Welcome!

News Feed Item

Renewed Interest in Diamond Exploration Prompts Reevaluation of Grizzly's Dormant Alberta Diamond Project; Company Stakes Additional Claims in Buffalo Head Hills

EDMONTON, ALBERTA -- (Marketwired) -- 06/10/14 -- Grizzly Discoveries Inc. (TSX VENTURE: GZD)(OTCQX: GZDIF)(FRANKFURT: G6H) ("Grizzly" or the "Company") is pleased to announce that it has acquired additional permits (the "New Permits") for its Alberta Diamonds Project by staking 34,496 hectares (85,241 acres) of highly prospective lands for diamond-bearing kimberlites in the Buffalo Head Hills area of North-central Alberta. These additional claims add to the 57,529 hectares (142,157 acres) already held by the Company's Alberta Diamond Project in the Buffalo Head Hills area. The Company's Alberta Diamond Project hosts at least 7 kimberlites, to date 3 of which have been identified with microdiamonds.

Subsequent to staking the New Permits, the Company's Alberta Diamond Project now covers 92,025 hectares (227,399 acres) of the Buffalo Head Hills kimberlite field, for which Grizzly has the exclusive rights to explore for metallic and industrial minerals. The Alberta Diamond Project permits are in good standing until dates ranging from late 2014 to 2027, subject to biannual assessment work. Grizzly has conducted exploration in the Buffalo Head Hills kimberlite field since 1997 completing numerous geophysical and heavy-mineral indicator surveys, and discovering three new diamondiferous kimberlite bodies in 2008 and 2009, bringing the total number of kimberlites within Grizzly's Buffalo Head Hills kimberlite field-hosted Alberta Diamond Project to seven.

Grizzly's Alberta Diamond Project lies within the Buffalo Head Hills kimberlite field, which is located approximately 35 to 45 kilometers northwest of the Hamlet of Red Earth Creek, Alberta, and approximately 330 kilometers northwest of Edmonton, Alberta. 41 kimberlites have been discovered by various parties in the Buffalo Head Hills kimberlite field, an area of approximately 2,500 square kilometres representing the third largest known district of significant diamond-bearing kimberlites in Canada after Lac de Gras, Northwest Territories and Fort a la Corne, Saskatchewan. The diamondiferous Buffalo Head Hills kimberlite field has generated exploration interest due to the relatively large kimberlite dimensions (up to 45 hectares), encouraging diamond contents (up to 55 carats per hundred tonnes with the presence of some colored diamonds), and high ratio of diamondiferous to barren kimberlite (28 of 41 kimberlites tested contain diamonds). The Buffalo Head Hills Joint Venture (unrelated to the Company), comprised of Canterra Minerals Corporation (33%), Shore Gold Inc. (33%) and Encana Corporation (34%) currently hold five kimberlite bodies in the field which have undergone mini-bulk and bulk sampling (between 22 and 616 tonnes): kimberlites K6, K11, K14, K91 and K252.

The potential for discovery of additional diamondiferous kimberlites within Grizzly's Buffalo Head Hills properties is considered high based upon the favourable regional geological setting and the positive results of exploration conducted to date by Grizzly. Grizzly's geological consultants, APEX Geoscience Ltd. of Edmonton, Alberta, have recommended that, subject to financing, Grizzly proceed with exploration on two fronts. First, bulk sample the BE-2 and BE-3 kimberlites discovered by the Company in 2008, which returned close to 1 microdiamond per kilogram during the 2008 drilling campaign. Second, proceed to drill test the numerous high priority targets that Grizzly has identified in the region in order to continue the search for new diamondiferous kimberlites. Particularly, Grizzly will focus on kimberlites with a weak magnetic signature, which have tended to yield better diamond counts in the Buffalo Head Hills kimberlite field.

Based on these recommendations, Grizzly has staked its new lands in the vicinity of the Buffalo Head Hills Joint Venture's K6, K11, K14, K91 and K252 kimberlites and plans to conduct new detailed ground geophysical surveys, combined with the acquisition of detailed lidar and airborne orthophoto data, in the search for new kimberlites in the vicinity of what are considered to be the best kimberlites yet discovered in the Buffalo Head Hills kimberlite field.

The Company has not conducted significant exploration work on its Alberta Diamond Project since the kimberlite discoveries in 2008, however has maintained in good standing the permits covering the discovered kimberlites and identified targets deemed to be of the highest prospectivity. In addition to the encouraging exploration results obtained by the Company and by other unrelated parties which have conducted exploration in the area, the Buffalo Head Hills region contains infrastructure, utilities, skilled labour, roads and access that would potentially be required to economically develop a diamond mine.

Grizzly is evaluating strategies for the renewal exploration at its Alberta Diamond Project, which was the Company's initial project during its initial public offering in 2004 (under the name Grizzly Diamonds Ltd.). This has been prompted by the renewed interest in diamond exploration by a number of companies across Canada, indicating a resurgence in market sentiment towards diamond exploration. The Company will consider both undertaking its own drill program, as well as pursuing the possibilities of joint ventures on its Buffalo Head Hills properties. Grizzly is actively seeking equity funding and/or joint venture partners to invest in further diamond exploration at its Alberta Diamond Project in the Buffalo Head Hills area.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 48.7 million shares issued, focused on developing significant Potash assets in Alberta and its precious metals properties in southeastern British Columbia. The Company holds, or has an interest in: metallic and industrial mineral permits for potash totaling more than 900,000 acres along the Alberta-Saskatchewan border; over 235,000 acres of precious-base metal properties in British Columbia; and more than 200,000 acres in properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta.

The content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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.

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.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.