Grizzly Provides Final Results for Phase 1 Drill Testing at Motherlode North, from Its Greenwood, BC Precious and Battery Metals Project

28.03.2023  |  Newsfile

Edmonton, March 28, 2023 - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that final assay and geochemical results have been received for Motherlode North drilling completed as part of its 2022 Phase 1 drill program at the Greenwood Project (Figure 1). A total of 1,722 m in nine core holes was completed at Motherlode North, approximately 500 to 750 m north of the historical Motherlode copper-gold-silver mine and 387 m in two core holes were completed at the Marguerite Target as part of the 2022 Phase 1 drilling program.

2022 Drilling Highlights

• The Motherlode North polymetallic and skarn targets (Figure 1) are comprised of copper-gold-silver +/- lead-zinc (Cu-Au-Ag +/- Pb-Zn) targets 500 to 750 m north and northeast of the historical Motherlode Mine (not owned by the Company), which produced significant amounts of Cu, Au and Ag including 173,000 ounces (oz) of Au, 688,000 oz of Ag and 77 million lbs of Cu between 1896 and 1918 and 1956 to 1963 (BC Minfile 082ESE034).
• Prior drilling by Grizzly intersected up 17.15 g/t Au, 41.7 g/t Ag, along with, 0.56% Pb and 1.51% Zn over 1.5 m core length at one of the skarn targets north of the Motherlode Pit (Table 1).
• Skarn and sulphide rich mineralization, along with widespread hornfels and propylitic alteration have been intersected in most of the 2022 Motherlode North (22ML07 to 15) and the two (22MR01 & 02) Marguerite core holes (Figures 2 and 3).

Brian Testo, President and CEO of Grizzly Discoveries, stated, "Drilling continues to indicate expansion of a mineralized system. Future work has the potential to focus on higher grades and expand the overall strike length and depth of the polymetallic mineralization near a formerly producing mine."

Figure 1: Exploration Targets 2022.

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*2011 core holes with results previously released. All hole lengths are core length, true thickness is unknown at this stage of exploration

• Final assay results for the nine Motherlode holes have yielded anomalous Au, Ag, Cu, Pb and Zn in every hole with a best high-grade sample of 5.86 g/t Au and 6.36 g/t Ag over 1 m core length along with several wide low grade intersections (Table 1) in particular adjacent to porphyritic intrusions in Triassic sulphide rich hornfelsed or skarnified Brooklyn sedimentary rocks.
• A number of the Motherlode North holes have yielded wide low grade Au-Ag+/-Cu-Zn intersections such as hole 22ML07 with 0.415 g/t Au, 2.19 g/t Ag, 0.019% Cu and 0.08% Zn over 17.56 m core length, along with hole 22ML08 with 0.108 g/t Au, 2.43 g/t Ag, 0.013% Cu and 0.059% Zn over 11.09 m core length and 0.332 g/t Au, 2.63 g/t Ag and 0.053% Zn over 15 m core length, interpreted to be part of a large alteration footprint in a well mineralized skarn-porphyry system.
• The porphyritic intrusions are widespread and are likely Cretaceous or Eocene in age. Sulphide mineralization with anomalous geochemistry appears to be spatially associated with these intrusions.
• The two holes in the vicinity of the Marguerite historical shaft intersected near surface skarn with anomalous Au-Ag-Cu and deeper hornfelsed sediments and breccias that are silica-sulphide rich and with widespread anomalous Cu over 50 to 100 m in thickness (Holes 22MR01 and 02 in Table 1). The deeper mineralization is associated with propylitic alteration and potentially could highlight deeper copper-gold porphyry potential beneath the Motherlode area skarn system.
• Holes 22MR01 and 22MR02 returned upper skarn related zones of 0.442 g/t Au, 5.61 g/t Ag and 0.028% Cu over 5.32 m, and 0.227 g/t Au, 4.36 g/t Ag and 0.037% Cu over 9.5 m core length.
• The lower highly anomalous copper-gold rich zones are highlighted by 0.123 g/t Au, 2.06 g/t Ag and 0.127% Cu over 8 m core length in hole 22MR02, but this is contained within a 46 m wide zone to the end of the hole where all but 4 of 45 samples yielded >100 ppm Cu up to 1,980 ppm Cu (Table 1).
• Similarly, in hole 22MR01, there is lower zone of copper rich mineralization that is 119 m in thickness to the end of the hole where 80 of 116 samples yielded >100 ppm Cu up to 1,600 ppm Cu Table 1).
• Although low grade, the wide highly anomalous intersections of low to moderate grade gold and copper are likely indicative or part of a large mineralized hydrothermal system.

Figure 2: carbonate hosted skarn in Motherlode North core hole 22ML007.

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Figure 3: Skarn in Marguerite core hole 22MR001.

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Figure 4: Location of 2011 and 2022 drillholes with ground HLEM, rock and soil sampling - Motherlode.

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2023 Exploration Update for Greenwood

• Additional drilling is warranted in 2023 at both the Dayton and Motherlode North target areas in order to follow-up the anomalous results of the 2022 drilling program. In addition, there are other targets at Motherlode North in the vicinity of the Motherlode Pit, the Greyhound Pit and the Great Hopes crown grant that have yet to be drill tested.
• Drilling and trenching permit applications have been submitted for the 2023 season for the Midway, Sappho and Copper Mountain target areas.
• Additional permit applications for drilling at the Imperial, Crown Point and the Overlander-Mt Attwood areas are in preparation and will be submitted in the near future.
• The Midway area is being targeted for copper-gold skarn and epithermal gold-silver. The Mt Attwood-Overlander area is being targeted for mesothermal to epithermal gold-silver.
• At Midway, selective rock grab and composite rock grab samples collected from outcrop in 2022 at the Midway Mine-Picturestone area, yielded a range of 12.05 g/t (or 0.351 ounces per ton [oz/t]) Au up to 70.8 g/t (2.065 oz/t) Au (See Company news release dated October17, 2022).
• Three of the selective rock grab samples from the Midway Mine yielded from 1,360 g/t Ag (39.7 oz/t Ag) up to 2,140 g/T Ag (62.4 oz/t Ag) (see the Company news release dated October 17, 2022).
• All highly anomalous samples are from outcrop and characterized by the presence of abundant pyrite, arsenopyrite with visible galena and sphalerite in a siliceous chalcedonic host. The mineralization is hosted in polymetallic veins that display the presence of Pb, Zn, Cu, arsenic (As) and antimony (Sb) and are likely epithermal in nature.
• A selective rock grab sample from an outcrop 200 m west of the main Midway Mine yielded 15.85 g/t Au (0.462 oz/t Au) and 1,530 g/T Ag (44.6 oz/t Ag), illustrating that there is potential for additional high-grade mineralization in the area.
• The Sappho area is being targeted for Cu-Au-Ag-platinum group elements (PGEs) in skarn and porphyry type targets associated with an alkalic intrusion and several diorite intrusions south of Greenwood near the US border.
• At least three new showings of copper oxide/sulphide mineralization were found during the 2022 program at the Sappho Target area.
• Previous surface sampling and drilling by Grizzly at the Sappho area has yielded significant anomalous copper, gold, silver along with platinum and palladium.
• Numerous rock grab samples have yielded greater than 1% Cu, 1 g/t Au, 1 g/t platinum (Pt) and 1 g/t palladium (Pd) (see Company news release dated November 3, 2022).
• Historical drilling (by the Company) has yielded up to 0.31% Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length in skarn at Sappho in 2010.

Assaying was conducted at the Saskatchewan Research Council (SRC) in Saskatoon, Saskatchewan with each sample analyzed for gold by a standard fire assay, which involves the fusion of a 30 g sample aliquot and a wet chemical (ICP or AA) finish. Additionally, each sample was submitted for multi-element geochemical analysis by the ME-MS technique, which is an ICP-MS analysis following a near-total, four-acid, digestion of a 0.25 g sample aliquot. Initial silver and base metal (Cu, Pb and Zn) "overlimit" ICP-MS results (>100 g/T Ag and >1% for base metals) were analyzed by a follow-up, "ore grade" ICP technique, which also involved ICP analysis following a four-acid digestion on a 0.4 g sample aliquot. The SRC has developed and implemented strategically designed processes and a global quality management system at each of its locations that meets all requirements of International Standards ISO/IEC 17025:2017.

Robocop Update

Permit applications are still in progress for the Robocop Property. Once received the Company will conduct its drilling program at the Robocop Project.

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.

Options Granted

The Board of Directors of the Company have authorized the grant of an aggregate 3,250,000 share purchase options under the Company's Stock Option Plan to Directors, Officers, and Consultants of the Company, including 2,500,000 to Insiders of the Company. The options are exercisable at $0.09 per common share until March 27, 2028, or earlier in accordance with the terms of the Stock Option Plan. These options vested immediately upon issuance and are subject to acceptance by the TSX Venture Exchange.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 66,000 ha (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.

On behalf of the Board,

Grizzly Discoveries Inc.

Brian Testo, CEO, President

Suite 363-9768 170 Street NW
Edmonton, Alberta T5T 5L4

For further information, please visit our website at www.grizzlydiscoveries.com or contact:

Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@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.

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