Grizzly Provides Update on the Acquisition of the Motherlode Crown Grants, Greenwood Precious - Battery Metals Project, BC
Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) has provided an update on the acquisition of the Motherlode Crown Grants from First Majestic Silver Corp. The grants, located near Greenwood, BC, include historical mines that produced copper, gold, and silver. Key highlights include:
1. First Majestic is transferring Motherlode to Grizzly after reinstating the Crown Grant owner.
2. A historical Mineral Resource Estimate from 1967 totals 2.8 million tonnes at 1.6% copper equivalent.
3. Additional copper-gold mineralization was discovered in 1996 drilling.
4. Grizzly plans an aggressive 2024 drilling campaign at Motherlode and other high-grade showings in the Greenwood District.
The acquisition terms include Grizzly providing 250,000 common shares to First Majestic and granting a 1% NSR royalty, which can be repurchased for $250,000.
Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ha fornito un aggiornamento sull'acquisizione dei Motherlode Crown Grants da First Majestic Silver Corp. Le concessioni, situate nei pressi di Greenwood, BC, includono miniere storiche che hanno prodotto rame, oro e argento. I punti salienti includono:
1. First Majestic sta trasferendo Motherlode a Grizzly dopo aver ripristinato il proprietario delle Crown Grant.
2. Una stima storica delle risorse minerarie del 1967 ammonta a 2,8 milioni di tonnellate con un equivalente di rame dell'1,6%.
3. Ulteriore mineralizzazione di rame e oro è stata scoperta nei sondaggi del 1996.
4. Grizzly prevede una campagna di perforazione aggressiva nel 2024 a Motherlode e in altri siti ad alta gradazione nel distretto di Greenwood.
I termini di acquisizione prevedono che Grizzly fornisca 250.000 azioni ordinarie a First Majestic e conceda un royalty NSR dell'1%, che può essere riacquistato per 250.000 dollari.
Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ha proporcionado una actualización sobre la adquisición de los Motherlode Crown Grants de First Majestic Silver Corp. Las concesiones, ubicadas cerca de Greenwood, BC, incluyen minas históricas que produjeron cobre, oro y plata. Los puntos destacados incluyen:
1. First Majestic está transfiriendo Motherlode a Grizzly después de restablecer al propietario de la Crown Grant.
2. Una estimación histórica de recursos minerales de 1967 totaliza 2.8 millones de toneladas con un equivalente de cobre del 1.6%.
3. Se descubrió mineralización adicional de cobre-oro en la perforación de 1996.
4. Grizzly planea una agresiva campaña de perforación en 2024 en Motherlode y otras áreas de alta ley en el distrito de Greenwood.
Los términos de adquisición incluyen que Grizzly proporcione 250,000 acciones ordinarias a First Majestic y otorgue un royalty NSR del 1%, que se puede recomprar por $250,000.
그리즐리 디스커버리즈 주식회사 (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF)는 퍼스트 마제스틱 실버 주식회사로부터 마더로드 크라운 그랜트의 인수에 대한 업데이트를 제공했습니다. 이 그랜트는 브리티시 컬롬비아주 그린우드 근처에 위치하며, 구리, 금, 은을 생산한 역사적인 광산들을 포함합니다. 주요 요점은 다음과 같습니다:
1. 퍼스트 마제스틱은 크라운 그랜트 소유자를 복원한 후 마더로드를 그리즐리에게 이전하고 있습니다.
2. 1967년의 역사적인 광물 자원 추정치는 280만 톤에 1.6% 구리 동등량입니다.
3. 1996년 채굴에서 추가적인 구리-금 광화가 발견되었습니다.
4. 그리즐리는 2024년에 마더로드와 그린우드 지역의 다른 고등급 광산에서 공격적인 드릴링 캠페인을 계획하고 있습니다.
인수 조건에는 그리즐리가 퍼스트 마제스틱에 250,000주식의 보통주를 제공하고 1% NSR 로열티를 부여하며, 이는 $250,000에 재구매할 수 있습니다.
Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) a fourni une mise à jour sur l'acquisition des Motherlode Crown Grants de First Majestic Silver Corp. Les concessions, situées près de Greenwood, en Colombie-Britannique, comprennent des mines historiques qui ont produit du cuivre, de l'or et de l'argent. Les points clés incluent :
1. First Majestic transfère Motherlode à Grizzly après avoir rétabli le propriétaire de la Crown Grant.
2. Une estimation historique des ressources minérales datant de 1967 totalise 2,8 millions de tonnes avec un équivalent en cuivre de 1,6 %.
3. Une minéralisation supplémentaire de cuivre-or a été découverte lors des forages de 1996.
4. Grizzly prévoit une campagne de forage agressive en 2024 à Motherlode et dans d'autres zones à haute teneur du district de Greenwood.
Les conditions d'acquisition incluent que Grizzly fournisse 250 000 actions ordinaires à First Majestic et accorde une redevance NSR de 1 %, qui peut être rachetée pour 250 000 $.
Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) hat ein Update zum Erwerb der Motherlode Crown Grants von First Majestic Silver Corp. bereitgestellt. Die Grants, die sich in der Nähe von Greenwood, BC, befinden, umfassen historische Minen, die Kupfer, Gold und Silber produziert haben. Wichtige Punkte sind:
1. First Majestic überträgt Motherlode an Grizzly, nachdem der Eigentümer der Crown Grant wiederhergestellt wurde.
2. Eine historische Schätzung der Mineralressourcen aus dem Jahr 1967 beläuft sich auf insgesamt 2,8 Millionen Tonnen mit einem Kupferäquivalent von 1,6 %.
3. Zusätzliche Kupfer-Gold-Mineralisierung wurde 1996 beim Bohren entdeckt.
4. Grizzly plant eine aggressive Bohrkampagne 2024 in Motherlode und anderen hochgradigen Lagerstätten im Greenwood-Distrikt.
Die Erwerbsbedingungen umfassen, dass Grizzly 250.000 Stammaktien an First Majestic liefert und eine NSR-Royalty von 1 % gewährt, die für 250.000 Dollar zurückgekauft werden kann.
- Acquisition of historical Motherlode Crown Grants with significant past production
- Historical Mineral Resource Estimate of 2.8 million tonnes at 1.6% copper equivalent
- Additional copper-gold mineralization discovered in 1996 drilling
- Planned 2,000m drilling program for 2024 at Motherlode area
- Active land use permit for drilling already in place
- Cost of reinstating and transferring Crown Grants to be covered by Grizzly
- Issuance of 250,000 common shares to First Majestic as part of acquisition
- 1% NSR royalty granted to First Majestic on the Crown Grants
Edmonton, Alberta--(Newsfile Corp. - October 22, 2024) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to provide an update on the acquisition of the Motherlode Crown Grants from First Majestic Silver Corp. ("First Majestic") and includes highlights of the recently compiled historical information for the Motherlode Crown Grants, located near the town of Greenwood, South-Central British Columbia (BC). The Motherlode Crown Grants host the historical Motherlode, Sunset, Sunrise and Greyhound mines that at various times during the early and middle 1900's produced copper (Cu), gold (Au) and silver (Ag) from both open pit and underground workings (Figures 1 and 2). The Motherlode Mine is reported to have produced 76,975,111 pounds of Cu, 173,319 ounces of Au and 688,203 ounces of Ag during the active periods of mining from 1900 to 1920 and then from 1957 to 1962 (BC Minfile 082ESE034). The Motherlode mine is road accessible and is approximately 2.5 km (1.5 miles) northwest of the town of Greenwood (Figure 1).
Highlights
- First Majestic to transfer Motherlode to Grizzly. First Majestic has completed the re-instatement of the Motherlode Crown Grant owner and wholly owned subsidiary Veris Gold Corp. and in concert with advice from the BC Ministry of Energy, Mines & Low Carbon Innovation has submitted a petition to re-vest the Crown Grants with the subsurface mineral rights back to Veris Gold, at which time once approved, will allow First Majestic to transfer the Crown Grants with the subsurface mineral rights to the Company.
- Motherlode Historical MRE. A historical MRE1 constructed in 1967 by Allen Geological Engineering Ltd.2 after the last period of mining on behalf of two companies, Aabro Mining and Oils Ltd. and Cumberland Mining Ltd., is described as Drill Proven (Assured), Indicated and Inferred and totals 2.8 million tonnes with a grade of
1.6% Cu equivalent (CuEq3) (0.8% Cu, 1.06 g/t Au). - Additional Cu-Au Mineralization. In addition to the historical MREs, drilling in 1996 by Strathcona Mineral Services on behalf of YGC Resources (Veris Gold) intersected several zones of Cu-Au mineralization targeting the gold bearing halo to the Motherlode Skarn along the east side of the Motherlode pit in the vicinity of the historical underground workings (Figures 2 and 3).
- Drillhole 96-8 encountered gold in almost every sample over the entire 154.23 m (506 ft) length drillhole with a number of higher grade zones in proper skarn towards the bottom of the hole (Figures 3 and 4). The results include 2.5 g/t (0.073 ounces per ton [opt]) Au along with significant Cu over 4.88 m (16 ft) intersecting the Main Motherlode skarn at the bottom of the drillhole within altered Brooklyn limestone. The skarn mineralization is associated with a strong AeroTEM conductivity anomaly (Figure 2).
- The hole was terminated prior to completion due to technical difficulties and concerns over intersecting the existing underground stopes. Strathcona Mineral Services recommended follow-up drilling which has never been completed.
Figure 1: Land position and targets of interest for future exploration, Greenwood Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/227407_d5be86a374d2daf6_002full.jpg
Figure 2: Motherlode Crown Grants, Historical Drilling and AeroTEM Survey Greenwood Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/227407_d5be86a374d2daf6_003full.jpg
Brian Testo, President and CEO of Grizzly Discoveries, stated, "We are excited with the acquisition of the historical Motherlode Crown Grants and the potential battery metal and precious metal targets that they provide. We look forward to an aggressive 2024 drilling campaign at the Motherlode area and other high grade Au-Ag-Cu showings and historical mines in our current 170,000+ acre holdings in the Greenwood District."
Figure 3: Motherlode Historical Drillhole ML96-8 Greenwood Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/227407_d5be86a374d2daf6_004full.jpg
The Company currently has an active land use permit for drilling at the Motherlode area and has designed a confirmation and exploration core drilling program for the Motherlode and Sunset pit areas based upon a compilation of historical information. The planned program consists of approximately 2,000 m 13 core holes and is focused on targets beneath and along strike from the Motherlode Pit (Figure 4).
Additional planned drilling is being considered for the Greyhound Pit area once a geological and mineralization model have been completed for the Greyhound target.
Summary of the Motherlode Crown Grants and Purchase Terms
The Motherlode Crown Grants near the town of Greenwood, South-Central British Columbia (BC) consist of 13 Crown Grants covering a total of 300 acres (121.4 hectares) that all retain the subsurface mineral rights and date back to the late 1800's early 1900's when they were granted. The Crown Grants take precedence over normal mineral claims registered under the BC Mineral Titles Act. The Crown Grants cover a number of historical mines, including the Motherlode Mine. The Motherlode mine is road accessible and is approximately 2.5 km northwest of the town of Greenwood (Figure 1).
Figure 4: Motherlode Mineralized Zone Orthogonal View and Proposed Drilling.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/227407_d5be86a374d2daf6_005full.jpg
- Grizzly will provide First Majestic 250,000 common shares of the Company upon successful transfer of the Crown Grants to the Company.
- The Company will cover the costs to re-instate and transfer the Crown Grants from YGC Resources Ltd. (Veris Gold Corp.) a wholly owned sub of First Majestic to First Majestic and then to the Company.
- On closing, the Company will grant First Majestic a
1% Net Smelter Return (NSR) Royalty on the Crown Grants that can be purchased by the Company at any time for$250,000.
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.
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 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a 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.
1The Motherlode and Greyhound Properties of Cumberland Mining Co. Ltd. N.P.L. Greenwood, BC by Allen Geological Engineering Ltd. September 27th, 1967.
2Various historical Mineral Resource Estimates (MREs) produced both prior to the last period of mining 1957 - 1962 (Report on Motherlode and Sunset Mine by Frances Fredericks, 1951) and after the last period of mining as part of a couple of historical economic studies have been recovered from the publicly available BC Property Files. This historical MRE was calculated prior to the implementation of the standards set forth in the current National Instrument (NI) 43-101 and current Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards for MREs. Resource definitions, terminology and reporting standards have changed significantly since these series of reports. The estimates in these reports are all considered historical in nature, and a Qualified Person (QP) has not done sufficient work to evaluate these resources as current resources. For these resources to be updated as current resources, a QP would need to examine and analyze the existing drill core, validate and verify the existing data supporting the historical estimate, and perform a confirmatory site visit. Therefore, the company and the QP for this news release are treating this estimate as historical in nature, and are highlighting the estimate for the purpose of illustrating the potential extent of mineralization that may be present.
3CuEq is calculated utilizing
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227407
FAQ
What is the historical production of the Motherlode Mine acquired by Grizzly Discoveries (GZDIF)?
What is the size of the historical Mineral Resource Estimate for the Motherlode property acquired by Grizzly Discoveries (GZDIF)?
What are Grizzly Discoveries' (GZDIF) plans for the Motherlode property in 2024?
What are the key terms of Grizzly Discoveries' (GZDIF) acquisition of the Motherlode Crown Grants?
