Grizzly Discoveries Acquires Cobalt-Copper-Silver-Prospective Robocop Property in Southeastern British Columbia
The acquired claims, covering 9,891 acres and known as the Robocop Property, are located in southeastern British Columbia, approximately 45 kilometres (km) south of Fernie and 70 km southeast of Cranbrook, and immediately north of the Canada-USA border. The property is located east of Grizzly's Greenwood Property in southeastern British Columbia.
The arm's length vendors and the Company have signed a Purchase Agreement ("Agreement") dated May 11, 2018 whereby Grizzly acquires a 100% interest in the Robocop Property subject to a 3% net smelter royalty ("NSR") by issuing to the Vendors 2,000,004 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 common share of GZD at an exercise price of $0.14 for a period of 3 years from the date of issuance.
The Robocop Property carries a 3% NSR in favour of certain of the vendors, and, under the terms of the Agreement, 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.
The Agreement has been approved by the Company's Board of Directors and has been submitted to the TSX Venture Exchange for approval. Upon receipt of TSX Venture Exchange approval, the Company intends to close the purchase agreement by issuing the units.
ABOUT THE ROBOCOP PROPERTY
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 near surface grades of up to:
- 0.18% Co, 0.28% Cu, 4.1 grams per tonne (g/t) Ag over 1 m core length (Pighin, 2009), and
- 0.134% Co, 1.19% Cu and 33.8 g/t 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. Grizzly is currently evaluating proposals for flying a helicopter airborne magnetic and conductivity survey, a first for the Robocop Property, to assist in identifying future drill targets, subject to financing.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 59.2 million shares issued, focused on developing its precious metals properties in southeastern British Columbia, and significant Potash and Diamond assets in Alberta. The Company holds or has an interest in: over 180,000 acres of precious-base metal and cobalt properties in British Columbia; metallic and industrial mineral permits for potash totalling 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.
On behalf of the Board,
Grizzly Discoveries Inc.
For further information, please visit our website at www.grizzlydiscoveries.com or contact Investor Relations:
IR PRO COMMUNICATIONS INC.
Toll Free: 1-866-503-3377
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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.