Edmonton, Alberta--(Newsfile Corp. - January 15, 2025) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to provide an update on the acquisition of the Motherlode Crown Grants from First Majestic Silver Corp. (First Majestic) and some highlights of recent exploration completed by the Company on the Motherlode Crown Grants, host to the historical Motherlode, Sunset, Sunrise and Greyhound mines that at various times during the early and middle 1900's produced copper (Cu), gold (Au) and silver (Ag) from both open pit and underground workings (Figures 1 to 5).
The Motherlode Crown Grants near the town of Greenwood, South-Central British Columbia (BC) include 13 Crown Grants for over 300 acres (121.4 hectares) that include subsurface mineral rights. The Crown Grants take precedence over mineral claims issued pursuant to the Mineral Tenures Act (BC). The Crown Grants cover a number of historical mines, including the Motherlode Mine that produced 76,975,111 pounds of Cu, 173,319 ounces of Au and 688,203 ounces of Ag during the active periods of mining from 1900 to 1920 and then from 1957 to 1962. The Motherlode skarn mineralization is developed in the Triassic Brooklyn Formation sediments (BC Minfile 082ESE034). The Motherlode Mine is road accessible and is approximately 2.5 km northwest of the town of Greenwood (Figure 1).
Highlights
First Majestic has completed the re-instatement of the Motherlode Crown Grants and is in the process of transferring the Crown Grants with the subsurface mineral rights to the Company.
The Company has collected in excess of 350 rock samples, mostly selective grab samples, from across the Motherlode project area including the newly acquired Crown Grants (Figures 2 & 3).
Of the 17 samples collected from the Motherlode Pit area, a total of 9 samples yielded from 1.16% Cu up to 4.88% Cu, 12 samples yielded from 1.075 grams per tonne (g/t) Au up to 6.65 g/t Au and 8 samples yielded from 12.6 g/t Ag up to 51.3 g/t Ag (Figures 2 & 3; Table 1).
Of the 10 samples collected from the Sunset Pit area, a total of 8 samples yielded from 1.44% Cu up to 3.66% Cu, 9 samples yielded from 1.7 g/t Au up to 4.88 g/t Au and 7 samples yielded from 14.5 g/t Ag up to 55 g/t Ag (Figures 2 & 3; Table 1).
Various other targets including the Greyhound Pit, the Butte City Target, the Margerite Target and the Great Hopes Target have yielded a number of samples with >1% Cu and >10 g/t Au and warrant additional exploration (Figures 2 & 3; Table 1).
Various historical Mineral Resource Estimates (MREs) produced both prior to the last period of mining 1957 - 1962 (Fredericks, 19611) and after the last period of mining as part of a couple of historical economic studies have been recovered from the publicly available BC Property Files.
A historical MRE constructed in 1967 by Allen Geological Engineering Ltd.2 after the last period of mining on behalf of two companies, Aabro Mining and Oils Ltd. and Cumberland Mining Ltd., is described as Drill Proven (Assured), Indicated and Inferred and totals 2.8 million tonnes with a grade of 0.8% Cu and 1.06 g/t Au yielding a calculated grade of 1.6% Cu equivalent (CuEq) utilizing 90% recovery for both metals and $4/lb for Cu and $2,000/oz for Au.
Figure 1: Land position and targets of interest for future exploration, Greenwood Project.
This historical MRE was calculated prior to the implementation of the standards set forth in the current National Instrument (NI) 43-101 and current Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards for MREs. Resource definitions, terminology and reporting standards have changed significantly since these series of reports. The estimates in these reports are all considered historical in nature, and a Qualified Person (QP) has not done sufficient work to evaluate these resources as current resources. For these resources to be updated as current resources, a QP would need to examine and analyze the existing drill core, validate and verify the existing data supporting the historical estimate, and perform a confirmatory site visit. Therefore, the company and the QP for this news release are treating this estimate as historical in nature, and are highlighting the estimate for the sole purpose of illustrating the potential extent of mineralization that may be present.
In addition to the historical MREs, drilling in 1996 by Strathcona Mineral Services on behalf of YGC Resources (Veris Gold a wholly owned sub of First Majestic) intersected several zones of Cu-Au mineralization targeting the gold bearing halo to the Motherlode Skarn along the east side of the Motherlode Pit in the vicinity of the historical underground workings (Figures 4 and 5).
Drillhole 96-8 encountered gold in almost every sample including a weighted average grade of 0.23 g/t Au over the entire 154.23 m (506 ft) length drillhole with a number of higher grade zones in proper skarn towards the bottom of the hole (Figure 5).
The Main Motherlode skarn was intersected at the bottom of the drillhole and returned 2.5 g/t (0.073 ounces per ton [opt]) along with significant Cu over 4.88 m (16 ft) at the end of the drillhole from skarnified Brooklyn limestone, that is associated with a strong AeroTEM conductivity anomaly (Figure 4).
The drillhole collared in Brooklyn Sharpstone conglomerate and drilled through alternating skarn an altered diorite along the length of the drillhole, with the main zone at the end of the hole characterized by increased quartz-carbonate-chalcopyrite veining and volumetric chalcopyrite.
The hole was ended due to technical difficulties. Strathcona Mineral Services recommended follow-up drilling which has never been completed.
Figure 2: Motherlode Crown Grants, Historical and Modern Gold Sampling Greenwood Project.
Brian Testo, President and CEO of Grizzly Discoveries, stated, "We are excited with the acquisition of the historical Motherlode Crown Grants and the potential battery metal and precious metal targets that they provide. We look forward to an aggressive 2025 drilling campaign at the Motherlode area and other high grade Au-Ag-Cu showings and historical mines along with additional exploration for battery metals in our current 170,000+ acre holdings in the Greenwood District."
The Company currently has an active land use permit for drilling at the Motherlode area and has designed a confirmation and exploration core drilling program for the Motherlode and Sunset pit areas along with additional drilling at the Greyhound and Great Hopes targets based upon a compilation of historical information. It consists of about 5,000 m in 20 to 25 core holes and is focused on targets beneath and along strike from the various pit areas.
Table 1. Motherlode Area Rock Sample Assay Highlights.
Sample
Showing/ Area
Easting (N83Z11)
Northing (N83Z11)
Au (ppm)
Ag (ppm)
Cu (%)
Pb (%)
Zn (%)
09BMP104
Top
374618
5442036
2.830
32.0
0.429
0.172
0.523
09BMP111
Marguerite
375768
5441431
1.165
51.3
1.160
-
-
09DAP242
Sunset
374961
5440954
4.880
36.4
1.635
-
-
09DAP243
Sunset
374963
5440953
2.340
55.0
1.430
-
-
09DAP244
Sunset
374965
5440946
2.550
20.2
1.030
-
-
09DAP245
Sunset
374965
5440940
3.070
37.1
2.560
-
-
09DAP246
Sunset
374966
5440950
1.700
9.7
2.490
-
-
09RHP063
Motherlode
374624
5441380
6.650
21.7
3.610
-
-
09RHP065
Sunset
374950
5440939
3.250
7.1
0.546
-
-
09RHP066
Sunset
374968
5440960
2.970
17.5
3.680
-
-
09RHP067
Sunset
374978
5440965
3.080
14.5
3.030
-
-
09RHP068
Sunset
374978
5440965
4.110
33.2
1.440
-
-
10CBP023
Great Hopes
375782
5440926
11.300
3.9
0.057
-
-
10CGP059
Greyhound (Butte City)
375428
5440600
13.850
13.0
0.259
-
-
10CGP248
Greyhound (West)
375034
5440346
5.950
28.3
0.069
-
-
10CGP274
Motherlode (West)
374086
5441589
0.246
6.1
-
0.249
2.630
10DCP065
Motherlode North
374972
5442329
0.122
5.5
0.060
-
2.170
10DCP103
Motherlode
374840
5441399
2.870
17.6
2.070
-
-
10JHP018
Marguerite
375780
5441418
1.055
39.1
1.480
-
-
10JHP126
Great Hopes
375795
5440946
51.000
5.2
-
-
-
10JHP130
Gold Bug
377091
5441148
16.600
2110.0
0.216
1.400
0.298
10WBP259
Greyhound (Butte City)
375420
5440613
30.900
60.0
0.259
0.971
3.410
Summary of the Motherlode Crown Grant Purchase Terms
The Company will cover the costs to reinstate and transfer the Crown Grants to the Company.
Grizzly will issue 250,000 common shares of the Company to First Majestic upon successful transfer of the Crown Grants to the Company. These shares will be subject to a restricted trading period ending four months and one day from the date of issuance
The Company will grant a 1% Net Smelter Return (NSR) Royalty on the Crown Grants to First Majestic that with an option for the Company to purchase the NSR for $250,000 at any time.
The technical content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
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.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
1Report on Motherlode and Sunset Mine by Frances Fredericks, 1951. 2The Motherlode and Greyhound Properties of Cumberland Mining Co. Ltd. N.P.L. Greenwood, BC by Allen Geological Engineering Ltd. September 27th, 1967.
