June 11, 2012
Happy Creek drills 152.5 metres of 0.26% copper, 0.67 g/t rhenium at Rateria, Highland Valley, B.C.
12-09June 11, 2012 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V:HPY, the “Company”) is pleased to announce additional drill results from exploration of its Rateria property, located in the Highland Valley district, south central British Columbia (B.C.), Canada.
The Company has a 100% interest in approximately 175 square kilometres of mineral claims that adjoin Teck’s Highland Valley Copper (HVC) mine property. HVC is Canada’s largest copper producer and currently mining material with an average grade of around 0.22% copper.
On the Rateria property, Happy Creek has discovered Zone 1 and Zone 2 located approximately 6.5 kilometres south-southeast of Teck’s producing Highmont mine. Zone 1 is over one kilometre in length and remains open in extent. Zone 2 is located approximately 2.0 kilometres to the northeast of Zone 1. Previous results from Zone 2 include R08-05 with 126.0 metres of 0.46% copper, 0.008% molybdenum and 0.10 g/t gold and R08-01 with 113.0 metres of 0.33% copper and 0.05 g/t gold. In February 2010, Happy Creek was the first in Highland Valley to announce rhenium in drill results.
New drill results from Zone 2 include R11-36 containing 152.5 metres grading 0.26% copper, 0.008% molybdenum, 0.07 g/t gold and 0.67 g/t rhenium, starting at 70.0 metres. This includes 42.5 metres of 0.37% copper, 0.17 g/t gold, 0.025% molybdenum, 1.82 g/t rhenium and 1.87 g/t silver. Important rhenium enrichment is shown in a section of 7.5 metres with 0.11% copper, 0.119% molybdenum and 9.5 g/t rhenium. R11-36 was drilled from the west to east at -60 degrees and is located approximately 175 metres west of R09-06 that contains 92.4 metres of 0.12% copper, 0.011% molybdenum, 0.03 g/t gold and 0.76 g/t rhenium. The zone remains open in extent.
David Blann, President and CEO of Happy Creek states: “R11-36 has expanded Zone 2, and it remains open in extent in several directions. It continues to return strong rhenium enrichment, and the additional gold values are positive and geologically interesting. Zone 2 shares similarities with some copper-gold type deposits, and we see excellent opportunity with this and numerous other untested targets.”
Approximately 150 metres northeast of R11-36, R11-38 intersected 42.5 metres grading 0.20% copper, 0.07 g/t gold, 0.06 g/t rhenium starting at 17.5 metres. Further down the hole, a 2.5 metre interval returned 0.010% molybdenum and 2.53 g/t rhenium, and from 262.5 metres, the final 20.1 metres averages 0.06% copper. The mineralization remains open in extent. R11-39 is approximately 65 metres to the south of R11-36. Starting at 45.0 metres, R11-39 returned 277.5 metres of 0.10% copper, 0.15 g/t rhenium including 32.5 metres of 0.21% copper, 0.004% molybdenum, 0.46 g/t rhenium, and 55.0 metres of 0.19% copper and 0.17 g/t rhenium.
Glacial till in Zone 2 is between 3 and 18 metres in thickness. Reconnaissance drilling around Zone 2 has identified elevated to significant copper, molybdenum, gold, silver and rhenium values within an area approximately 1.0 kilometre by 600 metres in dimension that remains undefined and open in extent. The mineralized zone is comprised of bornite, chalcocite, chalcopyrite (copper sulphides) and variable molybdenite, and is associated with k-feldspar and quartz-sericite alteration that starts from bedrock surface. Pyrite (iron sulphide) and deleterious elements are low, making this a relatively clean, low-sulphur type copper system. Geophysical and drilling results indicate a large target area favorable for expanding the extents of the known mineralization.
About Rhenium
Rhenium is a rare metal used to impart high-temperature strength in steel alloys. It is critical for manufacturing jet engine parts and in petroleum catalysts where it allows production of unleaded, low sulphur and higher-octane fuel. In porphyry copper deposits, rhenium occurs within molybdenite (molybdenum disulphide: MoS2). The importance of rhenium’s contribution to copper-molybdenum mineralization is seen in a calculated (100%) molybdenite concentrate (kg Re/tonne MoS2). Rhenium prices have ranged from around $4,000 to $9,000 per kilogram.
Rhenium content of porphyry copper deposits
Calculated kilograms of rhenium per tonne (kg Re/t) of molybdenite
| B.C. Porphyries (1) | kg (Re)/t | Drill Core intervals Happy Creek Zone 2 |
kg (Re)/t |
|---|---|---|---|
| Highland Valley | |||
| Bethlehem Heustis | 0.4 | R08-1 6.4 metres | 6.4 |
| Highmont East pit | 0.5 | R09-06 38.2 metres | 4.4 |
| Highmont West pit | 0.2 | R09-07 48 metres | 7.8 |
| Lornex | 0.4 | R10-1 85.0 metres | 8.4 |
| Valley | 0.3 | R10-4 167.5 metres | 10.2 |
| Other | R11-36 152.5 metres | 5.0 | |
| Ajax West | 3.2 | R11-39 277.6 metres | 5.3 |
| Princeton-Ingerbelle | 1.6 | ||
| Kemess South (2) | 3.9 | ||
| Mitchell-Sulphurets | 7.6 | ||
| Island Copper | 1.8 | ||
| Brenda | 0.1 |
In B.C. porphyries, it is interesting that the highest rhenium concentration in molybdenite occurs with the copper-gold type porphyry systems (Ajax, Kemess, Mitchell-Sulphurets). The USGS 2010 Minerals Yearbook states: “potential molybdenum producers continued to look at ways to increase the value of future production since the collapse in the molybdenum price. For some, producing byproduct rhenium is a strong possibility.”
In addition to two important new copper zones, the Rateria property contains strong rhenium enrichment in molybdenite with several positive implications. Numerous targets defined by systematic geophysical, geochemical surveys, geology and reconnaissance drilling remain.
The Company is currently preparing to drill its Fox tungsten property in July, and plans to continue drilling the Rateria property in the fall.
On behalf of the Board of Directors,
“David E Blann”
____________________
David E Blann, P.Eng.
President, CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
David Blann, President, CEO
Corporate Office:
Phone: 604.662.8310
Email: Info@happycreekminerals.com
Website: www.happycreekminerals.com
Investor Relations:
James Berard Phone: 604-687-2768 Toll free: 1-877-459-5507
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. Analyses are performed by AGAT Laboratories of Burnaby, B.C. using a geochemical aqua regia digest and ICP+ICP-MS finish, and results for copper, silver, gold, molybdenum and rhenium are provided in ppm (parts per million or grams per tonne), with values converted to percent by dividing by 10,000. Samples greater than 5,000 ppm copper are automatically re-run with a larger pulp sample, aqua regia digest and Atomic Absorption Spectrophotometer (AA) finish with results provided in % (percent) copper. Samples from a portion of R11-36 were re-checked by 30 gram fire assay and ICP-OES finish for gold. Quality control protocol includes on-site pick up of samples by the laboratory, insertion of either a blank, standard or duplicate for every 10th sample, in addition to the laboratory internal controls. Re kg/tMoS2 = Re g/t/(Mo%X16.68).
1) Sinclair, W.D.,Jonasson, I.R., Kirkham, R.V., Soregaroli, A.E., 2009, Rhenium and Other Platinum Group Metals in Porphyry Deposits, GSC Open File 6181.
2) Duuring, P., Rowins, S.M., McKinley, B.S.M., Dickinson, J.M., Diakow, L.J., Kim, Y.-S. and Creaser, R.A., 2009, Magmatic and structural controls on porphyry-style Cu-Au-Mo mineralization at Kemess South, Toodoggone District of British Columbia, Canada; Mineralium Deposita.
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.
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