Happy Creek drills 12.4 metres of 0.74% W03 (tungsten trioxide) on the Fox property, B.C.October 20, 2011 — Vancouver, British Columbia — Happy Creek Minerals Ltd. (TSX-V: HPY, the “Company”) is very pleased to announce additional results from the first ever diamond drill program on the Ridley Creek area of its 100% owned Fox tungsten property. The Fox property is located approximately 30 kilometres east of the past producing Boss Mountain molybdenum mine and 75 kilometres northeast of 100 Mile House, in south central British Columbia, Canada. Due largely to limitation of exports from China, tungsten has maintained a price over $400 per Metric Tonne Unit or $40.0 per kg* (kilogram) of W03 (tungsten trioxide).
Ridley Creek Area Drill Results
David Blann, President and Chief Executive Officer states: “These results have added an exciting new dimension to this project and the high grade and large scale potential is more apparent. For the first drilling ever on a prospect, obtaining results with up to 9.6% tungsten is rare. We have advanced this project from a very early stage and are extremely pleased with this significant milestone. The Fox property has continued to deliver strong results and we look forward to building on this year’s success in 2012”.
Holes F11-07 (vertical) and F11-08 (minus 60 degrees) are located approximately 150 metres north of F11-01 and F11-02 (1.8 metres of 1.29% W03 and 2.2 metres of 2.21% W03, respectively-Refer to News Release dated October 3, 2011). The holes were collared approximately 25 metres west of the mineralized zone in trenches RT-6 (2.0 metres of 5.0% W03 and RT-7 (5.0 metres of 0.98% W03). Both holes cut limestone, calc silicate and skarn from the end of casing (3 metres depth) and this favorable geology occurs in drill core for 27.8 metres and 25.75 metres, respectively. The geology suggests the highest grade portion is a near horizontal or gently dipping zone that remains open in extent in three directions away from the surface RT-6 and 7 samples. In the Ridley Creek area, positive tungsten in soil and outcrop occur in an area approximately three kilometres by 500 metres in dimension. Drilling has tested a portion of the area, approximately 150 metres in length. There is thought to be excellent potential for tungsten mineralization to occur at or near surface in multiple zones within the three kilometre area.
Drill holes F11-03 to F11-06 are near the RT 1 to 5 trenches and 10 to 20 metres north of F11-01 and F11-02. Samples contain up to 0.75% W03 over 0.60 metres in F11-06 and drill logs suggest the favorable geology is approximately 7 to 10 metres in thickness. Preliminary interpretation suggests the well mineralized intercepts in holes F11-1 and F11-2 remain open in extent to the southwest and south, and show improved grade and thickness in that direction.
In addition to the generally medium to locally coarse grained scheelite (calcium tungstate an ore of tungsten), there is sphalerite (zinc sulphide) and other trace elements of potential interest. The high grade interval in F11-07 contains 0.40 metres of 9.60% W03 as well as 3.64% zinc, 19.8 g/t (grams per tonne) indium, 0.16 g/t gold and 3.2 g/t silver. Molybdenum, which occurs elsewhere on the property, is less than 15 parts per million in the tungsten skarn and lessens the likelihood of powellite (molybdenum-tungsten mineral) contamination that can be associated with decreased tungsten recovery during milling/processing. Worldwide tungsten mines generally average 0.3 to 1.0% W03 with production rates of approximately several hundred to one thousand tonnes of ore per day.
The Fox property’s geology is best described as a tungsten-molybdenum porphyry style system, Cretaceous in age and similar in part to the Boss Mountain molybdenum mine to the west. On the Fox property, the large scale mineralized system cuts metasediment and limestone, Paleozoic in age. The Ridley Creek and Nightcrawler tungsten skarn zones (5.0 metres of 0.33% W03 and 2.0 metres of 0.74% W03) are approximately 4 kilometers apart, separated by a highly evolved and multi-phase monzogranite stock that is centrally located on the property. Numerous dykes and sills related to the stock cut the sediment and limestone for several kilometres to the north and south.
Overall, positive values of tungsten occur in rock, soil and stream sediment in an area approximately ten kilometres by three kilometres in dimension. The property is located close to hydropower and excellent resource based infrastructure. It is thought to reflect a significant new tungsten-molybdenum prospect in western Canada. The 2011 drilling program is complete and results are pending from two holes.
On behalf of the Board of Directors,
“David E Blann”
David E Blann, P.Eng.
David Blann, P.Eng. is a Qualified Person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in the news release. Samples are shipped by bus and analytical results are provided by AGAT Laboratories of Vancouver using both aqua regia and peroxide fusion digest followed by ICP analyses. Tungsten results are provided in percent (%) tungsten metal (W), and W03 (tungsten trioxide) equals 1.26 times contained W. *Recent tungsten prices are based on spot contracts between a supplier and purchaser for kilograms of contained W03. Quality control protocol includes splitting core using a rock saw, routine insertion of blanks, standards and duplicates in addition to extensive laboratory internal repeats and controls.
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