The exploration and drilling program for Grizzly Discoveries Inc. in 2011 includes plans for discovering new mining options for silver as well as identifying the existing gold veins for future metal recovery.
Grizzly currently has a 100% interest in just over 225,000 acres in a single major block of mineral claims centered on the town of Greenwood, B.C. They commissioned APEX Geoscience Ltd. (APEX) of Edmonton, Alberta to mobilize field crews to the Greenwood area in early May to commence ground exploration in advance of a planned 5,000 metre drill program on new and existing high quality targets.
"With a healthy treasury from this year's successful financing, Grizzly has designed the 2011 Exploration Program on the Greenwood Project as a systematic and scientific approach which we believe may lead to a new discovery in the Greenwood area," stated Brian Testo, President and Chief Executive Officer of the Company, "and Stage 1 of the program, currently underway, will enable us to focus our drilling later in the year exclusively on high quality targets."
Immediate and Future Work
An aggressive Stage 1 field exploration program is underway, including extensive ground geophysical surveys comprised of an induced polarization ("IP") survey conducted by Peter E. Walcott & Associates Ltd. of Vancouver. In addition, prospecting, rock and soil sampling, along with geological mapping, are underway at a number of existing targets including Copper Mountain, Ket 28, and the Dayton area.
New targets identified by detailed analysis of the 2008 and 2009 airborne geophysical surveys are also being developed. The focus of the 2011 exploration program is to identify drill targets that are similar in nature to Kinross's Buckhorn Gold Skarn Deposit and Midway's Golden Eagle Epithermal Gold Deposit located in the State of Washington, each of which are reported to contain indicated resources of more than one million ounces of gold.
To date, approximately 1,600 soil and rock samples have been collected and have been shipped to ALS Chemex in Vancouver for analysis. More than 70 line-kilometres (km) of IP surveys (over a minimum of 9 previously identified targets) and more than 20 line-km of HLEM and Promis EM surveys have also been completed. The planned ground work is budgeted at $1.0 million and will continue into late July or early August.
Upon completing interpretation of data from the Stage 1 program, drill targets will be selected, prioritized and land use applications for drilling will be submitted. Grizzly plans to commence drilling in late summer or early fall 2011 and has allocated a minimum budget of $1.2 million on 5,000 metres of drilling at Greenwood in 2011.
"With recent price increases in silver, the company plans to examine its land holdings for silver potential," added Testo. "The historic Phoenix Mine, located in close proximity to and surrounded by the Greenwood Gold Project mineral claim holdings, produced more than 6 million ounces of silver. There are a number of historic showings and old workings from which silver was produced on Greenwood Project's mineral claims in the area. Each of these historic showings and workings will be examined during the field program that is underway."