Grizzly enters MOU for Alberta potash project

2014-03-11 09:37 ET - News Release

Mr. Brian Testo reports


Grizzly Discoveries Inc. has entered into a memorandum of understanding with an unrelated third party as an initial step toward a proposed $15-million investment by the interested party to advance the company's Alberta potash project.

Under the terms of the MOU, the Company and the Interested Party entered into a confidentiality agreement pursuant to which Grizzly shall provide the Interested Party with all data and information that it has pertaining to the APP, with particular focus on the North Block near Lloydminster, Alberta. The MOU contemplates that, subject to the Interested Party's satisfactory due diligence on the APP data, the Company and the Interested Party would pursue negotiations leading to a final agreement ("Investment Agreement") whereby the Interested Party would invest up to $15 Million in cash to fund an exploration drill program to test the APP's North Block. The contemplated $15 Million investment by the Interested Party would, subject to the terms of the Investment Agreement, result in the Interested Party having a direct interest in the Alberta Potash Project. In addition, the MOU contemplates that upon having invested the $15 Million into an exploration program on the APP, the direct interest in the property could be convertible to an equivalent equity interest in a publically traded corporation which owns the APP assets.

Brian Testo, Grizzly's President and CEO, stated, "As we have been disclosing in our filings and prior releases, Grizzly is very actively seeking a partner to advance our Alberta Potash Project. While this MOU is just an initial step towards an actual cash investment, we are optimistic that the fundamentals of the Alberta Potash Project are sound and that our prospective partners will recognize the merit and massive potential upside for the discovery of a significant potash resource in Alberta's favourable resource tax and royalty regime."

The terms and conditions of the potential Investment Agreement have not yet been negotiated, and there is no surety that the Investment Agreement will be successfully concluded. However, provided negotiated terms and conditions of the Investment Agreement are agreed to by both parties, final approval will be subject to ratification by the Company's and the Interested Party's respective Boards of Directors and applicable regulatory authorities.


The Company's Alberta Potash Project consists of metallic and industrial mineral permits covering approximately 900,000 acres in Alberta along the Saskatchewan border. The property is divided into the North and South Blocks near Medicine Hat, Alberta and Lloydminster, Alberta respectively.

The Company drilled one test well on the South Block ("South Block Well") in late 2011. Coring commenced at 1,642 metres ("m") below surface, and visible potash minerals were observed in the drill core for the interval between 1,648 m and 1,670 m below surface. The well cored a thick (22.35 m) zone of Prairie Evaporite Formation salt with low grade potash at a depth of 1,648 m, the approximate depth of the Belle Plain Solution Mine in Saskatchewan. Within the low grade potash zone, the drilling intersected two zones of sylvite mineralization (Upper zone and Lower zone) within the Patience Lake Member, near the top of the Prairie Evaporite Formation. Analytical results from the South Block Well yielded weighted average grades of 2.62% K2O (4.15% KCl) over 22.35 m at a depth of 1,648.5 m for the low grade zone. The interval contained higher grade portions including 6.4% K2O (10.14% KCl) over 4.55 m, 8.77% K2O (13.88% KCl) over 2.65 m and 13.0% K2O (20.58% KCl) over 1.15 m within the Upper zone and 2.45% K2O (3.88% KCl) over 3.3 m in the Lower zone.

The Company has not yet drill tested the North Block of the APP, however the Company has intentions to test an area in close proximity to a reported occurrence of potash minerals in historic well VCO #15 in the Vermilion area on the North Block. The author reporting the occurrence suggested that the potash mineral "sylvite exists in substantial quantities" "throughout the first 50 feet of the Prairie Evaporite" (Golden, B.Sc., 1965). The author also suggested the potash minerals "are of the same composition and depositional sequence and depth as the potash at Unity and Saskatoon, Saskatchewan", currently the location of a number of potash mines. Analytical work by the Alberta Geological Survey (Eccles et al., 2009) on what is left of the core from VCO #15 has yielded up to 18.6% K2O utilizing a hand held XRF instrument and confirms the observations of Golden (1965). The reported occurrence of potash minerals is at a depth of approximately 1,061 m below surface.

For more information about the Alberta Potash Project, and the results of the Company's work on the property to date, please see the Technical Report on the Potash Potential of Grizzly Discoveries Inc.'s Alberta Potash Project dated June 30, 2012 (filed August 28, 2013) available on SEDAR.

The content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.   


Athabasca Minerals finishes drilling at Richardson

2014-03-11 08:28 ET - News Release

Mr. Dom Kriangkum reports


Athabasca Minerals Inc. has completed its winter drilling program at the Richardson granite-dolomite project located 130 kilometres north of Fort McMurray. The objective of the drilling program on the Richardson property is to delineate a future source of granite-dolomite aggregate for the Northern Alberta market.

In February, 2014, a total of eight vertical core holes were drilled on the Richardson property for a total of 843 metres over a 20-square-kilometre area. All holes successfully cored the dolomite, and all but one intersected the granite basement rocks. All holes were drilled to a maximum depth of 144 metres. The dolomite and granite were penetrated at similar depth levels, attesting to the uniformity of the units across the Richardson property area that were tested by drilling. Detailed core logging and sampling will commence shortly at Athabasca's Edmonton facility, to be followed up by independent analytical test work.

"We are very pleased with our drilling production rate and the consistency of our drill campaign on the Richardson property," said Dom Kriangkum, president and chief executive officer of Athabasca. "These 2014 drill holes, coupled with additional drilling from the same area in 2013, will provide us with information necessary to complete a National Instrument 43-101 resource estimate."

The drilling program was implemented on behalf of the corporation by Apex Geoscience Ltd., of Edmonton, under the supervision of Michael Dufresne, PGeol, and Bryan Atkinson, PGeol, who will also be responsible, as qualified persons, for the logging of core and preparation of the National Instrument 43-101 resource estimate with respect to the Richardson property. Drilling was completed by Lone Peak Drilling of Kimberly, B.C.

On behalf of Athabasca, the technical information in this news release has been reviewed and approved by Pamela Strand, PGeol, vice-president, business development and communications, and a qualified person in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.


2013-08-07 09:22 ET - News Release

Aston Bay compiles, verifies Storm data from Teck Mr.
Benjamin Cox reports
ASTON BAY HOLDINGS CORPORATE UPDATE ON DATA LICENSED IN 2012 Aston Bay Holdings Ltd. has provided a summary of technical data licensed from Teck Metals Ltd. in December, 2012. The licensing agreement (see the company's news release dated Jan. 9, 2013) provides Aston Bay with access to data not available in the public domain. Data include complete results from historic soil sampling, airborne and ground geophysical surveys, as well as results from more than 15,000 metres of drilling conducted at the Storm and Seal prospects. The data have now been compiled and verified by the company's consultants, and are being integrated into the company's overall database. "The licensing of data from Teck allows Aston Bay to advance the Storm project more quickly and cost-effectively," said Benjamin Cox, president and chief executive officer of Aston Bay. "It would have taken the company years and millions of dollars to reproduce the data obtained in this transaction." "The data acquired from Teck will be invaluable in Aston Bay's efforts to refine its understanding of the mineralization at the Storm and Seal prospects," says Bruce Counts, chief operating officer of Aston Bay. "Over the coming months, the company will integrate the data acquired from Teck with the information collected this year. The 2014 exploration program will be designed to build upon the insights gained from the combined data." Drilling Between 1995 and 2001, 97 diamond drill holes were drilled at the Storm property. The data acquired from Teck included drill results previously unavailable to the company. These include collar locations, assays and drill logs for 14 holes at the Seal prospect totalling 2,465 metres, and similar data for 18 holes at the Storm prospect totalling 3,113 metres. Geochemistry Between 1966 and 2001, extensive geochemical sampling was carried out in and around the current Storm property. Aston Bay has now compiled data for a total of 7,477 conventional soil samples, 145 mobile metal ion (MMI) soil samples, 1,728 stream samples and 360 rock samples. Of these, the geochemical data and locations for 1,875 soil samples, all MMI samples, 616 stream sample and 220 rock samples were unavailable prior to the acquisition of the Teck data. Previously unavailable data include results from a soil grid covering the main Storm copper showings (1,401 samples), significant regional soil and stream sampling (1,090 samples), and regional rock sampling (220 samples). Geophysics Extensive geophysical work was completed at the Storm property between 1994 and 2000, including four airborne surveys and 733 line kilometres of ground geophysics. Newly acquired and previously unavailable historic data from Teck include results from 71 line kilometres of horizontal-loop electromagnetic (HLEM) surveys, 58 line kilometres of gravity surveys and 129 line kilometres of induced polarization (IP) surveys at the Storm prospect. Also included are images from the 1999 hyperspectral survey. The geophysical data obtained from Teck will be integrated with the versatile time-domain electromagnetic (VTEM) data acquired in 2010. Next steps Over the coming months, historic data will be integrated with the information collected during the 2013 field program to provide a more concise understanding of the mineralization at the Storm and Seal prospects. Select information will be released to the market as the data are interpreted, and the company grows its knowledge of the copper and zinc mineralized zones on the Storm property. The content of this news release and the technical information that forms the basis for this disclosure has been prepared under the supervision of Michael Dufresne, MSc, PGeol, who is the qualified person as defined by National Instrument 43-101 and a consultant to Aston Bay. We seek Safe Harbor.

Mr. Benjamin Cox President

2010-07-06 16:47 News Release

Aston Bay Holdings starts exploration program at Storm



Aston Bay Holdings Ltd. has commenced the 2013 field program at the Storm property located on Somerset Island in Nunavut Territory. Crews were mobilized to the property beginning on July 2, 2013, and exploration work is expected to be carried out over a two-week period. The goal of the 2013 field program for the Storm copper prospect is to obtain a better understanding of the mineralization previously identified as well as to prioritize untested targets for future drilling. The company's focus at the Seal zinc prospect will be the acquisition of data that may contribute to the development of a possible maiden resource as recommended in the National Instrument 43-101-compliant technical report on the exploration history and current status of the Storm project, Somerset Island, Nunavut, dated Oct. 31, 2012, which has been electronically filed with regulators by Aston Bay and is available for viewing under Aston Bay's profile on SEDAR. "We are eager to get the 2013 field program under way," said Bruce Counts, chief operating officer of Aston Bay. "The work that we conduct this year will provide critical information to assessing the potential of the Storm copper and Seal zinc prospects." "We have a unique opportunity to overlay the modern time domain electromagnetic (VTEM) survey with historical data we licensed earlier this year," added Benjamin Cox, president and chief executive officer of the company. "One goal of the summer 2013 program is to be able to solidify management's technical understanding of these projects." Storm copper prospect The Storm copper prospect hosts several stratabound zones of copper mineralization located approximately 20 kilometres inland from Aston Bay and the Seal zinc prospect. It is intended that work on the Storm prospect in 2013 may include the following: Shoulder sampling: The company will perform sampling of the historic drill core adjacent to sections previously analyzed to broaden the results footprint of the mineralized bodies. The sampling is necessary for any future resource estimations that might be contemplated, and it is hoped that the identification of broad halos of low-grade mineralization might improve the understanding of the mineralized zones; Rock and soil sampling: Rock and soil samples will be collected over prospects identified in the 2011 VTEM survey and identified in the reworking of historic ground geophysical survey data, with the goal of establishing priority drill targets for the 2014 season. Seal zinc prospect The Seal zinc prospect is a stratabound zone of zinc mineralization that is located within 300 metres of tidewater at Aston Bay, on the northwest coast of Somerset Island. Work on the Seal prospect in 2013 may include the following: Metallurgical and core sampling: Surface and core samples will be collected along the strike of the exposed Seal mineralization for the purpose of metallurgical testing and for additional information that could be used in a possible maiden resource estimate that might be contemplated in future. The content of this news release and the technical information that forms the basis for this disclosure has been prepared under the supervision of Michael Dufresne, MSc, PGeol, qualified person as defined by NI 43-101, consultant to Aston Bay.

2010-11-16 11:05 ET - News Release

Cougar Minerals starts Rice Lake drilling program.

Mr. Mike Elson reports

Cougar Minerals Corp. has commenced a diamond drill program on the company's Rice Lake project in southeastern Manitoba. A minimum of 1,200 metres of drilling is anticipated for the current drill program. Drilling will follow up on the company's summer work program of stripping and detailed sampling, and will test the Wanabe and Main showings on the Wyatt property, and the On the Mark and Carbucketty showings on the PFG/Bill property. The drilling program is a helicopter-supported program being carried out under the supervision of Linda Caron, MSc, PEng, an independent qualified person as defined by NI 43-101. Wynne Drilling of Bissett, Man., working in conjunction with Lone Peak Drilling of Kimberly, B.C., is the drill contractor. Drill core is NQ size and assaying will be performed by TSL Analytical Laboratory in Saskatoon.

On behalf of the Board of Directors of Cougar Minerals.

Mr. Mike Elson