Happy Creek begins exploration on Fox tungsten property and appoints Richard Lee as Chief Financial Officer12-11
July 16, 2012 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V:HPY, the “Company”) is pleased to announce that exploration is underway on its 100% owned, 165 square kilometre Fox tungsten property located approximately 75 kilometres northeast of 100 Mile House, British Columbia (B.C.) Canada. The Company has completed camp construction and geological mapping, sampling and prospecting are now underway. The drill will be mobilized shortly.
David Blann, President and Chief Executive Officer of Happy Creek states: “We shall soon begin drilling 25 holes with a focus on delineating the zone we discovered last year. This new discovery is at or within 10 metres of surface and contains high tungsten grades. In addition, there is a strong geophysical target about 65 metres below surface that is thought to represent another tungsten bearing zone. With drilling to date covering only 10% of a three kilometre long trend, the project holds potential for multiple mineralized zones”.
During 2011, the first ever reconnaissance drilling of the Ridley Creek area returned results that extended the positive 2010 trenching results and confirmed continuity of the favorable geology. Refer to press releases dated October 3rd, October 20th and November 1st, 2011. Tungsten prices are currently around $38/kg W03 (tungsten trioxide).
The 2011 drilling represents approximately 10% of the area that contains positive tungsten in soil, rock and trench samples at surface. The BK, BN and 708 samples remain untested by drilling. In addition, induced polarization geophysical results indicate potential for important large scale mineralized zones beneath the near-surface zones. Multiple mineralized layers or zones may occur as found at the Nightcrawler zone, where previous drilling identified an area 1.5 kilometres by 500 metres in dimension containing positive tungsten values in multiple layers. For example drill hole 07F-05 contains 2.0 metres of 0.74% W03 and 2.0 metres of 0.48% W03 that remain open in extent.
The geological setting, nature and scale of mineralization are similar to other tungsten mines and advanced stage projects world-wide. Drilling in 2012 is first planned to consist of 25 holes covering an area approximately 400 metres by 250 metres in dimension. Surface geology mapping, sampling, detailed topographic surveys, initial metallurgical and environmental studies are also planned.
On the Company’s Silverboss property, a three dimensional induced polarization (3D IP) and magnetic geophysical survey is also underway to cover the prospective Horse Trail (copper-molybdenum-gold) zone. On the West Valley copper property, 1200 kilometres of airborne magnetic and spectral (radiometric) surveys have been completed and results are pending. On the Silver Dollar property, south of Revelstoke, B.C., the Company has acquired several additional mineral claims that increase the size of the contiguous land package covering a number of historical past producing gold-silver mines and prospects. On the Silver Dollar, an airborne geophysical and LIDAR detailed topographic survey, surface geology and sampling is planned for late August and September.
The Company also wishes to announce the appointment of Richard (Rick) Lee as chief financial officer (CFO). Mr. Lee has spent over 30 years either working for public accounting firms or companies. He has a wealth of financial and accounting experience working with and for public companies which trade in Canada on the TSX-Venture Exchange as well as with companies registered with the SEC in the United States. Mr. Lee is a graduate of the University of British Columbia with a Bachelor’s degree in Commerce and is a Certified Management Accountant having obtained his designation in 1991. Rick is Vancouver-based, and will replace Dale Hansen of Calgary, who has stepped down. The Company wishes to thank Dale for his professional services, dedication and support since November 2010.
Concurrent with the appointment as CFO, the Company has granted to Mr. Lee options to purchase 200,000 common shares of the Company, exercisable for a period of three years at a price of $0.18 per share.
On behalf of the Board of Directors,
“David E Blann”
David E Blann, P.Eng.
FOR FURTHER INFORMATION PLEASE CONTACT:
David Blann, President, CEO
Toll free: 1-877-459-5507
Neither 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.
You can view the Next News item:July 26th, 2012, Happy Creek commences drilling on the Fox tungsten property
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