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Grizzly Discoveries Enters LOI to Purchase Cobalt-Copper-Silver Claims in Southeastern British Columbia
Edmonton, Alberta--(Newsfile Corp. - March 27, 2018) - Grizzly Discoveries Inc. (TSXV: GZD) (...
About this update from Grizzly Discoveries Inc
[{"type":"text","content":"Grizzly Discoveries Enters LOI to Purchase Cobalt-Copper-Silver Claims in Southeastern British ColumbiaEdmonton, Alberta--(Newsfile Corp. - March 27, 2018) - Grizzly Discoveries Inc. (TSXV: GZD) (OTC Pink: GZDIF) (FSE: G6H) (\"Grizzly\" or the \"Company\") is pleased to announce that it has entered into a Letter of Intent (\"LOI\") with a private group (the \"Vendors\") to purchase the Cobalt-Copper-Silver \"Robocop Property\", located within the Fort Steele Mining District in southeastern British Columbia. The Robocop Property (the \"Property\") is located in southeastern British Columbia, approximately 45 kilometres (km) south of Fernie and 70 km southeast of Cranbrook, and is immediately north of the Canada-USA border. The Property is comprised of 5 mineral claims totalling 9,891 acres. The property is located east of Grizzly's Greenwood Property in southeastern British Columbia. Areas with significant historic cobalt-copper-silver (Co-Cu-Ag) in soil anomalies have been identified on the Robocop Property. Additionally, historic drilling during the 1990's (Teck Explorations Ltd.) and early 2000's (Ruby Red Resources) has yielded grades of up to 0.18% Co, 0.28% Cu, 4.1 parts per million (ppm) Ag over 1 m core length (Pighin, 2009) and 0.134% Co, 1.19% Cu and 33.8 ppm Ag over 1.23 m core length (Thomson, 1990) for individual core samples. The Co-Cu-Ag mineralization is hosted in Sheppard Formation and is classified as Proterozoic sediment hosted mineralization. Grizzly believes that significant potential exists to expand the known extent of the known Co-Cu-Ag mineralization on the Property and further exploration is warranted. Under the terms of the LOI, Grizzly would acquire a 100% interest in the Robocop Property subject to a 3% net smelter royalty (\"NSR\") by issuing to the Vendors 2,000,000 units, with each Unit consisting of one common share of Grizzly and one transferrable share purchase warrant. Each warrant will entitle the holder to acquire one further share of GZD at an exercise price of $0.14 for a period of 3 years from the date of issuance. The Property carries a 3% NSR and, under the terms of the LOI, Grizzly has the right to purchase up to 2% of the NSR (down to 1% NSR) within two years after the delivery of a positive Feasibility Study for the Property, for the amount of $1,500,000. Pursuant to signing the LOI, ...