Grizzly Intersects 1.0% CuEq* over 13.68 m and 0.357% CuEq* over 44.55 m at Sappho Critical Minerals Target Greenwood, BC

Grizzly reports early-stage drill results, but economic potential remains unproven.

What the company is saying

Grizzly Discoveries Inc. highlights the completion of seven core holes totaling 1,485 metres at the Sappho Critical Minerals Target, emphasizing that all holes intersected 'highly anomalous' polymetallic mineralization. The language stresses technical success, referencing specific copper equivalent grades and intervals, such as 0.357% CuEq over 44.55 metres and 1.0% CuEq over 13.68 metres in hole 26SPDD005. The announcement draws attention to the discovery of five new sulphide showings in 2022, with four yielding rock grab samples over 1% copper, and historical samples up to 9.06% copper. Management frames the narrative around ongoing momentum, mentioning current permitting for additional drill pads and the recent staking of 35 BLM lode mineral claims in Washington State. The tone is optimistic, projecting confidence in the technical team and future discoveries, but avoids discussion of economic viability, resource estimates, or financial outcomes. Notable individuals named include CEO Brian Testo and Qualified Person Michael B. Dufresne, whose involvement is presented as a credibility anchor for the technical work.

What the data suggests

The technical data confirms that seven holes were drilled for 1,485 metres, with specific intervals showing copper equivalent grades such as 0.17% CuEq over 9.4 metres and 0.357% CuEq over 44.55 metres. Hole 26SPDD005 contains a lower zone grading 1.0% CuEq over 13.68 metres, with detailed breakdowns for copper, nickel, gold, silver, platinum, and palladium. Surface work in 2022 identified five new sulphide showings, four of which returned grab samples above 1% copper, peaking at 7.25%. Historical sampling supports the presence of high-grade copper and precious metals, with some samples exceeding 9% copper and platinum group elements up to 4.64 g/t Pt and 2.28 g/t Pd. Despite these technical details, there is no resource estimate, economic study, or financial disclosure. The evidence supports the presence of mineralization but does not demonstrate scale, continuity, or economic potential. Claims of 'highly anomalous' mineralization are not fully substantiated by interval-by-interval data for all elements. No financial trajectory can be inferred, as the announcement lacks any cost, revenue, or budget figures.

Analysis

The announcement is upbeat, highlighting successful assay results and new exploration targets, but the actual progress is limited to early-stage exploration. All disclosed achievements are technical (drilling completed, assays received, claims staked), with no resource estimate, production, or financial metrics. Several claims about 'highly anomalous' mineralization are not fully supported by interval-by-interval data for all elements. The forward-looking statements (permitting, future drilling, further groundwork) indicate that any material benefit is long-dated and contingent on further exploration success. The capital intensity flag is triggered by ongoing permitting and planned drilling, which require significant outlay with no immediate earnings impact. The gap between narrative and evidence is moderate: while technical progress is real, the language inflates the significance of early-stage results and omits any discussion of economic viability.

Risk flags

• ●Operational risk is high, as the project is at the early exploration stage with no defined resource or reserve, and success depends on future drilling and permitting outcomes.
• ●Financial risk is significant because there is no disclosed cash position, budget, or funding plan, while ongoing exploration and permitting require continued capital outlay with no near-term revenue.
• ●Disclosure risk is present since claims of 'highly anomalous' mineralization are not fully backed by interval-by-interval assay data for all elements, limiting independent assessment of the project's true potential.

Bottom line

This announcement signals technical progress at Grizzly's Sappho project but remains strictly within the realm of early-stage exploration. The disclosed grades and intervals confirm mineralization but fall short of demonstrating economic viability or scale. No resource estimate, economic study, or financial data is provided, leaving the investment case speculative and long-dated. The company's upbeat narrative and technical detail do not compensate for the absence of financial or development milestones. Investors should treat this as a routine exploration update with no immediate investment impact. The most important takeaway is that Grizzly remains years away from demonstrating commercial value, and future disclosures would need to include resource estimates or economic studies to materially change the investment outlook.

Announcement summary

(TSXV:GZD) Grizzly Discoveries Inc. announced that assay results have been received from ALS Global Limited for the core drilling program conducted in late April to mid-May, 2026 at the Sappho Critical Minerals Target. A total of seven core holes for a total 1,485 metres were completed targeting the near surface Main Sappho Skarn Target and an associated near surface IP conductivity. All seven 2026 core holes intersected highly anomalous polymetallic mineralization with Cu-Au-Ag-cobalt-nickel-zinc-PGE's. Example weighted average grades include 0.17% CuEq over 9.4 m starting at 12.4 m in hole 26SPDD002, and 0.357% CuEq over 44.55 m starting at 69.0 m. Hole 26SPDD005 yielded 0.14% CuEq over 26.00 m starting at 8 m downhole, with a lower zone of 1.0% CuEq starting at 79.22 m over 13.68 m. The company is currently in the process of permitting additional drillhole pads to complete drill testing of the Sappho IP chargeability target later in the year. Grizzly has staked a total of 35 Bureau of Land Management (BLM) lode mineral claims in Washington State covering the potential southern extent of the anomaly in the USA.

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