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Grizzly Provides Update on Option Agreement at Greenwood, BC and Grizzly Greenwood Plans for 2020
Edmonton, Alberta--(Newsfile Corp. - December 30, 2019) - Grizzly Discoveries Inc. (TSXV: GZD)...
About this update from Grizzly Discoveries Inc
[{"type":"text","content":"Grizzly Provides Update on Option Agreement at Greenwood, BC and Grizzly Greenwood Plans for 2020Edmonton, Alberta--(Newsfile Corp. - December 30, 2019) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (\"Grizzly\" or the \"Company\") has received notice from KG Exploration (Canada) Inc. (\"KG Exploration\"), a subsidiary of Kinross Gold Corporation, that it intends to terminate the option pursuant to the option agreement dated September 15, 2015 (\"Kinross Option\") with an estimated effective date of January 29, 2020. Under the terms of the Kinross Option, KG Exploration (Canada) Inc. is required to, among other things, conduct reclamation and file sufficient expenditures, or pay in lieu, to ensure the Option Area mineral claims are in good standing for at least one year from the effective date of termination.Subsequent to completion of its 2019 work program on the claims under option, KG Exploration has incurred over USD 750,000 and completed over 750 metres of diamond drilling in exploration. In accordance with the Kinross Option, KG Exploration will ensure that all maintenance costs are covered for a period of one year after the effective date of termination, that all reclamation has been completed and filed, and all technical information returned to the Company.Grizzly 2020 Greenwood Exploration Plans Grizzly has identified high priority drill targets at the Ket 28 prospect, located within the Rock Creek claim group of the Greenwood Project, at which historic drilling in 1994 intersected high grade gold with 52.19 g/t Au over 3.35 m core length. Drilling by Grizzly in 2009 and 2010 at the Ket 28 prospect, following up the historic drilling in the mid 1990`s, yielded up to 2.77 g/t Au over 11 m core length and 8.75 g/t Au over 3 m, with a higher grade zone of 11.90 g/t Au over 2 m core length. Wider intervals of lower grade mineralization were intersected, as well with 1.02 g/t Au over 13.5 m core length and 1.19 g/t Au over 10.35 m core length. The Company is currently planning a 2020 exploration program that will focus on the Ket 28 prospect, where the gold mineralization is open along strike and to depth, requiring further drill testing. Grizzly is planning a 10 to 15 hole drill program that will target the gold-prospective zone in the central portion of the Ket 28 prospect, with the intention of expandin...