Grizzly mobilizes field crew to the Robocop cobalt-copper-silver property in southeast BC
Grizzly Discoveries Inc. (TSX-V: GZD; Frankfurt: G6H) ("Grizzly" or the "Company") is pleased to announce that it has mobilized a field crew to the Robocop Cobalt-Copper-Silver (Co-Cu-Ag) project near Roosville in southeast British Columbia (B.C.). The field crew, provided by APEX Geoscience Ltd., will conduct a two week surface exploration program in advance of a follow-up airborne geophysical survey.
The Robocop claims comprise 9,891 acres and are located in southeast B.C., approximately 45 kilometres (km) south of Fernie and 70 km southeast of Cranbrook, immediately north of the Canada-USA border. The property is located east of Grizzly's Greenwood Property in southeastern British Columbia.
The Board of Directors of Grizzly have also authorized the issuance of an aggregate 1,050,000 stock options to Officer, Directors, and Consultants of Grizzly with an exercise price of $0.10 and expiring on August 13, 2023 or earlier in accordance with the Company's stock option plan.
Highlights for the Robocop Property
- The Project is comprised of 9,891 acres in 5 mineral claims that are all road accessible just off Provincial Highway 93 in southeast B.C.
- Initial surface trenching in the late 1980's to early 1990's yielded up to 0.06% Co and 1.93% Cu over 6 m in one trench and in a separate trench up to 0.182% Co, 2.44% Cu and 9.6 grams per tonne (g/t) Ag in sediment hosted mineralization within middle Proterozoic Purcell Group rocks.
- A total of 15 drillholes in the area between 1990 and 2008 have yielded several intersections of near surface Co-Cu-Ag mineralization with grades of up to 0.134% Co, 1.19% Cu and 33.8 g/t Ag over 1.23 m core length in hole R-1990-5 and 0.14% Co, 0.9% Cu and 2.7 g/t Ag over 3.1 m core length in hole R-1990-6 (Thomson, 1990),
- Along with an intersection of 0.18% Co, 0.28% Cu, 4.1 g/t Ag over 1 m core length in hole R-2008-02 (Pighin, 2009), and
- Sediment hosted Co-Cu-Ag mineralization is similar in style, age and host rocks to eCobalts Idaho Cobalt project and Hecla's Revett Formation hosted mineralization near Troy Montana.
Prior work has identified areas within the Robocop property with significant historic Co-Cu-Ag in soil anomalies. Combined with historic drilling during the 1990's (Teck Explorations Ltd.) and early 2000's (Ruby Red Resources) that yielded significantly anomalous near surface Co-Cu-Ag mineralization, the project warrants follow up exploration including additional drilling. The Co-Cu-Ag mineralization is hosted in Sheppard Formation and is classified as mid-Proterozoic sediment hosted mineralization. Based upon recent work by the USGS (Bookstrom et al., 2016), Robocop Co-Cu-Ag mineralization is similar in style and age of host rocks to mineralization in the Blackbird Co-Cu-Au-Ag district in Idaho including eCobalt's Idaho Cobalt Project. Grizzly believes that significant potential exists to expand the known extent of the Co-Cu-Ag mineralization on the Property and further exploration is warranted. In order to advance the project, Grizzly is planning to conduct a helicopter airborne magnetic and conductivity survey, a first for the Robocop Property, to assist in identifying future drill targets.
Grizzly has commenced land use permitting for drilling at the Robocop Property that is anticipated to be ready for a fall drilling campaign if required.
Grant of Stock Options
The Board of Directors of Grizzly have also authorized the issuance of an aggregate 1,050,000 stock options to Officers, Directors, and Consultants of Grizzly with an exercise price of $0.10 and expiring on August 13, 2023 or earlier in accordance with the Company's stock option plan. 250,000 of the options authorized for issuance will be issued to insiders of Grizzly. All of the options will vest immediately upon issuance. The options, exercise price, and the Company's stock option plan are subject to the approval of the TSX Venture Exchange.
About Grizzly Discoveries Inc.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 62 million shares issued, focused and its precious metals properties in southeastern British Columbia and on developing significant Potash assets in Alberta. The Company holds, or has an interest in: over 180,000 acres of precious-base metal properties in British Columbia along with metallic and industrial mineral permits for potash totaling more than 60,000 acres along the Alberta-Saskatchewan border; and more than 161,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta.
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.
Forward Looking Statement Apply -- 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.