Golden (1965). The
reported occurrence of potash minerals is at a depth of
approximately 1,061 m below surface.
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 48,475,268 common shares issued
and outstanding.
Grizzly is an aggressive and diversified Canadian mineral
exploration company 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.
Brian Testo, President
(780) 693-2242
For further information, please visit our website at
http://www.grizzlydiscoveries.com.
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.
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.
Contacts: Investor Relations Nancy Massicotte IR PRO
COMMUNICATIONS 604-507-3377 or Toll Free:
1-866-503-3377ir@grizzlydiscoveries.com
www.irprocommunications.com
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