The acquired permits is in addition to its existing 57,529 hectares held by Alberta Diamond project, which is said to host at least seven kimberlites.
With this acquisition, the project covers 92,025 hectares of the Buffalo Head Hills kimberlite field.
Based upon the regional geological setting and the exploration results conducted to date, the potential for discovery of additional diamondiferous kimberlites is high, the company said.
APEX Geoscience, Grizzly’s geological consultants, has recommended proceeding with exploration on two fronts.
First, bulk sample the BE-2 and BE-3 kimberlites which yielded up to one microdiamond per kilogram during the 2008 drilling program and proceed to drill test the high priority targets that were identified in the region to continue the search for new diamondiferous kimberlites.
Grizzly plans to carry out ground geophysical surveys using the lidar and airborne orthophoto data, in the search for new kimberlites.
The company is seeking equity funding and/or joint venture partners for further diamond exploration at Alberta Diamond project.
