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Grizzly Announced Update on Activity at Its Greenwood Property

Mining News - Published on Fri, 16 Aug 2019

Image Source: Grizzly Discoveries
Grizzly Discoveries Inc announced an update regarding current activity and 2019 plans for its Greenwood property in southeastern BC. Kinross Gold Corporation's wholly owned subsidiary, KG Exploration (Canada) Inc has initiated field work at Greenwood. The primary objective of the 2019 Kinross generative and target delineation work is to continue to explore the mineralization potential of the Greenwood property.

Kinross' 2019 fieldwork will include:
1. Bruce Creek area - field reconnaissance and detailed alteration mapping
2. Midway- rock sampling, detailed geological mapping, and detailed alteration mapping
3. Kerr Ck. area - rock sampling, detailed geological mapping, and detailed alteration mapping

The portions of Grizzly’s Greenwood Project being explored by Kinross is 100% owned by Grizzly Discoveries Inc. and includes 131 claims that form a contiguous package totaling approximately 27,346 hectares, representing approximately one third of Grizzly's land holdings at Greenwood. Under the terms of a September 2015 agreement, KG Exploration (Canada) Inc. can earn a 75% interest on the optioned land pursuant to an Option Agreement with Grizzly on portions of its land holdings in southeastern British Columbia, by incurring US$3 million in exploration expenditures by September 23, 2020.

Grizzly has been issued drilling permits for the Ket 28 area from the BC Ministry of Energy and Mines. The permits are for up to 25 drill sites and up to 10,000 metres of diamond drilling. The Company has planned an initial 11 drill targets at the Ket 28 prospect, located within the Rock Creek claim group of the Greenwood Project. The initial Ket 28 drill program is expected to cost approximately $400,000 to $500,000, and the Company is seeking flow through financing for this drill program. The program will target a gold-prospective zone in the central portion of the Ket 28 prospect where the gold mineralization is open along strike and to depth, with the intention of expanding the currently defined mineralized zone and developing a maiden mineral resource estimate.

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Posted By : Sanju Moirangthem on Fri, 16 Aug 2019
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